Germany: Styrenics Ineos Completes Acquisition of K-Resin from Chevron
Ineos Styrolution announced the completion of the acquisition of the global K-Resin styrene-butadiene copolymers (SBC) business from Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) and Daelim Industrial.
Frankfurt/Germany — This announcement follows a receipt of all applicable regulatory and legal approvals. The transaction, which was agreed on October 31, 2016, includes the purchase of the equity interests of K R Copolymer (KRCC), K-Resin SBC intellectual property and other assets related to the SBC business. The new Ineos Styrolution SBC portfolio will include three brands: K-Resin, Styrolux and Styroflex, which are used in industries like Packaging and Healthcare.
“This acquisition underlines our commitment to our ‘Triple Shift’ growth strategy with a focus on styrenic specialties, a balanced split across focus industries and a global presence. Ineos Styrolution has always been proud of working closely with its customers. Together with K-Resin, we are now even closer to our customers with production in all regions in all product groups including Polystyrene, ABS Standard, and Specialties such as SBC,” comments Kevin McQuade, CEO Ineos Styrolution. “We will be providing customers with a best-in-class portfolio of SBC specialty grades.”
The transaction adds the K-Resin SBC plant, which is located in Yeosu Petrochemical Complex in South Korea, to the global INEOS Styrolution manufacturing network.