Trinseo Explores Sales of Styrenics Business
US plastics and rubber producer Trinseo has announced that it has started exploring the sale of its styrenics businesses. The company plans to launch a formal sales process in the first quarter of 2022, which it expects will include the feedstocks and polystyrene units, as well as its 50% share in Americas Styrenics, a joint venture with Chevron Phillips Chemical.
The proposed move follows Trinseo’s agreement in May to sell its synthetic rubber business based in Schkopau, Germany, to Poland’s Synthos for $491 million.
The businesses concerned – including the share of Americas Styrenics – generated $153.5 million in adjusted EBITDA in 2020. Trinseo’s other business units are latex binders, engineering materials and base plastics.
“The separation of the styrenics businesses would represent another key step in our transformation toward becoming a specialty materials and sustainable solutions provider,” said CEO Frank Bozich. “We will continue to prioritize investments in higher growth, higher margin and lower earnings volatility areas such as engineered materials and CASE (coatings, adhesives, sealants and elastomers) with an ongoing focus on sustainability, including the continued decrease in our CO2 intensity through various initiatives including the transformation of our portfolio.”
Author: Elaine Burridge, Freelance Journalist
