LUDWIGSHAFEN, Germany--(BUSINESS WIRE)--
Styrolution Group GmbH: Change in Management
Adhoc Announcement of Change in Management
Styrolution Group GmbH streamlines future Styrolution Management Board from six board members to five. Jaroslaw Michniuk, designated Senior Vice President EMEA of the Styrolution Joint Venture and Gerhard Franken, designated Senior Vice President Styrene, will not join the Management Board. Responsibility for Styrene will be integrated in the regional business units. Martin Pugh, Managing Director Ineos Styrenics Europe, will take over responsibility for EMEA as member of the Management Board upon closing.
SOURCE Styrolution Group GmbH
Contact: Styrolution Group GmbH, Corporate Communications, Investor/ Creditor Relations, Advocacy and Change Management: Christine Schönfelder +49- (0) 621-60-45375
About Styrolution Group GmbH
Styrolution Group GmbH, a company ultimately wholly owned by BASF SE and the INEOS Industries Holding Ltd, will be the managing parent company of the Styrolution Joint Venture combining the styrenics businesses of BASF and INEOS. Pro forma for the Joint Venture Transaction, Styrolution is positioned to be a leading global producer, marketer and merchant seller of styrenics, with a global production capacity in 2010 of 2.2mt of styrene monomer and 1.8mt of polystyrene. In addition, Styrolution will be the second largest global producer of ABS and the largest global producer of copolymers. In 2010, pro forma combined sales were €6.4bn and EBITDA before exceptionals €407m. With 18 manufacturing sites in 9 countries, Styrolution will be a geographically diversified, global player, positioned to benefit from growth in all major regions.
Styrolution will be jointly and equally owned by the BASF SE and the INEOS Industries Holding Ltd, but operated and financed on an independent basis.