Recommended Cash Offer by Clariant PLC for BTP plc, Offer Unconditional in All Respects
The board of Clariant PLC is
pleased to announce that the recommended cash offer (the ”Offer”) made by Wasserstein Perella & Co.
Limited on its behalf for the ordinary share capital of BTP plc (”BTP”)
has been declared unconditional in all respects. The Offer and
the Loan Note Alternative will remain open for acceptance until
As at 3:00 p.m. on 2 March 2000, Clariant PLC had received valid acceptances of the Offer in respect of a total of 80,786,847 BTP Shares representing approximately 45.6 per cent. of BTP’s issued ordinary share capital. These acceptances include acceptances received pursuant to the irrevocable undertakings to accept the Offer given by the directors of BTP and certain of their associated interests prior to the announcement of the Offer in respect of 311,475 BTP Shares, representing approximately 0.18 per cent. of BTP’s issued ordinary share capital.
Of these valid acceptances, elections for the Loan Note Alternative had been received in respect of 4,213,403 BTP Shares representing approximately 2.4 per cent. of BTP’s issued ordinary share capital.
Additionally, during the Offer Period, Clariant PLC acquired or agreed to acquire, in aggregate, 43,730,000 BTP Shares representing approximately 24.7 per cent. of BTP’s issued ordinary share capital.
Accordingly, Clariant PLC now owns or has received valid acceptances in respect of a total of 124,516,847 BTP Shares, representing approximately 70.3 per cent. of BTP’s issued ordinary share capital.
Clariant achieves rapid integration of BTP plc
In less than three months
Clariant has integrated the businesses of the British fine
chemicals producer BTP acquired earlier this
year into three of its
divisions. The new integrated structures include people from both
Clariant and BTP in key positions.
"The spirit in the integration teams was excellent such that the integration drove itself. Having completed the task so quickly minimizes any distraction from the main business. The superb fit of the businesses was a key factor in achieving this short time scale", comments Reinhard Handte, Chief Operating Officer of Clariant.
A new force in fine chemicals
Within Clariant's Life Science & Electronic Chemicals division, the Clariant Life Science Intermediates business unit has been merged with former BTP plc division Archimica to form a customer-focussed organization Clariant Life Science Molecules which with sales revenue of over CHF 1 billion will be one of the world's leading fine chemical businesses. David Maddox, presently Head of Archimica, will be heading the new Clariant Life Science Molecules business unit which will be based in Manchester, U.K.
Customer contact will be through three global market orientated groups each headed as follows:
Pharmaceutical Actives/Intermediates Thomas Schultz
Agrochemical Intermediates Georg Weichselbaumer
Specialty Fine Chemicals Craig Stafford
These global business groups will be organized with nominated individuals responsible for each customer and will be backed by technical resources and manufacturing on four continents.
The Life Science Molecules Technical Group has over 200 chemists and chemical engineers for product and process design and includes the Clariant Molecule Synthesis Centre offering customers contract research and development, and the Lancaster Catalogue which has a range of 13,000 organic chemicals available to research chemists at short notice.
The Clariant Life Science Molecules manufacturing plants in Italy, France, Germany, USA, UK, Brazil and India offer the widest range of chemical reactions and process capabilities. Quantities from grams to hundreds of tons can be handled of materials that can be basic building blocks, complex intermediates or are all the way through to chiral bulk pharmaceutical actives produced to cGMP (current good manufacturing practice) standards.
"The fit of Clariant Life Science Intermediates business and Archimica is excellent and gives us the widest range of molecules and chemical capabilities for use by our customers in their products which improve the quality of life," comments Steve Hannam, Head of Clariant's Life Science & Electronic Chemicals division.
The organization of the division's two other business units - Electronic Materials headed by Werner Interthal and Specialty Intermediates headed by Dirk Thomas - are not affected by the BTP integration and remains unchanged. Francois Darrort, Head of Clariant's former Life Science Intermediates business unit, will assume the Chief Operating Officer (COO) function of the division.
Leader in leather chemicals
The former Hodgson and Earnshaw leather activities have been integrated into the Leather business unit of Clariant's Textile, Leather & Paper Chemicals division. The business unit, headed by Adrian Meier, will be one of the leading suppliers to the global leather industry.
The business groups, which are responsible for R&D, product management and technical promotion, are lead by Steve Good for Wet End Chemicals, Marcelo Pasquet for Finishing products and Rafael Chopitea for Dyestuffs. To guarantee best customer focus, a new marketing team has been formed headed by Rudolf Helber. Main markets will be served through the local Clariant organization supported by a network of agents.
With major application centers in Germany, UK, Italy, Pakistan, India, China, USA and Brazil continuous service and partnership is assured. To distribute and deliver its products, the Clariant leather business counts on more than 20 production facilities worldwide.
An integrated Biocides business
BTP’s biocides business - NIPA Laboratories - has been integrated into Clariant’s Functional Chemicals division. The new Biocides business unit will operate out of Pontypridd, U.K. and will concentrate on expanding the biocides business in current and new application fields.
The decision to integrate NIPA into the Functional Chemicals division was taken as both groups are customer and service oriented in similar application fields which will further enhance the specialty character of the division in areas such as detergents, personal care, oilfield chemicals, metal working and mining chemicals.
|Annual Report 2003
The goodwill arising on the
acquisition of BTP plc. in 2000 (CHF 2,702 million) was
reassessed for recoverability in 2001. The resulting
special amortization amounted to CHF 1,226 million.
Clariant Sells Its Stake In SF-Chem for CHF 22 Million
Clariant has sold its 25% stake in SF-Chem, based in Pratteln,
Switzerland, to Capvis, a Swiss based Private Equity company, and
the company management for CHF 22 million. The Basel-based
agrochemical company Syngenta, which owns the
remaining 75% of SF-Chem, is also selling its stake to Capvis.
The SF-Chem transaction is part of Clariant's strategy to sell businesses that are outside its core activities. Last year the company began a far-reaching Transformation Program that includes selling several non-strategic businesses, cutting costs and making sustainable competitiveness improvements.
SF-Chem is a manufacturer of chemical intermediates for the pharmaceutical, agrochemical and specialty chemicals industries. It is headquartered in Pratteln near Basel and employs around 360 people. Closing of the transaction is expected at the end of this month.
Clariant - Exactly your chemistry.
Clariant is a global leader in the field of specialty chemicals. Strong business relationships, commitment to outstanding service and wide-ranging application know-how make Clariant a preferred partner for its customers.
