Company News
December 20, 2023
BASF Expansion
BASF completes its capacity expansion for key specialty amines in the Americas
- Focus on polyetheramines and amine catalysts
- BASF continues to be a reliable supplier to our customers
FLORHAM PARK, NJ, December 12, 2023 – BASF has completed its capacity expansion for key specialty amines manufactured at its Geismar, Louisiana site. As a result, BASF will be able to produce more of its key polyetheramines and amine catalysts marketed under the Baxxodur® and LupragenTM brands.
“This project represents our commitment to growth in the Americas market,” said Kevin Anderson, Vice President, Business Management Amines, Acetylenics and Carbonyl Derivatives, Chemical Intermediates, North America for BASF. “Our Geismar site was the ideal location for this expansion thanks to its existing infrastructure and skilled workforce.”
BASF’s Baxxodur portfolio is utilized by customers as highly efficient curing agents and chain extenders in epoxy and polyurea applications for the wind, electrical, composites, adhesives and flooring industries. The usage of Baxxodur products allows customers to achieve a wide range of benefits in their formulation, including improved curing time, hardness, flexibility, peel strength and chemical and temperature resistance.
BASF’s Lupragen products are highly efficient amine catalysts for Polyurethanes (PU). Those catalysts are typically tertiary amines, which are required to facilitate the reaction of the main components – isocyanate and polyol. Depending on the choice of catalyst, the polyurethane forming process can be controlled to enhance the gelling or blowing reaction. BASF’s Lupragen portfolio includes several low-VOC catalysts which offer support to address the increasing target of sustainable emission reductions.
With about 300 different amines, BASF has one of the world’s most diverse portfolio of chemical intermediates. Along with alkyl-, alkanol- and alkoxyalkylamines, BASF offers heterocyclic and aromatic as well as specialty amines. The versatile products are utilized mainly to manufacture process chemicals, pharmaceuticals and crop protection products, as well as cosmetic products and detergents. They also are used to produce coatings, special plastics, composites and special fibers.
Baxxodur® andLupragenTM are trademarks of BASF SE.
December 19, 2023
Red Sea Trauma
How companies are responding to attacks on ships in the Red Sea
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19 Dec 2023 08:35PM
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Attacks on vessels by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia.
The attacks, targeting a route that accounts for about 15 per cent of the world’s shipping traffic, have pushed several shipping companies to re-route their vessels.
Below are companies’ (in alphabetical order) responses to the disturbances:
BASF
The German chemical company does not see disruptions to raw material supply or product distribution, but it is closely monitoring the situation, a company spokesperson said.
BP
The oil major on Dec. 18 said it had temporarily paused all transits through the Red Sea.
COVESTRO
The German chemicals maker said any possible increases in transit times due to shipping lines avoiding the “Bab-el-Mandeb” passage would not impact its product supply. Covestro expects its ocean shipping line partners to continue shipping through the passage as soon as it can be operated safely.
DANONE
The French food group said most of its shipments had been diverted, which will increase transit times. Should the situation continue in the mid to long-term and last beyond 2-3 months, the group will activate mitigation plans, including using alternate routes via sea or road wherever possible, a Danone spokesperson said.
ELECTROLUX
The Swedish home appliances maker has set up a task force to reduce the impact of maritime attacks. The measures include identifying particularly time-sensitive deliveries and finding alternative routes if required, the company told Reuters.
EQUINOR
The Norwegian oil and gas firm on Dec. 18 said it had re-routed vessels that had been heading towards the Red Sea.
ESSITY
The Swedish hygiene products maker is monitoring the situation and staying in contact with impacted suppliers to ensure continued flow of goods, but sees a limited impact as only a low percentage of its supplies move through the Suez Canal, the company told Reuters.
MOSAIC
The U.S. fertilizer company said on Dec. 18 it had re-routed a couple of U.S.-bound shipments around the Cape of Good Hope rather than through the Red Sea.
TSMC,
TSMC, the world’s top contract chipmaker, said on Tuesday it had a long-established enterprise risk management system in place, and after an assessment it did not anticipate a significant impact on its operations.
