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- 11/02/2016

INEOS STYROLUTION ANNOUNCES AGREEMENT TO ACQUIRE K-RESIN® SBC BUSINESS

Chimica Oggi-Chemistry Today

INEOS  Styrolution,  the  global  leader  in  styrenics,  announced  today  that  it  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. K-Resin® SBC and INEOS Styrolution’s existing SBC brands Styrolux® and Styroflex® complement each other well.
The combined business will offer a broad selection of SBC products to customers across the globe. The broader SBC product portfolio will enable the combined business to better serve its customers.  

“This measure marks our first acquisition and drives the further implementation of our Triple Shift growth strategy. We will strengthen our ability to offer specialty styrenics products to our customers, and increase our production capacities in Asia. Our customers will benefit from our ability to supply and support their world-wide demand from our expanded geographic footprint, with SBC manufacturing and research and development centers in all major regions, and from the well-known premium K-Resin® SBC brand,” says Kevin McQuade, CEO INEOS Styrolution.
“With this investment we will further enhance our global presence in styrenics.”  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.”




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