12 February 2010 17:56 [Source: ICIS news]
HOUSTON (ICIS news)--TPC Group plans to be listed on a major US stock exchange in the current quarter, chief executive Charlie Shaver said on Friday, adding that the move represented a major milestone for the company.
“It is part of our long-term plan to increase transparency and become a global company,” he said.
TPC is a major producer of butadiene (BD), but it also produces fuel products, lubricant additives, plastics and surfactants.
The Houston-based company in late January changed its name to TPC Group from Texas Petrochemicals, saying the new name reflected the increasing breadth and scope of its product lines and services.
TPC also announced that its registration with the US Securities and Exchange Commission (SEC) became effective on 24 January.
TPC on Friday posted fiscal 2010 second-quarter net income of $8.4m (€6.1m), swinging from a loss of $26.7m a year earlier, citing cost reductions and higher sales volumes.
The company was optimistic going forward, saying both demand and raw material costs seemed to have entered a period of stability not seen in the last two years.
($1 = €0.73)
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