(Compiled by Izabela Niemiec in Gdansk; editing by Milla Nissi and Ed Osmond)
https://www.channelnewsasia.com/business/how-companies-are-responding-attacks-ships-red-sea-3999041
December 18, 2023
Adnoc Bid for Covestro
Adnoc is said to prepare higher bid for Covestro
Dec. 18, 2023 1:38 PM ETCovestro AG (CVVTF) Stock, COVTY StockBy: Rob Williams NY, SA News Editor
- Abu Dhabi National Oil Co. is readying a higher bid for Covestro (OTCPK:CVVTF) (OTCPK:COVTY) and is prepared to offer concessions to begin detailed due diligence, Bloomberg News reported Monday, citing people with knowledge of the matter.
- State-owned Adnoc is prepared to offer €60 a share as soon as the coming days, the people said. That price would value Covestro (OTCPK:CVVTF) (OTCPK:COVTY) at about €11.3 billion ($12.3 billion). Adnoc also is willing to offer job guarantees for several years and $8 billion of investments after closing the deal, Bloomberg News reported, citing its sources.
- Talks between the two companies started in September after informal bids of €55 and €57 a share that Covestro (OTCPK:CVVTF) (OTCPK:COVTY) rejected as too low. Covestro’s (OTCPK:CVVTF) (OTCPK:COVTY) stock has risen about 45% this year to €53 a share, valuing the petrochemical company at €10 billion.
December 17, 2023
Saint-Gobain Streamlining
Saint-Gobain to Sell Majority of UK Foam Insulation Business to Soprema
Published: Dec. 7, 2023 at 1:33 a.m. ET
By David Sachs
Saint-Gobain said it would sell a majority stake in its U.K. foam insulation business to Soprema as part of its disposal plan.
The French construction supplier said late Wednesday that Celotex’s assets will be transferred to a new standalone company, which will be 75% owned by Soprema, a private French waterproofing and insulation firm. Saint-Gobain will retain a 25% minority stake, it said.
The move is part of Saint-Gobain’s streamlining strategy, which includes asset-disposals.
Celotex has two manufacturing facilities in the U.K. and employs 155 people, Saint-Gobain said. The transaction is expected to close early next year.
Financial details were not disclosed.
December 10, 2023
LyondellBasell to Sell EO & Derivatives to INEOS
LyondellBasell Announces Sale of Ethylene Oxide & Derivatives Business and Production Facility to INEOS
HOUSTON, Dec. 8, 2023 /PRNewswire/ — LyondellBasell (LYB) today announced it has entered into an agreement to sell its Ethylene Oxide & Derivatives (EO&D) business along with the production facility located in Bayport, Texas to INEOS Oxide (INEOS).
“This transaction is evidence of our disciplined focus on value creation through the execution of a key pillar of our strategy – growing and upgrading our core,” said Peter Vanacker, LyondellBasell CEO. “Successful execution of this strategic pillar involves making difficult decisions to divest businesses which are not part of our core. We remain proud of the positive cash generation, access to advantaged feedstocks, reliability and highly skilled team that makes up the EO&D business and are excited to have reached an agreement with INEOS to enable the business to continue generating value under different ownership. We look forward to collaborating closely with INEOS on a seamless transition.”
The Ethylene Oxide & Derivatives business in Bayport produces high-quality ethylene oxide and various derivatives. The fully integrated platform with access to cost-advantaged feedstocks and logistics networks has excellent performance and reputation in the market.
Tobias Hannemann, CEO INEOS Oxide said, “We are pleased to announce this strategic acquisition. INEOS is a leading producer in Europe and this significant step expands its Ethylene Oxide & Derivatives business into the US, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana.”
The purchase price for the transaction is $700 million. The transaction is expected to close in the second quarter of 2024 following completion of the planned maintenance at the facility and is subject to regulatory and other customary closing conditions. J.P. Morgan acted as financial advisor and King & Spalding acted as legal counsel to LyondellBasell.
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1470
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