Hexion Inc. announced that it has entered into a definitive agreement to sell its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Investindustrial. The consideration consists of $335 million in cash and certain assumed liabilities with the remainder in future proceeds based on the performance … Read more
Trade Promotion Council of India (TPCI) has constituted a new committee focusing on chemical and allied products with the objective of tapping new markets and identifying new opportunities for trade and investment. The TPCI has set up a new committee to provide the industry with a support that will serve as a think tank, sending … Read more
Mitsui & Co., Ltd., and Nippon Soda Co., Ltd. (Nisso) have acquired 56% stake in India’s Bharat Insecticides Limited (BIL), an agrochemicals company through a special purpose company co-founded by the two Japanese companies. BIL’s promoters will continue to hold balance shares in BIL. As a result of this transaction, BIL has become a group … Read more
Tokuyama Corp. to establish a 50-50 joint venture (JV) in Taiwan with Formosa Plastics Corp. for the purpose of manufacturing and selling high-purity isopropyl alcohol (IPA) for the electronics industry. The decision was taken at a Board of Directors’ meeting held on September 25, 2020. The JV will be called Formosa Tokuyama Advanced Chemicals Co., … Read more
India has initiated a probe into the alleged dumping of untreated fumed silica, used in pharmaceutical and agrochemicals industries, from China and South Korea following a complaint by a domestic manufacturer. Cabot Sanmar Ltd filed the application before the commerce ministry’s investigation arm DGTR, seeking initiation of an anti-dumping probe concerning imports of ‘Untreated Fumed … Read more
Sterling Auxiliaries Pvt. Ltd. and its parent company, Artek Surfin Chemicals Ltd., a leading producer of specialty chemicals with manufacturing capabilities across four continents, have agreed to acquire the land and assets associated with Baker Hughes’ Sand Springs, Oklahoma, chemicals manufacturing facility. The Sand Springs facility, which includes approximately 120 employees who will transfer with … Read more
India’s state-owned power company National Thermal Power Corporation Limited (NTPC) has invited expression of interest (EoI) from chemical industry for setting up manufacturing facilities within its plant premises. NTPC has invited the EoI from Indian companies to build plants such as bulk chemicals – ammonia, urea, chloralkali, gypsum and gypsum products, geopolymer, etc – in … Read more
Indian Oil Corporation (IOC) will invest Rs 17,825 crore ($2.4 billion) in setting up a petrochemical plant and lube oil base stock (LOBS) integration project at its Gujarat Refinery, and is looking at diversifying into the textile business. In a regulatory filing, IOC said its board at a meeting on September 21 “accorded approval for … Read more
Saudi Arabian petrochemicals companies Saudi Industrial Investment Group (SIIG) and the National Petrochemical Company (Petrochem) have started initial discussions for a potential merger, both companies said on September 20. SIIG and Petrochem announced in separate statements that they have begun talks to study the “economic feasibility” of merging the two companies. The SIIG and Petrochem … Read more
Thyssenkrupp’s plant engineering business recently won another order to build a bioplastics plant based on the patented PLAneo technology. The plant will be built in South China and will produce 30,000 tons of polylactide (PLA) annually. PLA is a compostable bioplastic made from 100% renewable biomass, making it an eco-friendly, low-CO2 and economic alternative to … Read more
Chemcon Speciality Chemicals, an Indian specialty chemicals provider for pharma and oil well industries, issued a Rs 318 crore ($43.3 million) IPO which opened for subscription on Monday. The Vadodara-based company is offering a fresh issue of equity shares, aggregating up to Rs 165 crore ($22.5 million) and offer for sale of up to 4,500,000 … Read more
Kilpest India Limited Board has approved integration of company’s subsidiary 3B Blackbio Tech with itself. “We wish to inform you that Board at its meeting held today, inter-alia, approved and considered the draft Scheme of Amalgamation between 3B Blackbio Biotech India Limited and Kilpest India Limited as may be modified from time to time, under … Read more
India has initiated an anti-dumping investigation related to import of sodium hydrosulphite, a chemical used in industries such as textiles, soap and molasses, from China and South Korea, the Directorate General of Trade Remedies (DGTR), Govt of India, said in a notification. Sodium hydrosulphite is used in diverse industrial sectors including textiles and as a … Read more
Kanchi Karpooram Ltd., a camphour and other allied products manufacturer based in India announced its results for the first quarter ended June 30, 2020. Q1 Results- QoQ The company’s net profit grew 76.3% to Rs 4.90 crores ($0.67 million) for the period ended June 30, 2020 as against net profit of Rs 2.78 crores ($0.38 … Read more
LG Chem Ltd. will spin off its secondary battery business into a wholly owned subsidiary in a move to foster its automotive battery business, according to The Korea Economic Daily. The final decision will be made at a Sept. 17 board meeting. LG Chem plans to list the newly established subsidiary to raise funds that … Read more
Vipul Organics Ltd., a dyestuff and intermediates manufacturer based in India announced its results for the first quarter ended June 30, 2020. Q1 Results- QoQ The company’s net profit grew 241% to Rs 1.09 crores ($0.15 million) for the period ended June 30, 2020 as against net profit of Rs 0.32 crores ($0.043 million) for … Read more
Sumitomo Chemical Co. has set up its new Zhuhai Sumika Polymer Compounds Co., Ltd. Wuxi branch, as a new production facility for polypropylene (PP) compounds, to enhance its automotive materials business in Wuxi, Jiangsu Province, China. Wuxi Plant is located on the premise of Sumika Electronic Materials (Wuxi) Co., Ltd., which is under the control … Read more
National Fertilizers Ltd., a state-owned fertilizer and chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020. Q1 Results- QoQ The company’s net profit grew 144% to Rs 108.31 crores ($14.7 million) for the period ended June 30, 2020 as against net loss of Rs 248.65 crores ($33.7 million) … Read more
China’s Hengyi Petrochemical Co Ltd plans to spend $13.65 billion to build the second phase of a refinery and petrochemical complex, it reported in a stock filing. Hengyi, one of the few private Chinese firms operating a refinery outside China, plans to add a 14 million tonne per year (280,000 barrel per day) crude oil … Read more
Goa Carbon Reports Net Loss of Rs 5.07 Cr for Q1 FY20-21 Goa Carbon Ltd., a petrochemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020. Q1 Results- QoQ The company reported a net loss of Rs 5.07 crores ($0.69 million) for the period ended June 30, 2020 as … Read more