Total has announced that it will sell its polystyrene assets in China to INEOS Styrolutions.
The sale includes in particular two facilities with a production capacity of 200 000 tpy each, located in Ningbo, Zhejiang Province, and in Foshan, Guangdong Province.
The Ningbo plant includes a unit that manufactures polypropylene compounds for automotive parts. After the closing of the transaction, the polypropylene compounds production will be exclusively dedicated to Total.
In a highly competitive polystyrene market, Total considered it did not have the required critical mass in China.
“The sale is in line with our active portfolio management strategy,” commented Bernard Pinatel, President, Refining & Chemicals at Total. “Our polystyrene business will be now focused on Europe and North America, two markets where we are the number two.”
The transaction is subject to the approval of the relevant regulatory authorities.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/31082018/total-sells-its-polystyrene-business-in-china-to-ineos-styrolution/