Official Launch of Styrolution Joint Venture

LUDWIGSHAFEN, Germany, October 4, 2011 /PRNewswire/ --

- New Leading Styrenics Supplier Starts Operations

On October 1st, 2011 Styrolution officially started operating as an independent company, following the approval of the relevant antitrust authorities. The new company is a 50:50 joint venture between BASF and INEOS, comprising the key styrenics activities of the two partners. Styrolution is the world's leading styrenics supplier.

Styrolution is the only one of the key players dedicated entirely to styrenics, and a strong leader in the market. It holds global number one positions in styrene monomer (SM), polystyrene (PS), styrene-butadiene block copolymers (SBC), other styrene-based copolymers (SAN, AMSAN, ASA, MABS) and copolymer blends, and a number two position in acrylonitrile butadiene styrene (ABS).

Giving customers a competitive edge in their markets

Says Styrolution's CEO Roberto Gualdoni: "Using different business models to serve the different needs of the commodity and specialty styrenics markets, we are determined to give our customers a competitive edge. Our highly professional and passionate team around the world works diligently to deliver the best and most efficient solutions to drive the success of our customers - with fast and reliable supply, the highest product quality and consistency, constant innovation, and a professional service. This is in our corporate DNA and is reflected in our company name, which is a combination of the words 'styrenics' and 'solution'. Our objective as a company is to be and remain a strong leader in our markets globally, and we are excellently positioned for profitable growth and long-term success."

Global presence and industry-benchmark manufacturing sites

With its global and regional headquarters in Frankfurt, Germany and regional headquarters in Channahon (USA) and Singapore, Styrolution has a global market presence, which allows it to always be close to its customers and to serve their needs in the best possible way. The company employs around 3,400 people, and its 17 manufacturing sites across ten countries represent industry benchmarks and are among the most efficient in the world. With best-in-class production technology, leading R&D skills and strong IP and patents positions, Styrolution is perfectly equipped to ensure top quality, efficiency and innovation.

ABOUT STYROLUTION

Styrolution is the leading global styrenics supplier with a focus on styrene monomer, polystyrene, copolymers, and ABS. As a joint venture of BASF and INEOS, Styrolution combines the key styrenics assets of two of the biggest chemical companies in the world - with more than 70 years of experience, complementary competencies and portfolios. Styrolution strives to serve the success of its customers by offering them the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenics applications for many everyday products across a broad range of industries, including automotive, electrical/electronics, building and construction, household appliances, toys/sports/leisure, packaging, healthcare and diagnostics. In 2010, pro forma combined sales were at 6.4 billion euros, resulting in an EBITDA before exceptionals of 407 million euros. Styrolution employs about 3,400 people at 17 sites in ten countries.

Further information on Styrolution is available at http://www.styrolution.com

Contact
Christine Schonfelder
Head of Corporate Communications, Investor Relations and Change Management

Styrolution Group GmbH
KS/K - H201
67056 Ludwigshafen
Germany
Phone: +49-621-60-45375
Email: christine.schoenfelder@styrolution.com

Internet: http://www.styrolution.com

SOURCE Styrolution Group GmbH

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Lawsuit says official security BP resigned

A former official with BP drilling in the Gulf of Mexico was just spill a few months before last year's oil spill due to disagreements with the oil giant about his commitment to security, according to a federal class action relating to the.  This week filed documents in Houston claim Kevin Lacy, BP's former senior Vice President, drilling for the Gulf of Mexico, a mutual agreement reached with the company in December 2009 resign because he believed that the company improperly protocols in offshore drilling operations at the level of industry of peers was committed to improve security. The deepwater horizon rig explosion occurred on 20 April 2010, killing 11 workers and causing the worst in U.S. history oil spill.  The claims come in a modified version, originally filed last year the lawsuit, stock says BP inflated by hiding information and false and misleading statements about its security practices before the Gulf of Mexico oil spill. BP stock value declined about half after oil rig explosion and spill.  BP spokesman Daren Beaudo rejected an opinion on the complaint. The lead plaintiff in the suit, individual investors and the pension system of Oklahoma police are public pension funds in New York and Ohio. Similar actions by the various plaintiffs were originally were stored in New Orleans, but consolidated and moved to Houston Federal Court. The amended complaint asserts that a corporate reorganization which started in 2007, led security budgets in many layoffs and cuts "much safe to drill would have the ability of the company in the Gulf of Mexico."  "Lacy's departure from the Gulf of Mexico drilling unit in December 2009 was drilling unit BP Gulf of Mexico other additional and comprehensive reorganization of personnel." "so that by the time of the incident deepwater horizon, four out of five of BP's senior drilling officials for the Gulf of Mexico your posts for a few months, according to the complaint have been".  The action calls to cuts and layoffs in safety programs and budgets witness of confidential information. The suit, said Lacy, to improve join BP in 2007 and to standardize its drilling had been recruited an experienced drilling engineer, had implemented a rigorous security drill program at Chevron, policies and protocols. Lacy was unavailable for comment.  The amended complaint listed several accidents and security issues BP had prior to the oil spill have happened earlier in other complaints and investigations of the oil giants. The oil rig blast have led to more than 200 million gallons of oil from BP's well spewing a mile below the Gulf of Mexico, according to Government estimates.  Has the Department of Justice is conducting ongoing criminal investigations and some by the parties sued. A presidential Commission has examined the spill last month that rig, owner Transocean Ltd. and contractor Halliburton co. led management failures at BP, to the blowout and explosion. BP own investigation said the fault under itself, Transocean and Halliburton.

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