TPC Group, which operates a terminal facility in Port Neches, will be acquired by Japanese energy company ENEOS Holdings Inc. under a deal announced by the companies.
ENEOS will acquire TPC Group's petrochemical operations in Houston as well as its terminal operations in Port Neches and Lake Charles, Louisiana.
The transaction is subject to regulatory approvals and other customary closing conditions. The companies said they expect the necessary regulatory approvals to be completed in October 2026. Until the deal closes, TPC Group and ENEOS will continue operating as separate companies.
TPC Group President and CEO Ed Dineen said the acquisition will support continued investment in the company's operations.
"With ENEOS, we will build on our strong foundation, support continued investment in our operations and further strengthen TPC Group's position for long-term success," Dineen said.
The acquisition would expand ENEOS' operations in the United States as the company seeks to grow its petrochemical business. ENEOS said it plans to invest in TPC Group's assets and downstream capabilities as part of its broader North American strategy.
TPC Group is a processor of C4 hydrocarbons, which are used in the production of products including synthetic rubber, fuels, lubricant additives, plastics and surfactants.
The company has operations along the U.S. Gulf Coast, including its Port Neches terminal.
TPC Group said there are no planned changes to day-to-day operations, customer commitments or supplier relationships before the transaction closes.
The company is currently backed by Redwood Capital Management, which is its largest shareholder. Redwood Capital Management Co-Chief Investment Officers Ruben Kliksberg and Sean Sauler said the company underwent operational and financial improvements during the past four years.
"We are confident that ENEOS can build on this momentum and further develop TPC as a trusted pillar of the North American chemical industry," they said.
ENEOS is a major Japanese energy company with operations in refining, manufacturing and sales. The company said the acquisition is part of a strategy to expand its materials business and increase its presence in North America.
Financial terms of the acquisition were not disclosed in the announcement.
