INEOS Styrolution, (Frankfurt, Germany; www.ineos-styrolution.com) signed an acquisition agreement for the global K-Resin styrene-butadiene copolymers (SBC) business of Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) and Daelim Industrial Co. Ltd., the current joint venture owners. The parties have agreed not to disclose the intended purchase price or any other financial details. The transaction, subject to customary closing conditions and regulatory approvals, includes the purchase of the equity interests of K R Copolymer Co. Ltd (KRCC), K-Resin SBC intellectual property and other assets related to the SBC business. This acquisition, once completed, will allow INEOS Styrolution to supply its customers from production sites in the Americas, EMEA and Asia Pacific.
The acquisition underlines INEOS Styrolution’s commitment to its “Triple Shift” growth strategy with a strong dedication to its styrenic specialties business, well-balanced split across all focus industries and improved global presence.
Chevron Phillips Chemical and Daelim Industrial Company founded KRCC as a joint-venture in February 2000. The K-Resin® SBC plant is located in Yeosu Petrochemical Complex, the largest petrochemical complex on the southern coast of South Korea.
“I am impressed by the quality of the production site, a formidable operation and by the strong motivation of the staff,” says Steve Harrington, President Asia Pacific, INEOS Styrolution. “We are looking forward to integrate the local Korean assets quickly into our Korean INEOS Styrolution operations.”