Styrolution Group may hold IPO in 2015 - CEO

By IVCPOST Staff Reporter

Aug 28, 2013 03:29 AM EDT

Styrolution Group said it would be offering shares to the public as early as 2015. BASF SE and Ineos Group Holdings Ltd formed the Styrolution through a joint venture. Gualdoni told reporters in a press briefing, however, that a change in ownership could occur early in February next year.The reason was said because of Ineos having the option to purchase a stake in BASF at a fixed price.

Gualdoni added, "BASF has already said they want to exit, so that is just a matter of time. An IPO is possible, but it wouldn't come next year, 2015 is possible."

Styrolution was established in 2011. By the end of the decade, it intended to get half of its sales from emerging markets. It also planned to get half of its sales from specialty products. Gualdoni also said that that Styrolution would grow as it builds upon its existing operations. He also pointed to potential acquisitions to help boost the company's growth. Styrolution posted pro-forma sales of EUR 6 billion euros or USD 8 billion last year. Earnings before interest, tax, depreciation, amortization and one-time items was EUR 335 million.

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