Nova Chemicals is resuming construction activities at its new polyethylene plant and the cracker expansion project in a phased manner. The company said it has slowly increased the number of employees engaged in the construction of the Corunna site starting Thursday, April 16. Late last month Nova Chemicals announced that most of the construction workers … Read more
PPG expects that the ‘uncertain’ global economy amidst the coronavirus pandemic will impact its 2020 results. Michael McGarry, Chairman and CEO said Thursday “we will not know the full impact of COVID-19 on PPG and our business for some time but will work with urgency to take proactive actions to limit the impact as much … Read more
Oxea announced that it will implement a 100% sales control on n-Propanol and n-Propyl Acetate effective immediately for 2nd quarter, 2020 in reaction to strong demand coupled with logistics issues and service related to the COVID-19 stay-at-home orders. The sales control will be based on the average monthly consumption over the last six months or … Read more
Hexcel Corporation (HXL) and Woodward, Inc. (WWD) announced that the companies have mutually agreed to terminate their previously announced $6.4-billion merger deal. The decision has been duly approved by the boards of both companies. The companies decided to call off the mega-merger deal in response to the increasing impact of the coronavirus (COVID-19) pandemic on … Read more
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
Nova Chemicals Corp. is making substantial reductions in its construction activities in the wake of the COVID-19 pandemic. “We are adjusting construction work on our new AST2 polyethylene facility and Corunna cracker expansion projects in Ontario to temporarily focus on only the most critical work, which will result in a reduction of approximately 90% of … Read more
Methanex Corporation (TSX:MX) (NASDAQ:MEOH) said it is taking action to defer approximately $500 million of previously announced capital spending on its Geismar 3 methanol project for up to 18 months. The decision was made considering the significant uncertainty in the global economy from the COVID-19 pandemic, resulting in a challenging commodity price and project execution … Read more
LyondellBasell announced on Monday that it will slow construction of its propylene oxide (PO) and tertiary butyl alcohol (TBA) facility in Channelview, Texas. The company is limiting non-essential activities considering the current concerns related to the coronavirus pandemic. The PO / TBA site is under construction and limiting the construction activities will be prudent, according … Read more
Air Products (NYSE: APD) has reached an agreement with PBF Energy Inc. (NYSE: PBF) that include the acquisition of $530 million of five hydrogen steam methane reformers (SMR) hydrogen production plants and the long-term supply of hydrogen to PBF refiners from those already operating plants. Located in Torrance and Martinez, California and Delaware City, the … Read more
Indorama Ventures Limited has announced that the company decided to extend the pre-construction period of the PTA-PET plant in Corpus Christi, Texas through the end of 2020. Christi Polymers LLC (CCP), a joint venture among certain subsidiaries of Indorama Ventures Holding, Alpek and Far Eastern Investment (Holding) Limited was created to acquire and complete construction … Read more
Hillenbrand, Inc. signed a definitive agreement to sell its Cimcool business to DuBois Chemicals, Inc. (DuBois) for $224 million. Hillenbrand’s wholly-owned subsidiary Milacron LLC (Milacron) entered into an Equity and Asset Purchase Agreement with DuBois, pursuant to which DuBois will acquire the Cimcool business at a purchase price of approximately $224 million in cash, subject … Read more
Clariant and Floreon-Transforming Packaging Limited announced a new collaboration to further extend the performance properties and market potential of biopolymers. By combining the benefits of Clariant’s additives with Floreon’s proprietary material solutions, the partnership aims to open up additional opportunities for plastic manufacturers and brand owners to consider biopolymers as a viable, low-carbon alternative to … Read more
Huntsman has signed a $300 million deal to buy CVC Thermoset Specialties, a specialty chemical manufacturer that supplies chemicals for the industrial composites, adhesives and coatings markets. The $300 million purchase price is subject to customary closing conditions. It is an all-cash transaction, funded from available liquidity by Huntsman. Depending on the full year of … Read more
Kraton Corporation announced that it has completed the sale of its Cariflex business to Daelim Industrial Co, Ltd. for $530.0 million in cash. “We believe Daelim is well-positioned to invest in and grow the Cariflex franchise as it continues to expand its global business,” said Kevin M. Fogarty, Kraton’s President and Chief Executive Officer. “As … Read more
Bartek Ingredients Inc has announced a 10,000 MT malic acid capacity expansion planned to be completed in Q1 2021. The expansion plan comes in support of Bartek’s goal of continuing to invest ahead of growth in the malic and fumaric acid food-grade markets. This announcement closely follows its recent expansion of 4,000 MT malic acid … Read more
Univar Solutions Inc. reported a fall in profit for the fourth quarter and full year of 2019. The results were impacted by reduced demand in global industrial markets. In the fourth quarter, the company reported sales of $2.2 billion, up 9.3% compared to the prior year quarter. The company reported a loss of $55.1 million, … Read more
Givaudan, the global leader in fragrances and flavours, announced the completion of the acquisition of Ungerer & Company, the US based Flavour, Fragrance and Specialty Ingredients company. Givaudan had announced that it had reached an agreement to acquire the company in November 2019. Gilles Andrier, Givaudan’s CEO said, “Acquiring Ungerer fits very well with our … Read more
Westlake Chemical Corporation saw lower profits in the fourth quarter of 2019, hurt by reduced global sales prices for its major products. The chemical maker posted a profit of $72 million down around 41% from $123 million it earned in the prior-year quarter. Decrease in profit was attributed to lower global sales prices for key … Read more
Albemarle Corporation announced its results for the fourth quarter and full year 2019. The company’s net sales in fourth quarter increased 8% to $993 million with an adjusted EBITDA of $295 million increasing 12%. Its full year net sales increased 6% to $3.6 billion with an adjusted EBITDA of $1.04 billion increasing 3%. Net sales … Read more
The Chemours Company, a global performance chemicals manufacturer reported a fall in revenue for the fourth quarter 2019. Chemours fourth quarter 2019 net sales were $1.35 billion, a 7.6% fall from prior-year quarter. The company reported a loss of $317 million in the fourth quarter of 2019 against a profit of $142 million a year … Read more