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Company News
Styron and Evonik to go public and name change for Styron
U
S-based Styron Corp is planning an IPO, less than nine months after private equity firm Bain Capital bought it from Dow Chemical for US$1.63 billion. Meanwhile, German chemicals firm Evonik Industries's owner RAG is also contemplating a similar move of an IPO.However, should Styron go for an IPO it will be a quick exit for Bain as buyout firms tend to hold on to their investments for at least a few years. Dow announced the sale of its Styron basic plastics unit to Bain in March last year and the deal closed in June.
Evonik, meanwhile, abandoned its plans to go public in 2008 due to the deteriorating market conditions given the global financial crisis. Evonik's owner RAG will decide on the IPO in April and expects to take it public by 2013.
Styron has also announced plans to change its name to Trinseo later this year. In a statement it said, "The name Styron is strongly tied to the styrenics chain - particularly polystyrene and styrene monomer, which are an important part of our company - but we are much more than that. Our new name of Trinseo will communicate that we are leaders in a broader range of businesses, products and technologies, and it underscores our commitment to growth." The word Trinseo comes from "intrinsic", which means belonging to a thing by its very nature, or belonging to or lying within a given part. The root of "trins" is combined with "eo", the Latin verb root meaning "to go".