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Business Roundup

April 10, 2023 | A version of this story appeared in Volume 101, Issue 12


Lanxess and the private equity firm Advent International have finished forming a polymers joint venture after their purchase of DSM’s engineering polymers business for $4.2 billion. Lanxess will own about 40% of the partnership, called Envalior, and is receiving a payment from Advent of about $1.4 billion.

Linde has signed an agreement with ExxonMobil to transport and store 2.2 million metric tons per year of carbon dioxide emissions from a clean hydrogen plant that Linde plans to build in Beaumont, Texas. Linde will supply the hydrogen to OCI for an ammonia plant.

Trinseo is selling the buildings and equipment at its Matamoros, Mexico, site, which makes polymethylmethacrylate sheet, to Plaskolite, which will continue to make similar products. Trinseo is consolidating its own production into its plant in Kentucky.

Ethos Asset Management, a US project finance company, has arranged funding that will enable Green Glycols to build a biobased propylene glycol plant with 40,000 metric tons per year of capacity in the Netherlands. Green Glycols is a partnership between Grupo Bahia Energia and ChemCom Investments.

ExxonMobil will spend close to $110 million to build a lubricant plant in Raigad, India. The facility, to open in 2025, will be ExxonMobil’s first greenfield investment in India.

AMSilk, a German biotech start-up producing synthetic spider silk protein, has raised $25 million from investors, including ATHOS, Novo Holdings, Cargill, and MIG Capital. It brings AMSilk’s total series C funding to almost $60 million.

Venator has completed the sale of its iron oxide business to Cathay Industries for $140 million. The former Huntsman pigments business, which has been struggling lately, made changes to its board.

Ratio Therapeutics, a Boston-based biotech company, has licensed Merck & Co.’s granzyme B–targeted PET imaging agent. Ratio says it will develop the technology into a diagnostic to monitor immune cell activation.



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