Company:Trinseo

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Trinseo
FormerlyStyron
TypePublic
NYSE: TSE
Russell 2000 Component
IndustryManufacturing
FoundedJune 2010; 14 years ago (2010-06) (as Styron)
HeadquartersWayne, Pennsylvania, United States
Key people
Frank Bozich (CEO)
Productsacrylonitrile butadiene styrene (ABS), acrylonitrile butadiene styrene long glass fiber (ABS LGF), bioplastics, polymethy methacrylate (PMMA), polycarbonate (PC), polycarbonate acrylonitrile butadiene styrene (PC/ABS), polycarbonate polyethylene terephthalate (PC/PET), polypropylene (PP), polystyrene (PS), recycled content containing resins, styrene acrylonitrile resin, thermoplastic elastomers (TPEs), thermoplastic polyurethanes (TPUs)
Number of employees
3,400
WebsiteTrinseo

Trinseo is a company focusing particularly on the manufacture of plastics and latex binders. Trinseo (formerly known as Styron) was part of the Dow Chemical Company until Dow grouped several of its businesses for potential sale in 2009. In 2010, under the name Styron, those holdings were sold to private equity firm Bain Capital for $1.63 billion.[1] As of 2016, Bain sold all of its stock in Trinseo, grossing $1.69 billion for 37,269,567 shares, resulting in Trinseo's “full independence as a public company.”[2][3]

The company offers a broad line of plastics and latex binders, which are used primarily in the automotive, appliances, electronics, packaging, paper & board, textiles and carpet industries, among others. Trinseo materials are used widely, in cars and trucks, home appliances, consumer goods, electronics, electrical & lighting, building & construction, medical supplies, and packaging.[4]

As of June 12, 2014, Trinseo is listed on the New York Stock Exchange as NYSE: TSE.[5] As of March 4, 2019, Frank Bozich became the President and CEO, succeeding Christopher D. Pappas.[6][7][8]

Company history

Trinseo's precursor Styron was formed in August 2009 when Dow Chemical Company combined several of its businesses--styrenics; polycarbonate and compounds & blends; Dow Automotive plastics; emulsion polymers (paper and carpet latex); and synthetic rubber — as part of a larger process of identifying and selling non-strategic assets.[9][10] Several private equity firms bid on Styron, including TPG Capital, Apollo Management, and Lotte Group.[11][12] On March 2, 2010, Bain Capital announced that it would purchase the newly formed company for $1.63 billion,[13] with Dow retaining a 7.5% stake. The sale was finalized in June 2010.[14]

The name Trinseo was chosen in 2012.[15] By February 2015, all legal entities worldwide had changed to the name Trinseo.[16]

As of 2016, Bain sold all of its stock in Trinseo, grossing $1.69 billion for 37,269,567 shares, resulting in Trinseo's “full independence as a public company.”[2][3] In November 2017, Trinseo started a MAGNUM ABS production line manufacturing plant at the Zhangjiagang, China site.[17]

In March 2023, over 8,000 gallons of "latex finishing material" leaked into Otter Creek, a tributary of the Delaware River, from a Trinseo plant in Bucks County, Pennsylvania.[18][19] Well over a million residents of nearby areas--including more than half of the city of Philadelphia--were at least temporarily urged not to drink their tap water because of potential toxic contamination from the leak, causing widespread panic and shortages of bottled water.[20][21][22] Work at the plant, which had been responsible for at least four other contamination incidents since 2010, was temporarily halted by Trinseo.[23][24] Shares of the company fell after the leak.[25]

Financial

Trinseo is headquartered in Wayne, Pennsylvania.[26] Trinseo has approximately 3,400 employees[26] in North America, Europe and Asia Pacific.