Clariant, which is represented on five continents with over 100 group companies, employs about 26,500 people. Headquartered in Muttenz near Basel, it generated sales of around CHF 8.5 billion in 2003.
Clariant's businesses are organized in five divisions: Textile, Leather & Paper Chemicals, Pigments & Additives, Masterbatches, Functional Chemicals and Life Science & Electronic Chemicals.
Clariant is committed to sustainable growth springing from its own innovative strength. Clariant's innovative products play a key role in its customers' manufacturing and treatment processes or else add value to their end products. The company's success is based on the know-how of its people and their ability to identify new customer needs at an early stage and to work together with customers to develop innovative, efficient solutions.
September 2004 Syngenta
Syngenta sells stake in SF-Chem
Syngenta announced today that it is selling its 75
per cent stake in the Swiss chemical company SF-Chem to the Zurich-based
private equity firm Capvis. The remaining 25 per cent
stake held by Clariant is also being sold to Capvis. The total consideration
for the transaction is CHF81 million ($64 million), of which
Syngenta’s share is CHF59 million
($46 million), plus an additional performance-related component.
SF-Chem is a manufacturer of chemical intermediates for the pharmaceutical, agrochemical and speciality chemicals industries. It is headquartered in Pratteln near Basel and employs around 360 people. Closing of the transaction is expected at the end of this month.
“It has become increasingly clear that our investment in SF-Chem is no longer core“, said Christoph Mader, responsible for Syngenta in Switzerland. “As an independent company, SF-Chem will be better able to develop its business and secure its long-term success. We are particularly grateful for the dedication shown by SF-Chem employees over the years and are confident that this dedication will be appreciated by the new owners.”
Syngenta is a world-leading agribusiness committed to sustainable agriculture through innovative research and technology. The company is a leader in crop protection, and ranks third in the high-value commercial seeds market. Sales in 2003 were approximately US$ 6.6 billion. Syngenta employs some 19,000 people in over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT). Further information is available at www.syngenta.com.
SF-Chem supplies customers in the chemical industry, in particular in the pharmaceutical, agrochemical and speciality chemicals industries. The company, founded in 1917, has its head office and production facilities at Pratteln in Basel, Switzerland.
SF-Chem is pursuing a growth strategy with its independently operated business units Chemicals and Custom Manufacturing in order to ensure an independent worldwide market position.
|・||Chemicals: sulfur- and chlorine-based intermediates.|
|・||Custom Manufacturing: development of custom-tailored, specific solutions for the pharmaceutical, agrochemical and speciality chemicals industries.|
October 7, 2004 Borden Chemical
Borden Chemical, Inc. to Acquire
Borden Chemical, Inc., a leading
supplier of thermoset and other high performance resins,
adhesives and specialty materials, today announced it has signed
a definitive agreement to acquire Bakelite AG from its parent company, Rutgers AG.
Terms of the purchase agreement were not disclosed. The transaction is subject to regulatory and other customary closing conditions.
Based in Iserlohn-Letmathe, Germany, Bakelite is a leading source of phenolic and epoxy thermosetting resins and moulding compounds with 13 manufacturing facilities in Europe and Asia. Last year the company generated sales of $610 million. It has 1,700 employees. Borden Chemical reported 2003 sales of $1.4 billion and employs 2,400 associates.
Craig O. Morrison, president & CEO of Borden Chemical, said: “We regard Bakelite as a strategic investment that will greatly expand our international operations, particularly in Europe and Asia, while extending our range of technology solutions into epoxy resins and other materials. The merging of our two businesses creates a company with true global reach.” Morrison also highlighted the complementary fit of the two companies’ operations. Most of Bakelite’s sales and operations are outside North America, while the bulk of Borden Chemical’s sales and operations are within North America.
Dr. Heinz Rzehak, chairman of the management board of Rutgers AG said, “The merger with Borden Chemical will provide Bakelite with an owner totally dedicated to Bakelite’s core business of thermoset resins and adhesives. Bakelite and Borden share common values and a customer-focused approach to the business. The two companies have excellent technological positions that should create value for the combined enterprise going forward. Bakelite's management looks forward to working with the Borden Chemical team.”
Bakelite was the world’s first manufacturer of fully synthetic plastics and is one of the best-known names in the synthetic resins industry. It is recognized for its strong technical solutions that deliver value across a broad range of customer applications. More information on the company can be found on its website at www.bakelite.de
Borden Chemical is a leading producer of binding and bonding resins, performance adhesives, and the building-block chemical formaldehyde for various wood and industrial markets through its network of 48 manufacturing facilities in 9 countries. The company is owned by the investment firm Apollo Management, LP and is based in Columbus, Ohio. More information on Borden Chemical can be found on its website at www.bordenchem.com.
November 15, 2004 3M
Dyneon and Meilan Reach Cooperative Agreement on PTFE
Dyneon LLC, a 3M company and one of the world's
leading fluoropolymer producers, and Meilan Group, a Jiangsu, China-based company and one
of China's leading fluorochemical producers, have reached an agreement to establish a
Polytetrafluoroethylene (PTFE) manufacturing relationship in China to provide PTFE products for
both Meilan and Dyneon.
With this move, Dyneon continues to build on its long-term commitment to the worldwide fluoropolymer business, effectively strengthening its product availability and reinforcing its ability to supply product globally. Under this arrangement, which is the first of a series of cooperative projects planned between the companies, Dyneon will be able to better serve and support its customers.
The cooperation allows the Meilan Group to continue to build on its long-term commitment to developing advanced technologies in China and strengthen its leadership position in the Chinese fluoropolymer industry. In addition, Meilan will be able to serve its customers' increasing demands for high-performance, high-quality fluoropolymer products.
"We are very excited to be working with an organization that has an established reputation for technical competence," said William Myers, president, Dyneon. "Working with Meilan to expand our capabilities is another confirmation to our customers of the commitment Dyneon has to offering products globally with multiple sources of supply."
"Meilan is very proud to be the first company in the Chinese fluoropolymer industry that is able to leverage the experience of Dyneon, one of world's leading fluoropolymer companies", said Mr. Huhong Zhou, chairman, Meilan. "Through the cooperative agreement with Dyneon, we will develop PTFE capabilities at an even faster pace. This, in turn, will help both companies become more successful in meeting the requirements and future wishes of our customers."
