en Grupa Azoty Acquires Specialty Fertilizer Group Shareholders of Poland’s Grupa Azoty have approved the acquisition of specialty fertilizer group Compo Expert from UK-headquartered private equity firm XIO Group, for a sum not exceeding €235 million. The transaction, which has been approved by antitrust authorities in Turkey, Germany and Austria, is expected to close between now and the first quarter of 2019. Wed, 17 Oct 2018 13:49:00 +0000 Taiwan’s CPC and Pertamina Plan Indonesia Cracker Taiwan’s state-owned energy company CPC has signed a Memorandum of Understanding (MoU) with Indonesian oil and gas group Pertamina to build a naphtha cracker. Wed, 17 Oct 2018 13:41:00 +0000 Dr. Reddy’s in Fresh Asset Sale India’s Dr. Reddy's Laboratories has entered a definitive agreement to sell its API manufacturing business unit at Jeedimetla, Hyderabad, Pakistan, to Therapiva Private Ltd, an emerging generics pharmaceutical company headquartered in Abu Dhabi, United Arab Emirates. Wed, 17 Oct 2018 13:32:00 +0000 Solvay Names Diversey’s Kadri as New CEO Solvay has appointed Ilham Kadri as its new CEO, effective from Mar. 1, 2019. Kadri, who is presently CEO and president of US hygiene technology and services company Diversey, will join Solvay on Jan. 1 and spend two months transitioning alongside incumbent CEO, Jean-Pierre Clamadieu. Tue, 16 Oct 2018 12:35:00 +0000 Cepsa Postpones IPO on Market Volatility Cepsa is delaying its initial public offering (ipo) because of recent uncertainty in international capital markets. The announcement comes less than a month after the Spanish oil and gas company said it would offer a 25% stake, potentially raising up to €2.02 billion. Parent company Mubadala Investment said it had decided to delay the public offer because the recent market instability had significantly reduced the appetite of international investors,   affecting Cepsa’s valuation. Tue, 16 Oct 2018 12:31:00 +0000 Carrick Gains Rights to BTG’s Ovarian Cancer Drug Irish biopharma Carrick Therapeutics has licensed exclusive global rights to develop and commercialize an investigational targeted ovarian cancer drug from specialist healthcare company BTG.  Financial terms of the deal were not disclosed. Tue, 16 Oct 2018 08:14:00 +0000 FMC Spins off Livent in IPO Livent, the lithium business being separated from US chemicals group FMC in an initial public offering (ipo), began trading on the New York Stock Exchange on Oct. 11. Paul Graves, Livent’s CEO said the company was looking forward to the opportunities created by the stock exchange listing for continued investment in its long-term growth. FMC first announced its intention to spin off its lithium business into a separate, publicly traded company in March 2017. Mon, 15 Oct 2018 06:03:00 +0000 Celanese to Buy India’s Next Polymers US specialty materials company Celanese has agreed to acquire India’s Next Polymers, one of the country’s largest engineering thermoplastics (ETP) compounders. Headquartered in Mumbai, Next Polymers specializes in custom compounding various ETPs, including nylon 6 and 6,6, PP, ABS, PC and polymethyl methacrylate (PMMA), for automotive, electrical/electronic, industrial and consumer applications. Mon, 15 Oct 2018 05:02:00 +0000 Indorama and Loop Form PET Recycling JV Leading PET producer Indorama Ventures is linking up with Canadian recycling technology company Loop Industries to manufacture and commercialize 100% sustainable polyester resin to meet growing global demand from beverage and consumer packaged goods companies. Fri, 12 Oct 2018 06:00:00 +0000 PKN Orlen Takes Control of Unipetrol Poland’s PKN Orlen has taken 100% ownership of Czech refiner and petrochemicals producer Unipetrol with effect from Oct. 1 following the completion of a squeeze-out of remaining shareholders. Unipetrol has also been delisted from the Prague Stock Exchange as of Sept. 26. Fri, 12 Oct 2018 05:06:00 +0000 Axalta CEO Resigns After Conduct Probe Only a month into his role, Terence Hahn, the newly appointed CEO of US coatings company Axalta has resigned “by mutual agreement” after an external investigation into his conduct. Hahn took up his position on Sept. 4. He has also stepped down from Axalta’s board. Fri, 12 Oct 2018 02:59:00 +0000 Hexpol Buys Italy’s Mesgo Group Swedish compounder Hexpol has acquired an 80% stake in Italy’s Mesgo Group for €168 million, making a strategic move into the high-performance elastomers market. Thu, 11 Oct 2018 07:28:00 +0000 Activist Investor Trian Targets PPG US investment group Trian Fund Management has revealed in a recent regulatory filing that it has a 2.9% stake in paintmaker PPG Industries. In the filing, Trian