Trinseo
Formerly | Styron |
---|---|
Company type | Public |
NYSE: TSE Russell 2000 Component | |
Industry | Manufacturing |
Founded | June 2010 | (as Styron)
Headquarters | Wayne, Pennsylvania, U.S. |
Key people | Frank Bozich (CEO) |
Products | acrylonitrile 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 |
Website | Trinseo |
Trinseo is a company focusing particularly on the manufacture of
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
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[update] 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.
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
- 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
- ^ "Styron plans to make an initial public offering". Rubber & Plastics News. November 14, 2012. Retrieved 27 September 2017.
- ^ a b Lin, Ed (September 30, 2016). "Bain Capital Sells $1.7 Billion in Stock". Barron's. Retrieved 27 September 2017.
- ^ a b Kane, Gabriel (September 20, 2016). "Bain Capital Is Selling Its Trinseo Shares". Market Realist. Retrieved 27 September 2017.
- ^ "Dow divests Styron business". Zacks Investment Research. March 9, 2010. Retrieved August 27, 2010.
- ^ a b Williams, Dede (June 10, 2014). "Styron / Trinseo Finally Launches IPO". CHEManager. Retrieved 27 September 2017.
- ^ Chen, Jing (January 30, 2019). "Trinseo names SI Group's Bozich as president, CEO". Chemical Week. Retrieved 29 March 2019.
- ^ Esposito, Frank (January 31, 2019). "Frank Bozich to replace retiring Chris Pappas as Trinseo CEO". Rubber & Plastics News. Retrieved 29 March 2019.
- ^ Barone, Jennifer (September 2012). "Building a Better World [One Atom at a Time]". Discover Magazine: 62. Retrieved 14 April 2013.
- ^ "Dow Closes Sale of Styron Division to Bain Capital for $1.63 Billion". Dow Chemical Company (press release). June 17, 2010. Retrieved August 27, 2010.
- ^ "Dow puts new Styron business up for sale". Canadian Plastics. August 3, 2009. Retrieved August 27, 2010.
- ^ Mccracken, Jeffrey; Lattman, Peter (March 1, 2010). "TPG in lead for Dow Chemical group". The Wall Street Journal. Retrieved August 27, 2010.
- ^ "Lotte Group Considering Buying Dow Chemical Unit Styron". Dow Jones News. January 7, 2010. Retrieved August 27, 2010.
- ^ "Bain Capital to buy Dow unit for $1.63 billion". The New York Times. March 2, 2010. Retrieved August 27, 2010.
- ^ "Dow Closes Sale Of Styron Division To Bain Cap For $1.63 Billion". San Diego Union Tribune. March 2, 2010. Retrieved August 27, 2010.
- ^ "Trinseo, formerly Styron, trading on NYSE". Plastics and Rubber Asia. Trinseo, formerly Styron, trading on NYSE. Retrieved 21 July 2014.
- ^ "Styron Completes Change of Company Name to Trinseo". Trinseo News & Events. February 2, 2015. Retrieved 27 September 2017.
- ^ "Trinseo started-up a New ABS Production Line at its manufacturing plant at Zhangjiagang, China - Plastics Insight". Plastics Insight. 2017-11-21. Retrieved 2018-06-11.
- ^ Wood, Anthony R. "More than 8,000 gallons of hazardous material spills in a Bucks County creek near the Delaware River". Philadelphia Inquirer. Retrieved 26 March 2023.
- ^ Sharber, Cory (26 March 2023). "Advisory issued out of an 'abundance of caution' following Delaware River chemical spill". WHYY. Retrieved 26 March 2023.
- ^ Zhou, Li (2023-03-27). "What is going on with Philadelphia's drinking water?". Vox. Retrieved 2023-03-28.
- ^ "Philly residents rush to buy bottled water following advisory". www.cbsnews.com. 27 March 2023. Retrieved 2023-03-28.
