Basell will take over other Asian joint venture stakes

Basell is to sell its shareholding in Taiwan Polypropylene Co (TPP) and reorganise the shareholdings they both have in Asian joint ventures. Basell will sell its 36% share in TPP to Lee Chang Yung Chemical Industry Corp of Taiwan, manufacturer of thermoplastic elastomers. It will also acquire all shares currently held by TPP in other Basell joint ventures in the region: SunAllomer in Japan (16.7%), PolyMirae in South Korea (10%) and HMC Polymers Co in Thailand (5%). President of Basell International Ian Dunn said: “The decision to sell was not an easy one, but we believe this path forward is best for the long-term future of TPP. It is also consistent with Basell’s strategic intent to focus in areas where we have built advantaged feedstock positions.” He added that the opportunity to Basell’s shareholding in HMC, PolyMirae and SunAllomer will allow it to “support the further development of these companies in the strategically important Asia Pacific region”.