22/01/2011

www.gupta-verlag.de/thermoplastic-elastomers

BASF and Ineos to establish styrenics JV

BASF had previously announced that it will carve out its styrenics activities by the end of 2010 and transfer them into separate entities. As of 1 January 2011, BASF's styrenics activities operate as a separate company with the name Styrolution. BASF will contribute its SM, PS, ABS, SBC and styrene-based copolymers businesses in the JV. This includes production plants located in Germany (Ludwigshafen, Schwarzheide), Belgium (Antwerp), Korea (Ulsan), India (Dahej), and Mexico (Altamira). BASF employs about 1,460 people in its styrenics business in which it expects to generate sales of more than EUR 3 billion in 2010.Ineos had previously announced that it will acquire the other 50 % share in its 50/50 styrenics JV, Ineos Nova, from Nova Chemicals. Ineos will transfer these activities into the Styrolution JV. The company intends to contribute ABS production plants at sites in Germany (Cologne), Spain (Tarragona), India (Vadodara) and Thailand (Map Ta Phut) to the JV. Furthermore, it will contribute its SM and PS businesses, which includes Ineos and Ineos Nova sites in Canada (Sarnia), the USA (Indian Orchard, Joliet, Decatur, Texas City, Bayport), Germany (Marl), France (Wingles) and Sweden (Trelleborg). Ineos employs about 2,200 people in its styrenics activities and expects to generate sales of about EUR 2 billion in 2010.Both companies will retain their expandable polystyrene businesses. The SM/PS capacities in Ludwigshafen used to produce foam will also remain with BASF as well as the SM/PS business of BASF-YPC Co. Ltd., in Nanjing, China.Styrolution expects to generate annual sales of more than EUR 5 billion. Company headquarters will be located in Frankfurt/Main, Germany. Roberto Gualdoni, 54, will be named CEO of Styrolution and Christoph de la Camp, 47, will become CFO of the new company. The completion of the deal is anticipated in 2011.In addition, BASF has acquired the global styrene catalysts business of CRI/Criterion. The Shell subsidiary based in Houston, TX, USA, manufactures catalysts for the dehydrogenation of ethylbenzene to styrene. Financial terms were not disclosed.

www.gupta-verlag.de/thermoplastic-elastomers