Styrenics sell-off

INEOS has agreed to sell one of its businesses to a Polish company for €80million. Its expandable polystyrene business INEOS Styrenics will soon be run – subject to approval – by Synthos, one of the largest manufacturers of chemical raw materials in Poland.

Expandable polystyrene is heavily used to package goods and also by the construction industry to insulate homes and offices because it is light, strong and long-lasting.

Tomasz Kalwat, CEO of Synthos, said the acquisition would ensure expandable polystyrene remained the insulation material of choice for its customers.

INEOS Styrenics currently makes EPS, as it is known, at two manufacturing sites in France and one in the Netherlands. Research, development and product testing is carried out at a purpose-built site in the Netherlands, which is also home to the business’ customer service team and its logistics and finance staff.

Synthos, whose headquarters are in Oświęcim, was the first European manufacturer of emulsion rubbers and is a leading manufacturer of polystyrene.

INEOS Styrenics is a part of the INEOS Enterprises portfolio of business. INEOS Enterprises’ job is to actively seek market opportunities to acquire, develop and sell chemical businesses.