Styrolution Completes K-Resin Buy
Germany-based styrenics producer Ineos Styrolution has completed its acquisition of the global K-Resin styrene-butadiene copolymers (SBC) business of Chevron Phillips Chemical and Daelim after receiving all necessary regulatory and legal approvals.
Agreed in November last year, the acquisition includes the equity interests of the joint venture K R Copolymer Company (KRCC), owned to 60% and 40% by the US and Korean companies respectively, as well as intellectual property for K-Resin and other assets related to the SBC business.
KRCC’s SBC plant is located in Yeosu, on the southern coast of South Korea, while Ineos Styrolution’s plant is at Ulsan. The SBC portfolio to be added to the German company’s offering includes three brands targeting the packaging and healthcare markets: K-Resin, Styrolux and Styroflex.
Kevin McQuade, CEO of Ineos Styrolution, said this acquisition – the first since BASF exited the company – underlines the company’s strategy of focusing on styrenic specialties, a balanced split across focus industries and a global presence.
