BASF announced today that it is selling its North American polystyrene business to INEOS Americas.
BASF announced today that it is selling its polystyrene business in the United States and Canada, including its Joliet, Illinois production facility, to INEOS Americas, the North American subsidiary of INEOS, an international chemical company headquartered in the UK. Financial details were not disclosed.
The sale of the polystyrene business, which requires approval by the US Federal Trade Commission (FTC), forms part of BASF’s North American restructuring program. As part of the agreement, BASF will transfer approximately 140 employees to INEOS.
The Joliet polystyrene facility has a total capacity of approximately 385,000 metric tons per year and produces general-purpose polystyrene (GPPS) and high-impact polystyrene (HIPS).
“The Joliet site is no longer consistent with BASF’s site integration strategy,” said Fred Baumgartner, Global President of Styrenics for BASF. “While we are committed to our remaining styrenics portfolio in North America, the sale of this business is another major step in our process of realigning the global styrenics business to ensure long-term profitable growth,” Baumgartner added.
BASF said in a statement that it would continue to manufacture and sell polystyrene in other regions.