Ineos will acquire BASF's stake in its Styrolution joint venture for Eur1.1 billion ($806.5 million), the company said Monday.
The 50:50 joint venture was founded in October 2011 and a call option was included in the shareholder agreement allowing Ineos to buy out BASF's share.
"After the purchase, Styrolution will be run separately as a stand-alone company within INEOS, and continue to operate as it does today," said Ineos Chairman Jim Ratcliffe.
Styrolution's production assets in Europe include a 550,000 mt/year styrene monomer plant at Ludwigshafen, a 475,000 mt/year polystyrene plant in Antwerp, a 180,000 mt/year PS plant in Wingles, France, a 260,000 mt/year acrylonitrile-butadiene-styrene plant at Antwerp, a 170,000 mt/year ABS plant at Ludwigshafen, a 125,000 mt/year specialty ABS plant at Dormagen, and an 80,000 mt/year PS plant at Trelleborg in Sweden.
Last week, Ineos ChlorVinyls and Solvay sealed a joint-venture agreement for their chlorvinyls business, to be called INOYNTM, Ineos said June 26.
Solvay will leave that venture after three years, allowing Ineos to take full control.
