Trinseo remains committed to maintaining a strong financial position with appropriate financial flexibility and liquidity. In 2021, we aligned our strategic investments to advance Trinseo as a diverse materials manufacturer and sustainable solutions provider, which will enable our product portfolio to be less cyclical and offer significantly higher growth and margin potential.
In pursuit of our transformational goal, we have invested, and will continue to invest, in product offerings serving the applications within our Engineered Materials business segment, as well as Coatings, Adhesives, Sealants, and Elastomers (CASE) applications within the Latex Binders business segment in order to deliver tailored materials that meet our customers’ needs. With the implementation of the Sustainability Business and Services (SBS) Team, we are unifying our sustainability initiatives for strategic investments in sustainable products and technology and decarbonization of our facilities.
Trinseo develops a detailed annual plan and monthly financial forecasts, as well as a five-year strategic plan, which includes an analysis of economic outlook for key markets and geographies, assumptions about currency, our overall investment thesis, earnings projections by business, and the capital plan. Our employees and business teams play a critical role in creating our longer-term strategies for growth, including product and application development, new customers, technology strategy and investments, and acquisitions.
2021 Economic Performance
Transforming Into a Diverse, Specialty Solutions Manufacturer
To further Trinseo’s strategy of becoming a specialty and sustainable materials provider, in 2021, we completed two significant polymethyl methacrylates (PMMA) acquisitions to grow our Engineered Materials business segment. With the additions of Arkema S.A.’s PMMA business, Altuglas International, and Aristech Surfaces LLC, we were able to expand our PMMA product portfolio to encompass ALTUGLAS™ and OROGLAS™ in Europe and Asia Pacific, and PLEXIGLAS® and SOLARKOTE™ in the Americas. Additionally, in December 2021, we announced the acquisition of plastics collector and recycler Heathland B.V. (Heathland), which closed in January 2022. We completed the sale of our Synthetic Rubber business to Synthos S.A. in December 2021. We also announced our intention to explore the divestiture of our Styrenics businesses, which include our Feedstocks, Polystyrene, and Americas Styrenics reporting segments. We launched a formal sales process in January 2022.