Styron Europe has announced plans to sell its Expandable Polystyrene (EPS) business to RP Compounds, a subsidiary of Belgian plastic producing company Ravago, for an undisclosed sum.
The sale, which is part of an agreement signed between the companies, includes the EPS manufacturing facility in Schkopau, Germany, as well as related intellectual property and the SCONAPOR brand.
Styron president and CEO Chris Pappas said the sale is in line with the company's strategic portfolio management to refine its businesses portfolio.
"The EPS business will be a stronger fit for Ravago, as they are strategically committed to growing in this area," Pappas added.
According to Styron, the transaction is subject to regulatory approval and completion of customary conditions.
EPS is a type of plastic, which is used to make foam insulation board and foam packaging.