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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Borealis announces a net profit of EUR 138 million ($151.8 million) for the fourth quarter of 2019, compared to EUR 94 million ($103.4 million) in the same quarter of 2018. While the 2018 result was impacted by a one-off impairment charge of EUR 92 million ($101.2 million), the result in the fourth quarter of 2019 … Read more
Versalis, Eni’s chemical company, has acquired 40% of Finproject, the Italian leader in the compounding sector and the production of ultralight products, from the VEI Capital fund. The move was intended with the aim of creating value by integrating the respective production chains. This strategic operation will create a new industrial platform that leverages the … Read more
Sika announced on 25th, Feb that the company has joined the ‘Together for Sustainability’ (TfS) initiative as a new member. The organization, founded in 2011, aims to improve sustainability practice within the supply chain of the chemicals industry. According to Sika, sustainability is a key feature and a central element of its growth strategy. “With … Read more
Vinnolit GmbH & Co. KG, a chlor-alkali and vinyls manufacturer announced the completion of expansion work at its paste PVC plant in Burghausen, Germany, and will use microsuspension technology to produce PVC with more flexible properties. “In Burghausen, we are now additionally producing with the microsuspension process, which we have already successfully used at our … Read more
Azelis, a leading distributor of specialty chemicals and food ingredients, announced the opening of a new Lubricants application laboratory in Hannover, Germany. Based on cooperation with the Gottfried Wilhelm Leibniz University of Hannover, this new Azelis lab is located in the Institute of Machine Construction and Tribology (IMKT). With this lab, the company can offer … Read more