Westlake Chemical (Houston) has completed the acquisition of Nakan, a compounder of polyvinyl chloride (PVC), thermoplastic elastomers (TPE), and thermoplastic polyolefins (TPO) based in Reims, France, from OpenGate Capital (Los Angeles). Westlake announced the $265 million deal in September 2018.
Nakan brings Westlake eight production facilities located in China, France, Germany, Italy, Japan, Mexico, Spain and Vietnam, a research facility in France, and an application laboratory in the United States.
OpenGate Capital purchased Nakan in 2015, through the acquisition of Ivy Group. Ivy Group, formerly known as Kem One Innovative Vinyls, was acquired through a French administration process that originated with a complex acquisition in 2014 of Kem One SAS, a fully integrated producer of PVC resins. Entrepreneur Alain de Krassny is now the sole shareholder in Kem One.
By Clay Boswell
Source: Chemical Week
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).