- ^ McCarthy, Lizzy Ravitch | Erin (27 March 2023). "Panic and confusion fuel a run on bottled water in Philadelphia, even in areas unaffected by the chemical spill". The Philadelphia Inquirer. Retrieved 2023-03-28.
- ^ Jacob, Denny (27 March 2023). "Trinseo Says Latex Product Accidently Released Into Pennsylvania Rivers Due to Equipment Failure". MarketWatch. Retrieved 27 March 2023.
- ^ Briggs, Ryan W. (27 March 2023). "Bristol plant that spilled chemicals into Philly's water supply had other mishaps over the last decade". The Philadelphia Inquirer. Retrieved 2023-03-28.
- ^ Root, Al (27 March 2023). "Trinseo Shares Drop After Chemical Spill at Pa. Plant". Barrons. Retrieved 28 March 2023.
- ^ a b "About Us". Investor.trinseo.com. November 15, 2022. Retrieved November 15, 2022.
- ^ Davis, Nigel (September 10–16, 2012). "ICIS Top 100 Chemical Companies 2012". ICIS Chemical Business. p. 34. Retrieved 14 April 2013.
- ^ Berlin, Andrew. "Trinseo's 4Q12 EBITDA tracks low end of management guidance, improves year-over-year". Debt Wire. Debtwire.com. Retrieved 14 April 2013.
- ^ Boswell, Clay (February 22, 2017). "Trinseo beats estimates as income surges 84% YOY". IHS Chemical Week. Retrieved 28 September 2017.
- ^ Esposito, Frank (December 6, 2010). "Styron ties material innovations to markets". Plastics News.
- ^ "Trinseo exits polycarbonate JV with Sumitomo Chemical". Plastics News Europe. 7 February 2017. Retrieved 27 September 2017.
- ^ "Trinseo to sell latex, polypropylene operations in Brazil". Rubber & Plastics News Report. August 5, 2016. Retrieved 27 September 2017.
- ^ DiStefano, Joseph N. (2017-06-15). "Lego supplier Trinseo acquires Italian plastics firm". Philadelphia Inquirer. Retrieved 27 September 2017.
- ^ DiStefano, Joseph A. (June 16, 2017). "Purchasing Power: Berwyn-based Trinseo makes its first acquisition since 2010". Philly.com. pp. A11, A13.
- ^ "Trinseo's New Development Brings Plastics Innovation to Terneuzen". Business Wire. September 27, 2017. Retrieved 28 September 2017.
- ^ St. Germain, Donna (June 16, 2014). "Trinseo Celebrates Initial Public Offering on the New York Stock Exchange". Business Wire. Retrieved 27 September 2017.
- ^ "Shares of plastic maker Trinseo rise 9 pct in market debut". Reuters. Retrieved 28 August 2014.
- ^ Valk, Vincent (June 16, 2014). "Trinseo completes $190-million NYSE initial public offering". Chemical Week.
- ^ Gerrard, Peter. "Styron calls for new approach in European PS pricing". ICIS.com. Retrieved 17 April 2013.
- ^ "New ABS resin from Styron". MRCplast.com. Retrieved 17 April 2013.
- ^ Staff (9 August 2011). "New EPS grades from Styron". Plastics News Europe /. Retrieved 17 April 2013.
- ^ Kemppainen, Jouni; Purola, Pauliina; Lehtinen, Marjaana (March 12, 2012). "The Chinese premiere of curtain coated linerboard" (PDF). Results Pulp & Paper.
- ^ "Styron Opens New SSBR Production Line in Schkopau, Germany". CHEManager. October 16, 2012. Retrieved 27 September 2017.
- ^ Lindway, Martin. "Cleanroom resin production supports medical device manufacturers". Medical Design. Penton Media, Inc. Retrieved 14 April 2013.
- ^ Volkova, Margaret. "Styron LGF polypropylene resin helped Ford to get an award". Market Report Company. Retrieved 19 April 2013.