28 June 2011 14:23 [Source: ICIS news]
HOUSTON (ICIS)--Styron has filed a registration statement with US regulators to raise $400m (€280m) in an initial public offering (IPO) under the name Trinseo, the US-based petrochemicals firm said on Tuesday.
In a prospectus filed with the US Securities and Exchange Commission, Trinseo will seek to raise a “proposed aggregate offering price” of $400m, Styron said.
It added that the prospectus is not complete and may be changed.
Proceeds from the IPO will be used to repay debt and for “general corporate purposes”, the company said.
It makes polystyrene (PS), engineered polymers, synthetic rubber and a range of other products.
In 2010, the company generated $56.7m in net income, on sales of $5.0bn.
($1 = €0.70)
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