US Trinseo seeks to sell stake in AmSty

HOUSTON (ICIS)–Trinseo has started the process to sell its 50% stake in Americas Styrenics (AmSty), the US-based engineered materials producer said on Wednesday.

AmSty makes styrene and polystyrene (PS).

The company has initiated the ownership provision in the joint venture agreement. That provision includes a structured mechanism that will lead to the sale of Trinseo’s stake in AmSty.

“We have a clear pathway to divest our interest in the joint venture,” said Frank Bozich, CEO. “We expect the exit process to lead to a definitive arrangement no later than early 2025.”

Trinseo did not name any prospective buyers or how much money it could make on the deal.

Trinseo will spend the proceeds of the sale on paying down $1.077 billion in recently issued term loans. Those loans mature in 2028.

Chevron Phillips Chemical owns the remaining stake in AmSty.

Trinseo is also trying to sell its wholly owned styrenics assets, with a focus on marketing individual plants and regional businesses.

Trinseo’s other businesses include Latex Binders, Base Plastics and Engineered Materials.

Thumbnail shows a cup made of polystyrene. Image by ICIS.