INEOS STYROLUTION: Plans to acquire K-Resin SBC copolymer business / Enhanced global footprint
Ineos Styrolution (Frankfurt / Germany; www.ineos-styrolution.com) has signed an agreement to acquire the global K-Resin styrene-butadiene copolymer (SBC) business of ChevronPhillips Chemical (The Woodlands, Texas / USA; www.cpchem.com) and Daelim Industrial Co (Seoul / South Korea; www.daelim.co.kr), which is operated as a joint venture under the name K R Copolymer Co (KRCC). Financial details of the planned acquisition ” the companys first under its new name and as a wholly owned subsidiary of Ineos (Rolle / Switzerland; www.ineos.com) ” are not being disclosed. Terms include the jvs equity interests, SBC intellectual property and other related assets.
CEO Kevin McQuade said the deal underscores Ineos Styrolutions commitment to its Triple Shift growth strategy, which focuses on higher-growth industries, styrenics specialities and standard ABS, along with emerging markets ” see Plasteurope.com of 11.12.2013. Taking over the Korean assets also will enhance the companys global footprint, giving it SBC manufacturing sites and R&D capabilities for SBC speciality grades in the Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific, he said.
KRCC was founded by its current owners in February 2000. Its sole SBC plant is located in Yeosu Petrochemical Complex, the largest on the southern coast of South Korea. The two companies market output separately. Steve Harrington, president Asia Pacific, said Ineos Styrolution is looking forward to integrate the assets quicklyâ into its Korean operations. Founded as a spin-off of BASF (Ludwigshafen / Germany; www.basf.com) in 2010 and refounded in October 2011 as a joint venture with Ineos, the Swiss-based group took over all assets of the former Styrolution in 2014 ” see Plasteurope.com of 19.11.2014.
