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Trinseo (TSE) Announces Start of Sale of Interest in AmSty
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Trinseo PLC (TSE - Free Report) announced the start of a sale process for its 50% ownership in Americas Styrenics LLC (AmSty), a joint venture with Chevron Phillips Chemical Company LP.
As part of its transition strategy, the company earlier declared its intention to sell its styrenics businesses, with a focus on strategically offering individual assets or regional businesses. AmSty was formed in 2008 and is part of Trinseo's regional Styrenics Businesses operating in the Americas.
Trinseo has launched an ownership exit provision of the AmSty joint venture agreement, which contains a structured mechanism that is intended to eventually result in the sale of Trinseo's ownership stake in AmSty. The recently issued $1.077 billion in term loans with a 2028 maturity are anticipated to be partly repaid with any proceeds from the sale.
The sale of ownership in AmSty is a logical step in the company's evolution into a provider of specialist materials and sustainable solutions. Trinseo can divest its participation in the joint venture by executing the contractual ownership exit provision. The company anticipates that the exit process will conclude with a definitive agreement by early 2025.
Shares of Trinseo have lost 75.3% over the past year compared with an 18.7% decline of its industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Trinseo currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space include Denison Mines Corporation (DNN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Hawkins, Inc. (HWKN - Free Report) .
Denison Mines presently sports a Zacks Rank #1 (Strong Buy). DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared 73.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently flaunts a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 44.6% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26.2%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised 4.3% upward in the past 30 days. HWKN, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged roughly 78% in the past year.
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Trinseo (TSE) Announces Start of Sale of Interest in AmSty
Trinseo PLC (TSE - Free Report) announced the start of a sale process for its 50% ownership in Americas Styrenics LLC (AmSty), a joint venture with Chevron Phillips Chemical Company LP.
As part of its transition strategy, the company earlier declared its intention to sell its styrenics businesses, with a focus on strategically offering individual assets or regional businesses. AmSty was formed in 2008 and is part of Trinseo's regional Styrenics Businesses operating in the Americas.
Trinseo has launched an ownership exit provision of the AmSty joint venture agreement, which contains a structured mechanism that is intended to eventually result in the sale of Trinseo's ownership stake in AmSty. The recently issued $1.077 billion in term loans with a 2028 maturity are anticipated to be partly repaid with any proceeds from the sale.
The sale of ownership in AmSty is a logical step in the company's evolution into a provider of specialist materials and sustainable solutions. Trinseo can divest its participation in the joint venture by executing the contractual ownership exit provision. The company anticipates that the exit process will conclude with a definitive agreement by early 2025.
Shares of Trinseo have lost 75.3% over the past year compared with an 18.7% decline of its industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Trinseo currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space include Denison Mines Corporation (DNN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Hawkins, Inc. (HWKN - Free Report) .
Denison Mines presently sports a Zacks Rank #1 (Strong Buy). DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared 73.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently flaunts a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 44.6% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26.2%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised 4.3% upward in the past 30 days. HWKN, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged roughly 78% in the past year.