BASF sells Brazilian styrenic business to Unigel

15 September 2009 16:40  [Source: ICIS news]

LONDON (ICIS news)--BASF plans to sell its Brazilian polystyrene (PS) business to a subsidiary of local company Unigel, the German chemical giant said on Tuesday.

BASF signed an agreement to sell the (PS) business, including a 190,000 tonne/year PS production plant in Sao Jose dos Campos, Brazil, to the petrochemical company Companhia Brasileira de Estireno (CBE), the company said in a statement.

BASF did not disclose financial details.

“Given the current economic environment, we are taking steps to improve the profitability of our core styrenics business and strengthen our business,” said BASF’s head of styrencis Joachim Streu.

Unigel chairman Henri Slezynger added the integration of BASF's PS business with its two styrene monomer plants would strengthen its balance sheet.

BASF have recently announced the closure of its 80,000 tonnes/year PS plant in Ludwigshafen, Germany, and the sale of its 320,000 tonne/year styrene monomer site in Korea.

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By: Lucy Craymer
+44 20 8652 3214

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