THE WOODLANDS, Texas--(BUSINESS WIRE)--Chevron Phillips Chemical Company (Chevron Phillips Chemical) announces that it has completed the sale of its Ryton® polyphenylene sulfide (PPS) business to Solvay’s Global Business Unit (GBU) Specialty Polymers (Solvay) for $220 million.
As part of the transaction, Solvay purchased the Ryton® PPS unit in Chevron Phillips Chemical’s plant in Borger, Texas; the pilot plant along with the PPS research and development assets in Bartlesville, Oklahoma; the compounding plant in Kallo-Beveren, Belgium; and certain intellectual property relating to the Ryton® PPS business. The compounding plant in La Porte, Texas, will remain part of Chevron Phillips Chemical and will be operated by Chevron Phillips Chemical exclusively for Solvay for some period of time. Nearly all employees of Chevron Phillips Chemical’s Ryton® PPS business have either joined Solvay or were deployed to other parts of our organization.
“While the Ryton® PPS business is a better strategic fit for Solvay, we remain committed to our sites in Borger, Texas and Bartlesville, Oklahoma,” said Ron Corn, senior vice president of specialties, aromatics and styrenics for Chevron Phillips Chemical. Chevron Phillips Chemical will continue to manufacture high-quality specialty chemicals at its Borger plant and provide full-scale petrochemical and polymer research including new catalyst development, product and process development, and commercial process support at our research and development center in Bartlesville. Recently, Chevron Phillips Chemical announced plans to build a new polyethylene pilot plant at its research center in Bartlesville.
About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical LLC is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, the LLC and its affiliates own more than $10.5 billion in assets, including 37 manufacturing and research facilities in eight countries. Chevron Phillips Chemical Company LLC is equally owned by Chevron U.S.A. Inc., an indirect wholly-owned subsidiary of Chevron Corporation, and by wholly-owned subsidiaries of Phillips 66, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.