Chemical Industry Weekly News Round-Up, November 5
2:27 PM MDT | November 5, 2010 | By VINCENT VALK
This Week on CW:
Dow Chemical is changing its strategy on plastics. The company is planning to keep its LLDPE business, which was party to the failed K-Dow joint venture, while seeing ventures in HDPE, PP, and other commodity plastics.
Earnings improvement continued this week. Momentive saw income double for its Specialty Chemicals business, formerly Hexion, while its Performance Materials business swung to a profit. DSM's profits rose on higher sales, while Reliance earnings were up 28% year-on-year, and Mitsui swung to profit.
Canadian authorities are blocking BHP Billtion's $38.6 billion bid for PotashCorp on the grounds that it will not benefit that country. BHP has been given thirty days to revise its offer.
Chemicals output in Germany was up 10% year-on-year, but only 0.5% sequentially, according to VCI, an industry association in Germany.
Around the Web:
A blogger in the Atlantic argues that strong third-quarter earnings mean that the economy is in better shape than many believe.
The EPA was "one of the biggest losers" on a big election night for Republicans, who are eager to block the agency's climate regulations, in the New York Times.
Dow's solar shingle, scheduled to launch in 2011, could be a major revenue generator while also shaking-up the company's image, in Reuters.
The plastics industry, which has been in contraction since 2005, is still in a period of transition, Plastics News reports.