Asia-Pacific

Sumitomo Chemical Invests in Conagen, Completes Acquisition of Subsidiaries of Nufarm

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Sumitomo Chemical announced on 2nd April that it invested $30 million in Conagen, a U.S. biotechnology company. The company has conducted joint research with Conagen since 2018 on the biosynthesis of existing chemicals. The fresh investment will further promote its strategic business alliance with Conagen and develop innovative high functional products and processes by way … Read more Sumitomo Chemical Invests in Conagen, Completes Acquisition of Subsidiaries of Nufarm

Sinopec Shanghai Petrochemical’s Net Profit Falls

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Sinopec Shanghai Petrochemical Company Limited (HKEX: 00338; SSE: 600688; NYSE: SHI) announced the annual results for the twelve months ended 31st December 2019. Net sales of the company in 2019 amounted to RMB88.1 billion ($12.45 billion), a decrease of 7.90% from the previous year’s RMB95.6 million ($13.5 billion). The decrease in sales was attributed to … Read more Sinopec Shanghai Petrochemical’s Net Profit Falls

Mitsui Chemicals Expands Production Capacity for Nonwovens at Yokkaichi

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Mitsui Chemicals, Inc. has expanded its production facilities for meltblown nonwovens at its wholly owned subsidiary Sunrex Industry Co., Ltd. The move comes as an attempt to respond to the increasing demand for industrial-use meltblown nonwovens, and will increase the total production capacity of the Mitsui Chemicals Group for these materials by 50%. The expanded … Read more Mitsui Chemicals Expands Production Capacity for Nonwovens at Yokkaichi

Domo Chemicals to Build Nylon Compounding Plant in China

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Domo Chemicals GmbH, a Germany-based materials manufacturer announced its plans to build a nylon compounding plant in Zhejiang, China in a move to increase its focus on the Asia Pacific region. The new plant will be capable of producing 50,000 ton of sustainable and innovative engineered nylon compounds each year, the company said in a … Read more Domo Chemicals to Build Nylon Compounding Plant in China

Mitsubishi Chemical Holdings to Transfer Qualicaps to Mitsubishi Chemical

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Mitsubishi Chemical Holdings Corporation (MCHC) has announced the transfer of Life Science Institute Inc’s affiliate, Qualicaps to Mitsubishi Chemical Corporation (MCC), with effect from 1 July. “Through this transfer, MCC will enable Qualicaps to provide higher value-added solutions to the global capsule market by not only strengthening manufacturing technology leveraging mutual resources and accelerating chemical … Read more Mitsubishi Chemical Holdings to Transfer Qualicaps to Mitsubishi Chemical

Lotte Chemical Halts Operations after Explosion at Daesan Complex

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Lotte Chemical on March 4 suspended the operation of nine plants following an explosion at its Daesan Complex in Daesan-eup, Seosan County, South Chungcheong Province, Business Korea reported. The accident is expected to have an impact on the ethylene market. Lotte Chemical produces 4.5 million ton per year of ethylene annually at home and abroad. … Read more Lotte Chemical Halts Operations after Explosion at Daesan Complex

Asahi Kasei to Discontinue Styrene Resins Business

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Asahi Kasei has decided to discontinue its business for the styrenic resins SAN (Styrene-acrylonitrile resin), ABS (Acrylonitrile butadiene styrene), and ACS. According to the company, the operations of SAN plant at Kawasaki Works will be closed in March 2021. The business to be discontinued began with the 1962 start-up of the SAN plant in Kawasaki, … Read more Asahi Kasei to Discontinue Styrene Resins Business

Hyosung Vina to Use LyondellBasell’s Spheripol Tech for PP Plant

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LyondellBasell, the world’s largest licensor of polyolefin technologies, announced that Hyosung Vina Chemicals Co., Ltd. will use the LyondellBasell Spheripol technology for a new facility. The process technology will be used for a 300,000 ton per year polypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province, Vietnam. “This additional award for … Read more Hyosung Vina to Use LyondellBasell’s Spheripol Tech for PP Plant

Lotte Chemical Shuts Production after Ethylene Cracker Explosion

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Lotte Chemical of South Korea shut down its ethylene cracker in Daesan after an explosion that injured at least 31 people. It also announced an indefinite force majeure on supplies. The explosion occurred on March 4, about 3 am South Korea time from a fire at a compressor unit within the naphtha cracker. The fire … Read more Lotte Chemical Shuts Production after Ethylene Cracker Explosion

Indorama Profits Fall despite High Volumes

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Indorama Ventures Limited (IVL) reported a net loss despite rise in volume growth in the fiscal year 2019. The sales volume grew by 18%, driven reportedly by inorganic expansion. Industry-wide spreads declined to historical lows in 2019, leading to 20% reduction in IVL’s core EBITDA, as company stated. Operating cash flow increased 33% to $1.3 … Read more Indorama Profits Fall despite High Volumes

