Chemical Week back issues from February 2002:
Still looking for the upside. (View Point).(chemical industry suffered a brutal fourth quarter 2001)(Brief Article)
Feb 06, 2002 ... IF YOU THOUGHT THINGS WERE BAD A YEAR AGO, THE GRIM FOURTH-QUARTER 2001 RESULTS that chemical companies are reporting should give pause to reflect. The fall in natural gas prices has provided relief, but the collapse in demand for chemicals in the latter part of 2001 that is showing ...
Bayer's journey. (View Point).(Bayer AG)(Brief Article)(Column)
Feb 06, 2002 ... Hunter, David BAYER'S TOP MANAGEMENT WAS IN NEW YORK LAST MONTH FOR ITS NEW YORK STOCK Exchange (NYSE) listing (CW, Jan 30, p. 9) and the venerable player threw some light on where it is headed. Werner Wenning, who becomes CEO in April, made clear in his New York presentation ...
Dow corning cuts 700 jobs, posts sharp loss. (News).(Brief Article)(Statistical Data Included)
Feb 06, 2002 ... Dow Corning says it plans to eliminate 700 employees, about 8% of its workforce as part of a cost-cutting program expected to generate annualized savings of $100 million. Dow Corning reported a fourth-quarter net loss of $36.3 million, excluding charges, compared to net income of $57.6 ...
ExxonMobil shuts PE lines in Louisiana. (News).(polyethylene)(Brief Article)
Feb 06, 2002 ... ExxonMobil Chemical says it has permanently dosed two polyethylene (PE) lines at Baton Rouge, LA, citing weak demand. One line produced 100-million lbs/year of low-density PE, and the other 60 million lbs/year of high-density PE. The closures will reduce PE capacity at Baton Rouge to 2.8 ...
Fire shuts Westlake VCM plant in Kentucky. (News).(vinyl chloride monomer )(Brief Article)
Feb 06, 2002 ... A fire and explosion on January 29 has forced the shutdown of Westlake's 1-billion lbs/year Calvert City, KY vinyl chloride monomer (VCM) plant. The plant is being repaired, but Westlake has not announced a restart dare. There were no reported injuries, says Westlake. A 122,000-tons/year ...
Solutia to sell $100 million in convertible debt. (News).(Brief Article)
Feb 06, 2002 ... Solutia says it will sell $100 million of senior debt that is exchangeable for common stock in the company. Solutia says proceeds will be used to repay borrowings under its $800-million revolving credit facility. The securities, so-called "Upper DECS," will consist of five-year senior ...
IMC, MissChem earnings fall, Terra Nitrogen rises. (News).(Mississippi Chemical )(Brief Article)(Statistical Data Included)
Feb 06, 2002 ... IMC Global posted a fourth-quarter net loss of $11.4 million, compared to earnings of $4.5 million in the prior year. Sales were up 9%, to $525.8 million. IMC blamed lower phosphate prices, increased phosphate rock costs, and higher interest expense. Mississippi Chemical (MissChem) posted ...
UCAR to restructure antitrust payments, sell senior debt. (News).(UCAR International Inc.)(Brief Article)
Feb 06, 2002 ... UCAR International says it has reached an agreement with the Justice Department to restructure the remaining $60 million due on a 1998 antitrust fine. UCAR will pay $2.5 million in 2002, $5 million in 2003 and quarterly payments ranging from $3.25 million to $5.375 million, ...
Crompton sinks into the red. (News).(Brief Article)(Statistical Data Included)
Feb 06, 2002 ... Crompton reported a $13.8 million fourth-quarter loss before special items, compared to earnings of $11.5 million before special charges for the year-ago period. Sales fell 17%, to $604.9 million. Crompton says it took a one-time ...
Washington Group exits chapter 11. (News).(Brief Article)
Feb 06, 2002 ... Washington Group says it has completed a financial reorganization and emerged from Chapter 11 bankruptcy. The company says it has ...
Another consulting IPO. (News).(PwC Consulting)(Brief Article)
Feb 06, 2002 ... PricewaterhouseCoopers says it plans to spin off its management and technology consulting business, PwC Consulting, in an initial public offering (IPO), and will file a registration statement this spring. It follows similar ...
