26 April 2005 14:22 [Source: ICIS news]
LONDON (CNI)--German chemicals and energy group BASF said Tuesday it has agreed to sell its US and Canada polystyrene (PS) business, including its Joliet, Illinois production facility, to Ineos Americas, the North American subsidiary of UK-headquartered chemicals company Ineos.
Financial details were not disclosed.
BASF said the sale, which requires approval by the US Federal Trade Commission (FTC), was part of its North American restructuring programme.
As part of the agreement, BASF will transfer approximately 140 employees to Ineos.
The Joliet polystyrene facility has a total capacity of approximately 385,000 tonne/year and produces general-purpose polystyrene (GPPS) and high-impact polystyrene (HIPS).
Jim Ratcliffe, Ineos chief executive and chairman, said: "As the second largest polystyrene facility in North America, this acquisition gives us an excellent platform to enter the global styrenics business."
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