Latest Plastics & rubber News
Evonik Completes Acquisition of Air Products Specialty & Coating Additive Business Division
Evonik completes the acquisition of Air Products Specialty & Coating Additive business division for US$ 3.8 billion (€ 3.5 billion). The acquisition has been approved by all relevant antitrust authorities. This move will help Evonik to grow its additive business.
The Specialty & Coating Additive business is part of Air Products Materials Technology Segment. It has about 1,100 employees at 11 production and development sites and offers customer support in all main global regions.
Evonik Industries is a specialty chemicals company headquartered in Essen. The company has more than 33,500 employees, is active in more than 100 countries and operates production plants in 24 countries. It generated sales of around € 13.5 billion and achieved an adjusted EBITDA of almost € 2.5 billion in 2015. It serves customers across a wide range of industries from food and animal feed, pharmaceuticals and biotechnology to electronic materials.
Source: Evonik Press Release, January 3, 2017
Solvay Sells Its Formulated Resin Business to Altana AG
Solvay agreed to sell its formulated resin business to the German chemical company Altana AG. The formulated resins business portfolio includes the CONAP brand epoxy resin and the polyurethane product systems for the electronics, electrical and specialty adhesive market.
Solvay S.A. is a Belgian chemical company founded in 1863, headquartered in Neder-Over-Heembeek, Brussels, Belgium. It has almost 40,000 employees in 53 countries and generated net sales of € 12.4 billion in 2015. Its products serve diversified markets worldwide including consumer chemicals, advanced materials, performance chemicals, and functional polymers.
Source: Solvay Press Release, January 4, 2017
Nova's Polyethylene Reactor Fully Operational
Nova Chemicals Corporation, a producer of polyethylene resin, has announced the start up of its new linear-low density polyethylene (LLDPE) gas phase reactor at its Joffre, Alberta site. The new plant will allow Nova Chemicals to grow its polyethylene business with key customers in the packaging industry. The addition of the new gas phase reactor increases Nova's LLDPE production capacity by close to one billion pounds and its total PE production capacity to about 5 billion pounds.
Nova Chemicals Corporation is a subsiduary of the International Petroleum Investment Company (IPIC) owned by the goverment of the Emirate of Abu Dhabi. The company produces polyethylene and styrenics in the Americas at seven production sites.
Source: Nova Press Release, January 17, 2017
Berry Plastics Completes Acquisition of AEP Industries
Berry Plastics completes its previously announced aquisition of AEP Industries Inc. Berry paid $297 million as merger consideration in exchange for all outstanding shares of AEP common stock and outstanding AEP equity awards. It also paid $164 million to retire outstanding AEP debt. This acquisition will boost Berry’s plastic film portfolio of stretch wrap, can liners, custom film and converted film for food and beverage packaging.
Source: Berry Plastic Press Release, January 20, 2017
About Berry Plastics
Berry Plastics is a leading producer of plastic consumer packaging, nonwoven specialty materials, and engineering materials. The company is headquatered in Evansville, Indiana and operates over 100 global manufacturing and development facilities with more than 16,500 employees. It generated net sales of $6.5 billion in fiscal 2016.