INEOS completes the purchase of BASF share of Styrolution
11/17/14
Rolle, Switzerland and Ludwigshafen, Germany
Rolle, Switzerland and Ludwigshafen, Germany, 17th November– Following clearance by the competition authorities, INEOS has successfully completed the purchase of BASF's 50% share in Styrolution, a joint venture between the companies.
The purchase price for the acquisition is €1.1 billion.
Styrolution will continue to operate as a stand-alone Business within INEOS Industries Holdings Limited.
"We are pleased to have completed this acquisition. It represents another important step in the growth of the Styrolution business as it competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the INEOS family," said Jim Ratcliffe, Chairman, INEOS Capital.
Styrolution was founded in October 2011 as a 50-50 joint venture between BASF and INEOS, and is the leading, global styrenics supplier.
About Styrolution
Styrolution is the leading, global styrenics supplier 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, sales were at €5.8 billion, resulting in an EBITDA before special items of €442 million. Styrolution employs approximately 3,200 people and operates 17 production sites in ten countries.
About BASF
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world's leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
About INEOS
INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 51 manufacturing facilities in 11 countries throughout the world. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.
