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Trinseo delays sale of its styrene business, citing economic uncertainty

 Last Update: 2022-08-16
 Source: Internet
 Author: User

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Trinseo announced on the 26th that due to economic uncertainty and the deterioration of financial markets, the company delayed the sale of its styrene busine.

Trinseo said in November that it had begun exploring divestitures of the business, with a formal sales process initiated in the first quarter of 202 The proposed sale includes its feedstock and polystyrene segments, as well as its 50% stake in American Styrene (AmSt.

Trinseo is a US-based manufacturer of engineered materials and latex adhesiv.

"While separating the styrene business is part of our transformation strategy, the current economic and financing environment makes it difficult to reflect the value of the asset, and we have decided to pause," Trinseo President and CEO Frank Bozich said in a relea.

The company specifically cited the economic uncertainty caused by the war in Ukraine, especially in the European energy mark.

Delaying the sale will not change the company's strategy to "become a faster-growing, higher-margin, less volatile provider of specialty materials and sustainable solutions," the company sa.

In June, Bozich laid out the company's transformation strategy in an intervi.

News of the delay in selling the business was not immediately recognized by investo.

The company has been aggressive in mergers and acquisitions over the past ye.

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