ENEOS Group to acquire US chemical producer TPC Holdings, creating world’s third‑largest butadiene capacity

ENEOS Group announced that it will acquire U.S. chemical producer TPC Holdings, Inc. through a merger with a special‑purpose vehicle of ENEOS’s U.S. subsidiary. The transaction, expected to close in October 2026 pending regulatory approval, will make TPC a wholly‑owned subsidiary of ENEOS Holdings.

After the deal, ENEOS will hold the world’s third‑largest butadiene production capacity. TPC, based in Texas, leads the North American market for butadiene, raffinate, 1‑butene and polybutene, reporting FY 2025 revenue of ¥238.7 billion, operating profit of ¥3.95 billion and net assets of ¥50.5 billion. ENEOS aims to strengthen its C4 chemicals business in the United States, leverage low‑cost shale‑gas feedstocks, and support its materials segment as part of its Fourth Medium‑Term Management Plan to restructure its portfolio and boost earnings.