June 21-Dow Chemical's sale of its global styrene-based polymers business-Styron-to US private equity group Bain Capital Partners was completed 17 June.
The Styron business unit which includes PS, ABS, SAN polymers, styrene-butadiene latex and synthetic elastomers, EPS resins and PC polymers posted sales of $3.7bn (?.0bn) in 2009 and operates 20 manufacturing sites worldwide. It employs around 1,900 people in 30 countries.
Styron is a brand new global materials company that stands on seven decades of heritage built upon a history of strengths in technology, application expertise, operations excellence, innovation and global reach, said Christopher D. Pappas, President and Chief Executive Officer of the company, in a statement following completion of the transaction.
According to Steve Zide, a Bain Capital managing director, Styron s solid product portfolio will play a key role in the company s future growth plans, which include geographic expansion and selective acquisitions.
Dow announced the sale of the Styron division, which also included long-term supply agreements with Dow, to Bain Capital in March this year for a sum of $1.6bn (?.3bn).
At the time of the sale announcement in March, Styron was said to be the world s largest PS producer in capacity terms with an estimated global share of about 13%. Boston-based Bain Capital was part-owner of BOPP film producer Treofan Group from 2002 to 2005 and took a share in North American window and door maker Gienow Group in mid-2009.
The private equity firm also has stakes in Sensata Technologies in the Netherlands and FCI of France, both of which operate some injection moulding capacity.
The Styron business unit which includes PS, ABS, SAN polymers, styrene-butadiene latex and synthetic elastomers, EPS resins and PC polymers posted sales of $3.7bn (?.0bn) in 2009 and operates 20 manufacturing sites worldwide. It employs around 1,900 people in 30 countries.
Styron is a brand new global materials company that stands on seven decades of heritage built upon a history of strengths in technology, application expertise, operations excellence, innovation and global reach, said Christopher D. Pappas, President and Chief Executive Officer of the company, in a statement following completion of the transaction.
According to Steve Zide, a Bain Capital managing director, Styron s solid product portfolio will play a key role in the company s future growth plans, which include geographic expansion and selective acquisitions.
Dow announced the sale of the Styron division, which also included long-term supply agreements with Dow, to Bain Capital in March this year for a sum of $1.6bn (?.3bn).
At the time of the sale announcement in March, Styron was said to be the world s largest PS producer in capacity terms with an estimated global share of about 13%. Boston-based Bain Capital was part-owner of BOPP film producer Treofan Group from 2002 to 2005 and took a share in North American window and door maker Gienow Group in mid-2009.
The private equity firm also has stakes in Sensata Technologies in the Netherlands and FCI of France, both of which operate some injection moulding capacity.
