Issue Date: August 20, 2007
ICI is acquiring San Diego-based Advanced Applied Adhesives, which supplies the semiconductor and electronic component assembly markets also served by ICI's electronic materials business. This ICI business will be sold to Henkel if Akzo Nobel's acquisition of ICI goes through (see page 9).
Süd-Chemie, a German chemical maker, is now owned more than 50% by One Equity Partners, the private equity arm of JPMorgan Chase. One Equity had an interest of just over 39% in the firm and recently bought another 11% from other shareholders. Süd-Chemie rejected a takeover offer by One Equity in 2005.
Ineos' acquisition of Lanxess' styrenic plastics business has been cleared by the European Commission. The commission concluded that the transaction would not "significantly impede" competition and that the two companies' combined share of capacity and sales will not exceed 15% of European and worldwide markets.
Chemtura continues to attract the interest of billionaire Nelson Peltz. The investor's Trian Funds recently increased its claim in the specialty chemical maker by 1.7 million shares to 9.9 million shares, representing a 4.1% stake. Earlier this year, Trian Fund Management Principal Edward P. Garden joined Chemtura's board of directors.
Mitsubishi Rayon will boost carbon-fiber capacity at its Otake site in southern Japan by 2,700 metric tons per year. The company expects to complete the expansion by the end of 2009. It also produces the fiber in Toyohashi, in central Japan.
Kemira has decided to hold on to its titanium dioxide pigments operation after considering a sale of the business. The Finnish company continues to evaluate options for Chemidet, its detergents auxiliaries business.
Degussa has expanded its R&D center in Shanghai at a cost of about $27 million. The firm says the expanded facility will strengthen its interface with customers, universities, and research institutes in China.
Tate & Lyle's Astaxanthin Partners joint venture with Igene Biotechnology will close its fermentation-based astaxanthin plant in Selby, North Yorkshire, U.K. The company says rising raw material prices and falling selling prices have combined to render production of the pigment unprofitable.
ImClone Systems, maker of the colon cancer drug Erbitux, has named John H. Johnson as its CEO. Johnson comes to ImClone from Johnson & Johnson, where he most recently served as chairman of its biopharmaceuticals unit.
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