 "Ineos to acquire BASF's stake in Styrolution for Euro 1.1 bn")
Ineos will acquire BASF’s 50% share in Styrolution, a joint venture between the companies, for Euro 1.1 billion (about $1.5 billion). A call option in favour of Ineos to buy BASF’s share in Styrolution was already included in the shareholders’ agreement signed in 2011. Styrolution, founded in October 2011 as a 50:50 joint venture between BASF and Ineos, is the leading global styrenics supplier.
The transaction is subject to approval by the appropriate antitrust authorities. Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014.
“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 Jim Ratcliffe, Chairman, Ineos Capital. The business will be a subsidiary of Ineos Industries Holdings Limited.
Styrolution is one of the global styrenics suppliers with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2013, Styrolution recorded sales of Euro 5.8 billion, resulting in an EBITDA before special items of Euro 442 million.
The transaction is subject to approval by the appropriate antitrust authorities. Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014.
“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 Jim Ratcliffe, Chairman, Ineos Capital. The business will be a subsidiary of Ineos Industries Holdings Limited.
Styrolution is one of the global styrenics suppliers with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2013, Styrolution recorded sales of Euro 5.8 billion, resulting in an EBITDA before special items of Euro 442 million.