Solvay Completes Buy of Chevron Phillips’ PPS Unit
With effect from Jan. 1, Solvay completed the acquisition of the polyphenylene sulphide (PPS) business of Chevron Phillips Chemical Company for $220 million.
The buy includes two manufacturing units in Borger, Texas, USA, for the polymer sold under the trade name Ryton, a pilot plant and R&D laboratories in Bartlesville, Oklahoma, as well as a compounding plant in Kallo-Beveren, Belgium and certain intellectual property rights.
Chevron Philips Chemical's compounding unit in La Porte, Texas, which will not transfer with the business, will provide temporary tolling services to Solvay.
The Brussels-based chemical group said its Specialty Polymers segment, which claims to have the industry's broadest portfolio, will gain access to new businesses with innovative and demanding applications in transportation, automotive in particular, in electronics and in filter bags.
Solvay said the acquisition is part of its strategic development to enhance its specialized solutions, deliver higher growth and greater returns while reducing cyclicality.
