Chevron Phillips sells China polystyrene business
Chevron Phillips Chemical has finalized the sale of its Chinese polystyrene business to Grand Astor Ltd., the company said on Thursday.
In the deal, Chevron Phillips is selling its affiliate company Chevron Phillips Chemical (China) Co. Ltd., which owns a polystyrene plant located in Zhangjiagang, China.
“The polystyrene plant is a productive and valued asset, but as a standalone operation for Chevron Phillips Chemical in China, the company has determined the asset is not a strategic fit,” said Dan Coombs, senior vice president of specialties, aromatics and styrenics for Chevron Phillips Chemical.
“We look forward to working with the buyer to enable a smooth ownership transition for both employees and customers," he added.
Chevron Phillips Chemical says it will maintain its long, committed presence in China and the Asia region through both local and regional manufacturing as well as its extensive marketing network, which provides value-added products to the region including polyethylene, polypropylene, alpha olefins, specialty chemicals, aromatics, engineering polymers and styrenics.
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