04 October 2011 09:22 [Source: ICIS news]
Correction: In the ICIS news story headlined “BASF/INEOS styrenics JV Styrolution now operating independently” dated 4 October 2011, please read in the second paragraph … for the €6.4bn ($8.4bn) turnover company … instead of … €6.4m ($8.4m) turnover company…. A corrected story follows.
BERLIN (ICIS)--The BASF/INEOS styrenics joint venture Styrolution began operating independently on 1 October, the chemical majors said on Tuesday.
Financial closing was expected on Tuesday for the €6.4bn ($8.4bn) turnover company, which combines styrene monomer and styrenics polymer assets of the two firms but not their expandable polystyrene (EPS) businesses.
“From day one Styrolution will be a global leader in its industry with an excellent competitive position,” Martin Brudermuller, BASF board director responsible for plastics, said in a statement.
“We are convinced that the decision to combine our styrenics activities in a joint venture is the right one.”
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The BASF styrenics assets in the deal were combined with those of INEOS, which in February 2011 took full control of the INEOS Nova styrenics joint venture.
The new business combines business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers as well as copolymer blends.
($1 = €0.76)
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