The styrene production giant INEOS Styrolution (Frankfurt, Germany) announced on August 31 that it will sign an agreement to acquire two polystyrene (PS) production bases in China from French multinational Total. The acquisition covers all polystyrene industries owned by Total in China, including two production sites in Ningbo and Foshan and two offices in Guangzhou and Shanghai.
A company spokesperson said that the transaction marks the first time that Ineos has entered the Chinese production market and emphasized the company's commitment to the growth of the Asian market, which is all derived from the company's “triple transformation” growth strategy.
After acquiring the styrene-butadiene copolymer (SBC) businesses of Chevron Phillips Chemical Co., Ltd. and Daelim Industries Co., Ltd. in January 2017, the company focused on explaining the focus of this strategy, focusing on the styrene specialty, We are committed to achieving a balance between decentralized business and global business development.
Speaking of the total acquisition, the company's CEO Kevin McQuade said in a prepared statement that for regions where polystyrene demand is growing, this move can help the company grow its business in the region and "help us Core industries provide company customers with the best materials produced locally. "
The Foshan production base is located in Guangdong Province in southern China. Ningbo is located in Zhejiang Province, south of Shanghai. The annual nameplate capacity of each site reached 200 kt.
Steve Harrington, the company's Asia Pacific president, said: "This move is an important milestone for Ineos Benzene and Ineos Group, as it represents not only our first manufacturing assets in China, but also We provide a platform to further develop China's manufacturing base. "
Ultimately, the transaction will require approval from regulatory authorities.