SI Group, a global developer and manufacturer of chemical intermediates, specialty resins, and solutions, has announced an agreement to acquire TPC Group's Baytown, Texas, manufacturing facility. The agreement includes an onsite terminal and manufacturing assets for nonene, tetramer, and other propylene derivatives. Nonene and tetramer are propylene oligomers, used as intermediates in the production of plasticisers, detergents, lube oil additives, antioxidants, and other performance products.
"TPC Group and SI Group have a longstanding partnership that extends beyond 25 years," said Frank Bozich, SI Group President & CEO. "The addition of the Baytown facility further enhances our global capabilities by reinforcing our security of supply, and enabling SI Group to better serve our customers in downstream markets, such as Fuel, Lubricant, and Oilfield additives. We are committed to the successful integration of this business, as it's a vital component of our growth agenda."
"In 2016, TPC Group has made great strides in our earnings and cash improvement plan, or ECIP, targeted to deliver more than US$100 million of year over year improvement," said Ed Dineen, TPC Group Chairman, President and CEO. "One key element of this plan was the sale of non-core assets of which the Baytown assets were the most leveraging components. While the Baytown assets and people have consistently delivered value to TPC Group, the proceeds of this transaction will allow us to strengthen and grow our core C4 processing, Performance Products and Fuels Octane businesses. On behalf of the entire senior leadership team, we want to extend our sincere appreciation for the commitment, dedication, focus and safe operations by the Baytown employees."
Adapted from press release by Rosalie Starling
Read the article online at: https://www.tanksterminals.com/storage-tanks/15092016/si-group-announces-agreement-to-purchase-baytown-facility-4088/
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