MILWAUKEE, WI (September 14, 2016) – TPC Group has announced that it has reached an agreement to sell its Baytown Operations to SI Group. The operations include manufacturing assets for nonene, tetramer, and other propylene derivatives, an on-site terminal, and excess land adjacent to the facility. Grace Matthews advised TPC Group on this transaction.
Nonene and tetramer are propylene oligomers used as intermediates in the production of plasticizers, detergents, lube oil additives, antioxidants, and other performance products.
The transaction aligns with TPC Group’s earnings and liquidity improvement plan announced earlier in 2016, an element of which included non-core asset sales.
About Grace Matthews, Inc.
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies. Grace Matthews’ chemical practice is known globally for completing successful chemical industry transactions dating back to the early 1990s. Grace Matthews’ principals have completed over 100 transactions involving global corporations such as Akzo Nobel, 3M, DuPont, Sherwin-Williams, PPG Industries, Ashland, Ceradyne, DSM, ICI, Borregaard, Air Products, Landec Corporation, The Home Depot, Hexion Specialty Chemicals, Atofina Chemicals, Brush Engineered Materials, Becker Industrial Coatings, RPM International, Courtaulds, Domino Sugar, and Chr. Hansen Laboratories. For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com.
About TPC Group
TPC Group Inc. is a leading producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons. The Company sells its products into a wide range of performance, specialty and intermediate segments, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. Headquartered in Houston, Texas, and with an operating history of more than 70 years, the Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, in Port Neches, Texas and operates a butadiene product terminal in Lake Charles, Louisiana. For more information, visit the Company’s website at www.tpcgrp.com.
About SI Group
SI Group is a leading global developer and manufacturer of chemical intermediates, specialty resins, and solutions that are critical to the quality and performance of countless industrial and consumer goods. Founded in 1906 and headquartered in Schenectady, New York, SI Group is a family-owned company with over 2,700 employees worldwide. SI Group operates 20 manufacturing facilities on five continents with $1.6 billion in annual sales. In 2016, SI Group received a silver award for corporate social responsibility by EcoVadis, and is ranked among the top 13 percent of more than 25,000 worldwide companies. SI Group is The Substance Inside. For more information, visit www.siigroup.com.