WICHITA, KAN. (Oct. 20, 2:45 p.m. ET) — Flint Hills Resources is seeking a buyer for its expanded polystyrene resin plant in Peru, Ill.
“The company has decided to explore the potential sale of the plant,” spokesman Jake Reint said by phone. “We're in the early stages of the process and expect to have preliminary discussions with potential buyers in the coming weeks.”
Wichita, Kan.-based Flint Hills acquired the 265 million pound-capacity Peru plant from Huntsman Corp. in 2007. Profitability for EPS — and for solid PS as well — has been rocked in recent years by high prices for benzene and related feedstocks. Numerous market consolidations have occurred as a result.
Annual U.S./Canadian EPS demand was close to 1 billion pounds in 2004, but has been in steady decline, totaling less than 800 million pounds each year since 2008.
Flint Hills ranks as one of North America's largest EPS makers, along with Nova Chemicals Corp. and BASF Corp. The business also operates in refining and specialty chemicals and is a unit of agricultural giant Koch Industries of Wichita.