Russia's SIBUR completes $18m sale of Plastik Uzlovaya

30 December 2013 14:02 Source:ICIS News

MOSCOW (ICIS)--SIBUR’s transaction to sell styrene, expandable polystyrene (EPS) and acrylonitrile-butadiene-styrene (ABS) producer Plastik Uzlovaya has been completed, it said on Monday

The Russian petrochemical producer sold its 100% stake to a group of private investors with a transaction value of roubles (Rb) 575m ($18m, €13m), it said in a statement, without disclosing the identity of Plastik's new owner.

The sale of Plastik is "in line with the company's strategy of focusing investment resources on its key production assets, with more favourable geographic location and lower production costs," SIBUR's CEO Dmitry Konov said.

"We look forward to cooperation with the new Plastik's owner, who is committed to further development of the asset's core business," he added.

Plastik Uzlovaya, based in the Tula region of central Russia, has capacities to produce 60,000 tonnes/year of styrene, 11,000 tonnes of EPS and 23,000 tonnes/year of ABS plastics.

($1 = Rb32.60, €1 = Rb44.83)

By Sergei Blagov