After 16 years of operating as a joint venture, styrenics maker Americas Styrenics LLC is for sale.
A spokesperson for Americas Styrenics partner Chevron Phillips Chemical confirmed the move in an email to Plastics News. "Trinseo and CP Chem, co-owners of Americas Styrenics, are pursuing a joint sale process," the spokesperson said. "We are working closely with Trinseo."
Americas Styrenics, known as AmSty, was formed as a 50-50 JV in 2008 when CP Chem and Dow Inc. combined their styrenics businesses. In 2008, Dow's share in AmSty was transferred to Trinseo predecessor Styron.
Trinseo, based in Wayne, Pa., had attempted to sell its stake in AmSty in 2022 but was unable to find an appropriate buyer.
AmSty, based in The Woodlands, Texas, ranks as one of North America's largest makers of polystyrene resin, styrene monomer and related products.
The PS business has struggled in recent years as the material lost ground to lower-priced resins such as polypropylene and high density polyethylene. In 2023, Trinseo's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from AmSty were down almost 40 percent.
Trinseo has struggled overall in recent years and has sold or combined various business units to try and recover. Most recently, the firm in November announced the sale of its polycarbonate resin production assets to Indian Chemicals firm Deepak Nitrite Ltd., which will move that unit's equipment from Germany to India. The total value of that deal — including a technology license — is $52.5 million.
On Oct. 1, Trinseo combined the management of its engineered materials, plastics solutions and PS units. These actions will eliminate an unspecified number of management and support jobs.
The process began in the third quarter of 2024 and is expected to be completed by the end of 2025. These moves are expected to save Trinseo $30 million per year by 2026.