Styrolution will buy K-Resin business

Chevron Phillips Chemical and Daelim Industrial will sell their K-Resin styrene-butadiene copolymers joint venture to Ineos Styrolution. The business operates a 50,000-metric-ton-per-year K-Resin plant in Yochon, South Korea. CPChem closed a larger K-Resin plant in Texas in 2014. K-Resin is used in packaging, consumer products such as refrigerator crisper trays, and toys. CPChem has been narrowing its focus to bulk petrochemicals. Last year, it sold its polyphenylene sulfide business to Solvay.