said it owns approximately 7 million shares, which were valued around $690 million on Oct. 9. Trian is lead by activist investor Nelson Peltz. The company, which describes itself as a “highly engaged shareowner” has a history of targeting large conglomerates to shake up their management and improve performance. Thu, 11 Oct 2018 06:02:00 +0000 Yara Gains Control of Galvani in Brazil Norway’s Yara has gained full control of Brazilian fertilizer company, Galvani Industria, Comercio e Servicos, buying out partner the Galvani family. The Oslo-based chemicals and fertilizer group took a 60% stake in the privately-held company in August 2014. As part of the deal, certain assets will be transferred to the Galvani family, who will also receive a cash payment of $70 million over three-years from closing, as well as a conditional future payment. Thu, 11 Oct 2018 05:00:00 +0000 Uwe Brunk Succeeds Frank Wegener as WeylChem President Effective October 1, 2018, Uwe Brunk (56) has joined International Chemical Investors Group (ICIG) as President of the WeylChem Group of Companies. Following his own wish, Frank Wegener has stepped down from his position on October 1, 2018 and will leave ICIG in due course in order to pursue other career opportunities outside ICIG. Wed, 10 Oct 2018 21:14:00 +0000 Covestro Invests €1.5 Billion in US MDI Plant Covestro has announced its intention to spend €1.5 billion on a new world-scale MDI plant in Baytown, USA. The project represents the largest single investment in its history, the German group said. Wed, 10 Oct 2018 09:11:00 +0000 Univar Wins Distribution Deals Leading distributor Univar, currently merging with US rival Nexeo Solutions, has been chosen by Braskem to distribute the Brazilian petrochemical group’s polyisobutylenes (PIBs) in the Nordics (Norway, Sweden, Finland, Denmark and Iceland), France, Italy and Turkey. Univar said Braskem required large-scale distribution capabilities to grow further in the market. Wed, 10 Oct 2018 07:36:00 +0000 GSK Helps Launch New UK Biopharma Sitryx With the help of major UK pharma GlaxoSmithKline (GSK), new biopharma Sitryx has launched operations with funding of $30 million to develop disease-modifying therapeutics in immunometabolism. The company, which was founded with seed funding from SV Health investors, has raised the capital from a syndicate of specialty international healthcare investors, which also included GSK. Wed, 10 Oct 2018 06:30:00 +0000 AkzoNobel Specialty Chemicals Relaunched as Nouryon AkzoNobel's former Specialty Chemicals business has been relaunched as Nouryon. The move follows its acquisition by Carlyle and GIC, which closed on Oct. 1. Tue, 09 Oct 2018 10:37:00 +0000 AkzoNobel Hands Back €5.5 Billion to Investors Dutch paints and coatings company AkzoNobel has announced it will pay out an additional €5.5 billion to shareholders following the €10.1 billion sale of its Specialty Chemicals business to US private equity investor Carlyle Group and Singapore’s sovereign wealth fund GIC. The proceeds will be distributed using a capital repayment and share consolidation of €2 billion, a special cash dividend of €1 billion and share buyback of €2.5 billion. Tue, 09 Oct 2018 07:00:00 +0000 Total and Aramco Plan Engineering for Jubail Complex Following a Memorandum of Understanding (MoU) in April, Saudi Aramco and Total have now signed a joint development agreement for the front end engineering and design (FEED) of their giant proposed petrochemical complex in Jubail, Saudi Arabia. Tue, 09 Oct 2018 05:30:00 +0000 Omnova Buys Portugal’s Resiquimica US-based Omnova Solutions has acquired Resiquimica, a Portuguese producer of resins and binders for the coatings and building and construction industries. Omnnova paid €28.5 million for Resiquimica, boosting its presence in Portugal, Spain and North Africa. Mon, 08 Oct 2018 08:00:00 +0000 Cepsa IPO Could Raise up to €2 Billion Spanish oil and gas company Cepsa, owned by Abu Dhabi’s Mubadala Investment Co, has announced it will offer a 25% stake in the company at a price range between €13.10 and €15.10 per share, potentially raising between €1.75 billion and €2.02 billion. Mon, 08 Oct 2018 06:34:00 +0000 US Wants to Finally Dump Chlorpyrifos Ban The administration of US president Donald Trump appears eager to clear the way for the continued sale of the controversial pesticide chlorpyrifos. Mon, 08 Oct 2018 05:00:00 +0000 Gurit Boosts Wind Materials with JSB Buy Swiss composites company Gurit has agreed to buy JSB group from private equity owner Verdane Capital for 520 million Danish krone ($80 million), subject to certain closing conditions. Fri, 05 Oct 2018 07:00:00 +0000