Chevron Phillips Chemical Company LLC has found a buyer for one of its mainland China businesses.
Chevron Phillips Chemical has finalized the sale to Grand Astor Limited of Chevron Phillips Chemical's affiliate company Chevron Phillips Chemical (China) Company Ltd., which owns a polystyrene plant located in Zhangjiagang. Financial terms of the deal were not released.
The plant in Zhangjiagang is reportedly a productive asset for the company, but Chevron Phillips Chemical says it now does not fit strategically into the company's portfolio.
Chevron Phillips Chemical will maintain its presence in China and the Asia region through both local and regional manufacturing as well as its extensive marketing network, which provides value-added products to the region including polyethylene, polypropylene, alpha olefins, specialty chemicals, aromatics, engineering polymers and styrenics.