Polimeri Europe to sell Texas plant, 5 others, consolidate in Italy

MILAN, Italy (Sept. 23)—Polimeri Europa S.p.A. will sell its Baytown, Texas, thermoplastic elastomer plant and five other facilities, and concentrate its elastomers business at its Ravenna, Italy site, the company said. Various buyers will acquire the six facilities. according to Vittorio Mincato, CEO of parent group ENI S.p.A. ENI put the elastomer business on the auction block about a year ago, but failed to find a suitable buyer. Now, potential buyers have emerged for five of the factories, according to an ENI spokesman. The company plans to revitalize the remaining elastomers business from its Ravenna base, but ultimately Polimeri Europa will withdraw from that sector. The Ravenna location represents some 45 percent of Polimeri Europa´s global elastomers capacity, producing styrene-butadiene and butadiene rubber, TPEs and lattices at the site.