UPL said the company has completed the pre-payment of US$410 million of 3.25% Senior Notes due October 2021. The pre-payment, which concluded on 28 December 2020, was done using the cash on its balance sheet, UPL said. This prepayment is in line with its commitment to reduce debt. UPL is committed towards deleveraging its balance … Read more
SIBUR Holding and China Petroleum & Chemical Corporation (Sinopec) have closed the deal to set up a joint venture (JV) at the Amur Gas Chemical Complex after obtaining all the necessary approvals from the regulators of both countries. SIBUR and Sinopec will hold interest in the JV in the amount of 60% and 40%, respectively. … Read more
Anupam Rasayan, a specialty chemicals manufacturer based in Gujarat India, has filed its draft red herring prospectus with the capital market regulator of India, SEBI for Rs 760 crore ($103.3 million) initial public offering (IPO). Anupam Rasayan intends to use the proceeds mainly for debt repayment. The company has decided to reserve a portion for … Read more
Sumitomo Chemical has begun exploring a possible combination of a propane dehydrogenation (PDH) technology that converts propane gas into propylene, with another technology that efficiently synthesizes methanol, using hydrogen and carbon dioxide (CO2), by-products from PDH. This initiative is under consideration in Sumitomo Chemical’s petrochemical complex in Singapore, and supported by the Singapore Economic Development … Read more
Johnson Matthey (JM), a global leader in sustainable technologies, and thyssenkrupp, a technology provider for world-scale ammonia plants, have signed an agreement to renew their collaboration around ammonia process and catalyst supply. The partnership was founded two decades ago and sees thyssenkrupp exclusively use JM’s world class catalysts for its uhde ammonia process built in … Read more
Solvay has begun a process of decarbonizing the cyclopentanone unit of its Melle plant in France. Through an agreement with an agricultural cooperative for the next fifteen years, the entire cyclopentanone production already relies solely on biomethane gas, a green source of energy. The cooperative built a facility to convert waste biomass into 18 GWh … Read more
Maire Tecnimont S.p.A has announced that its subsidiary Tecnimont SpA, through its Indian entity Tecnimont Private Limited, has been awarded an EPCC Lump Sum contract by Indian Oil Corporation Limited (IOCL). The said contract is for the implementation of new Acrylic Acid and Butyl Acrylate Units, for the production of relevant high added value products … Read more
Ineos Styrolution, a styrenics supplier has broken ground on its new 600,000 metric ton ABS (acrylonitrile butadiene styrene) plant located in Ningbo as part of its plan to expand into China. The development follows an earlier acquisition by Ineos of two polystyrene production sites in Ningbo and Foshan. In a news release, Ineos officials said … Read more
PPG Industries has entered into a definitive agreement to acquire Finland’s Tikkurila at €25 a share or for about €1.1 billion ($1.35 billion) in cash. The acquisition cost includes assumption of debt and cash, PPG said in a statement on Friday. The transaction is expected to close in the second quarter of 2021. “The combination … Read more
BASF SE announced that the implementation of the methylene diphenyl diisocyanate (MDI) capacity increase program for production facilities at the company’s Verbund site in Geismar, Louisiana, is progressing on schedule. Over time, BASF targets to double the capacity from 300,000 metric tons per year to approximately 600,000 metric tons per year. With this stepwise capacity … Read more
Navin Fluorine announced that its board has approved capital expenditure for setting up of a multi-purpose plant (MPP) with an outlay of Rs 195 crore ($26.6 million). The capex will be undertaken by its wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals … Read more
India’s Chemicals and Fertilisers Minister D V Sadananda Gowda on Tuesday said the demand for chemicals and petrochemicals is expected to rise 9% annually, and the size of the industry is likely to grow to $300 billion by 2025. Addressing a conference organised by industry body Assocham, the minister said the Indian chemical industry, over … Read more
Trinseo, a global materials company and manufacturer of plastics, latex binders and synthetic rubber, has entered into a binding agreement to purchase Arkema’s polymethyl methacrylates (PMMA) and activated methyl methacrylates (MMA) businesses, the company announced Monday. The transaction is valued at €1.137 billion (~$1.36 billion). “This acquisition will be a catalyst for portfolio transformation toward … Read more
Gulf Oil International announced that it has reached an agreement to acquire a lubricant blending plant from Ocean Tankers (PTE) Ltd, Singapore, which will help it expand market share in marine lubes. The plant, which is in the Tuas region of the Island city-nation will be acquired with wharf access, storage tank farm and terminal … Read more
Huntsman Corp. announced its agreement to acquire Gabriel Performance Products from funds owned by Audax Private Equity. Under the terms of the agreement, Huntsman will pay $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel is a North American specialty chemical manufacturer of specialty additives and epoxy curing … Read more
Sinopec’s board has approved plans to build a 1.2-million metric tons per annum ethylene plant and downstream units in the Nangang area of the port of Tianjin, China, according to an announcement posted on 4 December. Sinopec estimates the cost of the project at 28.8 billion renminbi ($4.4 billion). Sinopec announced in November that it … Read more
Arkema has completed the acquisition of Colorado Photopolymer Solutions (CPS), a US-based provider of photopolymer formulation services. The deal was completed earlier this month. The financial terms of the deal have not been disclosed. CPS is a developer and marketer of value-added, formulated photopolymer resin solutions for energy curing technology, especially for three-dimensional (3D) printing … Read more
PPG Industries has entered into a definitive agreement to purchase coatings manufacturer Ennis-Flint for $1.15 billion, adding a range of pavement marking products, including paint and thermoplastics, to its portfolio. “The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” Michael McGarry, chairman and chief … Read more
India’s Vidhi Specialty Food Ingredients announced that the Gujarat Pollution Control Board (GPCB) has granted the environment clearance to the Company for setting-up a plant in Dahej SEZ. The Company intends to manufacture 300 metric tonnes per month of Synthetic Water Soluble Food Colours and 60 metric tonnes of Synthetic Food grade lakes at the … Read more
Indian chemical giant UPL announced that the District Court in Delaware has substantially reduced the earlier jury verdict of $31 million to $13 million by its judgement of 30 November 2020. The court has also vacated a number of jury’s determination on key counts. This litigation relates to an ongoing intellectual property litigation regarding TruPick, … Read more