INEOS Styrolution shuts down plants; Evonik exits polyester business entirely! A wave of shutdowns intensifies in June—what is the global chemical industry brewing?

In June 2026, the global chemical industry witnessed an unprecedented wave of plant shutdowns. Following Dow Chemical and Celanese’s successive workforce reductions and production facility closures, multinational chemical giants—including INEOS Styrolution, LyondellBasell, Evonik, BASF, and Huntsman—rolled out strategic adjustments—including plant shutdowns and business divestitures—within just a few weeks. The global chemical production capacity landscape is undergoing profound restructuring. Retreat by Chemical Giants: A 'Triple Play' of Shutdowns, Layoffs, and Divestitures 1. INEOS Styrolution: 400,000 tonnes of capacity eliminated; reshaping North America’s PS landscape INEOS Styrolution, the world’s leading producer of high-performance styrenic materials, announced on June 22, 2026, that it would permanently shut down its polystyrene (PS) manufacturing facility in Chaneyville, Illinois, USA, before the end of Q4. This plant—commissioned in 1960 and operating for over 60 years—has an annual capacity of approximately 400,000 tonnes and employs around 100 people, all of whom will be affected by this move. Source: INEOS Styrolution The core reason for the shutdown is persistent margin pressure and industry-wide overcapacity. Steve Harrington, CEO of INEOS Styrolution, stated: “Industry overcapacity continues to exert severe pressure, squeezing profit margins and straining operations across our North American business.” As part of its asset optimization strategy, the company will consolidate its three North American PS production sites into two—retaining its Decatur, Alabama facility and its Altamira, Mexico plant. In November 2025, the company had already announced the permanent closure of its Wingles, France PS plant as part of broader strategic restructuring aimed at enhancing competitiveness across its European operations. 2. Evonik: Global exit from polyester business; 6,000 jobs cut over two years On June 18, German chemical giant Evonik Industries AG announced two major adjustments: first, it will further advance structural optimization globally, planning to eliminate approximately 3,200 positions between 2027 and the end of 2029—with about 2,150 of those in Germany; second, it will shut down its global polyester business by 2027. Source: Evonik This shutdown affects production facilities in Witten and Marl (Germany) and Shanghai (China), impacting a total of 346 employees. The business being discontinued specifically involves saturated polyester resins for coatings and adhesives. With annual sales of roughly €150 million, this business has failed to achieve profitability for years. Qiao Jinli, Head of Evonik’s Customized Solutions Business Line, commented: “From an economic perspective, discontinuing the polyester business and closing related production facilities is now inevitable. Intensifying global competition, structural disadvantages in Europe, and weak market demand render all alternative options incapable of ensuring the business’s long-term sustainability.” Combined with the earlier ‘Evonik Customized’ efficiency program launched in October 2023—which aims to cut approximately 2,800 positions by the end of 2026—the two rounds of workforce optimization will collectively reduce headcount by over 6,000. Dr. Klaus Engel, Chairman of the Executive Board and CEO of Evonik, stated plainly: “Current global political developments are highly uncertain; economic growth remains persistently sluggish; and international competition is growing increasingly fierce.” 3. LyondellBasell: Shutting down PP plant; divesting European polyolefin assets On June 11, LyondellBasell confirmed plans to permanently shut down its sole remaining 260,000-tonne-per-year polypropylene (PP) unit at its Brindisi site in Italy by the end of 2026.

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Merck to Acquire Prometheus Merck announced it has agreed to acquire Prometheus Biosciences (RXDX.US), a clinical-stage biotechnology company focused on immunology, for $200 per share in cash—a transaction valuing the company’s equity at nearly $10.8 billion. Under the terms of the agreement, Merck will acquire all outstanding shares of Prometheus through a wholly owned subsidiary. The deal is expected to close in Q3 2023. Prometheus focuses on late-stage research targeting ulcerative colitis (UC), Crohn’s disease (CD), and other autoimmune disorders. In December last year, Prometheus announced positive results from two Phase II clinical trials of its anti-TL1A monoclonal antibody PRA023 in treating both CD and UC. Sega Sammy Considering Acquisition of Rovio Japanese video game giant Sega Sammy Holdings Inc. announced on Monday that it is considering acquiring Rovio Entertainment—the developer of Angry Birds—but has not yet made any final decision. However, investor skepticism regarding post-acquisition synergies caused Sega Sammy Holdings’ stock price to decline. Zoom to Acquire Workvivo On April 17, Zoom announced its plan to acquire Workvivo. The transaction is expected to close in Q1 of Zoom’s fiscal year 2024, though neither party has disclosed specific terms or financial details to date. Regarding the acquisition, Workvivo’s CEO and co-founder stated that Zoom’s pace of innovation and its human-centric product philosophy were key reasons why Workvivo chose to join Zoom. He added that Workvivo replaces outdated, clunky internal corporate communication tools with a vibrant, comfortable social experience—and has proven highly effective and widely applicable. INEOS Phenol Acquires Mitsui Chemical’s Business On April 3, INEOS Phenol announced the completion of its acquisition of all assets of Mitsui Phenol Singapore Ltd. from Japanese chemical company Mitsui Chemical Co., Ltd., for a total purchase price of $330 million. Located on Jurong Island in Singapore, the acquired business generates annual sales of $750 million and produces over one million tonnes of products annually—including cumene, phenol, acetone, alpha-methylstyrene, and bisphenol-A. Notably, the addition of Jurong-based phenol and bisphenol-A assets aligns closely with INEOS’s existing portfolio and offers significant integration opportunities with INEOS’s production facilities in Germany, Belgium, and the United States. Airwallex Acquires Guangzhou Shangwutong Recently, Airwallex—a globally leading fintech unicorn—officially announced the completion of its 100% equity acquisition of Guangzhou Shangwu Tong, a licensed payment institution. This acquisition grants Airwallex the qualification to conduct third-party payment services within mainland China—an enormous milestone for the rapidly growing company. ExxonMobil Interested in Acquiring Pioneer Resources

Trinseo PLC updates restructuring plans as specialty materials strategy evolves

Jul 6, 2026

Trinseo PLC advances restructuring to shift toward higher-margin specialty materials and sustainable solutions. The strategy involves divesting non-core businesses and expanding engineered polymers to reduce commodity market exposure and improve earnings visibility.

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2026-07-06

Trinseo PLC updates restructuring plans as specialty materials strategy evolves

Trinseo PLC updates restructuring plans as specialty materials strategy evolves

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