Japan’s Showa Denko and JX Nippon Oil & Energy Corporation (JX) will acquire the 50% stake in polypropylene (PP) producer SunAllomer owned by joint venture partner LyondellBasell for an undisclosed fee, the three firms said on Tuesday.
Showa Denko and JX, will execute the acquisition on 31 August this year, they said in a statement.
The two companies will carry out the transaction through SDK Sunrise Investment (SSI), jointly owned by them.
An absorption-type merger of SSI and SunAllomer will take place on November 1, 2016 with SunAllomer as the surviving company, the firms said.
The partnership between SunAllomer and LyondellBasell in various areas, including technology, marketing, and sales, will be maintained, they added.
SunAllomer runs a 281,000 tonnes/year PP unit in Oita and another 127,000 tonnes/year PP unit at Kawasaki.
Source: ICIS News
PepsiCo Europe and crop nutrition company Yara have announced a long-term partnership aimed at providing European farmers with low-carbon crop nutrition solutions to help decarbonise the food value chain. Under the agreement, Yara will supply PepsiCo with up to 165,000 tons of fertiliser per year by 2030, covering around 25% of the food and beverage giant’s crop fertiliser needs across Europe.
BASF has signed an agreement to sell its flocculants business for mining applications to Solenis, a specialty chemicals manufacturer. The divestment of the flocculants business to Solenis is part of BASF’s ongoing portfolio optimisation with the aim of focusing on strategic core areas.
ADAMA Ltd. a leading crop protection company, announced that its board of directors has appointed Gaël Hili as its President and Chief Executive Officer, effective October 1, 2024. Hili will join the Syngenta Group Leadership Team and will be based in Tel Aviv.
