27 October 2010 15:20 [Source: ICIS news]
LONDON (ICIS)--Styron has bought a 50% stake in Sumitomo Dow Asia Polycarbonate from Dow Chemicals for an undisclosed sum, the styrenics producer said on Wednesday.
Sumitomo Chemical and Styron were now equal partners in the joint venture, it added.
The transaction, which closed on 24 September, was consistent with Dow’s divestiture of Styron to private-equity firm Bain Capital Partners in June, the statement said.
Styron said the joint venture would operate under a new name, which would be announced at the end of this year. It would continue to be headquartered in ?xml:namespace>
“We are very pleased that Styron is assuming this ownership share and that we can continue to build a successful joint enterprise with our valued partner, Sumitomo Chemical,” said Styron CEO and president Chris Pappas.
“Styron has a strong commitment to its polycarbonate and compounds and blends businesses, and plans to pursue growth opportunities for these products, particularly in the Asia-Pacific geography,” he added.
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