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Chevron Phillips sells Chinese polystyrene plant

By: Steve Toloken

November 1, 2013

Chevron Phillips Chemical Co. LLC announced Oct. 31 that it had sold a polystyrene manufacturing plant in China to Grand Astor Ltd.

Chevron Phillips said the PS resin plant, in Zhangjiagang, Jiangsu province, does not fit into the company’s broader strategy. Terms were not disclosed.

“The polystyrene plant is a productive and valued asset, but as a standalone operation for Chevron Phillips Chemical in China, the company has determined that asset is not a strategic fit,” said Dan Coombs, senior vice president of specialties, aromatics and styrenics for the Woodlands, Texas-based company, in a statement.