INEOS Styrolution announces the completion of the acquisition of the K-Resin® SBC business
INEOS Styrolution, the global leader in styrenics, announces today the completion of the acquisition of the global K-Resin® styrene-butadiene copolymers (SBC) business from Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) and Daelim Industrial Co. Ltd., following receipt of all applicable regulatory and legal approvals. The transaction, which was agreed on October 31, 2016, includes the purchase of the equity interests of K R Copolymer Co. Ltd (KRCC), K-Resin SBC intellectual property and other assets related to the SBC business.
The new INEOS Styrolution SBC portfolio will include three brands: K-Resin, Styrolux® and Styroflex®. Together, they are a perfect selection of SBC specialty grades for customers in dynamic industries like Packaging and Healthcare.
“This acquisition underlines our commitment to our ‘Triple Shift’ growth strategy with a focus on styrenic specialties, a balanced split across focus industries and a global presence. INEOS Styrolution has always been proud of working closely with its customers. Together with K-Resin, we are now even closer to our customers with production in all regions in all product groups including Polystyrene, ABS Standard, and Specialties such as SBC,” comments Kevin McQuade, CEO INEOS Styrolution. “We will be providing customers with a best-in-class portfolio of SBC specialty grades.”
The transaction adds the K-Resin SBC plant, which is located in Yeosu Petrochemical Complex in South Korea, to the global INEOS Styrolution manufacturing network.
Steve Harrington, President Asia-Pacific, welcomes the new employees joining INEOS Styrolution: “I am very much looking forward to the integration of a new production site in Asia showing our dedication to the region. I am very excited working with the new colleagues in Asia, EMEA and the Americas - and I am impressed by their strong motivation. Looking at our own company’s history, I foresee a quick integration into one strong SBC team.”
ABOUT INEOS STYROLUTION
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company 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 2016, sales were at 4.5 billion euros. INEOS Styrolution employs approximately 3,100 people and operates 15 production sites in nine countries.
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