PTFE is the preferred material for a wide array of industries including automotive, chemical processing, wire and cable, aerospace, and semiconductor, in applications that require excellent heat and chemical resistance.
Dyneon, a 3M company, is one of the world's leading fluoropolymer producers with operations or representation in more than 50 countries. Headquartered in Oakdale, Minn., Dyneon employs more than 800 people globally who are dedicated to customer service, technical and sales support, marketing, research, application development, and production.
The Meilan Group is part of the Jiangsu Meilan Chemical Corp., a large-scale chemical enterprise. The company's product line includes materials based on both fluorochemical and chlorine alkali chemicals. Additionally, Meilan has been awarded the title of "High and New Technology Advanced Enterprise" by the Jiangsu Province People's Government. Founded in 1958, the corporation employees 1,800 people and is situated in the port city of Taizhou.
About 3M -- A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 67,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com.
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M.
2004/11/22 Ciba Specialty
Ciba Specialty Chemicals acquires remaining 50% stake in Daihan Swiss of Korea
Ciba Specialty Chemicals today
announced the acquisition of the remaining 50 per cent stake in
Swiss Chemical Corporation in Korea for a consideration of 28.5 billion
Korean Won (CHF 30.5 million). The transaction gives Ciba 100 per
cent of the equity and is expected to take effect before the year
end. It is subject to the customary regulatory approvals. Daihan Swiss makes and markets pigments and
preparations for the Korean coatings, plastics and inks markets,
and exports products globally through Ciba Specialty Chemicals.
It has 225 employees and a state of the art research and
Increasing the stake to 100 per cent ownership allows Ciba Specialty Chemicals to bring new and patented technology into the business and thereby open up direct access to one of the largest markets in Asia outside of Japan. It also allows for synergies to be realized in the Coating Effects business in Korea, and to build on Daihan Swiss’ existing considerable market share in pigments.
Chairman of the Board of Ciba Specialty Chemicals and Chief Executive Officer, Armin Meyer comments: “This acquisition supports our strategy to strengthen the Ciba Specialty Chemicals business in Asia and gives us the opportunity to develop the Korean market in high performance pigments and create a center of excellence there. We have been a joint venture partner in Daihan Swiss for 23 years now, and we are very pleased to take on full ownership and control.”
Ciba Specialty Chemicals is a leading global company dedicated to producing high-value effects for its customers’ products. We strive to be the partner of choice for our customers, offering them innovative products and one-stop expert service. We create effects that improve the quality of life ─ adding performance, protection, color and strength to textiles, plastics, paper, automobiles, buildings, home and personal care products and much more. Ciba Specialty Chemicals is active in more than 120 countries around the world and is committed to be a leader in its chosen markets. In 2003, the Company generated sales of 6.6 billion Swiss francs and invested 281 million in R&D.
DPI(once called Daihan Offset Printing Ink Manufacturing Co.)
Since its establishment in 1945, DPI, once called Daihan Offset Printing Ink Manufacturing Co., has led the paint and ink Industry in Korea. The company has taken giant strides to become a true national enterprise in various business areas
including paint, ink, resin and plastic. The famous "Deer" brand has been at the forefront of this growth, and embodies our special skills and meticulous attention to detail for success in a demanding world.
Announces Exit From Acrylonitrile and Derivative Businesses
STERLING CHEMICALS, INC.
announced that it was exiting the acrylonitrile business
and related derivative operations. The Company's decision was based
on a history of operating losses incurred by its acrylonitrile
and derivatives business, and was made after a full review and
analysis of the Company's strategic alternatives. The Company's
acrylonitrile and derivatives businesses, which sustained gross
losses of $7 million during the first six months of 2005 and $28
million and $36 million during 2004 and 2003, respectively, have
been shut down since February of 2005 following a force majeure
event involving availability of propylene.
The Company's closure of these facilities is expected to result in one- time costs of between $13 million and $17 million (before taxes). These one- time costs include payment of contractual obligations, employee severance costs and decommissioning costs. The Company expects approximately $7 million of these one-time costs to be expensed during the third quarter of 2005, with the balance expensed during the fourth quarter of 2005 and the first half of 2006. The cash flow impact of these one-time costs will be offset by cash received from acrylonitrile-related inventory sales during the balance of 2005 along with estimated capital expenditure reductions of approximately $9 million for projects no longer required for compliance with the ozone provisions for the Clean Air Act. In addition, during the third quarter of 2005, the Company will record an impairment charge of approximately $3 million (before taxes) related to its acrylonitrile and derivatives operations.
The Company expects to reduce its workforce by 20 employees over the next six months in connection with its exit from these businesses, which will result in a charge to operating income of approximately $1 million for severance payments. After this workforce reduction, the Company's total headcount will have been reduced by approximately 50 people in connection with the exit from the acrylonitrile and derivative businesses. The Company plans to seek alternative uses of the space and infrastructure that was associated with the acrylonitrile and acrylonitrile-derivatives operations.
Based in Houston, Texas, Sterling Chemicals, Inc. manufactures a variety of petrochemical products at its facilities in Texas City, Texas.
Hercules Tianpu - Methylcellulose joint venture begins operations in China
announced the March 1st commencement of operations of Hercules
Tianpu Chemicals Co. Ltd. ? a joint venture between Aqualon, a
business unit of Hercules, and Luzhou North Chemical Industries
Co. Ltd. 瀘州北方化学
Feixiang Chemical Co. Ltd. 江蘇飛翔化学
The joint venture will be the leading producer of methylcellulose (MC) in China and will have an initial combined capacity of 6,000 metric tons at the sites in Luzhou and Zhangjiagang張家港. In addition, a new 12,000 metric ton MC facility, currently under construction in Zhangjiagang, is scheduled to start operations in the second half of 2006.
Aqualon will have global sales and marketing rights for the output of the venture and the new capacity will benefit from Aqualon's advanced technology, allowing it to supply the exacting requirements of the global markets.
"The venture will strengthen our position in a fast growing segment of the construction markets; our overall leading position in water soluble polymers; our expanded manufacturing base in China; and significantly improve our global supply capabilities for MC products," said Craig A. Rogerson, President and Chief Executive Officer of Hercules.
Methylcellulose (MC) and its companion products hydroxypropyl- and hydroxyethyl- cellulose (MHPC and MHEC) are used in a wide variety of industries and applications, including tile cements and renders, joint compounds, gypsum plasters, emulsion paints, resins and catalytic converters. Specialized food grades and premium grades are used respectively as functional food ingredients and in the pharmaceutical industry in tablet coating and controlled release formulations.
