BASF to sell 50% stake in Styrolution to Ineos

01-Jul-14

BASF is selling its 50% share in Styrolution to Ineos, its joint venture partner in the styrenics business. The €1.1bn (£0.9bn) deal is subject to the approval of shareholders and regulators as per PRW. "Styrolution has fulfilled its promise as a globally competitive business that competes effectively with large-scale producers from Asia and the Middle East,” said Jim Ratcliffe, chairman of Ineos Capital. “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.” Styrolution was founded in October 2011 as a 50-50 joint venture between BASF and Ineos. It has manufacturing sites in Germany, Belgium, France, Switzerland, Korea, India, Thailand, the US, Canada and Mexico.