Trinseo Records Estimated Liability Regarding European Commission Matter

Rhea-AI Summary

Trinseo PLC (NYSE: TSE) reported ongoing cooperation with the European Commission regarding styrene monomer activities in the European Economic Area. The company responded to a Request for Information and recorded a reserve of $36 million in Q1 2022 as a precautionary measure. Trinseo, a global material solutions provider, achieved approximately $4.8 billion in net sales in 2021 and operates 26 manufacturing sites worldwide. The company is focused on sustainability and innovation across various industries.

Positive

• Achieved approximately $4.8 billion in net sales in 2021.
• Focus on sustainability and innovative product development.

Negative

• Recorded a reserve for an estimated liability of $36 million due to European Commission inquiries.

BERWYN, Pa.--(BUSINESS WIRE)-- In 2018, a subsidiary of Trinseo PLC (NYSE: TSE), a global materials solutions provider and manufacturer of plastics and latex binders, received a Request for Information from the European Commission Directorate General for Competition (the “European Commission”) related to styrene monomer commercial activity in the European Economic Area, as well as subsequent requests for information. Trinseo has fully responded to all information requests from the European Commission and continues to fully cooperate. As a result of further developments in this matter, in the first quarter of 2022, Trinseo recorded a reserve for an estimated liability of $36 million.

About Trinseo

Trinseo (NYSE: TSE) is a global materials solutions provider and manufacturer of plastics and latex binders with a focus on delivering innovative, sustainable, and value-creating products that are intrinsic to our daily lives. Trinseo is dedicated to making a positive impact on society by partnering with like-minded stakeholders, and supporting the sustainability goals of our customers in a wide range of end-markets including automotive, consumer electronics, appliances, medical devices, packaging, footwear, carpet, paper and board, and building and construction. Trinseo had approximately $4.8 billion in net sales in 2021 and has 26 manufacturing sites and one recycling facility around the world and approximately 3,400 employees. For more information, please visit: www.trinseo.com.

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," "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 the impact of the European Commission request for information, 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 such a difference include, but are not limited to, the outcome of the European Commission’s request for information; 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/20220427005973/en/

Trinseo

Andy Myers

Tel: +1 610-240-3221

Email: aemyers@trinseo.com

Source: Trinseo

FAQ

What was Trinseo's estimated liability recorded in Q1 2022?

Trinseo recorded an estimated liability reserve of $36 million in Q1 2022.

What is the focus of Trinseo as a materials solutions provider?

Trinseo focuses on delivering innovative, sustainable products across multiple industries.

How much net sales did Trinseo report for 2021?

Trinseo reported approximately $4.8 billion in net sales for 2021.

What ongoing inquiry is Trinseo cooperating with?

Trinseo is cooperating with the European Commission regarding styrene monomer activities in the European Economic Area.