Chemical industry weekly news round-up, Oct. 12
3:24 PM MDT | October 12, 2012 | By LINDSAY FROST
This week in CW:
Ecolab is acquiring Houston-based oilfield chemicals firm Champion Technologies for $2.2 billion cash-and-stock deal, adding 3,300 more employees in over 30 countries. Champion had $1.2 billion in sales in 2011.
Cytec sells its coating resins unit to private equity firm Advent International for $1.15 billion. The unit generated $1.6 billion in sales in 2011.
Rival bids submitted for the purchase of TPC group from Innospec and private equity firm Blackstone Capital. Blackstone submitted a $44-46/share bid—higher than the $40/share buyout agreed to with SK Capital and First Reserve in August.
Solar cell producers from China now face import tariffs of up to 250%.
Ferro cuts its earnings guidance down 42%; also begins restructuring plans and considers selling solar pastes business.
Around the Web:
A Reuters article says NASA’s Mars rover spots unusual rock with similar chemicals to those found on oceanic islands on Earth.
A New York Times article says EPA and the oil industry need a better tracking system for biodiesel fuel production.
A new MIT study reported in Smithsonian magazine says carbon dioxide exposure directly reduces the strength of ice.
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