| |
By Frank Esposito
SENIOR STAFF REPORTER
Published: July 19, 2013 1:57 pm ET
Materials conglomerate Ravago SA has purchased the expandable polystyrene resin business of Styron LLC for an undisclosed price.
The sale includes an EPS plant in Schkopau, Germany, as well as related intellectual property and the Sconapor brand name. “We are delighted to bring the EPS activities of Schkopau within the Ravago group,” Ravago CEO Theo Roussis said in a July 19 news release.
Styron President and CEO Chris Pappas added in the release that the sale “is in line with our strategic portfolio management to refine Styron’s portfolio of businesses.”
Privately owned Ravago operates plastic compounding and resin distribution businesses worldwide. The firm — based in Arendonk, Belgium — employs almost 5,000 and has annual sales of around $7.5 billion. Ravago’s operations include resin distribution giant H. Muehlstein & Co. Inc., which it bought in 2006.
The Styron EPS deal is Ravago’s first since its North American unit bought PET distributors Burcham International Corp. and Meckler and Associates in late 2012.
Berwyn, Pa.-based Styron is a major producer of styrenic resins and latex and rubber products. In North America, Styron owns 50 percent of Americas Styrenics LLC, the region’s largest PS maker. Styron employs 2,100 worldwide and has annual sales of around $5.5 billion.
Styron is in the process of renaming itself and its products as Trinseo. The firm also recently withdrew plans for an initial public offering of its stock. | |
