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Chemical Industry Weekly News Round-Up, Mar. 16
3:29 PM MDT | March 16, 2012 | By VINCENT VALK
This Week on CW:
Shell Chemical says it is evaluating a site in Pennsylvania for a new, world-scale ethane cracker that will mostly serve the U.S. northeast. The company has signed a land option agreement with a zinc producer for a parcel about 30 miles north of Pittsburgh.
The U.S., the E.U., and Japan have launched a joint challenge to China’s rare earth export restrictions in the World Trade Organization. The countries say the restrictions, which China says exist due to environmental concerns, unfairly benefit Chinese producers at the expense of overseas competitors.
Molycorp has agreed to buy Neo Material Technologies, a Canadian rare earths processor, for $1.3 billion. The deal creates a global, vertically integrated, rare earths supplier.
Evonik has agreed to sell its colorants business to Arsenal Capital Partners, a private equity firm. The business generated about $171 million in revenue in 2011.
Around the Web:
A column in The New York Times throws some cold water on the idea that oil and gas drilling can be a jobs bonanza for the U.S.
An increasing number of U.S. manufacturers are ‘nearshoring,’ that is, locating operations in Mexico, in Industry Week.