Officials with global polystyrene leader Styron LLC are declining to comment on reports that the firm is planning an initial public offering of its stock.
A potential IPO first was reported by Bloomberg News on March 8 and picked up by Reuters the next day. The Reuters story quoted an unnamed source saying that underwriters for the IPO would be chosen in the next few weeks.
Styron spokeswoman Catherine Maxey said by phone March 10 that the firm would not comment on the reports.
News of the possible IPO comes only a year after Dow Chemical Co. sold Styron to Boston-based private equity firm Bain Capital LLC for $1.6 billion. Styron established its headquarters in Berwyn, Pa. near Philadelphia last month. It employs about 50 there, but has a larger number of staffers in Midland, Mich., where Dow is based.
Styron with products including polystyrene, ABS, styrene acrylonitrile polymers, styrene-butadiene latex and synthetic elastomers, expanded PS and polycarbonate posted sales of $5 billion in 2010. The firm employs around 2,100 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, 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.