MOSCOW (MRC) -- US chemicals and specialty materials company Trinseo has agreed to sell its plant at Matamoros in Mexico’s Tamaulipas state to thermoplastics firm Plaskolite, it said in a statement.
The sale comes in the wake of Trinseo’s consolidation of polymethyl methacrylate (PMMA) sheet products from Matamoros into its continuous sheet manufacturing operations in Florence, Kentucky.
Plaskolite will not acquire any portion of Trinseo’s sheet business, Trinseo said. The sale is expected to close within coming weeks. Financial details were not disclosed.
“The consolidation of our sheet manufacturing business helps us optimise our resources and continue to deliver on our transformation strategy,” said Trinseo president and CEO Frank Bozich. “Our sale of the Matamoros assets to Plaskolite will provide an opportunity for the plant to continue to operate and provide jobs for the Matamoros community,” he said. The plant is located on nearly 11 acres in Matamoros City.
We remind, Trinseo reported a Q4 net loss of USD365.3m largely because of a pre-tax, non-cash goodwill impairment charge of USD297m related to its PMMA business and Aristech Surfaces reporting units. The company saw Q4 sales fall by almost 25% compared with the same quarter a year go while costs fell at a slower pace. The following table shows the company's Q4 financial performance. Figures are in millions of dollars.