Formosa plastics eyes U.S. offering. (News).(Brief Article)
Feb 06, 2002 ... Formosa Plastics Corp. is considering a public offering of shares in the U.S., according to a report in Taiwan's Economic Daily News. The report quotes Formosa Group vice chairman Wang Yung-tsai ...
OM Group completes equity issue. (News).(Brief Article)
Feb 06, 2002 ... OM Group says it has completed a secondary offering of 4.025 million shares of common stock, including 525,000 shares to ...
Montedison sells reagents business. (Briefs).(Barclays Private Equity buys Carlo Erba Reagenti from Montedison)(International Pages)(Brief Article)
Feb 06, 2002 ... Antibioticos, the health care subsidiary of Montedison, has sold its Carlo Erba Reagenti (CER; Rodano, Italy) subsidiary to a management buyout team backed by Barclays Private Equity, the private equity capital arm of Barclays. The deal is valued at 616 ...
Gases firms report weak sales. (Briefs).(L'Air Liquide S.A.)(Brief Article)(Statistical Data Included)
Feb 06, 2002 ... Air Liquide posted an 8% decrease in sales in the fourth quarter of 2001, to 62.1 billion ($1.8 billion). Earnings were not disclosed. "The major economic slowdown experienced in the second half of 2001 significantly modifies the context in which we established our objectives," says ...
BASF completes hodroxylamine. (Briefs).(production expansion project)(Brief Article)
Feb 06, 2002 ... BASF has completed its previously announced hydroxylamine free base (HAFB) expansion at Ludwigshafen. The project raised HAFB capacity there by 1,300 m.t./year, to 7,000 m.t./year. It is the second HAFB expansion that BASF has completed within a year (CW, Feb. 21, 2001, p. 15) ....
Showa Denko to expand specialties. (Briefs).(Brief Article)
Feb 06, 2002 ... Showa Denko says it plans to invest ** 14 billion ($848 million) to expand its specialty chemicals business over three years, starting in 2003. About 60% of the planned expenditure will be in the company's electronic chemicals, ...
Atofina's toulouse liability tops $800 million... Plant closures, divestments are planned. (Briefs).(fatal explosion at French plant proves costly)(Brief Article)
Feb 06, 2002 ... Atofina says that the fatal explosion at the Toulouse, France site of its fertilizers subsidiary, Grande Paroisse, last September, will likely cost the company more than [euro]950 million ($819 million) in third-party liability (CW Jan. 23, p.19). Atofina has so far received compensation ...
[0] Atofina's toulouse liability tops $800 million... Plant closures, divestments are planned. (Briefs).(Brief Article)(Statistical Data Included)
Feb 06, 2002 ... About 300 of the 500 job cuts announced by Atofina in France by 2005 will be at the company's Carling petrochemical complex (CW Jan. 30, p. Atofina will also shed 75 jobs at Dieuze, where it will close barium chloride and polypropylene compounding plants this year, and cut 57 jobs at ...
BP takes control of Veba Oel. (Briefs).(Brief Article)
Feb 06, 2002 ... BP has assumed operational control of Veba Gel despite the German cartel authority's recent decision to block BP's original plan to finance the acquisition (p. 32). BP will pay $1.63 billion in cash, and assume $850 million of debt, to buy 51% of Veba from E. On. BP had originally intended ...
Europe says bisphenol a affects reproduction. (Briefs).(European Union scientists' findings)(Brief Article)
Feb 06, 2002 ... European Union scientists have classified bisphenol A (BPA), the surfactants nonylphenol and 4-nonylphenol, and benzyl butyl phthalate (BBP) as hazanlous substances because of their toxic effects on human reproduction. The European Commission can propose stricter labeling or marketing ...
Vopak boss quits suddenly. (Briefs).(Ton Spoor)(Brief Article)
Feb 06, 2002 ... Ton Spoor, chairman of Vopak, has left the company after it issued its third earnings warning in five months. Vopak has appointed senior v.p./finance and administration of Vopak USA. Gary Pruitt as Spoor's replacement. The Vopak board, meanwhile, is "reviewing the longer-term strategy of ...
