Ineos Styrolution buys Chevron Phillips/Daelim’s SBC business in South Korea

Styrenics supplier Ineos Styrolution has signed an acquisition agreement for the global K-Resin styrene-butadiene copolymers (SBC) business of Chevron Phillips Chemical Company and Daelim Industrial, the current joint venture owners. The parties have agreed not to disclose the intended purchase price or any other financial details. The transaction, subject to customary closing conditions and regulatory approvals, includes the purchase of the equity interests of K R Copolymer, K-Resin SBC intellectual property and other assets related to the SBC business. This acquisition, once completed, will allow Ineos Styrolution to supply its customers from production sites in the Americas, EMEA and Asia Pacific.

The acquisition underlines Ineos Styrolution’s commitment to its “Triple Shift” growth strategy with a strong dedication to its styrenic specialties business, well-balanced split across all focus industries and improved global presence.

K-Resin SBC and Ineos Styrolution’s existing SBC brands Styrolux and Styroflex complement each other. The combined business will offer a broad selection of SBC products to customers across the globe. The broader SBC product portfolio will enable the combined business to better serve its customers.

“This measure marks our first acquisition and drives the further implementation of our Triple Shift growth strategy. We will strengthen our ability to offer specialty styrenics products to our customers, and increase our production capacities in Asia. Our customers will benefit from our ability to supply and support their world-wide demand from our expanded geographic footprint, with SBC manufacturing and research and development centres in all major regions, and from the well- known premium K-Resin SBC brand,” says Kevin McQuade, CEO Ineos Styrolution. “With this investment we will further enhance our global presence in styrenics.”

Chevron Phillips Chemical and Daelim Industrial Company founded KRCC as a joint-venture in February 2000. The K-Resin SBC plant is located in Yeosu Petrochemical Complex, the largest petrochemical complex on the southern coast of South Korea.

Styrolution was founded in October 2011 as a joint venture between German chemicals maker BASF and Ineos. On November 17, 2014, Ineos completed the purchase of BASF's 50% share – making Styrolution a wholly owned, standalone company within Ineos.

Styrolution was founded in October 2011 as a joint venture between German chemicals maker BASF and Ineos. On November 17, 2014, Ineos completed the purchase of BASF's 50% share – making Styrolution a wholly owned, standalone company within Ineos.