Styron announced that it has assumed ownership of the 50 percent share that was formerly owned by The Dow Chemical Company in joint venture Sumitomo Dow Limited. The announcement was made as part of Styron's presence at K2010, the world's largest plastics trade fair held in Düsseldorf, Germany, this week.
The company is now a 50:50 joint venture owned equally by Sumitomo Chemical and Styron. The transaction closed on September 24, and financial terms were not disclosed. The transaction is consistent with Dow's divestiture of Styron to Bain Capital Partners in June 2010.
The joint venture will operate under a new name that will be announced around the end of this year, and will continue to be headquartered in Tokyo.
The JV will continue to serve its customers and market polycarbonate products under the trademarks CALIBRE™ polycarbonate resins and SD POLYCA™ resins. Customers of the joint venture can expect minimal changes and continue to rely on the same team of commercial representatives and technical experts to support the same products and technology.
“We are very pleased that Styron is assuming this ownership share and that we can continue to build a successful joint enterprise with our valued partner Sumitomo Chemical,” said Chris Pappas, President and CEO of Styron. “Styron has a strong commitment to its Polycarbonate and Compounds & Blends businesses, and plans to pursue growth opportunities for these products, particularly in the Asia Pacific geography.”
Styron is a leading global materials company, dedicated to innovate and deliver for its customers. Styron's unique and balanced product portfolio brings together plastics, rubber and latex businesses that share feedstocks, operations, customers and end users. Styron has a leadership position in its two flagship products, polystyrene and latex. The company benefits from global scale, a long-standing tradition of unrivaled customer relationships and a robust innovation pipeline. Styron has approximately $5 billion in revenue (2010), with 20 manufacturing sites in all geographies. Styron's 2,100 employees are committed to listen to customers' needs and provide them with innovative and sustainable solutions in markets such as appliances, automotive, building & construction, carpet, commercial transportation, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. More information about Styron can be found at www.styron.com.