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.
Sherwin-Williams to Acquire Valspar
The Sherwin-Williams company announced it expects to complete the acquisition of Valspar Corporation by June 2017. Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction. The combined revenue will exceed $16 billion and combined net sales $1.5 billion. The acquisition will enhance Sherwin-Williams position as a major global paints and coatings manufacturer and provider
Source: Sherwin-Williams Press Release, March 21, 2017
Valspar is a major producer of paints and coatings. The paints segment includes interior and exterior decorative paints, primers, varnishes and specialty decorative products such as enamels, aerosols and faux finishes for DIY and professional markets, as well as automotive refinish and high-performance floor coatings. The company has about 11,000 employees around the world generated net sales of almost $4.4 billion and net income of about $0.56 billion in fiscal 2015.
Sherwin-Williams is the largest architectural coatings producer in the USA. It is estimated that roughly 80 percent of sales represent coatings sales with the remainder being related products. It is one of the main suppliers of DIY paints, industrial coatings and automotive refinishes. The company also has a strong position in industrial-maintenance coatings, auto-refinish and aerosol paints. The company is headquatered in Cleaveland, Ohio and has +4000 company-operated paint stores. The company generated net sales of almost $12 billion and net income of about $1.1 billion in fiscal 2016.
PPG Reiterates Invitation to AkzoNobel to Discuss Merger of the two Companies
PPG announced it has reiterated its invitation to AkzoNobel to enter into discussions to explore PPG’s proposal to form a combined company. PPG believes that a merger of the two companies will create operational synergies and strengthen the market position of the combined companies as a major global paints and coatings manufacturer.
Source: PPG Press Release, April 5, 2017
PPG is one of the largest coatings company in the world and the largest producer worldwide of transportation OEM and refinish coatings. It has annual revenues of about $15 billion and a market capitalization of approximately $27 billion. The company has over 45,000 employees worldwide, with nearly 1,000 in the Netherlands and another 14,000 across the rest of the Europe, Middle East and Africa region. PPG operates over 150 plants globally, including 45 plants across 15 countries in Europe.
Huntsman and Clariant Agreed to Merge as Equals
Huntsman and Clariant agreed to merge as equals to create the largest coatings company in the world with sales of about $13 billion.
The merged company will be named HuntsmanClariant.
The transaction is targeted to close by the end of this year. The combined company will be incorporated in Switzerland with Peter Huntsman as the new CEO. Clariant and Huntsman will have equal representation on the new company's board of directors.
Source: Huntsman Press Release, May 22, 2017
Huntsman Corp. is a global manufacturer and marketer of chemical products with revenue of approximately $10 billion. The company offers a large product portfolio with thousands of chemicals that are sold worldwide. Huntsman has more than 100 manufacturing and R&D facilities in approximately 30 countries and employs about 15,000 people within 5 business divisions including Pigments & Additives, Polyurethanes, Textile Effects, Perforance Products, and Advanced Materials.
Clariant is a leading speciality chemicals company with revenue of more than $6 billion. Clariant consists of more than 140 companies in 53 countries and employs about 17,500 people within four business areas including Care Chemicals, Catalysts, Natural Resources, and Plastics & Coatings.