CPChem to sell Singapore unit to Aster Chemicals & Energy

CPSC owns and operates a high-density polyethylene manufacturing facility on Jurong Island, Singapore, with an annual production capacity of 400 KTA. The approximately 150 employees of CPSC are expected to have the opportunity to join Aster.

"CPSC is an excellent strategic fit for Aster, and we are confident the business will thrive as part of its portfolio," CPChem Executive Vice President of Commercial Justine Smith said. "With this transaction, we are optimizing our asset portfolio to ensure we remain competitive and continue to serve as the supplier of choice to our global customers.”

The transaction remains subject to customary closing conditions.

CPChem’s Asia headquarters, responsible for the sales and marketing of products throughout the region, will remain in Singapore.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

ALCHEMPro News Desk (HU)