Lyondell to acquire Oxy's stake in Equistar. (Petrochemicals).(Lyondell Chemical Co.; Occidental Petroleum Corp.; Equistar Chemicals L.P.)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... LYONDELL CHEMICAL SAYS IT HAS reached a deal to acquire Occidental Petroleum's (Oxy) 29.5% share in Equistar in exchange for a 21% stake in Lyondell. Oxy will also receive warrants to purchase additional shares in Lyondell, and a payment of as much as $35 million depending on Equistar's ...
ICI plans offering to cut debt. (Finance).(Imperial Chemical Industries PLC)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... ICI SAYS IT WILL OFFER [pounds sterling]800 MILLION ($1.1 BILLION) WORTH of shares to stockholders and divest Synetix, its catalysts business. The measures are designed to reduce ICI's [pounds sterling]2.9-billion debt and preserve the company's investment-grade credit rating. ICI will ...
Industry prepares anti-terror code. (Responsible Care).(American Chemistry Council)(Brief Article)
Feb 06, 2002; ... ACC's board of directors has voted to establish an anti-terrorism code that will require all member companies to implement a range of management practices, including assessment and correction of vulnerabilities at sites, as well as independent verification that necessary security ...
Monsanto, Central Garden settle dispute. (Legal).(Monsanto Co. and Central Garden and Pet Co.)(Brief Article)
Feb 06, 2002; ... Monsanto and Central Garden & Pet (Lafayette, CA) have settled litigation relating to the distribution of Monsanto lawn and garden products by Central. Monsanto is dismissing a lawsuit in Missouri state court relating to the payment of receivables due from Central in exchange for a payment ...
[TiO.sub.2] producers try to raise prices. (Inorganics).(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... TITANIUM DIOXIDE ([TiO.sub.2]) PRODUCERS, battered by a sharp fall in prices and margins during the past year, have announced price increases of about 5% worldwide in a bid to restore margins. The increases are 3 cts-5 cts/lb in the U.S., [euro]150/m.t. in Europe, and $100/m.t. in ...
More specialty firms post lower profits. (Earnings).(Arch Chemicals, ChemFirst, Engelhard, Great Lakes Chemical, International Flavors and Fragrances, and W.R. Grace)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... THE LIST OF SPECIALTY FIRMS REPORTING fourth-quarter earnings declines is growing (CW, Jan. 30, p. 8). Arch Chemicals, ChemFirst, Engelhard, Great Lakes Chemical, International Flavors and Fragrances (IFF), and W.R. Grace all posted lower earnings, citing the weak economy. ...
STB approves rail spurs at gulf coast chemical plants. (Transportation).(Surface Transportation Board )(Brief Article)
Feb 06, 2002; ... The Surface Transportation Board (STB) granted final approval last month to Burlington Northern Santa Fe (BNSF) to build a seven-mile rail spur to Dow Chemical's Seadrift, TX facility. STB also approved Canadian National (CN) subsidiary Illinois Central's proposed rail line connecting ...
Walter Kissling, former CEO of H.B. Fuller, died on January 28, at the age of 70. (Wrap - Up).(Brief Article)(Obituary)
Feb 06, 2002 ... WALTER KISSLING, former CEO of H.B. Fuller, died on January 28, at the age of 70. Kissling joined Fuller when it acquired Kativo Chemical Industries (San ...
Robert L. Webb, a former head of Bush Boake Allen (BBA). (Wrap - Up).(Former senior v.p. dies)(Brief Article)
Feb 06, 2002 ... ROBERT L. WEBB, a former head of Bush Boake Allen (BBA), died on January 25, at the age of 75. Webb worked at Union ...
Most commodity makers sink into the Red. (Earnings).(Dow Chemical reports net loss of $37 mn for fourth quarter 2001)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... BASIC CHEMICAL MAKERS POSTED WORSE-than-expected fourth-quarter results as demand and profits were battered by the U.S. recession, and several sank into the red. Dow Chemical posted a net loss of $37 million compared to net earnings of $149 million in the year-ago quarter, as ...
