Nova Chemicals announced that it has agreed to sell its expandable styrenics business to a subsidiary of Alpek S.A.B. de C.V. The parties expect to close the transaction in the fourth quarter. The sale of its expandable styrenics business is an important step in Nova Chemicals’ plan to focus on its olefin and polyethylene business, … Read more
Arlanxeo Canada, a subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), and Diamond Petrochemicals Canada, a subsidiary of Japan’s Mitsubishi, have announced the execution of an agreement between the companies, where Arlaxeo will sell its olefins business to Mitsubishi Corp. Arlanxeo’s olefins unit is located at the bio-industrial park Sarnia in Ontario, Canada and … Read more
Ardian, a private investment firm, announced that it has acquired a 50% ownership stake in Angus Chemical Company from Golden Gate Capital at a total enterprise value of approximately $2.25 billion. Golden Gate Capital, which initially acquired Angus in February 2015 from The Dow Chemical Company, will retain a 50% stake in Angus. Additional terms … Read more
Mitsubishi Chemical Corp. has concluded agreements to transfer its polymer flocculant sales business to MT AquaPolymer, Inc. and Hymo Corp. Once the transfer is complete, the two companies will outsource the manufacture of polymer flocculants to MCC. The transfer is subject to obtaining approval from competition authorities. MTAP is a leading Japanese manufacturer of polymer … Read more
Bhansali Engineering Polymers Ltd., a polymer and other allied products manufacturer based in India announced its results for the second quarter ended September 30, 2020. Q2 Results- QoQ The company’s net profit grew 2672.5% to Rs 35.5 crores ($4.9 million) for the period ended September 30, 2020 as against net loss of Rs 1.38 crores … Read more
Mitsui Chemicals, Inc. announced that group company SDC Technologies, Inc. has acquired COTEC GmbH. Engaged in the manufacture, sale and research of hydrophobic and anti-reflective coatings, COTEC became a wholly owned subsidiary of SDC on October 1, 2020. The Mitsui Chemicals Group’s Vision Care Materials Division boasts a diverse product range. Its ophthalmic lens materials … Read more
SK Capital Partners, LP, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, completed its previously announced acquisition of the specialty polymers business of Baker Hughes. The business has been renamed NuCera Solutions, reflecting its history of innovation in the specialty polymers and polyethylene wax markets. NuCera, with manufacturing operations in … Read more
Royal DSM has reached an agreement to sell its Resins & Functional Materials (RFM) and associated businesses to Covestro AG for an Equity Value of €1.6 billion ($1.9 billion). Completion of the transaction, which is subject to the customary conditions and approvals, is expected in the first half of 2021. The transaction will include all … Read more
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
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
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
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
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
BASF Agricultural Solutions acquired the proprietary Glu-L technology for L-glufosinate ammonium from AgriMetis, an industry leader in biotechnological innovations for crop protection. With this technology, BASF will provide farmers with a more efficient solution and improved formulation to protect against troublesome weeds. “The Glu-L technology builds on BASF’s continued commitment to innovative solutions that help … Read more
DuPont announced it has divested its trichlorosilane (TCS) business and its equity interest in the Hemlock Semiconductor joint venture to Hemlock for $725 million. The deal has received regulatory approval and was closed at signing. Dupont owned 40.25% stake in Hemlock JV before signing of this deal. DuPont received pre-tax cash proceeds of $550 million … Read more
Reliance Industries Ltd (RIL) has released a detailed plan on spinning off its oil-to-chemical (O2C) business into a separate subsidiary on Sunday, according to a report by The Telegraph. It has come up with a detailed scheme of arrangement to transfer the undertaking to the O2C subsidiary through a slump sale, which is likely to … Read more
Sun Chemical and its parent company, DIC Corporation, have acquired Seller Ink Industria e Comércio de Tintas e Vernizes Ltda., a specialty inks and coatings manufacturer based in São Paulo, Brazil. With over 25 years of experience, Seller Ink has a strong market presence in both the security ink and the metal decorating markets. With … Read more
National Peroxide Ltd., a peroxide chemicals 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 (1.78) crores ($0.24 million) for the period ended June 30, 2020 as against net profit of Rs 3.03 crores ($0.41 million) for the … Read more
Evonik is acquiring the Porocel Group, a catalyst rejuvenation firm, for US$210 million to accelerate the growth of its catalysts business. The purchase price (enterprise value) is 9.1 times adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in 2019, which is an attractive valuation for a high-quality asset in the catalyst sector. The transaction … Read more