Canada seeks investment in oil, petrochemicals from Alberta sands
Canadaian representatives were in Japan this week to promote investment in the Alberta oil sands project, which includes several petrochemical sub-projects. By 2020, Alberta hopes to produce some 400,000 b/d of petrochemicals, according to Duke du Plessis, senior advisor with the Alberta Economic Development and the Alberta Energy Research Institute. This figure
includes aromatics, olefins, and polymers.
Aromatics would be extracted from raw bitumen contained in the oil sands, while olefins would be cracked from naphtha to be produced from synthetic crude oil, which in turn would come from bitumen as well. Bitumen and synthetic crude production is forecast to reach 3.6 million b/d and 1.3 million b/d, respectively, by 2020. Output of refined products, including naphtha, would reach 1.66 million b/d by that time.
In a feasibility study presented at a seminar to a group of Japanese delegates, Plessis estimated that a production capacity of 300,000 b/d of bitumen could support a worldscale steam cracker with ethylene, propylene and butadiene capacities of 2,800 mt/day (1 million mt/year), 1,600 mt/day, and 270 mt/day, respectively.
Some of the petrochemicals produced form the oil sands would likely be exported to the US and elsewhere.
Rhodia continues its development in Asia with the construction of a new polyamide unit in South Korea
Rhodia has announced the construction of a polymerization unit at its integrated production platform in Onsan (South Korea). With an annual capacity of 48,000 tonnes, the unit will start polyamide production at the end of 2007. This investment of almost 40 million euros will strengthen the market position of Rhodia in Asia .
The new facility will produce nylon salt and polyamide 6.6 polymers. With their mechanical and thermal properties these are used in engineering plastics and industrial fibers for the automotive, electricity and electronics or the consumer goods industries.
“This decision is fully in line with the profitable growth strategy adopted by the Group. Our investment will allow Rhodia Polyamide to provide a better service to its customers in Asia and seize new growth opportunities in a market enjoying strong growth,” explained Laurent Schmitt, President of Rhodia Polyamide.
Strengthening its position in Asia is a priority objective in the strategy of Rhodia, which brought also a new engineering plastics facility on stream near Shanghai , China , in February.
Rhodia Polyamide is an upstream integrated company providing intermediates for polyamide and other applications, polyamide polymers, as well as a complete downstream range of added value products including engineering plastics polyamide 6.6 and 6 based, industrial polyamide yarns, technical and consumer polyamide fibers and textile yarns. With seventeen state-of-the art production facilities along with R&D and technical centers, Rhodia Polyamide serves customers on every continent, with the capability to develop products and technologies locally.
Rhodia is a global specialty chemicals company recognized for its strong technology positions in Performance Materials, Functional Chemicals and the Organics and Services clusters. Partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets, Rhodia offers tailor-made solutions combining original molecules and technologies to respond to customers’ needs. Rhodia subscribes to the principles of Sustainable Development communicating its commitments and performance openly with stakeholders. Rhodia generated sales of Euro 5 billion in 2005 and employs around 19,500 people worldwide. Rhodia is listed on the Paris and New York stock exchanges.
1998/1 Rhone Poulenc の化学品事業部と繊維・ポリマー事業部を統合、新会社ローディアを設立
BOC to build only carbon
dioxide plant in U.S. Northeast
CO2 to come from ethanol production in Volney, N.Y.
BOC, one of the world's
largest industrial gases companies, is expanding its carbon
dioxide (CO2) capacity with a new plant in Volney, New York. The
plant will be the first CO2 plant built in the Northeast in
nearly two decades and will be the only CO2 plant in the region.
BOC will build the 600 ton a day plant at the Permolex International/NEB ethanol plant, expected to begin operating in December 2007, and which will be housed in a former brewery in the Riverview Business Park, some 25 miles north of Syracuse.
When BOC’s plant comes online next year it will capture ethanol’s by-product, CO2, purify it and liquefy it for sale to BOC customers. Those customers, major food and beverage companies and chemicals manufacturers are located throughout New York, New Jersey, Pennsylvania and New England.
“This plant will be the third largest in our network of 30-plus CO2 plants around the country. Its location allows BOC to improve supply reliability by moving closer to our customers,” said Trevor Burt, president, PGS North America.
The Northeast has had no local CO2 production since 2005 when a Massachusetts CO2 source closed. Since then, BOC has served its customers by railing and trucking CO2 from sources in the Midwest and South.
“The Volney location appealed to us for its unique infrastructure and transportation links, allowing us to send CO2 more efficiently to our existing rail depots in Delaware, New Jersey, Massachusetts and Pennsylvania and to customers located along the major Northeast interstate highways,” Burt said.
BOC will create between 15 and 20 jobs at the plant, most of which will be truck driver positions.
Eric W. Will II, NEB project developer, said he welcomes BOC’s investment in the project and the company’s experience and expertise as a major CO2 supplier. “We’re pleased to be able to partner with BOC, a leader in the safe and reliable production and supply of CO2, and to be able to combine our efforts to create jobs and economic opportunities for people in this region.”
CO2 comes from a variety of sources including natural wells, oil refineries, ammonia and ethanol plants. U.S. cleaner fuels legislation has boosted the growth of fuel ethanol production for use as a gasoline additive. The Permolex International/NEB plant will use some 41 million bushels of corn grown locally and in the Midwest as feedstock to produce 100 million gallons of ethanol a year. But the company, supported by a $4 million New York State grant, hopes eventually to produce ethanol from willow tree chips.
The BOC Group, the world-wide industrial gases, vacuum technologies and distribution services company, serves two million customers in more than 50 countries. It employs over 30,000 people and had total revenues of over $8.1 billion in 2005. Further information about The BOC Group may be obtained on the Internet at http://www.boc.com.
December 31, 2004 Teknor Apex
Teknor Apex Acquires Chem Polymer, International Supplier of Engineering Plastics Compounds with Plants in UK and USA
Teknor Apex Company today
purchased the UK and US engineering thermoplastics compounding
businesses of Chem Polymer, which is a leading supplier to
customers throughout Europe and the Americas and has a growing
presence in Asia. Chem Polymer will operate under its existing
management as a distinct entity within Teknor Apex, retaining the
Chem Polymer name and a workforce of 150.
