THE WOODLANDS, Texas–(BUSINESS WIRE)–Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical)
announced today that it has signed an agreement with INEOS Styrolution
to sell the company’s K-Resin® styrene-butadiene copolymers (SBC)
business. The deal is subject to customary closing conditions and
As part of the transaction, INEOS Styrolution will purchase the equity
interests of K R Copolymer Co. Ltd (KRCC), which owns and operates a
K-Resin® SBC plant in the Yeosu Petrochemical Complex in South Korea.
Certain Chevron Phillips Chemical’s proprietary K-Resin® SBC
intellectual property, and other Chevron Phillips Chemical assets
related to the business will also be transferred.
“K-Resin® SBC is an excellent strategic fit for INEOS Styrolution, and
we are confident the business will thrive as part of INEOS Styrolution’s
portfolio of products,” said Dave Morgan, Senior Vice President of
Polymers at Chevron Phillips Chemical. “This divestiture is part of our
continuous effort to focus on our core competencies. Sharpening our
portfolio aligns with our strategy to pursue sustainable growth.”
Most of the approximately 80 KRCC and Chevron Phillips Chemical
employees affected are expected to have the opportunity to join INEOS
Styrolution. A few Chevron Phillips Chemical employees may be redeployed
within Chevron Phillips Chemical’s organization.
KRCC is a joint venture between an affiliate of Chevron Phillips
Chemical and Daelim Industrial Co. Ltd.
About Chevron Phillips Chemical Company LLC
Chemical LLC is one of the world’s top producers of olefins and
polyolefins and a leading supplier of aromatics, alpha olefins,
styrenics, specialty chemicals, plastic piping and polymer resins. With
approximately 5,000 employees, the LLC and its affiliates own $14
billion in assets, including 34 manufacturing and research facilities in
eight countries. Chevron Phillips Chemical Company LLC is equally owned
by Chevron U.S.A. Inc., an indirect wholly-owned subsidiary of Chevron
Corporation, and by wholly-owned subsidiaries of Phillips 66, and is
headquartered in The Woodlands, Texas. For more information about
Chevron Phillips Chemical, visit www.cpchem.com.
Also, follow us on Twitter: @chevronphillips.