German chemicals distribution firm Helm has decided to give up its polymer business, which consisted mainly of polyethylene terephthalate (PET), a company source said Friday.
"Helm has been trying to build up a long-lasting [polymers] business with a [solid] growth prospect," the source said. "Over the past few years, we want to build a critical mass for polymers...but with no success."
"We're not in a typical 'cherry picking' trading business. That's not the business model for Helm," the source added.
Helm's polymer business consisted of PET, polyethylene, polypropylene, polystyrene, and polyvinyl chloride, the source said, but noted that PET is its main product line.
The source said most polymer producers are also doing their own marketing, and are therefore directly competing with Helm.
Helm will continue to be actively involved in the marketing and distribution of other chemical products, including propylene, benzene, xylene, and methanol.
Chemicals is one of the company's main product groups, the others being pharmaceutical, nutrition, crop protection and fertilizers.
Helm also has investments in methanol projects in Trinidad & Tobago and Oman, and a vinyl acetate production plant in Saudi Arabia.
