EU Commission approves formation joint venture Styrolution

EU Commission approves formation of joint venture Styrolution

11:42 AM, 2nd June 2011
EU Commission approves formation of joint venture Styrolution

  • BASF and INEOS Industries to combine their global styrenics businesses
  • Joint venture to be a leader in the global styrenics market
  • Remedy relates to ABS production site in Spain

 

 

LUDWIGSHAFEN, GERMANY/LYNDHURST, UK: The EU Commission has approved the formation of the joint venture Styrolution. BASF and Ineos Industries Holdings Limited, now have EU clearance to combine in Styrolution their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends. Pro forma sales of the combined businesses were € 6.4 billion in 2010. Expandable polystyrene is not part of this transaction. BASF and Ineos will retain their respective businesses.

 

With Styrolution, BASF and INEOS will establish a leading company in the global styrenics market. Styrolution has an excellent global position with production sites in Europe, Asia and North America.

 

The EU Commission has approved the formation of the joint venture subject to the requirement that the parties sell an ABS production site in Tarragona, Spain. This site accounted for less than 3 per cent of Styrolution’s pro forma EBITDA for the year 2010. The formation of the new joint venture has already been approved by the US Federal Trade Commission without any remedies.

 

BASF and INEOS will continue to operate as strictly independent companies until the completion of the deal, which is anticipated in 2011, subject to remaining approvals from antitrust authorities in other countries.

(C) WOC News

 

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