Total: sells polystyrene business in China
(CercleFinance.com) - Total today says that it has accepted an offer from INEOS Styrolution for the acquisition of its polystyrene business in China, which has two plants that have a capacity of 200,000 tonnes per unit and which are based in Ningbo and Foshan.
In a very competitive polystyrene market, the oil group deems that it not to have critical mass in China - contrary to its positions in Europe and North America - two markets where it is number two and where it wishes to focus its presence.
Total adds that INEOS Styrolution has made clear commitments regarding the continuity of the business, the maintenance of employment and commitments made to customers, and that the project remains subject to approval by the competent authorities.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a very competitive polystyrene market, the oil group deems that it not to have critical mass in China - contrary to its positions in Europe and North America - two markets where it is number two and where it wishes to focus its presence.
Total adds that INEOS Styrolution has made clear commitments regarding the continuity of the business, the maintenance of employment and commitments made to customers, and that the project remains subject to approval by the competent authorities.
Copyright (c) 2018 CercleFinance.com. All rights reserved.