The SM/PS capacities in Ludwigshafen used to produce foam will also remain with BASF as well as the SM/PS business of BASF-YPC Co. Ltd. in Nanjing, China. Based on figures for 2010, Styrolution is expected to generate annual sales of more than EUR 5 billion. Company headquarters will be located in Frankfurt/Main, Germany. BASF and INEOS will each own 50 percent of shares of the joint venture. BASF will receive cash consideration following the completion of the transaction. The parties did not disclose any further financial details. Roberto Gualdoni, who started his career at BASF in 1987, will be named CEO of Styrolution. Christoph de la Camp will become CFO of the new company. BASF intends to contribute its SM, PS, ABS, SBC and styrene-based copolymers businesses in the joint venture.