In a bid to maximize the long-term value of its businesses, Invista has initiated a review process that could lead to the sale of its North American polymer and resin unit, including its PET business, as per Plasticsnews.
The company is beginning a process to determine the market value of Invista’s polymer and resins businesses in North America, including its 395 mln lb PET plant in Spartanburg. Expected to last for a few months, the review will potentially result in a divestiture of one or more polymer and resins sites located in the U.S. and Mexico. Invista is owned by Koch Industries Inc., which bought DuPont Co.’s Invista fibers unit in 2004 and combined it with its KoSa PET unit. In late 2008, Invista closed PET plants in Greer, S.C., and Millhaven, Ontario. Prior to those closings, Invista ranked as one of the region’s largest PET makers, with a market share estimated at 24%, based on annual sales. The firm also entered the engineering resins market last year, saying it would begin production of nylon 6/6 resin at several locations, including Chattanooga, Tenn., and Kingston, Ontario. The launch coincided with the expiration of a non-compete agreement with DuPont. Invista officials have said their engineering resins business won’t be affected by a related lawsuit filed by DuPont in late 2008.