Styrolution, the global market leader in styrenics, is to become a wholly owned, standalone company within Ineos. Ineos will acquire BASF's 50% share in the company, which was founded in October 2011 as a 50-50 joint venture between the two global chemical giants.
|Roberto Gualdoni, CEO of Styrolution|
The transaction is subject to regulatory approval by the appropriate antitrust authorities.
Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014.
"Styrolution has fulfilled its promise as a globally competitive business that competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the Ineos family. After the purchase, Styrolution will be run separately as a standalone company within Ineos, and continue to operate as it does today," said Jim Ratcliffe, chairman of Ineos Capital. The business will be a subsidiary of Ineos Industries Holdings Limited.
Roberto Gualdoni, CEO of Styrolution, referred to the deal as an "outstanding sign of confidence by Ineos in the long-term prospects our business."
"We take this as a further motivation to keep on delivering value, focusing on our customers and implementing our strategy with creativity and determination," he said.