Entire AmSty JV is for sale, not just Trinseo’s 50% stake – Trinseo CEO
The entire Americas Styrenics (AmSty) joint venture (JV) is for sale, and not just Trinseo’s 50% stake, Trinseo CEO Frank Bozich said on Thursday.
The company announced in March it started the process to sell its 50% in the styrene and polystyrene (PS) JV with Chevron Phillips Chemical (CPChem).
During Trinseo’s Q1 earnings call on Thursday, Bozich clarified that the entire AmSty was for sale, not just Trinseo’s stake.
He added that since the March announcement, Trinseo has seen indications of interest from a number of potential strategic and financial buyers.
He did not name potential buyers or say how much money Trinseo expects from the sale.
The process of “actively” marketing the JV has not yet started, he said.
The JV agreement between Trinseo and CPChem includes a number “prescriptive elements” that need to be completed before a joint marketing of the JV begins, he said.
Trinseo expects a deal with a buyer to be signed by early 2025 and will use the proceeds from its share from the sale of AmSty to pay down debt, he added.
