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KRATON PERFORMANCE POLYMERS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2012 RESULTS
Date:2/27/2013

ebruary 27, 2013, we executed definitive agreements providing for a 50/50 joint venture with Formosa Petrochemical Corporation ("FPCC") to build, own and operate a 30 kiloton HSBC plant at FPCC's petrochemical site in Mailiao, Taiwan.  Each of Kraton and FPCC will fund 50% of the capital needs of the joint venture that are not satisfied through debt financing.  Kraton has exclusive rights to purchase all production from the plant, which it intends to market world-wide, through its global sales and distribution network. Additionally, Kraton will be obligated to purchase a minimum volume each year, with the minimum obligation increasing over the first three years the plant is operational.
The joint venture will be a Taiwan entity, with each of Kraton and FPCC having equal representation on the board.As we previously disclosed, progress on the HSBC joint venture project had been interrupted, initially because of delays in FPCC's obtaining environmental permit approval from the Taiwanese Environmental Protection Agency, and subsequently because when the permit was finally issued in July 2012, it contained conditions FPCC considered to be too restrictive on its overall operations in Mailiao.  Due to the uncertainty with respect to FPCC's resolving these conditions, in early October 2012, we opted not to extend our framework agreement with FPCC that had governed the proposed formation of the joint venture, which agreement expired in accordance with its terms on September 30, 2012. The pre-tax impairment charge of $3.4 million for the group of long-lived assets related to the HSBC facility recorded in the third quarter of 2012 will not be affected by the execution of definitive agreements.

Following the expiration of the framework agreement with FPCC, we began in-depth evaluation of options for a stand-alone HSBC expansion project at other locations in the Asia Pacific region. However, during the fourth quarter of 2012, FPCC informed us that i
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SOURCE Kraton Performance Polymers, Inc.
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