Shell Cuts its Valuation by $22B as COVID-19 Affects all Business Segments

Royal Dutch Shell is writing down the value of its oil and gas assets by up to $22 billion as it adjusts the oil’s historic crash in recent months. Shell updated its mid and long-term price and refining margin forecast in the second quarter of 2020 reflecting the anticipated impact of the COVID-19 pandemic and … Read more Shell Cuts its Valuation by $22B as COVID-19 Affects all Business Segments

INEOS to Acquire BP’s Global Aromatics and Acetyls Business

BP’s Aromatics and Acetyls business consists of 15 sites across the world (5 in the Americas, 2 in Europe and 8 in Asia) as well as 10 leading joint ventures. INEOS announced its intention to purchase the global Aromatics and Acetyls businesses of BP for a consideration of $5 billion. Aromatics provide the building blocks … Read more INEOS to Acquire BP’s Global Aromatics and Acetyls Business

Mitsui Chemicals Commissions New PP Compounding Plant in the Netherlands

Mitsui Prime Advanced Compounds Europe, a joint venture between Mitsui Chemicals (75%), Mitsui & Co. (15%) and Prime Polymer Co. (10%), has commissioned its first polypropylene (PP) compounding plant in Europe. Located within Chemelot Industrial Park in the Netherlands, Advanced Compounds Europe marks Mitsui Chemicals Group’s first polypropylene (PP) compounding site in Europe. The facility … Read more Mitsui Chemicals Commissions New PP Compounding Plant in the Netherlands

Saint-Gobain Completes Sale of Sika Stake for $1.69 Billion

Saint-Gobain announced the completion of sale of its stake in Sika held by its subsidiary Schenker-Winkler Holding AG, netting it 1.54 billion euros ($1.69 billion). Saint-Gobain acquired its 10.75% stake in Sika as part of a global agreement with Sika and the Burkard family in May 2018. The Sika shares were held as an equity … Read more Saint-Gobain Completes Sale of Sika Stake for $1.69 Billion

INEOS Collabarates with Plastic Energy on New Plastics Recycling Facility

INEOS and Plastic Energy have agreed to collaborate in constructing a new plant to convert waste plastic into raw material to make new plastic. The new facility would be operational by the end of 2023. Plastic Energy’s proprietary Thermal Anaerobic Conversion (TAC) technology turns previously unrecyclable plastic waste into TACOIL. The resulting material is then … Read more INEOS Collabarates with Plastic Energy on New Plastics Recycling Facility

Borealis Declares Force Majeure for Swedish Steam Cracker, Acquires Complete Ownership in Novealis

Borealis last week issued a force majeure declaration for its Stenungsund steam cracker in Sweden. A spokesperson from the company said that on 8th of April the company declared force majeure for its cracker operations in Stenungsund due to a “technical incident”. The cracker in Stenungsund can produce 625,000 metric tons of ethylene per annum. … Read more Borealis Declares Force Majeure for Swedish Steam Cracker, Acquires Complete Ownership in Novealis

Solvay Withdraws its Full-Year Guidance, Reduces Capex in view of COVID-19 Impact

Solvay announced that it is withdrawing its full year 2020 guidance issued in February due to heightened uncertainty and prolonged duration of events caused by the COVID-19 global pandemic. The company has reduced its capital expenditure plans for the year by over €250 million ($273 million). “During these challenging times, we are mobilized and we … Read more Solvay Withdraws its Full-Year Guidance, Reduces Capex in view of COVID-19 Impact

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

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

Arkema Announces 2024 Strategy of Becoming a Specialty Materials Leader

Arkema unveiled its ambition to become a world leader in Specialty Materials realigned around three businesses: Adhesive Solutions, Advanced Materials, and Coating Solutions at a Strategy Update meeting on April 2. The Group unveiled its roadmap and its objectives for 2024 at this event. The Group has decided to align its organization which will now … Read more Arkema Announces 2024 Strategy of Becoming a Specialty Materials Leader

BASF to Make Hand Sanitizers at Ludwigshafen Site

BASF wants to help solve the existing hand sanitizer shortage that emerged as a result of considerably increased demand due to the spread of novel coronavirus. In order to make this possible, several preconditions have been met over the past few days to enable the manufacture of medical disinfectants at the Ludwigshafen site itself. BASF … Read more BASF to Make Hand Sanitizers at Ludwigshafen Site

