MILAN, Italy (Dec. 5)—Polimeri Europa S.p.A. has agreed to sell its Baytown, Texas, thermoplastic elastomer plant to Taiwan's Lee Chang Yung Chemical Industry Corp. for $41 million.
The 10-year-old Baytown plant has annual capacity of 50,000 metric tons of styrenic block co-polymers. "The acquisitionàreflects LCY's commitment to strengthening its thermoplastics business globally and is complementary to ouràexpansion plans in China," said LCY President Bowei Lee.
The deal is subject to the approval of the board of directors of Eni S.p.A., the parent of Polimeri Europa. Approval is expected in early 2004. LCY produces TPEs at plants in Taiwan and China, with annual installed capacity of 140,000 tons.