ENEOS Acquiring TPC to Become World’s Third-Largest Butadiene Producer

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, carried out through a merger between TPC and a special-purpose vehicle established by ENEOS Holdings’ wholly owned US subsidiary, is expected to close in October, subject to regulatory approvals and other conditions. The financial details of the deal were not disclosed. Upon completion, TPC will become a consolidated subsidiary within ENEOS’ 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. The acquisition will strengthen ENEOS’ C4 chemicals business in the US and its supply chain from C4 chemicals to elastomers, including solution-polymerised styrene-butadiene rubber (SSBR). TPC reported consolidated sales of $1.5 billion in 2025, down from $1.68 billion in 2024, with an operating profit of $25 million, down from $118 million the year before.