Issue Date: October 22, 2007
Novomer, a start-up firm developing biodegradable polymers that incorporate carbon dioxide, has raised $6.6 million in venture funding. The firm is based on technology discovered by Cornell University chemistry professor Geoffrey Coates.
AarhusKarlshamn has acquired Ciba Specialty Chemicals' deinking chemicals business in Finland. The acquired operation has annual sales of just under $4 million and will strengthen AarhusKarlshamn's business in specialty fatty acids for deinking recycled paper.
China Petroleum & Chemical's former chairman of the board, Chen Tonghai, has been detained and is under investigation for corruption. Citing unspecified "personal reasons," Chen abruptly resigned from his position on June 22. The country's official news agency Xinhua reports that Chen is now being questioned.
PPG Industries has acquired Coatings Research Corp., based in Huntington Beach, Calif. Terms were not disclosed. CRC produces primarily paints, lacquers, and varnishes for use on metal and wood industrial and consumer products.
Total Petrochemicals and the Samsung Group have completed the construction of a 300,000-metric-ton polypropylene unit at their equally owned joint venture in Daesan, South Korea. Earlier this year, the venture, Samsung Total Petrochemicals, boosted ethylene capacity at the site from 600,000 to 820,000 metric tons per year.
Huntsman Corp. shareholders have approved the company's merger with Hexion Specialty Chemicals. Under the agreement, Hexion will acquire Huntsman stock for $28.00 per share in cash. The deal still requires U.S. and European regulatory approval.
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