Evonik Acquires Biotech Company innovativeHealth Group

Evonik Industries AG on Thursday said it has acquired Madrid-based biotechnology company innovativeHealth Group. The transaction is due to be completed before the end of March. The financial details of the deal were not disclosed. Headquartered at the Scientific Park of Madrid (Spain), innovativeHealth’s technology platforms screen and combine natural ingredients and extracts to generate … Read more Evonik Acquires Biotech Company innovativeHealth Group

Nouryon Reports Rise in Earnings on Margin and Cost Control

Nouryon reported growth in profitability in its full-year 2019 financial results, despite challenging conditions in several end markets. Adjusted EBITDA, backed by margin control and expense controls, rose by 5% to EUR1.13 billion ($1.27 billion). Revenues were marginally higher at EUR5.08 billion ($5.7 billion), as a minor volume decline was more than offset by price … Read more Nouryon Reports Rise in Earnings on Margin and Cost Control

Lanxess Earnings to Drop in 2020 Due to Coronavirus Impact

Lanxess has announced that it expects its core income to decline in 2020 as the global coronavirus epidemic is expected to damage its supply chains. The company forecasts that profit before exceptional items will slash EUR 50-100 million ($56.4-112.8 million) as a result of coronavirus, with EUR20 million ($22.6 million) impact projected for the first … Read more Lanxess Earnings to Drop in 2020 Due to Coronavirus Impact

Symrise Achieves Strong Profit Growth of 12.2%

Symrise AG reported increase in profit for full-year 2019 on strong organic business growth. Despite higher expenses, Symrise’s EBITDA grew by 12.2 % to EUR707.2 million ($802.6 million) from prior year’s EUR630.5 million ($715.8 million). The company’s sales increased by 8.0% to EUR3,408 million ($3869 million) from prior year’s EUR3,154 million ($3580 million). The company … Read more Symrise Achieves Strong Profit Growth of 12.2%

Firmenich to Acquire Ingredients Supplier DRT from PE Firm

Firmenich SA, a French flavors & fragrances company announced that it has entered into exclusivity with private equity firm Ardian, Tikehau Capital and family shareholders to acquire ingredients supplier Les Dérivés Résiniques et Terpéniques (“DRT”). DRT is a world leader in plant-based chemistry, mainly from pine trees, and is one of the leading suppliers globally … Read more Firmenich to Acquire Ingredients Supplier DRT from PE Firm

OMV in Talks with Mubadala over Borealis Stake

Austria’s OMV is in talks with Abu Dhabi’s Mubadala Investment Company to acquire a controlling stake worth $4.68 billion in Borealis. The deal— which would increase OMV’s current shareholding in Borealis from 36% to 75%— is said to be potentially record-breaking and would shift OMV’s focus to petrochemicals. “The potential transaction would expand the value … Read more OMV in Talks with Mubadala over Borealis Stake

Brenntag Increases Profit and Intends to Raise the Dividend

Brenntag AG, a global chemical and ingredients distribution company announced on Wednesday that its profit grew by 1.6% for full-year 2019. Profit before tax grew 1.6% from last year to EUR633.4 million. Operating EBITDA reached EUR1 billion, a year-on-year increase of 11.3%. The earnings were benefited by the initial application of IFRS 16, despite difficult … Read more Brenntag Increases Profit and Intends to Raise the Dividend

Toray breaks ground on second plant in Germany

Toray Industries, Inc. announced that its German subsidiary, Greenerity GmbH, held a groundbreaking ceremony a day earlier for its second plant. Located in industrial area of Alzenau, Bavaria, the plant will develop, manufacture, and sell components for hydrogen fuel cells. The new facility is scheduled to go online in November 2021. The new facility will … Read more Toray breaks ground on second plant in Germany

ExxonMobil Restarts Fife Ethylene Plant in Scotland

ExxonMobil Chemical has announced the restart of its Fife ethylene plant at Mossmorran, Scotland. The ethylene plant has been closed for maintenance since August when two out of the three boilers failed. The plant is one of Europe’s largest petrochemical cracker facilities with an ethylene production capacity of 830,000 metric tones per year. “In re-starting … Read more ExxonMobil Restarts Fife Ethylene Plant in Scotland

Arkema’s Net Income, Volumes Decline, Sees Market Uncertainty Impacting Demand

Arkema reported fall in adjusted net income and sales in 2019 due to a challenging macro environment. In the fourth quarter, sales fell 7% on year to EUR2.05 billion ($2.26 billion). The company’s adjusted net income for the full year came in at EUR625 million ($678.8 million) from EUR725 million ($800.6 million) in 2018. Sales … Read more Arkema’s Net Income, Volumes Decline, Sees Market Uncertainty Impacting Demand