Volume 86 Issue 29 | p. 24 | Concentrates
Issue Date: July 21, 2008

Business Roundup

Department: Business
News Channels: Environmental SCENE

The Foundation for Research, Science & Technology in New Zealand has approved $605 million in contracts with more than two dozen research organizations over six years. Among the fields the foundation is investing in is the materials, technologies, and services area, which includes nanotechnology projects and work on hybrid plastics.

Merck KGaA and Delo Industrial Adhesives have signed an agreement to develop adhesives and sealants for the organic light-emitting diode display industry. The companies hope to develop materials that seal off sensitive OLED devices from environmental oxygen and moisture.

Sunoco has elected Lynn Laverty Elsenhans, 52, to succeed John G. Drosdick, 62, as president and CEO, effective on Aug. 8. Elsenhans was most recently an executive vice president of Shell, where she was responsible for refining and chemical manufacturing operations.

Shell is upping its stake in Canada's Iogen Energy Corp. from 26.3% to 50% and extending the partners' commercial alliance to develop cellulosic ethanol. The investment will aid detailed feasibility and design assessment work that Iogen has undertaken for a full-scale commercial cellulosic ethanol plant that Shell may invest in.

Saudi Basic Industries Corp. has signed an agreement with Saudi Aramco to market Aramco's share of polymer production from an integrated refinery and chemical joint venture with Sinopec and ExxonMobil in Fujian, China. The complex, slated to come onstream next year, will make polyethylene and polypropylene.

Huntsman Corp. says the Delaware Court of Chancery has set Sept. 8 to begin a trial that will determine whether Hexion can back out of its deal to purchase Huntsman for $10.6 billion.

DSM is acquiring Valley Research, based in South Bend, Ind., to strengthen its food enzymes activities. Valley Research, a privately held biotechnology company founded in 1984, specializes in enzymes used in dietary supplements, dairy products, juices, and wines.

Jubilant Biosys, a Bangalore-based drug discovery services firm, will develop preclinical drug candidates targeting new areas in collaboration with Amgen. Amgen will conduct subsequent preclinical and clinical development activities and retain rights to the drugs. Amgen will fund Jubilant's research and make milestone payments.

 
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ISSN 0009-2347
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