BP, Virent Inc. and Johnson Matthey (JM) have signed an agreement to further advance the commercialization of Virent’s Bioforming ® bio – paraxylene (PX) production process, a key raw material for renewable polyester production. Developed in partnership with JM, Virent’s Bioforming ® technology produces recycling products from renewable sources that can be used to produce … Read more
On Tuesday, Germany’s Merck KGaA called on Versum Materials shareholders to put pressure on the management of the electronic materials manufacturer to consider their takeover bid over a rival Entegris’ bid. Versum rejected Merck’s unsolicited $5.9 billion cash offer on Friday. The proposal made to the management was non-binding and has not been submitted to … Read more
On Tuesday, Huber Engineered Materials (HEM), a subsidiary of J.M. Huber Corporation, announced that it had entered into a definitive agreement with Dunes Point Capital, LP to acquire Miller Chemical & Fertilizer, LLC. The current team and management will continue to run the operations of Miller as a business unit within HEM. Huber looks forward … Read more
Exxon Mobil Corporation announced that after 38 years of service, John Verity, chairman of ExxonMobil Chemical Company, chose to retire. The board of directors appointed senior vice president of basic chemicals, Karen McKee as ExxonMobil Chemical Company’s next president effective April 1, 2019. McKee, 52, joined Exxon Chemical Company in the UK in 1990, where … Read more
Versum Materials (VSM) announced that its Board of Directors rejected Merck KGaA’s unsolicited and non – binding proposal to acquire Versum at $ 48 per share in cash received on February 27, 2019. “After careful review and consideration, conducted in consultation with its independent financial and legal advisors, the Versum Board concluded that Merck KGaA’s … Read more
Germany’s Merck KGaA has announced a counter bid to acquire Versum Materials for $5.9 billion in cash against U.S. rival Entegris’ $4 billion offer. The company said it planned to buy Versum for $48 per share ($5.2 billion excluding debt), a 51.7% premium to Versum’s undisturbed share price, on January 25, 2019, the day prior … Read more
Air Liquide announced the construction of the world’s largest PEM (Proton Exchange Membrane) electrolyzer in Canada with a capacity of 20 megawatts (MW) for the production of carbon-free hydrogen. This investment enables the Group to reaffirm its long-term commitment to the energy markets for hydrogen and its ambition to be a major player in the … Read more
Dow Chemical announced that after separation from DowDuPont on 1 April, it will set an initial annual dividend payment of $2.1 billion and launch a $3-billion stock buyback program. The company will target shareholder remuneration of approximately 65% of operating net income across the cycle, including dividend and share repurchases. Dow confirmed its plans to … Read more
Chroma Color Corporation announced that it has acquired Polymer Concentrates Inc., based in Clinton, MA. With this latest acquisition, Chroma Color, together with its range of colorant and additive technologies, continues to increase its production footprint to better serve existing and prospective customers. Transaction terms have not been disclosed. Polymer Concentrates Inc., a private company, … Read more
The Government of Alberta has pledged support for the $1.51 billion methanol plant proposed by Nauticol Energy in the Canadian province. The methanol plant, which will be built 10 km south of Grande Prairie, will be supported by the provincial government with up to $60.61 million in the form of future royalty credits for phase … Read more
The divestiture is expected to result in net cash proceeds of at least $615 million, which will be immediately utilized to pay down debt.
World’s Largest HFO-1234yf Production Facility Begins Operations in Corpus Christi, Texas
Chevron Phillips Chemical has announced that it would be investing $5 billion to build an ethylene plant in Orange County, Texas. Company sources informed that the construction could begin by 2020 and commercial operations commence by 2024. The two-unit plant would be located half in the West Orange-Cove school district and half in the Bridge … Read more
Eni and SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol. The partnership will involve, among other activities, the construction of an Industrial Demonstration Plant that will be built and … Read more