Styron was the #67 ranked chemical company globally in 2011, posting sales of $6.193B.[27] As of 2013, Trinseo's annual revenue was approximately $5.54 billion.[28] (As of 2017) the company reported a net income of $310 million and an adjusted EBITDA guidance of $580 million.[29]

Trinseo owns a 50% stake in North American polystyrene producer American Styrenics LLC, a joint venture based in the Woodlands, Texas.[30] Trinseo previously held a 50% stake in Sumika Styron Polycarbonate Limited, but sold this to Sumitomo Chemical in 2017.[31] In 2016 Trinseo signed an agreement to sell its Brazil-based businesses to Qoppar Participacoes Ltda.[32]

As of 2017, Trinseo announced its first acquisition, the Italian plastics firm Applicazioni Plastiche Industriali.[33] API's softer plastics will complement Trinseo's harder plastics.[34] On September 27, 2017, Trinseo opened a new research and development center in Terneuzen, Netherlands.[35]

New York Stock Exchange

Trinseo's IPO debuted on June 12, 2014, listed as NYSE: TSE.[5][36] All shares were sold in the offering,[37] and raised over $190 million.[38]

Products and applications

  • The company produces polystyrene co-polymers (ABS, SAN) and expanded polystyrene primarily used in packaging, food applications and home appliances.[39][40][41]
  • The company produces styrene butadiene latex, which is applied as a coating on coated paper.[42]
  • The company produces functionalized solution styrene butadiene rubber (SSBR) for use in high performance tires, and opened a new 50,000 metric ton production unit for production of SSBR in Schkopau, Germany in late 2012.[43] They also produces polycarbonate compounds and blends primarily used in automotive applications, medical devices and LED lighting.[44]
  • The company's LGF polypropylene resin was instrumental in Ford Motor Company's development of an innovative headlamp bracket, which was awarded a 2012 Society of Plastics Engineers Innovation for Safety Award. Their material solutions have also contributed to the design of the first, "thermoplastic lift-gate solution" in the new Renault Clio.[45]

