BASF SE (Ludwigshafen, Germany) and INEOS Industries Holdings
Limited (Lyndhurst, UK) have announced their intention to combine
their global business activities in styrene monomers (SM),
polystyrene (PS), acrylonitrile butadiene styrene (ABS),
styrene-butadiene block copolymers (SBC) and other styrene-based
copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends into
a new joint venture called Styrolution. A letter of intent was
signed by the two companies on November 29, 2010. The establishment
of the joint venture is subject to approval by the appropriate
antitrust authorities.
BASF has previously announced that it will carve out its
styrenics activities by the end of 2010 and transfer them into
separate entities. The carve-out will continue as planned and as of
January 1, 2011, BASF's styrenics activities will operate as a
separate company with the name Styrolution. INEOS has also
announced that it is to acquire the other 50% shareholding in its
50-50 styrenics joint venture, INEOS NOVA, from NOVA Chemicals.
Upon completion of the proposed joint venture with BASF, INEOS will
transfer these activities into the new Styrolution group.
Expandable polystyrene is not part of the transaction. BASF and
INEOS will retain their expandable polystyrene businesses. The
SM/PS capacities in Ludwigshafen used to produce foam will also
remain with BASF as well as the SM/PS business of BASF-YPC Co.
Ltd., in Nanjing, China.
Styrolution will have a global presence and will offer
significant benefits to its customers in the styrenics industry
through enhanced efficiency, reduced costs and excellent
service.
Based on figures for 2010, Styrolution is expected to generate
annual sales of more than EUR5 billion. Company headquarters will
be located in Frankfurt/Main, Germany. 50% of shares of the joint
venture will be owned by BASF and 50% by INEOS. BASF will receive
cash consideration following the completion of the transaction. The
parties did not disclose any further financial details.
Roberto Gualdoni (54), who started his career at BASF in 1987,
will be named CEO of Styrolution. In April 2010, Gualdoni became
president of BASF's Styrenics division. Christoph de la Camp (47)
will become CFO of the new Company. De la Camp began his career
with BP p.l.c. in 1994 and joined INEOS in 2005. He is currently
the CFO of INEOS NOVA.
'The formation of the joint venture Styrolution together with
INEOS is a further important step in our active portfolio
management,' said Dr. Martin Brudermüller, member of the Board of
Executive Directors of BASF SE. 'It is our plan to create a leading
player in the global styrenics market in terms of efficiency,
safety, customer service, product quality and competitiveness.
Therefore, the new joint venture with a sizeable partner like INEOS
presents the best option to strengthen the business. Both partners
complement one another with regards to their product and technology
portfolio and global footprint.'
'The joint venture will deliver new opportunities for innovation
and growth that will provide significant benefit to our customers,'
said Jim Ratcliffe, Chairman, INEOS Capital. 'The world
scale-assets will secure a sustainable and competitive business
that is capable of meeting the long-term needs of a rapidly
changing market. This is consistent with our long-term styrenics
strategy.'
Excellent global position
BASF intends to contribute its SM, PS, ABS, SBC and
styrene-based copolymers businesses in the joint venture. This
includes production plants located in Germany (Ludwigshafen,
Schwarzheide), Belgium (Antwerp), Korea (Ulsan), India (Dahej) and
Mexico (Altamira). BASF employs approximately 1,460 people in its
styrenics business and is expected to generate sales of more than
EUR3 billion in 2010.
INEOS intends to contribute ABS production plants at sites in
Germany (Cologne), Spain (Tarragona), India (Vadodara) and Thailand
(Map Ta Phut) to the joint venture. Furthermore INEOS will
contribute its SM and PS businesses to the joint venture, which
includes INEOS and INEOS NOVA sites in Canada (Sarnia), the United
States (Indian Orchard, Joliet, Decatur, Texas City, Bayport),
Germany (Marl), France (Wingles) and Sweden (Trelleborg). INEOS
employs an approximate total of 2,200 people in its styrenics
activities and is expected to generate sales of about EUR2 billion
in 2010.
BASF and INEOS will continue to operate as strictly independent
companies until the completion of the deal which, subject to the
approval by the appropriate antitrust authorities, is anticipated
in 2011.
Product portfolio
Styrene (SM) is an intermediate product. It is a colorless
liquid that polymerizes easily.
Polystyrene (PS) is a thermoplastic resin that is used in many
applications, such as disposable packaging, many electronic
devices, large appliances such as refrigeration liners and house
wares.
SBC (Styrene-Butadien-Blockcopolymer) is a thermoplastic resin
as well, transparent and impact resistant. It offers applications
with high optical appearance and is mostly used in food packaging
applications and also goes into display packaging.
ABS (Acrylnitrile-Butadien-Styrene) is a thermoplastic resin,
used primarily for aesthetic colorful parts requiring heat and
impact resistance such as vacuum cleaners or power tools. Other
major uses are found in automotive or as mobile phone housings as
well as recreational applications.
Styrene based copolymers (SAN, AMSAN, ASA, MABS) and blends
(ABS/PA, ASA/PA, ASA/PC) are thermoplastic resins mainly used in
various technical applications i.e. automotive, garden equipment,
tools, appliances and Consumer Electronics, Communications Devices
& Computers.
Note to editors
A photo of BASF's, INEOS' and Styrolution's top management team
can be downloaded under: basf.com/Pressphoto-Database
About BASF
BASF is the world's leading chemical company: The Chemical
Company. Its portfolio ranges from chemicals, plastics and
performance products to agricultural products, fine chemicals as
well as oil and gas. As a reliable partner BASF creates chemistry
to help its customers in virtually all industries to be more
successful. With its high-value products and intelligent solutions,
BASF plays an important role in finding answers to global
challenges such as climate protection, energy efficiency, nutrition
and mobility. BASF posted sales of more than EUR50 billion in 2009
and had approximately 105,000 employees as of the end of the year.
BASF shares are traded on the stock exchanges in Frankfurt (BAS),
London (BFA) and Zurich (AN). Further information on BASF is
available on the Internet at: www.basf.com.
About INEOS
INEOS is the world's third largest chemicals group and a leading
manufacturer of petrochemicals, speciality chemicals and oil
products. Comprising 15 businesses and with a production network
spanning 51 manufacturing facilities in 13 countries, the group
produces more than 40 million tonnes of petrochemicals and 20
million tonnes per annum of crude oil refined products (fuels) each
year. INEOS employs 15,000 people and has annual sales of around $
29bn. Further information about INEOS is available on the internet
at: http://www.ineos.com.
INEOS Industries Holdings Limited
INEOS Industries Holdings Limited is a wholly owned subsidiary
of INEOS AG, comprising INEOS ABS, INEOS Styrenics, INEOS Melamines
and INEOS Bio. INEOS Industries is not a part of INEOS Group
Limited.
Forward-looking statements
This release contains forward-looking statements based on
current experience, estimates and projections of BASF's and INEOS'
management and currently available information. They are not
guarantees of future performance, involve certain risks and
uncertainties that are difficult to predict and are based upon
assumptions as to future events that may not prove to be accurate.
Many factors could cause the actual results, performance or
achievements of BASF and INEOS to be materially different from
those that may be expressed or implied by such statements. BASF and
INEOS do not assume any obligation to update the forward-looking
statements contained in this release.
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