March 4th, 2010
Dow sells Styron business to Bain for $1.63Bn
Dow sells "Styron" business to Bain for $1.63Bn: European Plastics News 03.03.10
Dow Chemical has announced it is to sell its Styron division to US private equity group Bain Capital Partners for $1.63bn (€1.2bn).
The deal is scheduled to close by August. As part of the transaction, Dow retains an option to keep up to 15% of Styron equity. It also includes a number of long-term supply, service and purchase agreements.
"This transaction is yet another step in our disciplined approach to portfolio management, and is consistent with both the timeline and value we previously communicated for these assets,” said Andrew Liveris, chairman and CEO of Dow. Bain Capital Partners, a Boston, US-based private equity firm, is taking on a business with $3.5bn (€2.6bn) in annual sales, more than 40 manufacturing plants, and around 1,900 employees.
The Styron portfolio includes: Styrenics – Polystyrene, acrylonitrile butadiene styrene-ABS, styrene acrylonitrile SAN and expandable polystyrene; Emulsion Polymers - paper and carpet latex; Polycarbonate Compounds & Blends; Synthetic Rubber; and Automotive Plastics