INEOS has announced it will acquire BASF’s 50 percent share in Styrolution, buying out the company in a deal worth €1.1 billion.
Styrolution will continue to operate as an independent company until the completion of the deal, which is still subject to approval by the appropriate authorities and shareholders, but 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,” commented Jim Ratcliffe, Chairman, INEOS Capital.
“After the purchase, Styrolution will be run separately as a standalone company within INEOS, and continue to operate as it does today.” The business will be a subsidiary of INEOS Industries Holdings Limited.
Styrolution was founded in October 2011 as a 50-50 joint venture between BASF and INEOS, and is a leading global styrenics supplier.