TARRAGONA, SPAIN (Jan. 3, 12:20 p.m. ET) – Styrolution Group GmbH is selling its Elix Polymers SL business to Sun European Partners LLP.
Elix Polymers, the Spanish ABS offshoot of global petrochemicals giant Ineos Group, is being divested to meet a European Union antitrust condition for the formation of Styrolution, a styrenics joint venture owned by BASF SE and Ineos.
Elix Polymers is based in Tarragona and specializes in pre-colored and speciality ABS resins. Sun European Partners said in a news release that Elix has more than 300 customers in more than 40 countries, primarily in Europe and the Mediterranean region, and 2011 sales of about 200 million euros.
The parties expect the deal to close in the first half of 2012. Terms were not disclosed.
Sun European Partners is a European adviser to Sun Capital Partners Inc., whose chemical industry holdings include Emerald Performance Materials, a producer of specialty chemicals for food and industrial applications, and Sonneborn, a supplier of white oils, petrolatums, waxes, and other hydrocarbon specialty products.
“Given our experience in the chemical sector, we are looking forward to working with Elix Polymers' management and the broader team to enhance and further develop its market-leading position,” Lionel de Posson, vice president at Sun European Partners, said in a news release.