Trinseo Announces Commencement of Sale Process for Interest in Americas Styrenics
Trinseo PLC Ordinary Shares (TSE)
Last trinseo plc ordinary shares earnings: 2/6 04:15 pm
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Source: Business Wire
WAYNE, Pa.--(BUSINESS WIRE)--Trinseo (“Trinseo” or “the Company”) (NYSE: TSE), a specialty material solutions provider, today announced that it has commenced a sale process for its 50% ownership in Americas Styrenics LLC (“AmSty”), a joint venture with Chevron Phillips Chemical Company LP.As part of its transformation strategy, the Company had previously announced its intent to divest its styrenics businesses (the “Styrenics Businesses”) with a focus on selectively marketing individual assets or regional businesses. AmSty was established in 2008 and is part of Trinseo’s regional Styrenics Businesses operating in the Americas.Trinseo has initiated an ownership exit provision of the AmSty joint venture agreement which includes a structured mechanism that is expected to ultimately lead to a sale of Trinseo’s ownership interest in AmSty. Any proceeds from the sale are expected to be used to pay down a portion of the recently issued $1.077 billion of term loans maturing in 2028.Frank B
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