INEOS NOVA and SEEA Polymers announce plans for new EPS plant
INEOS NOVA and SEEA
Polymers today announced they have signed a letter of intent to
form a 50/50 joint venture to build and operate a new expandable
polystyrene (EPS) plant in Romania. The proposed facility will have
production capacity of 100 KT per year and is expected to start
operations by late 2009.
“This
new plant will be located in the heart of one of the highest
growth areas for EPS in the world,” said Martin Pugh, Managing
Director, Europe for INEOS NOVA. “We expect this plant to
manufacture a full range of products and be the lowest cost
producer of EPS in Europe.”
Florin Andrei, CEO of SEEA Polymers said, “We are pleased to bring the
plastics industry expertise of our fast growing Romanian based
company to this joint venture with INEOS NOVA, the European EPS
market leader. We believe the combination will enable the new
joint venture to quickly establish leadership in the region.”
Growth rates for EPS consumption in the region are projected to
continue to be more than 10 percent per year. The proposed plant
will be located on a site owned by SEEA Polymers in Medgidia,
Romania, near the Black Sea. The location will enable the new
plant to enjoy reliable, low-cost logistics.
Following completion of final market and capital plans the two
companies expect to negotiate and finalise a binding agreement by
the end of the first quarter of 2008.
INEOS NOVA is committed to being recognised as the global leader
in styrenics. Our employees manufacture and market styrene and
styrenic polymers with a dedicated focus on health, safety,
security and environmental stewardship. INEOS NOVA is a joint
venture of INEOS and NOVA Chemicals.
SEEA Polymers is an entrepreneurial plastics manufacturing and
processing company created by a group of Romanian investors led
by Mr Florin Andrei. Mr Andrei has extensive experience in the
domestic and regional petrochemical market in his previous
position as Chief Executive Officer of Rompetrol Petrochemicals.
Before joining Rompetrol he held a number of positions over 10
years at Dow Corning and The Dow Chemical Company.