December 10, 2024

PCC Makes a Move

Olin shares sink as PCC plans new chlor-alkali production at Chemours plant

Dec. 10, 2024 3:31 PM ETOlin Corporation (OLN) StockWLK, CCBy: Carl Surran, SA News Editor

(1min)

Comment

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Olin (NYSE:OLN) -6.5% in Tuesday’s trading, poised to post its lowest close in more than three years, following news that PCC Group plans to build and operate a chlor-alkali production facility on the site of Chemours’ (CC) titanium dioxide plant in Mississippi, and that PCC and Chemours have entered into a chlorine supply agreement.

Construction is expected to begin in early 2026 with the plant becoming operational in 2028, when the plant should provide nameplate capacity of as much as 340K metric tons/year; caustic soda, the co-product, will be sold by PCC to partners and on the open market.

Keybanc’s Aleksey Yefremov called the news an “incremental negative for Olin and, to a lesser degree, Westlake Corp., as new capacity over time is likely to pressure the domestic merchant chlorine market,” according to Bloomberg.

The analyst said the timeline plan looks aggressive, estimating that “a project of this magnitude would take 6-7 years to permit and construct.”

https://seekingalpha.com/news/4384031-olin-shares-sink-as-pcc-plans-new-chlor-alkali-production-at-chemours-plant?mailingid=37798753&messageid=2900&serial=37798753.703&source=email_2900

December 10, 2024

Alkyl Phosphate Esters Antidumping Update

Preliminary Affirmative Determination in the Antidumping Duty Investigation of Certain Alkyl Phosphate Esters from the People’s Republic of China

On November 27, 2024, the U.S. Department of Commerce (Commerce) announced its preliminary affirmative determination in the antidumping duty (AD) investigation of certain alkyl phosphate esters from the People’s Republic of China (China). Commerce is also conducting a concurrent countervailing duty (CVD) investigation of certain alkyl phosphate esters from China.

Preliminary Dumping Rates 

China

* This rate is based on facts available with adverse inferences.
 

Case Calendar

NOTE: Commerce’s preliminary and final determination deadlines are governed by statute. For AD investigations, the deadlines are set forth in sections 733(b) and 735(a) of the Tariff Act of 1930, as amended.
* If a deadline falls on a weekend of Federal Holiday, the deadline falls to the next business day. 
** This will take place only in the event of a final affirmative determination from Commerce.
*** This will take place only in the event of final affirmative determinations from Commerce and the U.S. International Trade Commission (ITC).

Import Statistics

Source: U.S. Census Bureau, accessed through S&P Global Trade Atlas (Harmonized Tariff Schedule of the United States subheading 2919.90.5050).

Other Case Information

• The petitioner is ICL-IP America, Inc. (Saint Louis, MO)
• For general information and next steps, please refer to a list of preliminary FAQs. 
• Additional case information, including the scope of the investigations, are on file electronically via Enforcement and Compliance’s Antidumping and Countervailing Duty Centralized Electronic Service System (ACCESS). Once you log in, please refer to case numbers: Trading PartnerAntidumping Duty Investigation Case NumberChinaA-570-160
• To date, Commerce maintains 716 AD and CVD orders that provide relief to American companies and industries impacted by unfair trade.

https://www.trade.gov/preliminary-determinations-ad-investigation-certain-alkyl-phosphate-esters-peoples-republic-china

December 9, 2024

Dow Sells Stake in Infrastructure Assets

Dow unveils partnership with Macquarie, sells Gulf Coast asset stake in $2.4B deal

Dec. 09, 2024 6:52 AM ETDow Inc. (DOW) StockBy: Carl Surran, SA News Editor

(2min)

Comment

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Dow (NYSE:DOW) +5.1% pre-market Monday after saying it agreed to sell a 40% equity stake in some U.S. Gulf Coast infrastructure assets, with an option to increase its equity stake to 49% within six months of closing, to Macquarie Asset Management, forming a new partnership as an infrastructure provider to Dow and other industrial customers at its five locations in Texas and Louisiana.

Dow (DOW) expects to receive ~$2.4B in initial cash proceeds based on the initial transaction, with potential to receive up to ~$3B in total.

