INEOS Styrolution, the global leader in styrenics, announced today that it has entered into an agreement for the sale of its entire shareholding interest in INEOS Styrolution India to Shiva Performance Materials.
Shiva Performance Materials Private Limited is part of the Shiva Group, which has businesses in specialty chemicals for pharmaceuticals, agrochemicals and other intermediates.
Upon completion of the transaction, Shiva Performance Materials will acquire INEOS Styrolution's 61.19% equity interest in INEOS Styrolution India.
Steve Harrington, CEO INEOS Styrolution, comments: "The business continues in Shiva Performance Materials' experienced hands, serving the existing customer base and seeking future growth potential to enhance the Company's current position in the Indian market".
The transaction triggers a mandatory tender offer (MTO) and the completion is subject to fulfillment of customary conditions.
INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2021, sales were at 6 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in ten countries.