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.
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