Styron LLC will set up its headquarters and global operations center in the Valley of the Cheesesteak.
The company recently sold by Dow Chemical Co. to Boston private equity firm Bain Capital LLC for $1.6 billion said it is considering several office locations in the Philadelphia area. Its global operations center will employ 40-50, including executive management, finance and legal, the company announced July 21.
The firm will base its North American operation center in Midland, Mich., where several Styron research labs and a number of Styron factories are located. The firm expects to retain about 180 jobs in Midland, and has leased office space in the downtown area there to house business management, functional services jobs and customer service for North America.
Styron said its investment in the North American operations center and other Midland facilities will be up to $13 million over the next five years.
In a news release, Styron President and CEO Chris Pappas said that the Philadelphia area was selected because of its good travel connections to Styron's global operations and because of the area's ability to attract and retain a strong workforce.
A Styron spokeswoman added that a number of locations in the U.S. were considered and evaluated for Styron's headquarters, and that Midland retains a critical role with Styron as its largest U.S. location.
Styron with products including polystyrene, ABS, styrene acrylonitrile polymers, styrene butadiene latex and synthetic elastomers, expanded PS and polycarbonate posted sales of $3.7 billion last year. The firm employs around 1,900 at 20 plants worldwide.
In PS, Styron is believed to have the world's most capacity, with a 13 percent market share. It operates three styrenic plastic plants in Europe, three in Asia, one in Brazil and a U.S. plant in Midland. Styron also includes Dow's 50 percent share in Americas Styrenics LLC, North America's largest PS maker.
Styron generates almost 60 percent of its sales from plastics, with the remainder coming from emulsion polymers such as latex and synthetic rubber. Key end uses for Styron products include appliances, consumer electronics, information technology equipment and packaging.