Bush sidesteps legal reform. (Product Liability).(Lobbying for tort reform)(Government Activity)(Brief Article)
Feb 06, 2002; ... PRESIDENT BUSH'S STATE OF THE UNION address last week disappointed proponents of legal reform who had hoped he would promise to limit "baseless" personal injury lawsuits as a way of stimulating the economy. Bush pledged in his campaign to push for so-called tort reform, but he has since ...
Natural gas declines help methanol, but buyers may seek price cuts. (Markets).(Methanol spot prices remain stable at 30 cts to 32 cts/gal)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... METHANOL MARGINS ARE IMPROVING as a result of declines in natural gas prices and stable methanol prices. Natural gas prices have fallen about 20% during the past six months, reaching a four-month low late last month of about $2.06/million Btu for March delivery. Methanol spot prices have ...
GAO will sue over bush energy plan. (Washington).(Bush administration's energy plan focus of lawsuit)(Government Activity)(Legal Beat)(Brief Article)
Feb 06, 2002; ... The General Accounting Office (GAO; Washington) says it will file the first-ever GAO lawsuit against the executive branch. It will demand that Vice President Dick Cheney release details of a White House task force's consultations with industry about the administration's energy plan. The ...
BASF closes lead chromate plants in Brazil and Indonesia. (Inorganic Pigments).(Weak worldwide demand leads to focus on German plants)(International Pages)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... BASF says it will close lead chromate pigments plants at Sao Caetano do Sul, Brazil and Cengkareng, Indonesia by the end of March, citing decreased worldwide demand. The company says it can supply the global market for those pigments from its plants at Besigheim and Cologne, Germany, which ...
Borden Chemical Inc. (Wrap-Up).(New president and CEO appointed)(Brief Article)
Feb 06, 2002 ... BORDEN CHEMICAL INC. has appointed Craig O. Morrison president and CEO, succeeding Michael E. Ducey, who has left the company. Morrison was ...
Noveon says it has acquired certain assets and intellectual property. (Wrap-Up).(AT Plastics divests Flexet business)(Brief Article)
Feb 06, 2002 ... NOVEON says it has acquired certain assets and intellectual property from AT Plastics relating to cross-linked polyethylene compounds ....
Lyondell Chemical. (Wrap-Up).(Builds Newtown Square, PA-based testing lab)(Brief Article)
Feb 06, 2002 ... LYONDELL CHEMICAL says it has completed a testing lab at Newtown Square, PA for its propylene glycol-based aircraft deicing fluids. The ...
Solutia sells AES stake to Exxonmobil; posts fourth-quarter loss. (Companies).(Advanced Elastomer Systems, ExxonMobil Chemical)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... SOLUTIA SAYS IT HAS REACHED AN agreement in principle to sell its 50% stake in Advanced Elastomer Systems (AES; Akron, OH) to its joint venture partner ExxonMobil Chemical. Terms were not disclosed. Solutia says the sale should close during the first quarter. Solutia announced ...
Acrylo producers try to boost margins. (Intermediates).(Sterling Chemicals closes its 360,000-m.t./year unit at Texas City, TX)(International Pages)(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... U.S. ACRYIDNITRILE PRODUCERS SAY THEY expect margins to improve as demand stabilizes and supplies tighten, allowing a price increase. First-quarter acrylonitrile prices in the U.S. are 34 cts/lb, 15% below year-ago levels. Export prices were stable at $480-$500/m.t. fob U.S. Gulf Coast, ...
Correction.(Airgas to Buy Air Products' cylinder gas operations)(Brief Article)
Feb 06, 2002 ... In "Airgas to Buy Air Products' U.S. Cylinder Gas Business" (CW Jan. 9/16 p. 9), the price Airgas is paying Air Products should have been $236 million. Air Products' total ...
Rhodia to close plants, sell assets in a bid to return to profitability. (Companies).(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... RHODIA SAYS IT WILL CLOSE 19 PLANTS THIS year and divest an unspecified number of assets to help restore the company to profitability and reduce debt. The announcement follows "one of the most difficult years experienced' by the chemical industry," says Rhodia CEO Jean-Pierre Tirouflet. ...
