Trinseo, US Dow’s former styrenics business, files for IPO

Al Greenwood

14-Mar-2014

Trinseo, US DowHOUSTON (ICIS)–Trinseo, which was known as Styron when it was part of Dow Chemical, has filed on Friday for an initial public offering.

The company would raise up to $200m, according to the filing.

Trinseo proposed to be listed under the symbol TSE. It did not say which exchange it would be listed under or how many shares it planned to issue.

Trinseo was once part of Dow and was called Styron before it was sold to Bain Capital for $1.63bn in 2010.

Trinseo reported a Q4 net income $10.6m thanks to decreased expenses compared with the year-prior period.

However, the company recorded a net loss of $22.2m for full-year 2013 due to higher expenses compared with the year before and a $20.7m loss on extinguishment of long-term debt.

For Q4 2013, Trinseo had net sales of $1.25bn, down 5.3% from $1.32bn in Q4 2012.

But overall the quarter was much better than the year-prior period, when the company posted a $507,000 net loss.

Full-year 2013 sales revenues reached $5.31bn, down 2.6% from $5.45bn in 2012. Stryon attributed the loss in sales volume to increased polystyrene (PS) prices due to higher styrene prices, as well as lower demand in European and Asian paper markets for the company’s latex products.

Trinseo makes plastics and elastomers.

Trinseo had earlier filed for an IPO in 2011.

Additional reporting by Jeremy Pafford

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