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Equipolymers decides to divest its Italian entity
13
Feb '09
The shareholders of Equipolymers, The Dow Chemical Company and Petrochemical Industries Company of Kuwait, have announced today the decision to divest its Italian entity, Equipolymers Srl, due to disappointing financial results.

This divestment includes the Ottana, Italy, manufacturing location as well as the Equipolymers Srl as an ongoing business.

“This decision was taken after careful consideration of all options and will affect approximately 130 employees of Equipolymers Srl,” said Graham Fox, President and CEO of Equipolymers. “Equipolymers shareholders have formed a task force to explore all divestiture options.”

Equipolymers is a 50/50 global joint venture between Petrochemical Industries Company (PIC) of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation and The Dow Chemical Company.

Equipolymers manufactures and markets polyethylene terephthalate resins (PET), whilst producing purified terephthalic acid (PTA). PET is a high quality plastic for use in the packaging industry and in particular for the production of beverage, food and other liquid containers. PTA is a key raw material for the production of PET. Equipolymers serves customers globally and is headquartered in Horgen (Zurich), Switzerland.

Production facilities include PET and PTA plants in Ottana, Italy, and two PET plants in Schkopau, Germany.

Equipolymers

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