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Business

Koch Snaps Up Propylene Maker

by Alexander H. Tullo
June 2, 2014 | APPEARED IN VOLUME 92, ISSUE 22

Flint Hills Resources, the refining and chemical subsidiary of Koch Industries, has signed a deal to purchase the propylene maker PetroLogistics for $2.1 billion, including debt. Parties owning 73% of PetroLogistics, including its board and private equity partners, have approved the transaction. Flint Hills expects to complete it by the end of the year. PetroLogistics operates the first in a wave of U.S. propane dehydrogenation plants. It opened in 2010 in Houston on the site of a former ExxonMobil ethylene cracker. The company had sales of $758 million last year. Flint Hills makes polypropylene at plants in Texas and Michigan.

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