Ineos Styrolution has today announced the completion of the acquisition of the polystyrene sites from Total S.A. following receipt of all applicable regulatory and legal approvals.
The transaction, which was agreed on August 21st, 2018, includes the purchase of the Foshan site in the Guangdong Province in South China and the Ningbo site in the Zhejiang Province in Eastern China and the two related sales offices in Guangzhou and Shanghai.
The transaction supports Ineos Styrolution’s Triple Shift growth strategy, as it will increase the company’s manufacturing footprint in Asia, and provides access to the domestic market in China with locally produced materials.
Kevin McQuade, CEO of Ineos Styrolution, said: “We continue to execute on our growth strategy. After the integration if the K-Resin business, the current deal marks our second acquisition in Asia, a region that we have identified as a focus growth region for Ineos Styrolution.”
Steve Harrington, President of Asia-Pacific for Ineos Styrolution, said: “Not only does the deal allow us to better serve our existing customers in the region, especially in the Household and Electronics industries, it also provides us access to the broader market in China.”