Ineos to Acquire BASF’s Share in Styrolution
Ineos will acquire BASF’s 50% share in Styrolution, a joint venture between the companies, founded in 2011. The purchase price to be paid by Ineos amounts to EUR 1.1 billion. A call option in favor of Ineos to buy BASF’s share in Styrolution was already included in the shareholders’ agreement signed in 2011.
The transaction is subject to approval by the appropriate antitrust authorities. Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014.
“Styrolution has fulfilled its promise as a globally competitive business that competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the Ineos family. After the purchase, Styrolution will be run separately as a standalone company within Ineos, and continue to operate as it does today,” said Jim Ratcliffe, Chairman, Ineos Capital. The business will be a subsidiary of Ineos Industries Holdings Limited.
Roberto Gualdoni, CEO, Styrolution, said: "I am happy about this outstanding sign of confidence by Ineos in the long-term prospects our business. We take this as a further motivation to keep on delivering value, focussing on our customers and implementing our strategy with creativity and determination."
Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2013, sales were at €5.8 billion, resulting in an EBITDA before special items of EUR 442 million. Styrolution employs approximately 3,200 people and operates 17 production sites in ten countries.
INEOS Vinyls UK Ltd.
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