Your Business In Brief - May 2009

Lots of Recent Acquisitions In Resins & Additives

A number of major businesses have changed hands recently. Two previously announced acquisitions have now been completed: Dow Chemical Co., Midland, Mich., has acquired Rohm and Haas Co., Philadelphia, and has begun the integration process. BASF AG in Germany has acquired Ciba Holding AG of Basel, Switzerland. Ciba will be fully integrated within BASF, starting in July.

• Nova Chemicals Corp., of Calgary, Alberta (U.S. office in Pittsburgh) has agreed to be acquired by International Petroleum Investment Co. (IPIC), wholly owned by the Emirate of Abu Dhabi. Nova will operate as an independent company with its current management. IPIC owns equity stakes in Borealis in Europe, Oman Polypropylene in the Sultanate of Oman, and other petrochemical holdings around the world.
• As part of its strategy to expand in engineering polymers, Arkema of France (U.S. office in Philadelphia) has acquired Oxford Performance Materials, Enfield, Conn. Oxford developed Oxpekk polyether ketone ketone (PEKK) resins with high-temperature properties and resistance to chemicals, abrasion, and combustion. PEKK is used in aerospace, medical implants, and down-hole equipment for the oil and gas industries.
• Solutia Inc., St. Louis, agreed to sell its nylon business and manufacturing plants to an affiliate of SK Capital Partners II, L.P., a New York private-equity firm. The sale is expected to close in the second quarter, when a new company will be formed for the nylon business.

Teknor Color Co., Pawtucket, R.I., sold its PVC colorant business to Breen Color Concentrates, Lambertville, N.J.

 

Milacron & Chemtura File For Bankruptcy Protection

Two big filings for Chapter 11 bankruptcy protection occurred in March. Both were voluntary filings, and the companies will continue normal operations. Milacron Inc., Cincinnati, announced its filing and signed an agreement in principle for an investor group to purchase nearly all of the company’s assets. The Chapter 11 filing affects only North American operations.

Chemtura Corp., Middlebury, Conn., a supplier of plastics additives and urethane elastomer chemicals, also included only its U.S. operations in its Chapter 11 filing.

 

NatureWorks Broadens PLA Supply

Two recent moves by NatureWorks LLC, Minnetonka, Minn., the world’s first and largest supplier of polylactide (PLA) biopolymer, indicate that this renewable resin is gaining broader market acceptance. NatureWorks will distribute its Ingeo PLA resin in North America through Ashland Distribution, Columbus, Ohio. NatureWorks also is assessing locations for its second resin plant. The first, in Blair, Neb., will soon reach full capacity of 300 million lb/yr.
(952) 742-0400 • www.natureworksllc.com
(800) 531-7106 • www.ashdist.com

 

Engel Opens West Coast Tech Center

Injection machine supplier Engel North America, York, Pa., has opened a new 7300-ft2 technical center in Corona, Calif., to serve the western U.S. The facility has a training center, a molding room with several all-electric presses for demonstrations and mold trials, and machines and parts in stock.
(717) 764-6818 • www.engelglobal.com/na