The companies will launch a new partnership, Diamond Infrastructure Solutions, which will aim to “leverage Dow’s operational excellence and Macquarie Asset Management’s infrastructure and energy expertise to generate growth opportunities by opening access to Dow’s U.S. Gulf Coast sites to third party customers.”

Diamond will be comprised of certain non-product producing assets – power and steam production, pipelines, environmental operations and general site infrastructure – located at five of Dow’s (DOW) manufacturing sites on the U.S. Gulf Coast: Freeport, Texas City, and Seadrift in Texas, as well as Plaquemine and St. Charles in Louisiana.

Dow (DOW) said the deal represents another step in the evaluation of its ownership of non-product producing assets across its global portfolio, building on the previous sales of the company’s rail infrastructure assets at six North American sites and of its U.S. Gulf Coast marine and terminal operations and assets.

https://seekingalpha.com/news/4377091-dow-unveils-partnership-with-macquarie-sells-stake-in-infrastructure-assets-in-24b-deal?mailingid=37772190&messageid=2900&serial=37772190.4452&source=email_2900

December 3, 2024

Shrieve Acquires Connection Chemical

Shrieve Chemical Announces Acquisition of Connection Chemical

Shrieve

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November 6, 2024

THE WOODLANDS, TX (November 5, 2024) — Shrieve Chemical Company (“Shrieve”), a portfolio company of Gemspring Capital and a value-added chemicals distributor, announced today that it has acquired Connection Chemical, LP (“Connection”), a full-service distributor of industrial chemicals and fine ingredients based in Newtown, Pennsylvania. Terms of the transaction were not disclosed.

Founded in 2010, Connection has built a reputation as a trusted partner to a broad range of customers and suppliers, with stocking locations throughout the United States, multiple deep-draft storage tanks, and in-house logistics capabilities that seamlessly connect customers to the global chemical market.

With global expertise and relationships, Connection offers dynamic supply chain solutions and consistent value to both customers and suppliers.

The acquisition broadens Shrieve’s product portfolio and enhances its global sourcing capabilities. Additionally, the combination enables Shrieve to strategically extend its existing product lines to Connection’s customers while introducing Connection’s offerings to new and established clients.

“I am excited to welcome Connection Chemical into the Shrieve Chemical family. This transaction reflects our ongoing commitment to expanding the products and capabilities we offer our customers,” said George Fuller, CEO of Shrieve. “The Connection team has built a world-class business with industry-leading product import capabilities, deep supplier relationships, and a diverse product portfolio serving attractive end markets. In partnership with Frank and the Connection team, we look forward to delivering even greater value to our customers and supplier partners.”

Frank Farish, President of Connection, added, “We are excited to partner with Shrieve and continue leveraging our global supply chain to deliver a consistent supply of high-quality products to customers across North America. Our shared values and dedication to customer service make this partnership a perfect fit, and we are eager to harness the strength of the combined organization to better serve our customers and suppliers.”

Connection was advised by Truist on the transaction.

About Shrieve

Shrieve, based in The Woodlands, TX, is a value-added chemicals distributor serving attractive markets and end-use applications globally. Since its founding in 1978, Shrieve has leveraged its knowledge network to find the best match between suppliers, customer needs, and product applications. Through its four operating segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging, Shrieve markets nearly 1,500 products across more than 40 countries. For more information, visit www.shrieve.com.

About Connection Chemical

Connection, headquartered in Newtown, PA, is a chemical distributor of industrial chemicals and fine ingredients in North America. Founded in 2010, Connection leverages extensive market knowledge, unmatched expertise in supply chain optimization, and a deep network of global supply partners to support customers’ needs for dynamic supply chain solutions. For more information, visit www.connectionchemical.com.

https://www.linkedin.com/pulse/shrieve-chemical-announces-acquisition-connection-shrieve-juqde/?trackingId=Tsjm9LjyTnC6eoSGDsLxlA%3D%3D

December 2, 2024

ADNOC and Covestro Update

ADNOC says Covestro shareholders accept takeover offer

ADNOC said the additional acceptance period would start on Tuesday, allowing Covestro shareholders to accept the offer until Dec. 16.

It said the transaction is expected to close in the second half of 2025.

Bartosz Dabrowski, Reuters News

December 2, 2024

https://www.zawya.com/en/business/m-a/adnoc-says-covestro-shareholders-accept-takeover-offer-dn82ndyq