Chemical giant BASF and British group Ineos unveiled on Nov. 30 a joint venture to produce styrene, used to make plastics, as a way of turning their respective units into a separate entity. Styrene is a colorless liquid used in a wide variety of plastics.
The new company, to be called Styrolution, will regroup several units from both firms, have forecast annual sales of $6.5 billion, and be based in Frankfurt.
BASF, which had already said it would spin off its styrenics activities by the end of this year, said it would retain control over the production of expandable polystyrene.
BASF employs around 1,460 people in its styrenics units, while Ineos has some 2,200 people working in the field.
Copyright Agence France-Presse, 2010