Solvay and Eastman Chemical Company have signed a definitive agreement to end their cellulose acetate production joint venture Primester with Solvay acquiring Eastman’s 50 percent stake in the U.S.-based plant and becoming its sole owner.
“After our partnership of 25 years, this agreement allows Solvay to continue securing the most economical long term supply of cellulose acetate flake for its own tow business in Germany, Brazil and Russia, while adapting capacity to demand,” said Philippe Rosier, President of Solvay Global Business Unit Acetow.
Following the transaction, Eastman will provide the long-term supply of basic utilities and raw materials to the plant, based in Kingsport, Tennessee.
Closing should occur in the second quarter of 2016, subject to customary regulatory approvals.
Lin will become the company’s Chief Transformation and Talent Officer. She will be responsible for Human Resources, Strategy and Business Consulting and drive the accelerated transformation of Bayer.
Johnson Matthey plc (JM; London) has confirmed that its battery cathode materials plant in Konin, Poland, will be powered solely by electricity from renewable sources from day one of production.
Britain’s Oxford University has received a donation of £100 million (112 million euros, $136 million) to research growing resistance to antibiotics, the university announced on Tuesday. The sum, from British chemicals multinational Ineos, is one of the largest donations given to Oxford University in its long history.