12 December 2011 14:03 [Source: ICIS news]
MOSCOW (ICIS)--Sibur is merging its subsidiary Sibur-Neftekhim with recently-acquired Acrylate, the only Russian and post-Soviet producer of acrylic acid (AA) and acrylic esters, the Russian petrochemical holding said on Monday.
The merger transaction is due to be completed by the end of 2012, the company added in a statement.
Sibur-Neftekhim is based at Dzerzhinsk in the Nizhny Novgorod region of c?xml:namespace>
It is just 2km (1.2 miles) from Sibur-Neftekhim, which supplies propylene to Acrylate, the statement said.
In 2005, Acrylate announced plans to upgrade the existing AA facility up to 60,000 tonnes/year by 2014. However, these plans have remained slow to materialise.
Sibur acquired Acrylate in July 2011.
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