26 January 2017
DETAILS
Trinseo Holding B.V.,
a wholly owned subsidiary of Trinseo S.A. (NYSE: TSE),
and Sumitomo Chemical Co., Ltd,
have signed a definitive agreement
for Trinseo to sell all of its 50 percent share in their
Sumika Styron Polycarbonate (SSPC) joint venture
to Sumitomo Chemical for an undisclosed price.
Sumika Styron Polycarbonate currently produces
polycarbonate resins at production facilities
in Niihama City, Ehime, Japan, and
serves customers and markets throughout Asia.
In addition to the sale of Trinseo’s ownership
in the joint venture, the parties have agreed
to continue long-term supply of polycarbonate resin
to Trinseo’s Performance Plastics businesses
and as such will maintain the strategic relationship
between SSPC and Trinseo.
The transaction is expected to close
on January 31, 2017.
Terms of the agreement are not disclosed.
Following the close, it is expected that
SSPC will operate as a wholly owned subsidiary
of Sumitomo Chemical.
SSPC will continue to operate and will be renamed
Sumika Polycarbonate Limited
after a transitional period.
SSPC was originally formed as
Sumitomo Dow Limited in 1996
as a 50:50 joint venture between
Sumitomo Chemical Co., Ltd. and
The Dow Chemical Company.
After Styron (Trinseo)
became an independent company
in 2010, it assumed Dow’s ownership share
in the joint venture, which was renamed
Sumika Styron Polycarbonate (SSPC)
at that time.
Tim Stedman,
Senior Vice President and Business President
for Basic Plastics and Feedstocks, Trinseo
“Sumitomo Chemical is a natural owner
for this Japan-based polycarbonate plant, and
as an industry leader in the region,
Sumitomo Chemical is better positioned
to manage and deliver value from this asset in the future,”
“At the same time, Asia Pacific continues
to be an important growth region for Trinseo, and
the company is strongly committed to growing
our Performance businesses in the region.”
Tomohisa Ohno,
Director and Senior Managing Executive Officer
of Sumitomo Chemical
“We highly appreciate the long-term relationship
with Trinseo and respect the decision by them.
We will explore opportunities of further expanding
polycarbonate business by leveraging technical capabilities
we have developed long time, as
Petrochemicals & Plastics Sector
has a broad product portfolio,”
Editorial Information
-
Donna St.GermainPress Contact
Trinseo LLC
+1 610 240 3307
stgermain@trinseo.com -
Corporate Communications Dept.
Press Contact
Sumitomo Chemical Co., Ltd.
+81-3-5543-5102
sumika-kouhou@ya.sumitomo-ch
WWW.CHEMWINFO.COM BY KHUN PHICHAI
