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Styrolution announces changes to its management board and organizational structure

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01/07/13

Frankfurt, Germany

Key points:
  • Styrolution will establish a global business unit dedicated to styrene monomer. Regional business units will now focus exclusively on strengthening Styrolution's leading market position in polymers.
  • Steve Harrington has been appointed president of the global styrene monomer business unit effective February 1, 2013. Mr. Harrington has been working in the styrenics industry since 2005, holding various commercial roles within several INEOS businesses with territorial responsibilities including: Africa, the Middle East and Russia. Most recently, he led Styrolution's styrene monomer business in the Americas. Mr. Harrington holds a degree in chemistry from Hull University and currently serves as chairman of the Styrene Information and Research Center.
  • Kevin McQuade has been appointed president, Europe, Middle East and Africa effective March 1, 2013. Mr. McQuade currently serves as president, Americas at Styrolution. During his over thirty-year career, he has held management positions at INEOS Nova, BASF Corporation and Mobil Chemical Company. Mr. McQuade holds chemical engineering degrees from The Cooper Union and the University of Delaware, as well as an MBA from New York University. He will continue to lead the Americas' polymers business on an interim basis until his successor assumes his new role in June 2013.
  • Dr. Alexander Glueck has been appointed president, Americas effective June 1, 2013. Dr. Glueck has a career spanning 19 years at BASF having held management roles in Europe and Asia. He currently serves as Styrolution's senior vice president, global strategy, R&D, and procurement. Dr. Glück received his PhD in chemistry from Ludwig-Maximilians-Universität in Munich, Germany.
  • All three individuals will serve in their new roles on Styrolution's management board together with the board's existing members, Roberto Gualdoni (chief executive officer), Christoph de la Camp (chief financial officer) and Hyung Tae Chang (president, Asia Pacific).

"I firmly believe that our management team consists of the styrenic industry's most gifted and visionary leaders. We are fortunate at Styrolution to have a pool of highly qualified individuals that are ready to take on leading positions. I am confident these gentlemen will contribute to the further success of the company," said Roberto Gualdoni, chief executive officer, Styrolution. "I am also certain that the organizational changes we have announced today will be instrumental in enabling Styrolution to offer customers a competitive edge in a challenging market environment through improved agility of supply and faster decision making capability. In this way Styrolution will be able to extend its market leadership and ultimately achieve further value-oriented growth."
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ABOUT INEOS STYROLUTION

INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2015, sales were at 5 billion euros. INEOS Styrolution employs approximately 3,100 people and operates 15 production sites in nine countries.

Information

This announcement shall not constitute an offer of securities for sale in the United States or any other jurisdiction. The securities have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state of the United States or any other jurisdiction and the securities may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state or local securities laws. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the issuer and its management, as well as financial statements.<br> This announcement is for information purposes only and is directed only at: (a) persons in member states of the European Economic Area who are qualified investors (as defined in Article 2(1) (e) of EU directive 2003/71/EC (the "Prospectus Directive"); (b) persons in the United Kingdom who are qualified investors and who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) persons falling within Article 49(2) (a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order; or (iii) persons to whom it may otherwise be lawfully communicated (all such persons in (a) and (b) together being referred to as "relevant persons"). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.