INEOS Styrolution announces the completion of the acquisition of two polystyrene sites in China from TOTAL S.A.
| Subj: Press-releses
INEOS Styrolution, the global leader in styrenics, announces today the completion of the acquisition of the polystyrene sites from Total S. A., following receipt of all applicable regulatory and legal approvals. The transaction, which was agreed on August 31, 2018, includes the purchase of the Foshan site in the Guangdong Province in South China and the Ningbo site in the Zhejiang Province in Eastern China and two related sales offices in Guangzhou and Shanghai. The annual nameplate capacity of each site is 200kt per year.
The transaction supports INEOS Styrolution’s Triple Shift growth strategy, as it will increase the company’s manufacturing footprint in Asia, and provides access to the domestic market in China with locally produced materials.
“We continue to execute on our growth strategy,” comments Kevin McQuade, CEO INEOS Styrolution. “After the integration of the K-Resin business, the current deal marks our second acquisition in Asia, a region that we have identified as a focus growth region for INEOS Styrolution.”
Steve Harrington, President Asia-Pacific, is excited about the new opportunities afforded by this transaction: “Not only does this deal allow us to better serve our existing customers in the region, especially in the Household and Electronics industries; it also provides us access to the broader market in China.”
Source: INEOS Styrolution