INEOS has agreed to buy out fellow chemical company BASF’s 50% stake in its styrene plastics joint venture for €1.1 billion.
The deal, subject to regulatory approval, will see INEOS take full control of Styrolution which makes plastics for cars, electronics, toy and the construction industry.
“We are pleased to bring Styrolution fully into the INEOS family,” said INEOS Capital chairman Jim Ratcliffe.
As part of the joint venture agreement signed in October 2011, INEOS always had the right to buy out BASF.
The joint venture had been set up to create a company that was capable of competing effectively with large-scale producers from Asia and the Middle East.
“Styrolution has fulfilled that promise,” said Jim.
Styrolution is the leading, global supplier of styrenics, which also ensure computer casings and monitors are strong and heat resistant. Four out of five printers in the world are produced with a casing made from Styrolution.
Today the business employees about 3,200 people worldwide at 17 manufacturing sites in 10 countries. Once the deal is completed, the business will operate as a standalone company within INEOS Industries Holdings Limited.