Global styrenics supplier Ineos Styrolution Group has finalized a deal to buy the global K-Resin styrene-butadiene copolymers (SBC) business of Chevron Phillips Chemical Co. and Daelim Industrial Co. Ltd.
The transaction includes the equity interests of K R Copolymer (KRCC), K-Resin SBC intellectual property and other assets related to the SBC business.
Chevron Phillips Chemical and Daelim Industrial Company founded KRCC as a joint-venture in February 2000. The K-Resin SBC plant is located in Yeosu Petrochemical Complex, the largest petrochemical complex on the southern coast of South Korea.
Terms for purchase have not been disclosed.
“Our customers will benefit from our ability to supply and support their worldwide demand from our expanded geographic footprint, with SBC manufacturing and research and development centers in all major regions, and from the well-known premium K-Resin SBC brand,” said Kevin McQuade, chief executive of Ineos Styrolution.
“With this investment we will further enhance our global presence in styrenics.”
Ineos Styrolution president Asia Pacific Steve Harrington, said: “I am impressed by the quality of the production site, a formidable operation and by the strong motivation of the staff.
“We are looking forward to integrate the local Korean assets quickly into our Korean Ineos Styrolution operations.”
Ineos Styrolution recently agreed a distribution contract with Com-Ital, giving the Italian distributor access to Ineos Styrolution's entire specialty portfolio.
