Ineos Ningbo General Polystyrene Factory, a leading global styrene supplier focusing on styrene monomer, polystyrene, ABS standards and styrene specialty, has signed an agreement with American General Styrene Company, and will acquire two in Ningbo and Foshan in the future. Polystyrene (PS) production base with offices in Guangzhou and Shanghai. The transaction is subject to regulatory approval.
Polystyrene (PS) refers to a polymer synthesized from a styrene monomer by a radical addition polymerization reaction. It is a colorless and transparent thermoplastic with a glass transition temperature above 100 ° C. Therefore, it is often used to make a variety of disposable containers that need to withstand the temperature of boiling water, and disposable foam lunch boxes.
Ineos' takeover of the two production sites indicates that the company has entered China and reflects the company's commitment to Asian growth markets. The acquisition of Chinese production sites is in line with the company's "triple transformation" growth strategy. Asia Pacific President Steve Harrington commented, "This is an important milestone for the Ineos Group as it represents our first manufacturing asset in China. In addition, it provides a platform for us to further develop our manufacturing base in China . "
Chemical industry
Ineos CEO Kevin McQuad said, "After the first acquisition of Ineos, we will continue to expand our business in the Asian market." This move has not only significantly increased our presence in regions where polystyrene demand is growing. Business, and allows us to provide our customers in core industries with first-class materials produced locally. "
Foshan is located in Guangdong Province, southern China, and Ningbo is located in Zhejiang Province, south of Shanghai. The annual production capacity is 200,000 tons. The company provides styrenic applications for many everyday products such as automotive, electronics, home, construction, medical, packaging, and toys.
The Ineos Group is a leading global petrochemical company. Headquartered in Basil, Switzerland, as a multinational group specializing in the production and sale of petrochemicals, special chemicals and petroleum products, Ineos Group has 15 large petrochemical business groups and 15,000 employees, with an annual output of more than 54 million tons of petrochemical products And 20 million tons of petroleum refining products. Its business network spans the globe, with 76 large petrochemical production bases in 20 countries around the world. 2011 sales exceeded $ 43.5 billion.