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Business Roundup

June 13, 2020 | A version of this story appeared in Volume 98, Issue 23


PPG Industries plans to save $160 million per year through job cuts and other measures. The paint maker says its sales in April were down 35% compared with April 2019. It points to weak demand for new cars and airplanes among the soft spots in coatings demand.

Indorama Ventures has acquired the Brazilian plastics recycler AG Resinas for an undisclosed sum. Resinas operates a plant in Juiz de Fora, Brazil, that recycles 9,000 metric tons per year of post-consumer polyethylene terephthalate.

Dow and Johnson Matthey are licensing LP Oxo, their isononyl alcohol production technology, to Zibo Qixiang Tengda Chemical. The firm will build a plant in Zibo City, China, that can make 200,000 metric tons per year of the plasticizer precursor.

Toyota will join Beijing SinoHytec and four other Chinese firms to form United Fuel Cell System R&D to develop hydrogen-fuel vehicles in China. The venture will launch with $46 million in funding.

LanzaTech has launched LanzaJet to produce jet fuel from ethanol made from waste carbon emissions. The new firm has received investments of $15 million from Suncor Energy and $10 million from Mitsui & Co.

Faradion, a UK sodium-ion battery start-up, and the Indian electric-truck maker Infraprime Logistics Technologies will develop batteries for electric vehicles in India. Faradion calls its sodium-ion cathode material a cheaper replacement for lithium-ion cathode materials.

Lundbeck, a drug company developing treatments for brain diseases, will eliminate up to 160 R&D positions, of which about 100 will be in Denmark. The firm says the cuts are part of its plan to “refocus and reinvigorate R&D.”

Spicona, an immunology and vaccines specialist, has picked Catalent to help it develop a virus-like-protein–based vaccine against COVID-19. Catalent will develop a cell line expressing the recombinant protein at its Madison, Wisconsin, site.



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