Trinseo Sells Brazilian Latex and PP Assets
Trinseo, formerly known as Styron, has agreed to sells its Brazilian latex binders and compounded PP businesses to Qoppar Participacoes, a holding company that manages industrial and chemical assets in the country. The sale includes a binders manufacturing plant in Guaruja and an automotive parts facility in Limao, as well as Trinseo’s laboratory assets, customer lists and contracts.
The US-based styrenics producer formerly part of Dow Chemical, said it was selling the businesses because it thought a Brazilian company such as Qoppar would be better positioned to unlock their full value. Styron itself lacks a sufficient footprint and critical mass to sustain operations in the region, due to currency challenges and the high complexity of doing business in Brazil, the company added.
Trinseo confirmed that it would continue to invest in its global latex and performance plastics businesses, as they remained of strategic importance. Financial details of the transaction, which is expected to complete in the fourth quarter, were not disclosed.
