Dow and Chevron Phillips to acquire joint control of Americas Styrenics

17-Apr-08

US chemicals makerr Dow Chemical Co and US petrochemical products supplier Chevron Phillips Chemical Co plan to acquire joint control of U.S. styrene and polystyrene producer Americas Styrenics. The EU has been notified in March, with end of the month set as a deadline for the enquiry. Dow, world number two chemical company and Chevron Phillips Chemical Co. plan to form a joint venture involving assets from their polystyrene and styrene monomer businesses in North and South America. The companies signed a nonbinding memorandum of understanding to establish a 50-50 joint venture. Dow plans to contribute a styrene monomer plant in Camacari, Brazil and six polystyrene facilities in Gales Ferry, Conn.; Ironton, Ohio; Joliet, Ill.; Torrance, Calif.; Cartagena, Colombia and Guaruja Brazil. Chevron Phillips will include a styreme monomer plant in St. James, La., and a polystyrene plant in Marietta, Ohio. The deal is expected to close in the second half of the year.