Ineos Styrolution acquires two polystyrene production sites in China from Total S.A.
Ineos Styrolution announced that it signed an acquisition agreement with Total S.A. for two polystyrene (PS) production sites in China.
The deal includes the purchase of the wholly owned Chinese PS business including two production sites in Ningbo and Foshan and two related offices in Guangzhou and Shanghai. The transaction signals Ineos Styrolution’s first production move into China and underlines the company’s commitment to the Asian growth market, as derived from the company’s “Triple Shift” growth strategy.
Investment in the Asian market
“A little more than one year after our first acquisition, Ineos Styrolution continues to grow its footprint in the Asian market,” says Kevin McQuade, CEO Ineos Styrolution. “Not only does this move allow us to significantly increase our presence in a region with growing demand for polystyrene, it also enables us to provide customers in our core industries with locally produced best-in-class materials.”
Rise of polystyrene production capacity by 400kt per year
The Foshan site is located in the Guangdong Province in South China. The Ningbo site is located in the Zhejiang Province south of Shanghai in Eastern China. The annual nameplate capacity of each site is 200kt per year. The transaction is subject to approval by the regulatory authorities.
