Styrenics leader Ineos Styrolution (Frankfurt, Germany) has completed the acquisition of two polystyrene sites in China from Total S.A., following receipt of all applicable regulatory and legal approvals. The transaction, which was agreed on Aug. 31, 2018, includes the purchase of the Foshan site in Guangdong Province and the Ningbo site in Zhejiang Province, along with two related sales offices in Guangzhou and Shanghai. The annual nameplate capacity of each site is 200 kt per year.
The transaction supports Ineos Styrolution’s “Triple Shift” growth strategy, as it will increase the company’s manufacturing footprint in Asia and provide access to China’s domestic market with locally produced materials.
“We continue to execute on our growth strategy,” commented Kevin McQuade, CEO. “After the integration of the K-Resin business, the current deal marks our second acquisition in Asia, a region that we have identified as a focus growth region for Ineos Styrolution.”
Steve Harrington, President Asia-Pacific, expressed excitement about the new opportunities afforded by this transaction. “Not only does this deal allow us to better serve our existing customers in the region, especially in the household and electronics industries, [but] it also provides us access to the broader market in China,” said Harrington.
Ineos Styrolution provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2018, the company reported sales totaling €5.4 billion. Ineos Styrolution employs approximately 3,500 people and operates 20 production sites in 10 countries.
Image courtesy Sitthiphong/Adobe Stock.