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On May 27, the companies signed a joint venture contract, which regulates the formation of the joint venture company Styrolution. The establishment of the joint venture is subject to approval by the appropriate antitrust authorities.
The business with expandable polystyrene is not part of the transaction. BASF will receive cash consideration following the completion of the transaction. With the signing we have built a strong foundation to establish Syrolution, the leading global company for styrenics, before the end of the year, subject to regulatory approval.
Styrolution will deliver to its customers around the globe even better service, a fast and secure supply as well as excellent product quality. BASF employs approximately 1, people in its styrenics business and generated sales of about? INEOS employs approximately 2, people in its styrenics activities and generated sales of about?
BASF and INEOS will continue to operate as strictly independent companies until the completion of the deal, which is anticipated insubject to the approval by the appropriate antitrust authorities.
Styrenics are mainly used for household and office products, for electrical and communication devices and for packaging. Styrene-based copolymers are thermoplastic resins on the basis of the monomers styrene and acrylonitrile. They are mainly used in the automotive and technical industries as well as for many everyday products.
Pro forma sales of the combined businesses were? Expandable polystyrene is not part of this transaction. Styrolution has an excellent global position with production sites in Europe, Asia and North America.
The EU Commission has approved the formation of the joint venture subject to the requirement that the parties sell an ABS production site in Tarragona, Spain.
The formation of the new joint venture has already been approved by the U. Federal Trade Commission without any remedies. BASF and INEOS will continue to operate as strictly independent companies until the completion of the deal, which is anticipated insubject to remaining approvals from antitrust authorities in other countries.
Styrene-based copolymers are thermoplastic resins based on styrene and acrylonitrile.
They are mainly used in automotive and technical applications as well as for many everyday products. ABS is a chemical product used in a variety of applications including, for instance, refrigerator door caps, vacuum cleaner components, washing machine panels, computer keyboards and housings, dashboard components and steering wheel covers.
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