Until now a member of the UK-based Chem Polymer Group (formerly BIP Group), Chem Polymer produces reinforced, filled, and specially modified compounds of nylon 6 and 66, acetal, PBT, and PET for automotive, appliance, electrical, electronic, and other applications. It operates two plants in the UK and one in the USA, with combined annual capacity of 30,000 metric tons (66,000,000 lb.).
While Teknor Apex also produces compounds based on engineering resins, its largest plastics output by far has involved flexible vinyl and thermoplastic elastomers, along with color concentrates for use with thermoplastics of all types.
"The purchase of Chem Polymer is the latest initiative in our long-range strategy of broadening the technology base of Teknor Apex and expanding its geographic reach through acquisitions and alliances," said Teknor Apex president Jonathan D. Fain. "The resources and expertise of Chem Polymer will increase our capability to offer the economic and logistical advantages of 'single-sourcing' to customers who require a wide range of compounds or manufacture at multiple sites around the world."
"By joining with Teknor Apex, Chem Polymer becomes even more valuable to its customers," said Chem Polymer U.S. president Evan DeWulf. "Besides sharing our passion for service and our emphasis on unique, high-value products, Teknor Apex will immediately benefit our customers through its R&D capabilities and color expertise, and its manufacturing operation in Singapore will enable Chem Polymer products to be available on a truly global basis."
Teknor Apex did not disclose the purchase price for Chem Polymer.
Chem Polymer Brings Valuable Insight in Key Markets like Automotive and Electrical
Chem Polymer has many years of experience developing custom formulations and providing technical support for customers in 'high-specification' markets where strict requirements are set by OEMs, standards bodies, and regulatory agencies. An ISO-9001:2000, QS-9000-certified company, it has achieved Underwriters Laboratory listings and automotive OEM approvals for an extensive range of compounds.
Among key product families supplied by Chem Polymer are Chemlon (R) nylon 6 and 66, Formax (R) acetal, Durlex (R) PBT, and specialty thermoplastic compounds under the Beetle (R) brand. These are available in a wide range of formulations incorporating glass or carbon fibers, glass beads, mineral fillers, PTFE, silicones, impact modifiers, flame retardants, custom colors, and other additives and reinforcements.
The acquisition "is good news for everyone," according to Russell Livesey, general manager of Chem Polymer UK. "Both Teknor Apex and Chem Polymer gain broader access to technology and international markets, and this will help ensure the future for our employees."
Chem Polymer operates manufacturing plants in Oldbury and Cinderford, England and Fort Myers, Florida. A direct sales force serves customers in the U.S. and UK while a network of agents represents the company in continental Europe, Asia, and South America. Chem Polymer is headquartered at Tat Bank Road, Oldbury, West Midlands B69 4NH, UK. Tel: 44-121-665-2105. Fax: 44-121-544-5530. Email: email@example.com.
In the USA, Chem Polymer has offices at 2443 Rockfill Road, Ft. Myers, FL 33911 USA. Tel: 1-239-337-0400. Fax: 1-239-337-4461. Email: firstname.lastname@example.org.
Oct. 23,2006 PLASTICS NEWS
Teknor Apex to begin compounding in Europe
Teknor Apex Co., a
U.S.-based compounder of specialty PVC, thermoplastic elastomers
and color concentrates, plans to start a European TPE compounding
operation in 2008, officials said at Fakuma 2006.
At the show in Friedrichshafen, Teknor Apex introduced its beefed-up European sales and service organization ? the first time the company has done direct sales in the region.
Teknor Apex plans to install a small compounding operation next year in the Oldbury, England, factory of Chem Polymer, according to Andre Toczek, sales and marketing manager of the European operation. Teknor of Pawtucket, R.I., bought Chem Polymer Ltd. in early 2005.
Chem Polymer compounds engineering polymers, including nylon, polybutylene terephthalate and PET. The British operation is Teknor’s European headquarters.
Teknor officials have not decided the location of the full-scale TPE production, although Oldbury is one option, Toczek said Oct. 19 at the show.
Making both engineering resins and TPEs will help Teknor Apex become a full-service supplier to the market for two-component injection molded, hard/soft parts that have soft-touch components molded over a rigid structure, he said.
Teknor Apex is spending 4 million euros ($5 million) to re-engineer the Oldbury factory. Most of the money already has been invested. The planned laboratory line is not included in that amount.
Teknor also announced that Nick Sandland was named TPE market manager for Europe. He has spent 18 years in the plastics industry, including 10 as technical manager for Zeon Europe’s range of elastomers.
Mexico's PVC producer Mexichem eyes takeover of Pemex's VCM plant
chemicals group, Mexichem, whose recent acquisitions have
made it the biggest producer of PVC in
aims to break a production bottleneck by taking control of state Pemex's VCM plant, Enrique Ortega, Mexichem's
investor relations manager said Monday.
"We supply the plant with 90% of the chlorine it uses and buy 70% of its VCM output," Ortega told Platts. "It's natural that we would want to acquire it and the law allows us to do so." VCM is classified as a secondary petrochemical to which Pemex's state monopoly does not apply.
"However, though there would be no legal problems in buying the plant, there are political barriers. So we're looking for some kind of business model that would allow us to run the plant without necessarily owning it."
The political problem is the stranglehold that the Oilworkers' Union of the Mexican Republic (STPRM) holds on the plant, which is located in Pemex's Pajaritos petrochemical complex in the southern Gulf state of Veracruz. "Right now, the plant has 2,700 workers, but 300 would be enough (to prevent the take-over)," Ortega said.
Pemex chiefs concede in private that they were powerless to do anything because of the considerable political influence of the union's leaders. During his 1994-2000 government, President Ernesto Zedillo tried to privatize the Morelos petrochemicals complex, which neighbors Pajaritos in Veracruz. The plan was scuppered, however, when the union used its political muscle to impose conditions on the deal that none of the potential bidders was prepared to accept.
The Pajaritos VCM plant has been a thorn in Mexichem's flesh for some time. In 2002, Pemex announced the award to Spain's Duro Felguera of a $74 million contract for an expansion of the plant's capacity from 200,000 metric tons/year to 405,000 mt/year. The expansion project took much longer than programmed, forcing Mexichem and others to import VCM in the meanwhile, and the expansion of production capacity appears to have fallen far short of target. Last year the plant produced 209,000 mt/year of VCM.
"The other reason why we want to run the plant is that we want to see what can be done to bring production capacity up to the goal," Ortega said.
