MOSCOW (MRC) -- Trinseo, a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, has issued a statement welcoming Bain Capital’s successful sale of its remaining stake in the company, as per the company's press release.
The sale, which was announced on September 19, 2016, concluded Bain Capital’s formal investment in Trinseo, and completes a process that began when Bain helped lead Trinseo’s corporate formation and subsequent IPO in June of 2014.
Bain Capital Everest Manager Holding SCA, the selling shareholder, sold its remaining ownership of 10,669,567 shares in Trinseo earlier this week. The selling shareholder received all the net proceeds from this offering. No shares were sold by Trinseo. Morgan Stanley acted as the sole book-running manager.
"The transaction represents a major milestone and reflects the hard work of every single Trinseo employee. It is only through their work that the firm has achieved outstanding results and built the company into a successful enterprise. We have had an exciting journey over the past six years - from carve-out and spin-off, to private equity ownership, to IPO on the NYSE, and now full independence as a public company. This moment is the culmination of the plans Bain Capital and Trinseo set forth, and it is truly exciting to see it realized.
"We are grateful for the strong confidence our shareholders and the investment community have placed in the company. As we look to the future, senior leaders are working diligently on growth plans for the company, exploring a variety of ways to invest our resources for the benefit of Trinseo’s customers, employees and shareholders. We see a bright future for Trinseo, as we continue life as fully independent, public company."
As MRC wrote previously, Trinseo and its affiliate companies in Europe increased September prices for all polystyrene (PS), acrylonitrile-butadiene-styrene (ABS) and acrylonitrile styrene copolymer (SAN) grades in Europe. Thus, the September contract and spot prices for the products listed below rose as follows:
- STYRON general purpose polystyrene grades (GPPS), STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR25 per metric ton;
- MAGNUM ABS resins and TYRIL SAN resins - by EUR20 per metric ton.
Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.0 billion in revenue in 2015, with 18 manufacturing sites around the world, and more than 2,200 employees.
MRC