IHS Chemical Week


Chemical Finance Digest, July 23

3:09 PM MDT | July 23, 2012 | By VINCENT VALK

Topping the headlines last week, PPG is merging its commodity chemicals business with Georgia Gulf in a deal worth $2.1 billion. The deal will spin off PPG’s commodities business and then immediately merge it with Georgia Gulf, with PPG shareholders owning 50.5% of the combined company in the form of shares valued at $1 billion. PPG itself will get a $900 million cash payment.
In other M&A news, Cytec has closed on its $439 million acquisition of Umeco.
Early earnings at chemical companies were mixed in the face of lowered expectations. Most analyst expect second-quarter earnings to come in at the low end of estimates.
CW recently sat down with our SFO of the Year, Lamar Chambers of Ashland, to discuss his role in that company’s transformation, and his management philosophy.
NewMarket is launching a $250 million share buyback, replacing an older program that was slated to expire at the end of the year. The new program expires at the end of 2014.
Renewable chemicals firm Elevance has raised $104 million in a Series E funding round. The round was led by Genting Group, a Malaysian conglomerate, and will support the development of biorefineries in Asia and the Americas.
In macroeconomic news, U.S. industrial production rose 0.4% in June, with manufacturing output up 0.7% after an equivalent decline in May. While that’s not bad news, “the story remains an uneasy sideways movement and a considerable amount of pure statistical noise,” says IHS Global Insight economist Michael Montgomery.

contact us | about us | customer care | privacy policy | sitemap | advertise

ihsCopyright © 2015 IHS, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

North Asia Russia Southeast Asia China India/Pakistan Middle East Eastern Europe Western Europe Central America Canada USA Australia/New Zealand South America Africa