Sinochem buys ABS maker Elix Polymers
The purchase brings Elix’s modified plastics technologies to China, where Sinochem is headquartered, by setting up plants for ABS and ABS alloy material modified plastics.
China’s Sinochem International has acquired Spain-based acrylonitrile butadiene styrene (ABS) producer Elix Polymers from former owner Sun European Partners or 195 million euro (US$224 million).
In a statement, Sinochem said that the purchase will enable it to gain “world-leading technology” in modified plastics as well as a path to its commercial development. It will also bring Elix’s modified plastics technologies to China by setting up plants for ABS and ABS alloy material modified plastics in the east of the country where demand is strong. Target applications for Elix’s ABS materials include automotive, electronics, electrical appliances, and healthcare.
Sun acquired Elix in 2012, from Styrolution, shortly after that business was formed from the styrenics operations of BASF and INEOS. Founded in 1975, Elix became an independent engineering plastics developer in 2012 due to EU antitrust policy restrictions.
“The integration of Elix into a chemical group as important as Sinochem International will enable it to position the brand quickly in the Asian market and strengthen it in the European and American markets,” Elix said in a statement.
Part of one of China’s four big state oil companies, Sinochem specialises in the rubber market as well as chemicals logistics and petrochemicals production.