BASF is progressing with steps to restructure its styrenics business and has made another divestiture in its styrene value chain. BASF has signed an agreement to sell its Brazilian polystyrene business, including a production plant, to the petrochemical company Companhia Brasileira de Estireno (CBE), a Unigel subsidiary. The parties have agreed not to disclose the purchase price or further financial details.
“Given the current economic environment, we are taking steps to improve the profitability of our core styrenics business and strengthen our market position. This was also the reason for the recent closure of the 80,000 metric tons per year polystyrene plant in Ludwigshafen and the sale of our 320,000 metric tons per year styrene monomer site in Korea that we announced at the beginning of August,” explained Joachim Streu, head of BASF’s styrenics business.
These measures do not alter the plans to position the styrenics business outside of the BASF Group in the long term.
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