Despite rumors of serious errors in procurement, Pemex has persistently denied that anything untoward happened with the plant expansion. A senior source at Duro Felguera told Platts at the time that Pemex had implicitly cleared his company of any responsibility for errors that might have occurred.
In February, Mexichem announced the acquisition of two Latin American companies -- Costa Rica-based Grupo Amanco, which makes PVC piping for water systems, and Petroquimica Colombiana (Petco), a Colombia-based producer of PVC resins. The addition of Amanco and Petco to Mexichem's fast-growing portfolio of affiliates should double the group's revenues to $2.4 billion this year, Ortega said.
July 9, 2007 Bloomberg
CVC to Buy Chemical Seller Univar for EU1.52 Billion
CVC Capital Partners Ltd. agreed to buy Univar NV of the Netherlands for 1.52 billion euros ($2.07 billion) to gain the largest distributor of chemicals in the U.S.
Europe's No. 2 buyout firm will purchase Univar for 53.50 euros a share, the companies said in a statement today. That's 37 percent more than Friday's closing price for Univar, which buys bulk chemicals and then sells them to 250,000 industrial users.
CVC's bid comes less than three months after Rotterdam- based Univar bought Chemcentral Corp. of Illinois to boost U.S. sales 40 percent. London-based CVC said it backs expansion in the world's biggest economy, which grew at its slowest pace since the end of 2002 in the first quarter, and also plans to fund further acquisitions in Europe, Asia and the Middle East.
``Univar by itself would not have been able to outperform the equity markets in coming years as it has to handle a large and expensive acquisition while countering a more difficult U.S. economy,'' said Thijs Berkelder, an Amsterdam-based analyst at Petercam who is reviewing his rating on Univar. ``It's an offer that can't be refused.''
Shares of Univar, which was spun off in 2002 from Royal Vopak NV, the largest chemical-storage company, rose 13.93 euros, or 36 percent, to 52.90 euros, a record gain.
Univar's board and HAL Holding NV, one of its biggest shareholders, back the takeover by CVC, which should close in the third quarter, today's statement said.
``This is a done deal,'' said Andre Mulder, an analyst at Kepler Equities in Amsterdam with a ``buy'' rating on Univar stock. ``I don't expect anyone to top this offer.''
Univar has 8,000 employees and more than 200 chemical- distribution centers in the U.S., Canada, Europe and Asia, it said in the statement. The majority of the company's products are commodity chemicals bought in bulk and then processed, blended and sold to clients in industries ranging from agriculture and drugs to forestry, food and electronics.
Pro forma sales last year totaled $8 billion, including revenue from Chemcentral, which was purchased in the second quarter for $650 million. The acquisition adds $1.4 billion in sales and is being financed through a $1.5 billion loan.
Univar's earnings before interest, tax, depreciation and amortization totaled $284 million last year, compared with $170 million at its main U.S. competitor, Kentucky-based Ashland Inc. CVC's bid is equal to seven times Ebitda. U.K. buyout firm BC Partners Ltd. bought German chemicals distributor Brenntag Holding GmbH last year for 10 times Ebitda.
HAL Holding, a Dutch investment company, has accepted CVC's offer and will receive 426 million euros for its 26.6 percent of Univar stock, booking a gain of 220 million euros, it said.
CVC is investing 10 billion euros it has amassed in the past two years. The Univar deal comes five days after the 800 million-euro purchase of Taminco NV, a Belgian maker of chemical ingredients for the pharmaceutical industry. Dutch investment firm AlpInvest Partners NV sold Taminco in an auction.
CVC was founded in 1981 as Citicorp's European private- equity arm before its managers bought their independence in 1993. Run by Michael Smith, who joined from Citibank in 1982, the firm has about $24 billion of funds. It already owns more than 40 companies with more than 300,000 employees and revenue in excess of 38.5 billion euros, according to its Web site.
Buyout firms have announced $34 billion of takeovers in the Netherlands in the past 12 months, a 48 percent increase on the previous year, according to data compiled by Bloomberg.
KKR & Co. LP, together with four other firms, acquired Royal Philips Electronics NV's semiconductor unit for 3.4 billion euros in September, while cable television operators Casema NV and Kabelcom have both been acquired by private-equity firms.
Buyout firms use a combination of their own funds and debt to pay for takeovers. They then typically seek to expand those companies or improve performance before selling them within five years to other funds or to investors through stock offerings.
The bid for Univar comes as other private-equity firms target chemical assets. Apollo Management LP today offered $6.5 billion for U.S.-based Huntsman Corp., the biggest maker of epoxy adhesives, which would be combined with its Hexion Specialty Chemicals Inc. unit, the No. 1 producer of binding resins.
Carlyle Group also said today it's agreed to pay $1.99 billion for Sequa Corp., whose businesses include specialty chemicals and metal coatings.
Blackstone Group LP's return on German chemicals maker Celanese AG was triple the 1.6 billion euros it spent on the world's largest maker of acetic acid. Blackstone made the purchase in 2004 before taking Celanese public a year later in an initial public offering in New York.
Univar engaged NM Rothschild & Sons Ltd. as its financial adviser and De Brauw Blackstone Westbroek as its legal adviser. CVC hired ING Corporate Finance, Bank of America Corp. and Deutsche Bank AG as financial advisers and Kirkland Ellis LLP and Sullivan & Cromwell LLP as legal advisers.
Univar doesn't have any bonds or credit-default swaps outstanding, according to data compiled by Bloomberg.
Hexcel to build prepreg facility in China
Hexcel Corporation, in conjunction with Tianjin Xeda Administrative Committee, has today announced further details of its plans to build a new prepreg plant in China. The new facility is intended to meet the strong demand for composites used in wind turbines. China is experiencing major growth in its wind energy market and the country plans to double the amount of energy it obtains from renewable sources by 2020; a strategy that will require a major increase in the number of wind power plants in the country.
With the support of Xeda, Hexcel has secured a total floor area of 30 000m2 site in Tianjin, close to the facilities of major wind power customers. The plant building area will occupy approximately 8,000m2 and manufacture HexPly® epoxy resin prepregs, primarily for wind energy and industrial applications. Production at the new facility will commence in summer 2008.
Prepreg is fiber-reinforced resin system that cures under heat and pressure to produce structures with a very high strength to weight ratio. Prepreg is widely used in the wind energy industry where its outstanding strength and low weight have enabled turbine blades to grow to today’s giant proportions.