Basell shutters styrene plant. (Europe Mideast).(Brief Article)(Statistical Data Included)
Feb 06, 2002; ... BASELL SAYS IT HAS CLOSED A STYRENE plant at Wesseling, Germany, which produced styrene exclusively for BASE. The companies cite a worldwide drop in demand for styrene and styrenic polymers, and high production costs. Styrene markets have taken account of the plant closure and ...
Brussels unveils pro-industry initiative. (Biotechnology).(European Commission announces policy initiatives)(Brief Article)
Feb 06, 2002; ... The European Commission has announced a series of policy initiatives to support the European Union biotechnology sector. The policy, which is in the discussion phase, is aimed at "harvesting the potential" of biotechnology by developing initiatives to enhance education in life sciences, ...
Solvin, a 75-25 joint venture between Solvay and BASF. (Wrap-Up).(acquires Solvay's assets in Spain)(Brief Article)
Feb 06, 2002 ... SOLVIN, a 75-25 joint venture between Solvay and BASF, has completed the acquisition of Solvay' vinyls assets in Spain (CW, April ...
British Vita (Manchester, U.K.). (Wrap - Up).(acquires Nolato Elastoteknik)(Brief Article)
Feb 06, 2002 ... BRITISH VITA (Manchester, U.K.) has acquired Nolato Elastoteknik (Torekov, Sweden), a thermoplastic elastomer ...
Chemical union pushes for higher wages. (Europe/Mideast).(Brief Article)
Feb 06, 2002; ... The German chemical trade union IG BCE (Hanover) says it is seeking a 5.5% wage rise for its 600,000 members in the current round of negotiations. The union says that economic growth slowed considerably in 2001, but forecasts for the second half of 2002 remain good. Chemical ...
Kemira says it has completed the previously announced acquisition of Vinings Industries (Kennesaw, GA). (Wrap-Up).(Brief Article)
Feb 06, 2002 ... KEMIRA says it has completed the previously announced acquisition of Vinings Industries (Kennesaw, ...
Bayer is suing Chiron over a blood testing product. (Wrap-Up).(Brief Article)
Feb 06, 2002 ... BAYER is suing Chiron over a blood testing product that was part of Bayer's 1998 purchase of Chiron's diagnostic ...
Sibur (Moscow). (Wrap-Up).(executive resignation, corruption probe)(Brief Article)
Feb 06, 2002 ... SIBUR (Moscow) v.p./corporate finance Sergey Zenkin has resigned, Russian news reports say. Zenkin also represented Sibur on the board of BorsodChem ....
Monsanto has launched a campaign to attract more companies to invest at its Antwerp site. (Wrap-Up).(Brief Article)
Feb 06, 2002 ... MONSANTO has launched a campaign to attract more companies to invest at its Antwerp site. Ferro, ...
Dow to end south african polyols production; more closures planned. (Polyurethanes).(Dow Chemical)(Brief Article)
Feb 06, 2002; ... DOW CHEMICAL SAYS IT WILL CLOSE SOME polyols capacity as part of a rationalization of its European polyurethane (PU) intermediates business. The company cites poor PU demand and a "need to streamline operations." Dow will soon close a 20,000-m.t./year polyols plant at Durban, South Africa, ...
PKN Orlen and Basell to sign JV. (Poland).(polyolefins joint venture; Plock, Poland)(Brief Article)
Feb 06, 2002; ... PKN ORLEN (PLOCK, POLAND) SAYS IT plans to sign an agreement with Basell before the end of this month for a previously announced 50-50 polyolefins joint venture at Plock, pending a shareholder vote on February 21 (CW, Oct. 24, p. 17). The jv would require an investment of $350 ...
Three companies bid for IPCL; GE to buy stake in plastics JV. (Asia/Pacific).(Indian Petrochemicals Corp. Ltd.;)(GE Plastics bids to acquire share in Indian plastics joint-venture)(Brief Article)
Feb 06, 2002; ... RELIANCE INDUSTRIES, INDIAN OIL CORP. (IOC), and Nirma Chemicals (Ahmedabad, India) have submitted separate offers to acquire part of the Indian government's stake in Indian Petrochemicals Corp. Ltd. (IPCL; Baroda), IPCL says. The government plans to reduce its stake in IPCL from 60%, to ...
