MATERIALS: Ineos To Fully-Own Styrolution
By year's end, Ineos will be sole owner of Stryrolution, its 50-50 joint venture with BASF.
Styrolution (U.S. office in Aurora, Ill.), the free-standing corporation formed in late 2011, owned 50-50 by BASF in Germany and Ineos Holdings Ltd. in the U.K., is expected to become fully-owned by Ineos by fourth quarter. Ineos is expected to pay €1.1 billion Euros for the leading global styrenics supplier.
The call option in favor of Ineos buying BASF’s share was already included in the shareholders’ agreement signed in 2011. Styrolution will continue to operate as an independent company until the deal’s completion. “Styrolution has fulfilled its promise as a globally competitive business that competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the Ineos family. After the purchase, Styrolution will be run separately as a standalone company within Ineos, and continue to operate as it does today,” said Ineos Capital chairman Jim Ratcliffe.
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