Styrenix Performance Materials to Acquire INEOS Thailand
Styrenix Performance Materials Limited (SPML) has announced the acquisition of INEOS Styrolution (Thailand) Co., Limited (INEOS Thailand) to expand its global footprint and strengthen its portfolio in specialty polymers. Here are the key details:
Acquisition Details:
SPML will acquire 100% shareholding of INEOS Thailand through its step-down subsidiary in Thailand. The acquisition involves a share sale and purchase agreement between SPML and INEOS Styrolution Group GmbH (INEOS Germany).Board Approval and Timeline:
- SPML’s board approved the acquisition on December 9, 2024, and the share sale and purchase agreement was signed the same day.
- The acquisition is expected to be completed in early 2025, subject to customary conditions outlined in the agreement.
Financial Considerations:
SPML will pay a cash consideration of USD 20 million for the acquisition, subject to adjustments per the terms of the agreement.Facilitating the Acquisition:
To execute the deal, SPML’s board approved the incorporation of a step-down subsidiary in Thailand. Styrenix Performance Materials FZE, Dubai, a wholly-owned subsidiary of SPML, will hold 99.99% shares in this new entity.About INEOS Thailand:
- Established on February 26, 2004, and headquartered in Rayong, Thailand, INEOS Thailand is a global supplier of specialty ABS, high heat ABS, and SAN polymers.
- The company has a well-established customer base in Thailand, Southeast Asia, and China.
Strategic Importance:
The acquisition aligns with SPML’s strategic interests to strengthen its position in the specialty polymers market. The move is expected to enhance SPML’s product offerings and market reach.No Regulatory Approvals Needed:
The transaction does not require any governmental or regulatory approvals.INEOS Thailand’s Revenue Performance:
- FY 2023: INR 976 Crore
- FY 2022: INR 1,484 Crore
- FY 2021: INR 1,864 Crore
With this acquisition, SPML aims to leverage INEOS Thailand’s expertise and established market presence to achieve growth in the specialty polymers segment.