ENEOS acquiring TPC to become world’s 'third-largest butadiene producer'

Tokyo – ENEOS Holdings Inc. has agreed to acquire US chemical producer TPC Holdings Inc., a deal that will give the Japanese group "the world’s third-largest butadiene production capacity."

The transaction will be carried out through a merger between TPC and a special-purpose vehicle established by ENEOS Holdings’ wholly owned US subsidiary, said the Japanese group 7 Aug.

The deal, the financial details of which were not disclosed, is expected to close in October, subject to regulatory approvals and other conditions.

Upon completion of the transaction, ENEOS said TPC will become a consolidated subsidiary within its High Performance Materials Segment, which includes the group's synthetic rubber operations.

Houston-based TPC is a leading North American C4 chemicals producer, with the largest market share in the region for several key products including butadiene, raffinate, 1-butene and polybutene.

Its subsidiary, TPC Group Inc., produces and sells butadiene and other derivatives through the separation and purification of C4 hydrocarbon streams.

ENEOS said the acquisition will strengthen its C4 chemicals business in the US and its supply chain from C4 chemicals to elastomers, including solution-polymerised styrene-butadiene rubber (SSBR).

The deal forms part of ENEOS’ portfolio restructuring strategy under its Fourth Medium-Term Management Plan, with the group seeking to allocate resources to its base and materials businesses.

It also aims to improve supply capabilities and responsiveness to market fluctuations in butadiene, a key feedstock for its materials business.

TPC reported consolidated sales of $1.5 billion (€1.3 billion) in 2025, down from $1.68 billion in 2024.

The group's operating profit for the year fell to $25 million from $118 million the year before, ENEOS data shows.