15 January 2014 20:52 [Source: ICIS news]
HOUSTON (ICIS)--US-based Lion Copolymer has a tentative agreement to sell its styrene butadiene rubber (SBR) plant in Baton Rouge, Louisiana, to a company recently formed by former CEO Greg Nelson, Lion confirmed on Wednesday.
The likely purchaser is East West Copolymer & Rubber, a Lion spokesperson confirmed.
Nelson was appointed as Lion CEO in 2008 but left the company in the summer of 2013, according to a market source.
“Employees and the union have been notified about the tentative deal to close the sale of the SBR plant by the end of the month,” said one source in the financial community.
Lion retained Morgan Stanley to sell the entire company in 2013, but bids came in too low, said other sources in the financial community.
Additionally, Lion announced in December that it would temporarily close the SBR plant because of economic conditions.
The SBR plant has a capacity of 130,000 tonnes/year, according to a source at the company.
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