LUDWIGSHAFEN, Germany/LYNDHURST, UK – BASF SE, Ludwigshafen, Germany, and INEOS Industries Holdings Limited, Lyndhurst, UK, have announced their intention to combine their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers, as well as copolymer blends, into a new joint venture called Styrolution.
BASF’s styrenics activities now operate as a separate company with the name Styrolution. INEOS plans to acquire the other 50-percent shareholding in its 50-50 styrenics joint venture, INEOS NOVA, from NOVA Chemicals. Upon completion of the proposed joint venture with BASF, INEOS will transfer these activities into the new Styrolution group.
BASF and INEOS will retain their expandable polystyrene businesses. The SM/PS capacities in Ludwigshafen used to produce foam will also remain with BASF as well as the SM/PS business of BASF-YPC Co. Ltd. in Nanjing, China.
Styrolution headquarters will be located in Frankfurt/Main, Germany. BASF and INEOS will each own 50 percent of the joint venture.
BASF and INEOS will continue to operate as strictly independent companies until the completion of the deal, which is anticipated in 2011.