02-Nov-16 Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) has announced that it has signed an agreement with INEOS Styrolution to sell the company’s K-Resin® styrene-butadiene copolymers (SBC) business. The deal is subject to customary closing conditions and regulatory approvals. As part of the transaction, INEOS Styrolution will purchase the equity interests of K R Copolymer Co. Ltd (KRCC), which owns and operates a K-Resin SBC plant in the Yeosu Petrochemical Complex in South Korea. Certain Chevron Phillips Chemical’s proprietary K-Resin SBC intellectual property, and other Chevron Phillips Chemical assets related to the business will also be transferred.
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 Co. Ltd. (KRCC), 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.
“K-Resin SBC is an excellent strategic fit for INEOS Styrolution, and we are confident the business will thrive as part of INEOS Styrolution’s portfolio of products,” said Dave Morgan, Senior Vice President of Polymers at Chevron Phillips Chemical. “This divestiture is part of our continuous effort to focus on our core competencies. Sharpening our portfolio aligns with our strategy to pursue sustainable growth.”
Most of the approximately 80 KRCC and Chevron Phillips Chemical employees affected are expected to have the opportunity to join INEOS Styrolution. A few Chevron Phillips Chemical employees may be redeployed within Chevron Phillips Chemical’s organisation. KRCC is a joint venture between an affiliate of Chevron Phillips Chemical and Daelim Industrial Co. Ltd.
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