See also

References

  1. ↑ "Styron plans to make an initial public offering". Rubber & Plastics News. November 14, 2012. http://www.rubbernews.com/article/20110711/ISSUE/307119990/styron-plans-to-make-an-initial-public-offering. 
  2. ↑ 2.0 2.1 Lin, Ed (September 30, 2016). "Bain Capital Sells $1.7 Billion in Stock". Barron's. http://www.barrons.com/articles/bain-capital-sells-1-7-billion-in-stock-1475236017. 
  3. ↑ 3.0 3.1 Kane, Gabriel (September 20, 2016). "Bain Capital Is Selling Its Trinseo Shares". Market Realist. http://marketrealist.com/2016/09/bain-capital-is-selling-its-trinseo-shares/. 
  4. ↑ "Dow divests Styron business". Zacks Investment Research. March 9, 2010. http://www.zacks.com/stock/news/31418/DOW+Divests+Styron+Business+-+Analyst+Blog. 
  5. ↑ 5.0 5.1 Williams, Dede (June 10, 2014). "Styron / Trinseo Finally Launches IPO". CHEManager. http://www.chemanager-online.com/en/news-opinions/headlines/styron-trinseo-finally-launches-ipo. 
  6. ↑ Chen, Jing (January 30, 2019). "Trinseo names SI Group's Bozich as president, CEO". Chemical Week. https://chemweek.com/CW/Document/101209/Trinseo-names-SI-Groups-Bozich-as-president-CEO?connectPath=Search&searchSessionId=16ef08ea-9410-4e57-8636-4b51e403099f. 
  7. ↑ Esposito, Frank (January 31, 2019). "Frank Bozich to replace retiring Chris Pappas as Trinseo CEO". Rubber & Plastics News. https://www.rubbernews.com/article/20190131/NEWS/190139977/frank-bozich-to-replace-retiring-chris-pappas-as-trinseo-ceo. 
  8. ↑ Barone, Jennifer (September 2012). "Building a Better World [One Atom at a Time"]. Discover Magazine: 62. http://discovermagazine.com/2012/sep/25-building-a-better-world. Retrieved 14 April 2013. 
  9. ↑ "Dow Closes Sale of Styron Division to Bain Capital for $1.63 Billion". Dow Chemical Company (press release). June 17, 2010. http://www.dow.com/en-us/news/press-releases/Dow%20Closes%20Sale%20of%20Styron%20Division%20to%20Bain%20Capital%20for%20163%20Billion. 
  10. ↑ "Dow puts new Styron business up for sale". Canadian Plastics. August 3, 2009. http://www.canplastics.com/economy/dow-puts-new-styron-business-up-for-sale/1000336597/. 
  11. ↑ Mccracken, Jeffrey; Lattman, Peter (March 1, 2010). "TPG in lead for Dow Chemical group". https://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748704089904575094052014627436.html. 
  12. ↑ "Lotte Group Considering Buying Dow Chemical Unit Styron". Dow Jones News. January 7, 2010. http://ih.advfn.com/p.php?pid=nmona&article=41002429. 
  13. ↑ "Bain Capital to buy Dow unit for $1.63 billion". March 2, 2010. http://dealbook.blogs.nytimes.com/2010/03/02/bain-capital-to-buy-dow-unit-for-1-63-billion/. 
  14. ↑ "Dow Closes Sale Of Styron Division To Bain Cap For $1.63 Billion". San Diego Union Tribune. March 2, 2010. http://www.sandiegouniontribune.com/sdut-dow-chemical-sell-styron-to-bain-for-163-billion-2010mar02-story.html. 
  15. ↑ "Trinseo, formerly Styron, trading on NYSE". Trinseo, formerly Styron, trading on NYSE. http://www.plasticsandrubberasia.com/june2014/company8.html. 
  16. ↑ "Styron Completes Change of Company Name to Trinseo". Trinseo News & Events. February 2, 2015. http://www.trinseo.com/News-And-Events/Trinseo-News/2015/January/Styron-Completes-Change-of-Company-Name-to-Trinseo. 
  17. ↑ "Trinseo started-up a New ABS Production Line at its manufacturing plant at Zhangjiagang, China - Plastics Insight" (in en-US). Plastics Insight. 2017-11-21. https://www.plasticsinsight.com/trinseo-started-new-abs-production-line-manufacturing-plant-zhangjiagang-china/. 
  18. ↑ Wood, Anthony R.. "More than 8,000 gallons of hazardous material spills in a Bucks County creek near the Delaware River" (in en). Philadelphia Inquirer. https://www.inquirer.com/news/toxic-spill-delaware-river-otter-creek-bucks-county-20230325.html. 
  19. ↑ Sharber, Cory (26 March 2023). "Advisory issued out of an ‘abundance of caution’ following Delaware River chemical spill". WHYY. https://whyy.org/articles/pa-bristol-township-latex-chemical-spill-delaware-river-water-safety/. 
  20. ↑ Zhou, Li (2023-03-27). "What is going on with Philadelphia’s drinking water?" (in en). https://www.vox.com/politics/2023/3/27/23658812/philadelphia-drinking-water-chemical-spill-delaware-river. 
  21. ↑ "Philly residents rush to buy bottled water following advisory" (in en-US). https://www.cbsnews.com/philadelphia/news/philly-residents-rush-to-buy-bottled-water-following-advisory/. 
  22. ↑ McCarthy, Lizzy Ravitch | Erin. "Panic and confusion fuel a run on bottled water in Philadelphia, even in areas unaffected by the chemical spill" (in en). https://www.inquirer.com/business/philadelphia-bottled-water-near-me-shortage-updates-trinseo-chemical-spill-20230327.html. 
