CP Chem sells polystyrene business in China to Grand Astor

31 October 2013 13:48  [Source: ICIS news]

HOUSTON (ICIS)--Chevron Phillips Chemical (CP Chem) has finalised the sale of its polystyrene (PS) business in China to Grand Astor for an undisclosed sum, the US-based joint venture announced on Thursday.

CP Chem’s subsidiary in China owns a PS plant in Zhangjiagang.

“The polystyrene plant is a productive and valued asset, but as a standalone operation for Chevron Phillips Chemical in China, the company has determined the asset is not a strategic fit,” said Dan Coombs, senior vice president of specialties, aromatics and styrenics for Chevron Phillips Chemical.

The company said it will maintain a presence in China and the Asia region through both local and regional manufacturing, as well as a marketing network that provides products including polyethylene (PE), polypropylene (PP), alpha olefins, specialty chemicals, aromatics, engineering polymers and styrenics.

Follow Tracy on Twitter

By: Tracy Dang
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index