INEOS Styrolution, the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties, signed an agreement with Total S.A. for the takeover of two polystyrene (PS) production sites in Ningbo and Foshan and two related offices in Guangzhou and Shanghai. The transaction is subject to the approval of the regulatory authorities.
INEOS Styrolution’s initiative to take over the two production sites is an indication of its move into China and reflects the company’s commitment to the Asian growth market. The takeover of the production site in China is in line with the company’s “Triple Shift” growth strategy.
Kevin McQuade, CEO INEOS Styrolution, said, “A little more than one year after our first acquisition, INEOS Styrolution continues to grow its footprint in the Asian market. “Not only does this move allow us to significantly increase our presence in a region with growing demand for polystyrene, it also enables us to provide customers in our core industries with locally produced best-in-class materials.”
The annual production capacity of Foshan site located in the Guangdong Province in South China and of the Ningbo site located in the Zhejiang Province south of Shanghai in Eastern China as written on the nameplate of each site is 200,000t per year.
Steve Harrington, President Asia Pacific and Global Styrene Monomer, commented, “This is an important milestone for both INEOS Styrolution and the INEOS Group as it represents our first manufacturing assets in China. In addition, it provides us with a platform to further develop our manufacturing base in China.”
The company offers styrenic applications for many everyday products to industries such as Automotive, Electronics, Household, Construction, Healthcare, Packaging and Toys/ Sports/ Leisure.