US-$-220-Million-Deal in Polymers Chevron Sells Ryton Polymer Production to Solvay
Chevron Phillips Chemical sells its Ryton PPS business to Solvay: The Belgians take over the production assets for US $ 220 million. Ryton, a polyphenylene sulfide polymer was developed by Chevron in the 1970ies.
The Woodlands, Texas/USA – As part of the transaction, Solvay intends to purchase Chevron Phillips Chemical’s Ryton PPS resin manufacturing assets in Borger, Texas, its pilot plant along with its PPS research and development assets in Bartlesville, Oklahoma, its compounding plant in Kallo-Beveren, Belgium, and certain intellectual property relating to Chevron Phillips Chemical’s Ryton PPS business. The compounding plant in La Porte, Texas, will remain part of Chevron Phillips Chemical and will be operated by Chevron Phillips Chemical exclusively for Solvay for some period of time.
“As the inventors of the PPS production technology, Chevron Phillips Chemical is proud of the success story of Ryton® PPS and how the business has served the industry for over 40 years,” said Ron Corn, senior vice president of specialties, aromatics and styrenics for Chevron Phillips Chemical. “And to ensure its long-term success, Chevron Phillips Chemical determined its stand-alone PPS business is a better strategic fit for Solvay, a company with a strong engineering polymers portfolio.”
The 200 Chevron employees that are working in the Ryton business will be given the opportunity to join Solvay, Corn emphasised. Subject to customary closing conditions and regulatory approvals, the completion of the transaction is expected in the fourth quarter of 2014.