30 May 2011 12:12 [Source: ICIS news]
LONDON (ICIS)--BASF and INEOS have signed a joint venture contract to regulate the formation of a new styrenics business called Styrolution, the petrochemicals majors said on Monday.
The 50:50 Styrolution joint venture, which will be headquartered in Frankfurt/Main, ?xml:namespace>
BASF and INEOS will continue to independently operate their styrene businesses until the completion of the deal, which is expected later this year, they said.
A letter of intent was signed by the two companies on 29 November 2010 and the joint venture is still subject to approval by antitrust authorities.
Styrolution will be a leading global company for styrenics, said BASF vice chairman Martin Brudermuller.
“Styrolution will be capable of meeting the long-term needs of a rapidly changing market as it competes effectively with large-scale producers from Asia and the
BASF's styrenics production plants located at
Meanwhile, INEOS's ABS production plants at sites in
INEOS' SM and PS operations in Sarnia,
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