INEOS Capital today announced the acquisition of BASF's US and Canadian polystyrene business. The business comprises a 400 kt/a manufacturing facility at Joliet, Illinois producing general purpose polystyrene (GPPS) and high-impact polystyrene (HIPS).
The business employs 140 people including the Joliet workforce and management plus sales and marketing support at various locations who will transfer to INEOS at completion.
Completion of the transaction awaits approval by the Federal Trade Commission.
"This is a business which ideally meets our acquisition criteria with excellent people, assets and market positions and the heritage of a major chemical company. As the second largest polystyrene facility in N. America this acquisition gives us an excellent platform to enter the global styrenics business," according to INEOS CEO and Chairman, Jim Ratcliffe.
To the editors:
INEOS is a rapidly growing global manufacturer of speciality and intermediate chemicals and polymers. It comprises seven businesses each with a major chemical company heritage, and its production network includes 43 manufacturing facilities in 14 countries throughout the world. In 2004, INEOS had approximately 7000 employees and sales of more than $7 billion.
BASF is the world's largest chemical company with a portfolio spanning chemicals, plastics, performance products, agricultural products and fine chemicals plus oil and gas. In 2004, BASF had approximately 82,000 employees and sales in excess of $50 billion.
Polystyrene is a versatile thermoplastic resin that is used in many applications, such as packaging, toys, electronic goods, magnetic and optical media, construction and appliance components.
For further information, please contact:
For INEOS:
Andy Currie
Director, INEOS Capital Ltd
Phone: +44 (0)2380 287061
Fax: +44 (0)2380 287069
Email: andy.currie@ineoscapital.com
For BASF:
John Schmidt
Communications Manager, BASF
Phone: +1 973 245 6405 (office)
Phone: +1 973 632 8214 (mobile)
Email: schmidj1@basf.com
INEOS acquires BASF's US and Canadian polystyrene business
