ERJ staff report (RD)
Midland, Michigan -- STY Acquisition Corp., an affiliate of Bain Capital formed to facilitate Bain's purchase of Dow Chemical's Styron division, has appointed Christopher Pappas as its new president and ceo, subject to closing of the transaction.
Dow and Bain Capital expect to close the transaction in June of this year, a 30 March joint statement said, adding that the new stand-alone, privately-held Styron will have â€œstrong global positionsâ€ in four business areas, including PBR and SBR synthetic rubbers.
Pappas previously worked at Dow from 1978-1995 before working for DuPont Dow Elastomers llc and most recently as ceo of Vova Chemicals Corp. Pappas succeeds former Styron ceo Mark Remmert who will begin a transition period, the statement said.
Styron products will serve a range of customers and markets including automotive, tyres, and technical rubber.
Styron will be a diversified chemicals and plastics company with around $3.5 billion in revenue (based on 2009 data), and over 40 manufacturing plants in all geographic regions, the statement said.
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Press release from Dow & Bain Capital