  23. ↑ Jacob, Denny (27 March 2023). "Trinseo Says Latex Product Accidently Released Into Pennsylvania Rivers Due to Equipment Failure". MarketWatch. https://www.marketwatch.com/story/trinseo-says-latex-product-accidently-released-into-pennsylvania-rivers-due-to-equipment-failure-832d7ee5. 
  24. ↑ Briggs, Ryan W.. "Bristol plant that spilled chemicals into Philly’s water supply had other mishaps over the last decade" (in en). https://www.inquirer.com/news/trinseo-chemical-spill-delaware-river-bristol-township-20230327.html. 
  25. ↑ Root, Al (27 March 2023). "Trinseo Shares Drop After Chemical Spill at Pa. Plant". Barrons. https://www.barrons.com/articles/philadelphia-pennsylvania-chemical-spill-trinseo-stock-price-49ffec75?mod=article_signInButton. 
  26. ↑ 26.0 26.1 "About Us". Investor.trinseo.com. November 15, 2022. https://investor.trinseo.com/home/about-us/default.aspx. 
  27. ↑ Davis, Nigel (September 10–16, 2012). "ICIS Top 100 Chemical Companies 2012". ICIS Chemical Business: p. 34. https://www.icis.com/assets/getasset.aspx?ItemID=792459. 
  28. ↑ Berlin, Andrew. "Trinseo’s 4Q12 EBITDA tracks low end of management guidance, improves year-over-year". Debt Wire. Debtwire.com. http://us.debtwire.com/intelligence/intelligenceDetail.asp?guid=671F56D050E1466F80633B723E1CB951&contextid=379646394&verb=8&mode=4&companysysid=27. 
  29. ↑ Boswell, Clay (February 22, 2017). "Trinseo beats estimates as income surges 84% YOY". IHS Chemical Week. https://www.chemweek.com/CW/Document/Unauthorized/85191/Trinseo-beats-estimates-as-income-surges-84-YOY. 
  30. ↑ Esposito, Frank (December 6, 2010). "Styron ties material innovations to markets". Plastics News. 
  31. ↑ "Trinseo exits polycarbonate JV with Sumitomo Chemical". Plastics News Europe. 7 February 2017. http://www.plasticsnewseurope.com/article/20170207/PNE/170209937/trinseo-exits-polycarbonate-jv-with-sumitomo-chemical. 
  32. ↑ "Trinseo to sell latex, polypropylene operations in Brazil". Rubber & Plastics News Report. August 5, 2016. http://www.rubbernews.com/article/20160805/NEWS/160809974/trinseo-to-sell-latex-polypropylene-operations-in-brazil. 
  33. ↑ DiStefano, Joseph N. (2017-06-15). "Lego supplier Trinseo acquires Italian plastics firm". Philadelphia Inquirer. http://www.philly.com/philly/blogs/inq-phillydeals/plastics-maker-trinseo-buys-italian-firm-20170615.html. 
  34. ↑ DiStefano, Joseph A. (June 16, 2017). "Purchasing Power: Berwyn-based Trinseo makes its first acquisition since 2010". Philly.com: pp. A11, A13. 
  35. ↑ "Trinseo's New Development Brings Plastics Innovation to Terneuzen". Business Wire. September 27, 2017. http://www.businesswire.com/news/home/20170927005164/en/Trinseos-New-Development-Brings-Plastics-Innovation-Terneuzen. 
  36. ↑ St. Germain, Donna (June 16, 2014). "Trinseo Celebrates Initial Public Offering on the New York Stock Exchange". Business Wire. http://www.businesswire.com/news/home/20140616006555/en/Trinseo-Celebrates-Initial-Public-Offering-New-York. 
  37. ↑ "Shares of plastic maker Trinseo rise 9 pct in market debut". Reuters. https://www.reuters.com/article/trinseo-sa-ipo-idUSL4N0OT3PQ20140612. 
  38. ↑ Valk, Vincent (June 16, 2014). "Trinseo completes $190-million NYSE initial public offering". Chemical Week. http://www.chemweek.com/sections/business_finance/usa_americas/Trinseo-completes-$190-million-NYSE-initial-public%20offering_61794.html. 
  39. ↑ Gerrard, Peter. "Styron calls for new approach in European PS pricing". ICIS.com. http://www.icis.com/Articles/2012/10/18/9605336/styron-calls-for-new-approach-in-european-ps-pricing.html. 
  40. ↑ "New ABS resin from Styron". MRCplast.com. http://www.mrcplast.com/news-news_open-29001.html. 
  41. ↑ Staff (9 August 2011). "New EPS grades from Styron". Plastics News Europe /. http://www.europeanplasticsnews.com/subscriber/headlines2.html?cat=1&id=1312878626. 
  42. ↑ Kemppainen, Jouni; Purola, Pauliina; Lehtinen, Marjaana (March 12, 2012). "The Chinese premiere of curtain coated linerboard". Results Pulp & Paper. http://www.valmet.com/globalassets/media/articles/en/2012/20121203---the-chinese-premiereof-curtain-coated-linerboard/results312jiancurtaincoating.pdf. 
  43. ↑ "Styron Opens New SSBR Production Line in Schkopau, Germany". CHEManager. October 16, 2012. http://www.chemanager-online.com/en/news-opinions/headlines/styron-opens-new-ssbr-production-line-schkopau-germany. 
  44. ↑ Lindway, Martin. "Cleanroom resin production supports medical device manufacturers". Medical Design. Penton Media, Inc.. http://medicaldesign.com/archive/cleanroom-resin-production-supports-medical-device-manufacturers. 
  45. ↑ Volkova, Margaret. "Styron LGF polypropylene resin helped Ford to get an award". Styron LGF polypropylene resin helped Ford to get an award. Market Report Company. http://www.mrcplast.com/news-news_open-219682.html. 



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