Mr Guoqing Zhang, Chief of Xiqing District said: “The Xiqing Economic Development Area (XEDA), a leading international industrial park in Tianjin, is very proud to welcome Hexcel as a new member of its family. This new partnership rewards XEDA’s continuing strategy in expanding the zone support for alternative energies of the future. Once more, XEDA, with its safe, friendly, time-tested infrastructure, transparent business environment and processional services, provided a win-win solution to share a stronger future for all stakeholders, solidifying its position as a leading destination for the international manufacturing community.”
David E. Berges, Hexcel Chairman and CEO commented: “Hexcel was a major force in introducing prepreg to the wind energy industry over a decade ago, working in partnership with blade manufacturers in Europe. We are very proud to be building on our experience by setting up this new facility in Tianjin and we thank Xeda for their support.”
US' Texas Petrochemicals to double its polyisobutylene capacity
Texas Petrochemicals Inc
(TPC), a petrochemical company specializing in products derived
from C4 and C3 hydrocarbons, confirmed Monday its plans to more than double
its current production of polyisobutylene (PIB) by mid 2008 with the addition of a new
manufacturing facility in Houston, Texas.
Construction was underway and major equipment purchases were on order. The plant was designed to produce both highly reactive PIB (HR-PIB) and conventional PIB, a company news release detailed.
Upon completion, the expansion will supplement TPC's existing production capacity of more than 65,000 mt/year. A significant portion of the planned capacity has been committed to long-term contracted customers, but unreserved capacity was available for new customers seeking to expand their PIB supply.
"While demand for HR-PIB continues to be significant in both the fuel and lube additives market, TPC also has a strong and growing customer base in the industrial markets, which we will continue to support," said Vice President and General Manager for Performance Products Sandra Davis. "We also believe the market can accommodate the additional capacity to serve new applications."
The company entered the PIB market in May 2000. Since that time, it has more than doubled its capacity through multiple expansion projects, the release stated.
TPC's Houston plant manufactures polyisobutylene products ranging in molecular weights from 350 to 3500, which service caulks, sealants, adhesives, cling film, lubricant base stocks and personal care market. TPC has facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana.
2008/2/29 Albemarle BASF interested in acquiring Albemarle
Albemarle to Expand Antioxidant Production in China
Strategic move will further strengthen position in the China plastics additives marketplace
Albemarle Corporation, a leading global supplier of antioxidants for polymers, lubricants, fuels and biofuels, announced today that its Board of Directors has approved a project to more than double the antioxidant production capacity of Shanghai Jinhai Albemarle Fine Chemicals Co., Ltd., part of the "Jinhai Albemarle" manufacturing joint venture in which Albemarle gained a majority ownership stake last year.
This strategic expansion will allow Jinhai Albemarle to maintain its market position as the leading manufacturer and supplier of polymer antioxidants in China.
Jinhai Albemarle currently supplies antioxidants to many Chinese petrochemical companies from two integrated production sites in China. Albemarle will continue to leverage its global presence to enhance exports from both the Shanghai and Ningbo plants to the growing regional and global plastics marketplace.
Albemarle President and CEO Mark C. Rohr remarked, "Albemarle has seen steady growth in China since we began our Jinhai Albemarle ventures in 2000. Our acquisition of a majority ownership position in Jinhai Albemarle last year, combined with this significant expansion project, are key components of an ongoing strategic plan to maximize our opportunities in this market. Additional growth plans are in development to ensure Albemarle maintains its leadership position in the region and continues to deliver innovative solutions to our customers."
Albemarle's polymer antioxidants business is part of the company's Polymer Additives business segment. ETHANOX(R) and ETHAPHOS(TM) polymer antioxidants and ALBlend(TM) polymer additive blend packages help maintain the performance integrity and processing stability of polyolefin plastics, elastomers, adhesives and other materials. With a goal of being the "One Source for All Your Antioxidant Needs,"(TM), Albemarle has built a reputation for quality and reliability worldwide
Albemarle Corporation, headquartered in Richmond, Virginia, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. The Company operates in three business segments-Polymer Additives, Catalysts and Fine Chemicals, and serves customers in approximately 100 countries. Learn more about Albemarle at http://www.albemarle.com.
Albemarle Acquires Full Ownership of Antioxidant Joint Ventures in China
Leading global specialty chemicals maker Albemarle Corporation has completed its acquisition of 100-percent ownership of two polymer additive joint ventures in China: Ningbo Jinhai Albemarle Chemical & Industry Co., Ltd. and Shanghai Jinhai Albemarle Fine Chemicals Co., Ltd.
The agreement was completed on June 30, near the one-year anniversary of Albemarle's acquisition of a majority ownership stake in the "Jinhai Albemarle" JVs in July 2007. With the new, 100-percent ownership agreement, both facilities are now wholly owned subsidiaries of Albemarle Corporation.
"By taking full ownership of these two integrated production sites in China and doubling antioxidant production capacity at the Shanghai facility, announced earlier this year, Albemarle is now the leading manufacturer and supplier of polymer antioxidants in China and one of the top suppliers worldwide," said John Sun, division vice president of Albemarle's stabilizers and curatives business and managing director of Albemarle's China operations.
"Our aim is to continue to provide even broader solutions for our customers in China and the growing regional and global marketplace," Sun said.
The acquisition of a complete stake in Jinhai Albemarle is the latest step forward on the path outlined in Vision 2010, the company's strategy to drive financial and operational excellence by using Albemarle's capacity for innovation to address societal challenges.
Albemarle President and CEO Mark Rohr said, "Over the next three years, we expect to make significant progress toward our strategic growth objectives, as well as to become the number one green solutions provider to our chosen markets, including polymer additives. Our growing workforce and productivity in China will play an important role in that strategy."
Albemarle's ETHANOX(R) and ETHAPHOS(TM) polymer antioxidants, part of the company's Polymer Additives business segment, help maintain the performance integrity and processing stability of polyolefin plastics, elastomers, adhesives and other materials. With a goal of being the "One Source for All Your Antioxidant Needs,"(TM) Albemarle has built a reputation for quality, reliability and exceptional customer technical service among its antioxidant customers worldwide.
Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals for consumer electronics; petroleum and petrochemical processing; transportation and industrial products; pharmaceuticals; agricultural products; and construction and packaging materials. The Company operates in three business segments-Polymer Additives, Catalysts and Fine Chemicals-and serves customers in approximately 100 countries. Learn more about Albemarle at www.albemarle.com.