Asahi, Showa Denko warn on profits. (Asia/Pacific).(Asahi Kasei)(Brief Article)
Feb 06, 2002; ... ASAHI KASEI AND SHOWA DENKO ARE the latest Japanese chemical companies to issue profit warnings. Both firms cite low prices and weak demand. Asahi cur its net profits forecast for the fiscal year ending March 31 by half, to [yen]4.5 billion ($33 million). It reported net earnings of Y25.2 ...
SPC, JILIN chemical expect big earningss declines. (China).(Shanghai Petrochemical, Jilin Industrial 2001 profit forecast)(Brief Article)
Feb 06, 2002; ... Shanghai Petrochemical (SPC) and Jilin Industrial have warned that their full-year 2001 profits will be substantially below year-ago figures. The companies cite the effect of low petrochemical prices in China; Jilin also cites the effect of accounting provisions, including those for an ...
Cabot buys showa denko's stake in metals joint venture. (Japan).(Brief Article)
Feb 06, 2002; ... Cabot says it has agreed to acquire Showa Denko's 50% stake in their Japanese joint venture, Showa Cabot Supermetals (SCSM), for about $100 million in cash, plus the assumption of $100 million in debt. SCSM produces ...
Ajinomoto plans worldwide lysine expansion. (Projects Hot Sheet).(Ajinomoto Company Inc.)(Brief Article)
Feb 06, 2002 ... Ajinomoto, the world's largest lysine producer, says it is planning to expand its worldwide lysine capacity by 50% by 2005, to 300,000 m.t./year. Ajinomoto will invest $11 million to raise capacity at Eddyville, IO from 40,000 m.t./year, to 50,000 m.t./year by mid-2002. It will spend ...
Methanex plans fourth methanol unit in Chile. (Projects Hot Sheet).(Brief Article)
Feb 06, 2002 ... Methanex says it is completing engineering work for its fourth methanol plant in Chile as part of a plan to extend its natural gas supply agreements. A final decision has not yet been made, says CEO Pierre Choquette. Methanex's agreements for gas supply to its existing three units in ...
Air liquide plans hydrogen at Exxonmobil refinery. (Projects Hot Sheet).(Brief Article)
Feb 06, 2002 ... Air Liquide says it is studying construction of a hydrogen plant at ExxonMobil's Port-Jerome, France refinery, which would supply the refinery and other local customers. Air Liquide recently signed a letter of intent to supply ExxonMobil with 50,000 cu meters/hour of hydrogen at ...
TotalFinaElf awards contract to technip-coflexip. (Projects Hot Sheet).(Brief Article)
Feb 06, 2002 ... Total Raffinaderij Nederland (Vlissingen, the Netherlands), a subsidiary of TotalFinaElf, has awarded Technip-Coflexip a contract to expand capacity of Total's hydrogen plant at Vlissingen ...
China approves PTM's polyacetal project. (Projects Hot Sheet).(Brief Article)
Feb 06, 2002 ... The provincial government of Jiangsu, China has approved a previously announced plan by PTM Engineering Plastics (Nantong, China) to build a 60,000-m.t./year polyacetal resins plant at Nantong (CW, July 4, 2001, ...
Dead Sea Works awards contract to U.S. Filter. (Projects Hot Sheet).(to supply a hot-leach crystallization system)(Brief Article)
Feb 06, 2002 ... Dead Sea Works (DSW; Beer Sheva, Israel) has awarded a contract to U.S. Filter (Plainfield, IL) to supply a hot-leach crystallization system to produce 1.3 million m.t./year of potassium chloride. DSW says that part of the equipment will be used to upgrade the ...
ABB lummus confirms cracker award in Poland. (Projects Hot Sheet).(Brief Article)
Feb 06, 2002 ... ABB Lummus Global has confirmed CW's exclusive report that it has won a $165-million contract to expand PKN Orlen's ethylene plant at Plock, Poland (CW, Jan. 9/16, p. 16). ABB Lummus says it will use new ...