BASF announced its styrene business divestiture strategy
BASF Group, a German chemical manufacturer, will set up a new business department called styrolation to integrate a large number of styrene businesses that have been audited since 2007
styrene business department will include BASF's styrene monomer, polystyrene, acrylonitrile butadiene styrene, styrene butadiene copolymer and other styrene based copolymer businesses. The business department has about 1460 people, with sales of about 2.5 billion euros in 2009
BASF's global polystyrene foam business and styrene monomer and polystyrene production capacity produced in Ludwigshafen, Germany, which are specially provided for this part of business, will still be operated by the parent company
the new business department will be officially put into operation before the end of the year, which is part of the strategic development of BASF's styrene business. The styrene business has been under review for the past three years, and BASF's intention is to spin off this part of the business
PHA composed of two or more monomers has attracted a lot of attention. Dr. martinbruderm ü ller, an executive board member of BASF in charge of its plastics business, said in a statement: "the establishment of the styrolation business department is another step for BASF to implement its styrene business development strategy."
he said: "in the global market environment with fluctuating demand, high profit pressure and fierce competition, this will help us maintain and improve the position that another part can be sprayed outside the press... At the same time, we still have other strategic options."
a spokesman for BASF declined to respond to whether BASF was currently in contact with potential buyers or investment partners about the styrolation business department
however, the spokesman said that even if the new business department was established, it would be of great significance to establish the new business department in 2008, but during the crisis 4 The "spin off" process of the styrene business department, which has suspended its operation by adopting the two-stage standard deceleration electromechanical hammer lifting, will continue further. He said, "in the past and now, our attitude is to spin off [this part of the business]."
styrene will include BASF's styrene business in Germany (Ludwigshafen, schwarzheide), Belgium (Antwerp), South Korea (Ulsan), India (dahej) and Mexico (Altamira)
in addition, independent companies will be established in other countries where BASF has styrene marketing or sales activities, such as the United States, Italy and China
BASF said in the statement that this restructuring will not have an impact on customer service and supply, and said that this move is expected to improve business efficiency, service and technical support
BASF Group, with sales of 50.7 billion euros last year, has long clearly expressed its dissatisfaction with the poor performance of the styrene business. As early as 2007, the company announced that it was considering selling it to a third party. Previously, BASF sold its styrene business in North America to Ineos in 2005
in March this year, Dow Chemical sold its Styron business department to baincapitalpartners, an American private equity group, at a transaction price of $1.63 billion. Styron's business portfolio includes Dow's styrene, lotion polymers and polycarbonate products
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