Ineos Styrolution buying K-Resin styrene-butadiene copolymers business
The transaction includes the purchase of the equity interests of K R Copolymer and other assets related to the business.
Chemical maker Chevron Phillips Chemical Company LLC is selling its K-Resin styrene-butadiene copolymers (SBC) business to Ineos Styrolution.
The acquisition, once completed, will allow Ineos Styrolution to supply its customers from production sites in North America, Europe, the Middle East and Africa, and Asia Pacific.
The terms of the deal have not been disclosed.
As part of the transaction, Ineos Styrolution will purchase the equity interests of K R Copolymer Co. Ltd (KRCC), which owns and operates a K-Resin SBC plant in the Yeosu Petrochemical Complex in South Korea; other Chevron Phillips Chemical assets related to the business will also be transferred. KRCC employs approximately 80 workers, most of whom will be joining Ineos Styrolution. A few Chevron Phillips Chemical employees may be redeployed within Chevron Phillips Chemical’s organization.
“K-Resin SBC is an excellent strategic fit for Ineos Styrolution, and we are confident the business will thrive as part of Ineos Styrolution’s portfolio of products,” said Dave Morgan, senior vice president of polymers at Chevron Phillips Chemical. “This divestiture is part of our continuous effort to focus on our core competencies. Sharpening our portfolio aligns with our strategy to pursue sustainable growth.”
KRCC is a joint venture between an affiliate of Chevron Phillips Chemical and Daelim Industrial Co. Ltd.