BERWYN, Pa.—Styron L.L.C. said its 2013 sales revenue dropped 3 percent, from $5.5 billion in 2012 to $5.3 billion last year, as the plastics and rubber materials company released its financial results for 2013.
The company, part of Dow Chemical Co. until it was purchased in 2010 by Bain Capital Partners, attributes the drop in sales volume primarily to its styrenics segment.
The styrenics unit increased the cost of its polystyrene products due to price increases of its styrene monomer feedstock. The company also said lower demand for latex in Asia and Europe was a factor.
Styrenics revenue of $530 million for the fourth quarter of 2013 was 2 percent below the prior year, including a 1 percent reduction due to the divestiture of the expandable polystyrene business.
The engineered polymers segment saw a 4 percent climb for the fourth quarter, to $260 million, compared to 2012. The company said that was due to higher volume, with more sales to the automotive and building and construction markets.
Styron reports adjusted earnings before taxes and depreciation of $303 million for 2013, up 4 percent on the previous year.
Chris Pappas president and CEO of Styron LLC, said the firm is “cautiously optimistic that we can deliver higher adjusted EBITDA in 2014 as compared to 2013.”
He said the firm expects improved performance in synthetic rubber and a stronger tire market. and in engineered polymers, “with an improving polycarbonate market and continued wins with our differentiated offerings in the automotive, medical, and other markets.”
Styron has 19 manufacturing sites worldwide and approximately 2,100 employees.