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Chemical Industry Weekly News Round-Up, Feb. 3
February 3, 2012 | By VINCENT VALK
This Week on CW:
Dow Chemical reported a $20 million loss on a tax-related one-time charge. Excluding the charge, Dow recorded earnings of $289 million, down from the year-ago period and falling short of analysts’ estimates. Meanwhile, Cabot reported fourth-quarter net income that fell 39%, to $46 million.
Westlake increased its bid for Georgia Gulf by 17%, to $35/share, or $1.29 billion. Georgia Gulf rejected the bid, with CEO Paul Carrico saying the company would reconsider if Westlake indicated an openness to increasing the price further.
At PlastIndia, held this week in New Delhi, IndianOil told CW it plans to double investments in its petrochemicals business.
And at ACI 2012, held this week in Orlando, cleaning industry leaders discussed how sustainability and innovation can drive growth.
Around the Web:
The New Republic has a fascinating look at U.S. energy secretary Steven Chu’s sometimes controversial tenure in the Obama administration.
Republicans are criticizing an EPA report that says hydraulic fracturing has played a role in groundwater pollution in Wyoming, in CBS News.