DGAP-News: BASF SE: BASF and INEOS to establish a new leading global styrenics company called Styrolution
(firmenpresse) - BASF SE / Key word(s): Joint Venture
30.11.2010 11:12
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Joint News Release
BASF and INEOS to establish a new leading global styrenics company called
Styrolution
- Letter of intent signed for new joint venture with expected annual
sales of more than EUR5 billion.
- Planned joint venture will realize numerous benefits for customers in
the styrenics business.
November 30, 2010 - 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 (SAN, AMSAN, ASA, MABS)
as well as copolymer blends into a new joint venture called Styrolution. A
letter of intent was signed by the two companies on November 29, 2010. The
establishment of the joint venture is subject to approval by the
appropriate antitrust authorities.
BASF has previously announced that it will carve out its styrenics
activities by the end of 2010 and transfer them into separate entities. The
carve-out will continue as planned and as of January 1, 2011, BASF's
styrenics activities will operate as a separate company with the name
Styrolution. INEOS has also announced that it is to acquire the other 50%
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.
Expandable polystyrene is not part of the transaction. 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 will have a global presence and will offer significant benefits
to its customers in the styrenics industry through enhanced efficiency,
reduced costs and excellent service.
Based on figures for 2010, Styrolution is expected to generate annual sales
of more than EUR5 billion. Company headquarters will be located in
Frankfurt/Main, Germany. 50% of shares of the joint venture will be owned
by BASF and 50% by INEOS. BASF will receive cash consideration following
the completion of the transaction. The parties did not disclose any further
financial details.
Roberto Gualdoni (54), who started his career at BASF in 1987, will be
named CEO of Styrolution. In April 2010, Gualdoni became president of
BASF's Styrenics division. Christoph de la Camp (47) will become CFO of the
new Company. De la Camp began his career with BP p.l.c. in 1994 and joined
INEOS in 2005. He is currently the CFO of INEOS NOVA.
'The formation of the joint venture Styrolution together with INEOS is a
further important step in our active portfolio management,' said Dr. Martin
Brudermüller, member of the Board of Executive Directors of BASF SE. 'It is
our plan to create a leading player in the global styrenics market in terms
of efficiency, safety, customer service, product quality and
competitiveness. Therefore, the new joint venture with a sizeable partner
like INEOS presents the best option to strengthen the business. Both
partners complement one another with regards to their product and
technology portfolio and global footprint.'
'The joint venture will deliver new opportunities for innovation and growth
that will provide significant benefit to our customers,' said Jim
Ratcliffe, Chairman, INEOS Capital. 'The world scale-assets will secure a
sustainable and competitive business that is capable of meeting the
long-term needs of a rapidly changing market. This is consistent with our
long-term styrenics strategy.'
Excellent global position
BASF intends to contribute its SM, PS, ABS, SBC and styrene-based
copolymers businesses in the joint venture. This includes production plants
located in Germany (Ludwigshafen, Schwarzheide), Belgium (Antwerp), Korea
(Ulsan), India (Dahej) and Mexico (Altamira). BASF employs approximately
1,460 people in its styrenics business and is expected to generate sales of
more than EUR3 billion in 2010.
INEOS intends to contribute ABS production plants at sites in Germany
(Cologne), Spain (Tarragona), India (Vadodara) and Thailand (Map Ta Phut)
to the joint venture. Furthermore INEOS will contribute its SM and PS
businesses to the joint venture, which includes INEOS and INEOS NOVA sites
in Canada (Sarnia), the United States (Indian Orchard, Joliet, Decatur,
Texas City, Bayport), Germany (Marl), France (Wingles) and Sweden
(Trelleborg). INEOS employs an approximate total of 2,200 people in its
styrenics activities and is expected to generate sales of about EUR2
billion in 2010.
BASF and INEOS will continue to operate as strictly independent companies
until the completion of the deal which, subject to the approval by the
appropriate antitrust authorities, is anticipated in 2011.
Product portfolio
Styrene (SM) is an intermediate product. It is a colorless liquid that
polymerizes easily.
Polystyrene (PS) is a thermoplastic resin that is used in many
applications, such as disposable packaging, many electronic devices, large
appliances such as refrigeration liners and house wares.
SBC (Styrene-Butadien-Blockcopolymer) is a thermoplastic resin as well,
transparent and impact resistant. It offers applications with high optical
appearance and is mostly used in food packaging applications and also goes
into display packaging.
ABS (Acrylnitrile-Butadien-Styrene) is a thermoplastic resin, used
primarily for aesthetic colorful parts requiring heat and impact resistance
such as vacuum cleaners or power tools. Other major uses are found in
automotive or as mobile phone housings as well as recreational
applications.
