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
We look forward to working with the buyer to enable a
smooth ownership transition for both employees and customers,"
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