Reliance Acquires Stake in Alok Industries

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Reliance Industries announced on 29th Feb that it has acquired a controlling stake in textile manufacturer Alok Industries Ltd for Rs 250 crore ($34.3 million). Alongside JM Financial Asset Rehabilitation Co Ltd, Reliance had a bid to buy Alok Industries which had been auctioned by lenders under the insolvency and bankruptcy law to recover their … Read more Reliance Acquires Stake in Alok Industries

Pidilite Industries Acquires Majority Stake in Tenax’s Indian Subsidiary

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Pidilite Industries, an Indian manufacturer of adhesives, construction chemicals and specialty chemicals on Thursday announced acquiring majority stake in the Indian subsidiary of Italian firm Tenax SPA. Pidilite has entered into a definitive agreement with Tenax SPA for acquiring 70 per cent of the share capital of Tenax India Stone Products for cash consideration of … Read more Pidilite Industries Acquires Majority Stake in Tenax’s Indian Subsidiary

Fairchem Speciality Limited Net Profit Increased 7.6% for Q3, 2019

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India’s Fairchem Speciality Limited reported rise in profit growth in the third quarter 2019 on strong Oleochemicals margins. The company has posted net profit of Rs.7.2 crores ($1 million) for the period ended December 31, 2019, an increase of 7.6% as against Rs.6.69 crores ($0.93 million) for the prior-year quarter. The company has reported net … Read more Fairchem Speciality Limited Net Profit Increased 7.6% for Q3, 2019

I G Petrochemicals Net Profit Declines 74.5% for Q3, 2019

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India’s I.G. Petrochemicals reported fall in profit growth in the third quarter 2019 on poor Pthalic Anhydride (PAN) margins. The company has reported net sales of Rs.276.60 crores ($38.6 million) during the period ended December 31, 2019, a decrease of 12.96% as compared to Rs.317.79 crores ($44.3 million) during the prior-year quarter. The company has … Read more I G Petrochemicals Net Profit Declines 74.5% for Q3, 2019

IOL Chemical Reports Profit in Q3

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India’s IOL Chemical reported profit growth in the third quarter 2019 on strong API sales. The company reported a 20% year on year growth in EBIDTA at Rs 163 crore ($22.7 million) in December quarter. EBIDTA margin grew to 31.65% from 28.39% in the prior-year quarter. The company’s income from operations increased by 8% to … Read more IOL Chemical Reports Profit in Q3

Bharat Rasayan Forms Joint Venture with Nissan Chemical

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Bharat Rasayan Limited (BRL) announced that the company has executed a Joint Venture (JV) Agreement on 18th February, with Nissan Chemical Corporation (NCC), a Japanese agrochemicals company. The joint venture will operate through a company named Nissan Bharat Rasayan Private Limited, a company incorporated in India. This Joint Venture is expected to bring benefits to … Read more Bharat Rasayan Forms Joint Venture with Nissan Chemical

Bhageria Industries Reported Profit on Lower Sales

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India’s Bhageria Industries reported profit growth in the third quarter 2019 despite fall in sales revenue. Growth in dye intermediates margin aided to the rise in profit. Net profit of Bhageria Industries rose 17.41% to Rs 17.74 crore ($2.5 million) in the quarter ended December 2019 as against Rs 15.11 crore ($2.1 million) during the … Read more Bhageria Industries Reported Profit on Lower Sales

Jindal Poly Films Doubles Profit, Plans Capacity Expansion

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India’s Jindal Poly Films doubled its profit growth in the third quarter on strong packaging films margins. Net profit of Jindal Poly Films rose 120.90% to Rs 120.81 crore ($17 million) in the quarter ended December 2019 as against Rs 54.69 crore ($7.6 million) during the previous quarter ended December 2018. Sales rose 12.13% to … Read more Jindal Poly Films Doubles Profit, Plans Capacity Expansion

Aarti Industries Reports Profit Growth, Fall in Sales

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India’s Aarti Industries reported a profit growth in its third quarter despite a fall in sales revenue. According to the company, strong margins in higher value specialty chemicals led to the growth in profit. Net profit of Aarti Industries rose 4.59% to Rs 139.84 crore ($19.5 million) in the quarter ended December 2019 as against … Read more Aarti Industries Reports Profit Growth, Fall in Sales

India’s Bodal Chemicals Acquires Complete Stake in Trion Chemicals

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Bodal Chemicals Ltd, an Indian dye and dyestuff manufacturer has acquired the remaining 42 percent stake in Trion Chemicals Pvt Ltd, a producer of specialty chemicals for swimming pools & water treatment in the Indian state of Gujarat. The deal is expected to benefit Bodal Chemicals in diversifying its product range. “The objective for this … Read more India’s Bodal Chemicals Acquires Complete Stake in Trion Chemicals