Trinseo Announces Sale of Mexico Manufacturing Facility to Plaskolite

Rhea-AI Summary

Trinseo (NYSE: TSE) has agreed to sell its land, buildings, and equipment in Matamoros, Mexico, to Plaskolite. The transaction is anticipated to close in the coming weeks. This move follows Trinseo's December 2022 consolidation of PMMA sheet products from Matamoros to its facility in Florence, Kentucky, aimed at optimizing resources and transforming operations. Trinseo's President and CEO, Frank Bozich, emphasized that this sale will allow the plant to continue operating, preserving jobs in the Matamoros community. Trinseo reported net sales of approximately $5.0 billion in 2022.

Positive

• Sale of Matamoros assets allows for operational continuity and job preservation in the community.
• Consolidation of PMMA sheet products enhances operational efficiency and aligns with transformation strategy.

Negative

• None.

WAYNE, Pa.--(BUSINESS WIRE)-- Trinseo (NYSE: TSE), a specialty material solutions provider, today announced that it has signed an agreement to sell its land, buildings and equipment in Matamoros, Mexico to Plaskolite. The transaction is expected to close within the next several weeks.

In December 2022, Trinseo announced the consolidation of some of its PMMA sheet products from the Matamoros site into its continuous sheet manufacturing operations in Florence, Kentucky as part of the company’s asset restructuring initiatives. Plaskolite will not acquire any portion of Trinseo’s sheet business.

“The consolidation of our sheet manufacturing business helps us optimize our resources and continue to deliver on our transformation strategy,” said Trinseo President and CEO Frank Bozich. “Our sale of the Matamoros assets to Plaskolite will provide an opportunity for the plant to continue to operate and provide jobs for the Matamoros community.”

The Matamoros plant is located on nearly 11 acres in Matamoros City in the State of Tamaulipas, Mexico.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s approximately 3,400 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

Cautionary Note on Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like "expect," "anticipate," “believe,” "intend," "forecast," "outlook," "will," "may," "might," "see," "tend," "assume," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would" or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully investigate and remediate chemical releases on or from our sites, make related capital expenditures, reimburse third-party cleanup costs or settle potential regulatory penalties or other claims; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; our ability to successfully generate cost savings and increase profitability through asset restructuring initiatives; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005258/en/

Trinseo

Andy Myers

+1 610.240.3221

aemyers@trinseo.com



Gretchen Toner

+1 610.241.2782

gtoner@trinseo.com

Source: Trinseo

FAQ

What recent transaction did Trinseo announce regarding its Matamoros assets?

Trinseo announced the sale of its land, buildings, and equipment in Matamoros, Mexico, to Plaskolite.

What impact does Trinseo's sale of its Matamoros plant have on jobs?

The sale allows the Matamoros plant to continue operating, which helps preserve jobs in the community.

When is the transaction for Trinseo's Matamoros assets expected to close?

The transaction is expected to close within the next several weeks.

What were Trinseo's reported net sales for 2022?

Trinseo reported net sales of approximately $5.0 billion in 2022.

What was Trinseo's strategy behind consolidating PMMA sheet products?

The consolidation aims to optimize resources and support the company's transformation strategy.