Bain Capital committed to growing Styron business

29 October 2010 12:55  [Source: ICIS news]

(Recasts, clarifying 5th paragraph)

DUSSELDORF (ICIS)--Styron’s plan is to innovate and grow, and owner Bain Capital wants to add scale, the company's president and CEO said on Friday.

“We have a fantastic owner in Bain Capital, and they have been very supportive in our work so far,” said Chris Pappas, speaking on the sidelines of K 2010 - the international trade fair for the plastics and rubber industry in Germany.

Styron currently has 14% global market share for polystyrene, he said.

“Our business is split 40% Europe, 40% US and 20% Asia. Growing in Asia is key to our strategy,” said Pappas.

Dagmar van Heur, vice president Styron Automotive, said the firm was now able to source Asia Automotive customers from its local compounds and blends facilities in Asia and was considering further “localisation of PC/ABS production in the Asia-Pacific region.”

When asked about whether Styron or Bain intended to buy BASF’s styrenics spin-off Styrolution, Pappas said he would not comment on acquisition plans.

The Styron business was very different to Styrolution, added vice president and general manager of Styron Plastics, Paul Moyer.

“Styron has the rubber and emulsions business, which is a very stable earnings base,” he said.

The polystyrene (PS) industry has seen significant changes in terms of plant closures and joint ventures, and further industry changes were likely, added Moyer.

He said 25% of European PS capacity had been rationalised.

"Now European assets are running at 90% utilisation,” said Moyer.

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By: Barbara Ortner
+44 20 8652 3214



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