Styron Europe GmbH and Ravago S.A. announced jointly today that they have signed a definitive agreement under which Styron’s Expandable Polystyrene (EPS) business will be sold to RP Compounds, a subsidiary of Ravago S.A., for an undisclosed sum.
The sale includes the EPS manufacturing facility in Schkopau, Germany, as well as related intellectual property and the SCONAPOR™ brand. The transaction is subject to regulatory approval and completion of customary conditions.
“We are delighted to bring the EPS activities of Schkopau within the Ravago Group,” said Theo Roussis, CEO of Ravago Group. “The expertise of the team and the high level of the factory set-up will further strengthen our Ravago manufacturing platform and technologies. The customer portfolio is very complementary and we look forward to developing our commercial relationships.”
“The sale of the EPS business is in line with our strategic portfolio management to refine Styron’s portfolio of businesses,” said Chris Pappas, President and CEO of Styron. “The EPS business will be a stronger fit for Ravago, as they are strategically committed to growing in this area.”
Expandable Polystyrene (EPS) is a type of plastic used to make foam insulation board and foam packaging.
Styron is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Styron's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Styron had approximately USD 5.5 billion in revenue in 2012, with 20 manufacturing sites around the world, and 2100 employees. More information can be found at www.styron.com.
Styron previously announced plans to change the name of all Styron affiliated companies to Trinseo. Some, but not all, of the Styron companies are currently known as Trinseo; Styron companies that have not yet changed their names will continue to do business as Styron until their respective name changes are complete. Styron's operating companies continue to do business as Styron at this time.
Ravago is a privately owned group active in distribution, resale, compounding and recycling of plastics and elastomeric raw materials on a global level. It is present in 57 countries, serves more than 1,500 suppliers and more than 40,000 customers globally. Founded in 1961, Ravago employs close to 5.000 employees and has become a € 5,8 billion multinational through organic growth and acquisitions.
In addition to core competences of plastics manufacturing, recycling and compounding, the group has an impressive distribution and resale network with over 200 offices worldwide. Major markets today are Europe, Turkey and the Americas, with expansion in Asia, Middle-East and Africa.