India’s Reliance Industries Ltd. (RIL) has started carving out its new oil-to-chemicals (O2C) operation into an independent unit with a $25 billion loan from the parent company. The wholly owned unit’s assets will be funded by the interest-bearing loan, which will be an “efficient mechanism to upstream cash, including any potential capital receipts,” in the … Read more
Specialty chemicals company LANXESS signed a binding agreement to acquire 100% shares in Emerald Kalama Chemical on February 14, 2021. Emerald Kalama is a globally leading manufacturer of specialty chemicals, especially for the consumer segment, and is majority-owned by affiliates of the US private equity firm American Securities LLC. The enterprise value of Emerald Kalama … Read more
India’s Bodal Chemicals Limited has entered into Business Transfer Agreement (BTA) with Mawana Sugar Limited (MSL) to acquire its chlor-alkali plant known as Siel Chemical Complex (SCC) at Rajpura, Punjab. Bodal stated that the proposed acquisition will help the Company in diversification of its existing chemicals product line by adding new products. SCC is engaged … Read more
Lonza AG has entered into a definitive agreement with Bain Capital and Cinven to acquire Lonza’s Specialty Ingredients business and operations for an enterprise value of CHF 4.2 billion ($4.7 billion). Both Bain Capital and Cinven have strong experience in the industrials sector and an established track record of successful investments in portfolio companies. The … Read more
AkzoNobel competes with U.S. rival PPG Industries on Monday, by making a $1.7 billion counterbid for Finland’s Tikkurila. AkzoNobel proposal includes an offer price of 31.25 euros ($37.8) per outstanding share, valuing Tikkurila at 1.4 billion euros ($1.69 billion), exceeding the 1.2 billion euros ($1.45 billion) offered by PPG two weeks ago. To obtain merger … Read more
India’s state run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd ( MRPL ) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed, according to a report by IANS. The process is now expected to be complete by 2024. The merger was aimed at aligning ONGC’s upstream … Read more
Shell will take a 40% interest in a waste-to-fuels plant using technology developed by Enerkem, a leading Canadian clean tech company. Enerkem announced the project in December 2020, subject to finalization of commercial agreements. The approximately C$875 million (US$686 million) commercial-scale facility will be constructed in Varennes, Québec, and will produce low-carbon fuels and renewable … Read more
Jindal Films has signed an agreement for the acquisition of 100% of the shares in Italy-based nylon film specialist DOMO Films Solutions Spa (DFS) from private owned group DOMO Chemicals. DFS is one of the major European producers of nylon films (both biax-oriented BOPA and cast extruded CPA) for flexible packaging in food, pharma, medical … Read more
Private equity firm OpenGate Capital is to acquire the amphoteric surfactant manufacturing business from Solvay. The acquisition is subject to the satisfaction of works council consultations and regulatory approvals. The Business is a key player in surfactants, with a focus on the production of amphoterics primarily utilised in body care, hair care, and home care … Read more
Evonik has closed its previously announced acquisition of the Lactel Absorbable Polymers product line from Durect Corporation on December 31, 2020. All Durect employees associated with the Lactel business in Birmingham, Ala., accepted the offer to join Evonik in similar roles, according to Essen, Germany-based Evonik. The deal closed Dec. 31, 2020. Evonik will integrate … Read more
INEOS completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion. The deal was first announced at the end of June 2020. INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. … 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
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
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
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
Update: Sasol said on Wednesday its Lake Charles base chemicals unit joint venture (JV) with LyondellBasell Industries had been established, following closure of the deal on December 1. The Lake Charles base chemicals unit includes a 1.5-million-ton ethane cracker, 900,000-ton low and linear-low density polyethylene plants and associated infrastructure. According to the agreement signed in … Read more
Solvay announced that it has reached an agreement with private equity firm Latour Capital to sell its technical-grade barium and strontium business in Germany, Spain and Mexico as well as its sodium percarbonate business in Germany. Solvay’s barium and strontium business includes a joint venture with Chemical Products Corporation (CPC), which is part of the … Read more