Sector News

Woodlands chemical co. names chairman to replace Wilbur Ross

March 8, 2017
Chemical Value Chain

The Woodlands-based Nexeo Solutions Inc., which was acquired last year by Wilbur Ross Jr.’s blank check company, has appointed a new board chairman following the billionaire investor’s appointment as commerce secretary for the Trump administration.

Nexeo Solutions, a chemical and plastics distributor, named Dan Smith chairman of the board, according to a release. The board also appointed Robert Zatta to fill another vacancy.

Smith has sat on the Nexeo board since 2011, according to his LinkedIn page, and he previously was chairman before the acquisition closed. He also was the former chairman, president and CEO of Lyondell Chemical Co., which was bought by Basell AF in 2007 for $12.7 billion to form LyondellBasell Industries NV.

Zatta was the CFO of chemical company Rockwood Holdings Inc. from April 2001 to January 2015.

New York-based WL Ross Holding Corp., a special purpose acquisition company or “blank check company” run by Ross, completed its $1.58 billion acquisition of Nexeo Solutions LLC in June. The renamed Nexeo Solutions Inc. then began trading on the Nasdaq Capital Market.

The deal, which was announced in March 2016, called for Nexeo to become a wholly owned subsidiary of WL Ross Holding, and private investment firm TPG Capital LP, the previous majority owner of Nexeo, would retain a 35 percent stake in the new company.

“I appreciate all the support Wilbur provided to Nexeo Solutions and me personally during the SPAC process to take the company public,” Nexeo President and CEO David Bradley said in the release. “I am excited to have Dan as our chairman, given his history and industry knowledge. He continues to be an adviser to me and my leadership team as we pursue our vision, defining distribution.”

Ross was confirmed as commerce secretary Feb. 27, according to the New York Times. He’s expected to pursue a renegotiation of the North American Free Trade Agreement.

By Jack Witthaus

Source: Houston Business Journal

comments closed

Related News

January 29, 2023

Dow and 3M cut thousands of jobs

Chemical Value Chain

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.

January 29, 2023

Sweden discovers Europe’s largest rare earths deposit

Chemical Value Chain

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.

January 29, 2023

Avantium to supply Henkel with plant-based FDCA

Chemical Value Chain

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).

How can we help you?

We're easy to reach