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BASF sells Brazilian PS business to local firm
time2009/11/03
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Chemical giant BASF is selling its Brazilian polystyrene business to local petrochemical company Companhia Brasilira de Estireno (CBE), a Unigel subsidiary, for an undisclosed sum. All employees will transfer to the buyer.
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“Given the current economic environment, we are taking steps to improve the profitability of our core styrenics business and strengthen our market position,” says Joachim Streu, head of BASF’s styrenics business.
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The sale is part of plans, first announced two years ago, to restructure the styrenics business and improve profitability. The firm has already shut a polystyrene plant in Ludwigshafen and a monomer site in Korea,
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BASF will continue to market acrylonitrile-butadiene-styrene (ABS), Styrolux and Styroflex (SBS), as well as other styrenics copolymers in Brazil. The remaining South American market will be supplied with these products and with polystyrene from BASF sites in Antwerp, Belgium, and Altamira, Mexico.