Styrene based copolymers (SAN, AMSAN, ASA, MABS) and blends (ABS/PA,
ASA/PA, ASA/PC) are thermoplastic resins mainly used in various technical
applications i.e. automotive, garden equipment, tools, appliances and
Consumer Electronics, Communications Devices&Computers.
Press Contact:
BASF SE, Michael Grabicki, Phone: +49 621 60-99938, Fax: +49 621 60-92693,
michael.grabicki(at)basf.com
INEOS Industries Holding Limited, Richard Longden, Phone: +44 2380 287037,
Fax: +44 7710 371998, richard.longden(at)ineos.com
Note to editors
A photo of BASF's, INEOS' and Styrolution's top management team can be
downloaded under: basf.com/Pressphoto-Database
About BASF
BASF is the world's leading chemical company: The Chemical Company. Its
portfolio ranges from chemicals, plastics and performance products to
agricultural products, fine chemicals as well as oil and gas. As a reliable
partner BASF creates chemistry to help its customers in virtually all
industries to be more successful. With its high-value products and
intelligent solutions, BASF plays an important role in finding answers to
global challenges such as climate protection, energy efficiency, nutrition
and mobility. BASF posted sales of more than EUR50 billion in 2009 and had
approximately 105,000 employees as of the end of the year. BASF shares are
traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich
(AN). Further information on BASF is available on the Internet at:
www.basf.com.
About INEOS
INEOS is the world's third largest chemicals group and a leading
manufacturer of petrochemicals, specialitychemicals and oil products.
Comprising 15 businesses and with a production network spanning 51
manufacturing facilities in 13 countries, the group produces more than 40
million tonnes of petrochemicals and 20 million tonnes per annum of crude
oil refined products (fuels) each year. INEOS employs 15,000 people and has
annual sales of around $ 29bn. Further information about INEOS is available
on the internet at: http://www.ineos.com.
INEOS Industries Holdings Limited
INEOS Industries Holdings Limited is a wholly owned subsidiary of INEOS AG,
comprising INEOS ABS, INEOS Styrenics, INEOS Melamines and INEOS Bio. INEOS
Industries is not a part of INEOS Group Limited.
Forward-looking statements
This release contains forward-looking statements based on current
experience, estimates and projections of BASF's and INEOS' management and
currently available information. They are not guarantees of future
performance, involve certain risks and uncertainties that are difficult to
predict and are based upon assumptions as to future events that may not
prove to be accurate. Many factors could cause the actual results,
performance or achievements of BASF and INEOS to be materially different
from those that may be expressed or implied by such statements. BASF and
INEOS do not assume any obligation to update the forward-looking statements
contained in this release.
BASF SE, Michael Grabicki, Phone: +49 621 60-99938, Fax: +49 621 60-92693,
michael.grabicki(at)basf.com
INEOS Industries Holding Limited, Richard Longden, Phone: +44 2380 287037,
Fax: +44 7710 371998, richard.longden(at)ineos.com
30.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
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Language: English
Company: BASF SE
Carl-Bosch-Straße 38
67056 Ludwigshafen
Deutschland
Phone: +49 (0)621 60-0
Fax: +49 (0)621 60-4 25 25
E-mail: info.service(at)basf.com
Internet: www.basf.com
ISIN: DE000BASF111, DE000A0JRFB0, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0JRFA2, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0JQF26, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0EUB86, Frankfurter Wertpapierbörse, DE0008846718, Frankfurter Wertpapierbörse, DE000A0XFK16, Börse Luxemburg, Frankfurter Wertpapierbörse, XS0420401779, Börse Luxemburg, XS0412154378, Börse Luxemburg, Frankfurter Börse, DE000A0T4DU7,Börse Luxemburg, Frankfurter Börse, CH0039943292, Swiss Exchange (SWX), CH0039943383, Swiss Exchange (SWX), DE000A0TKBM, Börse Luxemburg, Frankfurter Börse, XS0414672070, Börse Luxemburg, ,
WKN: BASF11, WKN A0JRFB, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0JRFA, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0JQF2, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0EUB8, Frankfurter Wertpapierbörse, , WKN 884671, Frankfurter Wertpapierbörse, , WKN A0XFK1, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0XFHJ, Börse Luxemburg, , WKN A0T6EG, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0T4DU, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN 3994329, Swiss Exchange (SWX), , WKN 3994338, Swiss Exchange (SWX), , WKN A0TKBM, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0T65R, Börse Luxemburg,
Indices: DAX, EURO STOXX 50
Listed: Regulierter Markt in Frankfurt (Prime Standard), Berlin,
Stuttgart, Hannover, Hamburg, München, Düsseldorf;
Terminbörse EUREX; Foreign Exchange(s) London, SIX
End of Announcement DGAP News-Service
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Datum: 30.11.2010 - 11:12 Uhr
Sprache: Deutsch
News-ID 32752
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