China: Styrenics Ineos Acquires Total's Polystyrene Business in China
Ineos Styrolution has signed an acquisition agreement with Total for two polystyrene (PS) production sites in China. The deal includes the purchase of the wholly owned Chinese PS business including two production sites in Ningbo and Foshan and two related offices in Guangzhou and Shanghai.
Paris/France; Cologne/Germany — The two facilities have a production capacity of 200,000 tons per year each. The Ningbo plant also includes a unit that manufactures polypropylene compounds for automotive parts. After the closing of the transaction, the polypropylene compounds production will be exclusively dedicated to Total.
Bernard Pinatel, President, Refining & Chemicals at Total, said that the sale was in line with their active portfolio management strategy. The company's polystyrene business would be now focused on Europe and North America. The transaction signals Ineos Styrolution’s first production move into China. As announced by the company it underlines their commitment to the Asian growth market, as derived from the “Triple Shift” growth strategy. The transaction is subject to the approval of the relevant regulatory authorities.