Chemicals & Converting

US-China trade war creating side effects for global oleochemicals market

September 19, 2018

The trade war between the US and China is already having side effects on the global oleochemicals market, industry sources said on Wednesday. This side effect comes despite most oleochemicals not being directly impacted by the two countries’ trade tariffs imposed on each other. While..

SABIC’s Occhiello to succeed Kottmann as Clariant CEO

September 19, 2018

Clariant has named SABIC executive Ernesto Occhiello as CEO following SABIC’s recent acquisition of a 24.99% stake in the company. Occhiello succeeds Hariolf Kottmann as CEO on 16 October. Kottmann will become board chairman. SABIC will also gain four board seats. Clariant and SABIC also..

Reuters: Bayer puts stake in chemical park operator up for sale – sources

September 18, 2018

Bayer is inviting financial investors to bid for its 60 percent stake in chemical park operator Currenta after initially failing to agree a sale to its former chemicals subsidiary Covestro, three people familiar with the matter told Reuters. Bayer, which is focusing on healthcare and..

Chemical distributor Univar to buy Nexeo for $1.05 billion

September 18, 2018

Chemical distributor Univar Inc will acquire smaller rival Nexeo Solutions Inc for about $1.05 billion in a cash-and-stock deal to expand its presence in North America. The deal announced on Monday consists of $3.29 in cash and 0.305 Univar shares, with an implied value of..

DowDuPont names Corteva and DuPont leadership

September 17, 2018

DowDuPont announced top management for its Corteva Agriscience and DuPont specialty products businesses, tabbing DowDuPont CEO Ed Breen as executive chairman of DuPont. Jim Collins and Marc Doyle will become CEOs of Corteva and DuPont, respectively. Both companies are expected to separate from DowDuPont by..

Korean consortium to acquire silicones maker Momentive for $3.1 billion

September 14, 2018

A Korean investment group has reached agreement to acquire silicones maker Momentive (Waterford, New York) in a deal valued at $3.1 billion, including assumption of debt as well as pension and other post-retirement benefits. The acquirers include private equity firm SJL Partners (Seoul); chemical maker..

US shale-related chem industry investments hit $200bn – ACC

September 12, 2018

US chemical and plastics industry investment related to shale-based domestic supplies of natural gas and natural gas liquids (NGLs) has surpassed $200bn, the American Chemistry Council (ACC) said on Tuesday. A total of 333 chemical projects worth an accumulative $202.4bn have been announced since 2010,..

Sibur CEO: Company preparing for possible IPO next year

September 11, 2018

The previously announced initial public offering (IPO) of shares in Sibur (Moscow), Russia’s largest petrochemicals company, could take place in the second quarter of next year, according to Dmitry Konov, CEO. Speaking to the media today on the sidelines of the Eastern Economic Forum in..

Saudi sovereign fund picks Goldman, BAML, Klein for SABIC sale: sources

September 10, 2018

Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process said. Citigroup Inc has won the mandate..

EU chemical growth still positive, despite deteriorating world economic climate

September 10, 2018

Production of chemicals in the European Union grew by 0.9% in the period from January to May this year, compared with the corresponding period in 2017, according to the latest Chemical Trends Report from Cefic. Output in specialty sectors such as cosmetics, paints and coatings,..