Albemarle is a leading global developer, manufacturer and marketer of highly engineered specialty chemicals.
We sell a highly diversified mix of products to a wide range of customers, including: manufacturers of consumer electronics, building and construction materials, automotive parts, packaging, pharmachemicals and agrichemicals, and petroleum refiners. Our commercial and geographic diversity, technical expertise, flexible low-cost global manufacturing base and experienced management team enable us to maintain leading market positions in those areas of the specialty chemicals industry in which we operate.
With over 4,100 employees in 46 locations around the world, we serve more than 3,400 customers throughout 100 countries. Our operations are managed and reported as three business segments: Polymer Additives(39%), Catalysts(38%) and Fine Chemicals(23%).
2008/12/12 TEKNOR APEX
Tekonor Apex licenses innovative starch-blend technology from Cerestech for producing bioplastics
Agreement Gives Teknor
Apex Exclusive Rights to Produce Starch-Containing Compounds
Based on Cerestech’s Patented Technology, and to
Teknor Apex Company has signed a licensing agreement with Cerestech Inc. on a unique method for blending relatively low-cost thermoplastic starch (TPS) with synthetic polymers or other bioplastics while retaining high levels of key performance properties, the companies announced jointly today.
The agreement grants Teknor Apex exclusive worldwide rights to manufacture and market products based on Cerestech’s patented technology and to sub-license use of the blending process. The technology involves preparing TPS from starch granules and then combining it as a masterbatch with bioplastics like polylactic acid (PLA) or polyhydroxyalkanoates (PHA), or with petrochemical-based polymers such as polyethylene.
“Teknor Apex is making this entry into the growing bioplastics market as a first step toward developing a family of bio-sustainable compounds,” said Dr. Robert S Brookman, vice president for business development. “We intend to provide a range of options for customers looking to offer products that derive from renewable resources.”
The Cerestech process is based on patented technology developed by Dr. Basil Favis, who founded Cerestech Inc. as a spinoff company from the Ecole Polytechnique de Montreal. The technology makes it possible to combine other polymers with TPS from vegetable sources like corn, wheat, or potato while achieving better performance properties than are typical for conventional starch-containing blends, said Dr. John Andries, Teknor Apex senior vice president of technology.
“The Cerestech technology yields blends that, even at high starch loadings, retain a substantial portion of the mechanical properties of the bioplastic or synthetic base polymers,” Dr. Andries said. “They exhibit lower levels of sensitivity to moisture than many other starch-containing plastics, are translucent, printable, and sealable, and can be formulated for biodegradable applications.”
Teknor Apex will use the technology to produce both masterbatches and ready-to-process compounds and anticipates extruded and injection molded applications in packaging, automotive, trash bag, and other markets. The company is installing a pilot plant at its world headquarters in Pawtucket, RI, U.S.A. Commercial production is anticipated to begin in Pawtucket in 2009.
“As with all of our other products, we expect to transfer our bioplastics technology to Teknor Apex plants in China, Singapore, and the UK as demand arises,” Dr. Brookman said. “We are also prepared to sub-license the technology, particularly to processors of high-volume products that would benefit from the economies of compounding bioplastics in-house.”
2009/1/5 The Lubrizol
Lubrizol Acquires Dow Thermoplastic Polyurethane Business
Expands EstaneR Engineered Polymers Product Portfolio with Industry Leading Brands
The Lubrizol Corporation announced today that it has acquired the thermoplastic polyurethane (TPU) business from The Dow Chemical Company, a $54 billion diversified chemical company. This acquisition, structured as a sale and purchase of assets, will expand Lubrizol’s Estane(R) Engineered Polymers business. The Dow TPU business had 2007 revenues of approximately $85 million. The deal closed on December 31, 2008.
Located in La Porte, TX, Dow’s TPU product line spans the continuum between elastomeric and rigid TPU properties. The two key brands representing the business are:
PELLETHANE Thermoplastic Polyurethane Elastomers, used in a variety of high-value elastomer applications including footwear, medical tubing, automotive, film and industrial/engineering applications; and ? ISOPLAST? Engineering Thermoplastic Polyurethane Resins, used in a variety of niche, specialty applications that require its unique combination of high-end engineering plastic properties that include clarity, impact strength and chemical resistance.
With 50 years of industry experience, Lubrizol is a global leader in thermoplastic elastomers, marketing products under the Estane Thermoplastic Polyurethane brand name. Estane TPU is an engineered, highly versatile thermoplastic elastomer that is utilized in film extrusion, tubing, cable jacketing, injection molding, calendaring and solution processes for applications such as textiles, wire and cable, hose and tube, optical, industrial, agriculture and others.
We are excited to be adding Dow’s TPU capabilities and products to our existing Estane Engineered Polymers business. Given Dow’s strong TPU brand recognition in the U.S., this addition further supports our strategy of growth through geographic expansion as it will allow us to introduce new products and technology to international markets where Dow’s TPU business has had limited penetration,” said Mike Vaughn, Lubrizol vice president, Estane Engineered Polymers. “The acquisition continues to strengthen and expand our product portfolio and provides us access into new end uses, such as niche medical applications, which we believe will benefit our customers worldwide.”
Although Dow has demonstrated proven product development capabilities, strong customer relationships and a solid industry reputation over the years, it has decided to exit its TPU business due to a re-focus on investment priorities and the lack of a strategic fit.
“I am pleased that this transaction with Lubrizol will provide our experienced and knowledgeable workforce, as well as our customers, the benefit of increased scale to support additional investment in new and enhanced technologies, products and services,” stated George Biltz, Dow Corporate Vice President, Strategic Development and Planning . “I am sure our business and our customers will be in good hands.” The move ensures that Dow’s existing customers will continue to be supplied with the company’s products.
The agreement includes all commercial, production and research and development assets of the Dow TPU business. Lubrizol will be assuming approximately 40 full-time employees. All Dow TPU products will be transitioned immediately to Lubrizol. The Dow brand names will be retained and unified under the Estane Engineered Polymers business.
Financial terms of the agreement were not disclosed.
About The Lubrizol Corporation
The Lubrizol Corporation is an innovative specialty chemical company that produces and supplies technologies that improve the quality and performance of our customers' products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol’s industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers’ products, while reducing their environmental impact.
With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 19 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,950 employees worldwide.