Chemical Industry Weekly News Round-Up, Oct. 21
2:38 PM MDT | October 21, 2011 | By VINCENT VALK
This Week on CW:
As earnings season gathered steam reports were, once again, mixed. AkzoNobel reported net income down 32% year-on-year, to 217 million ($301 million), as the company embarks on a restructuring plan. Air Products’ net income rose 10.5%, to $325 million, though the company’s fiscal 2012 forecast came in below analysts’ expectations. PPG’s net income rose 19%, to $311 million, beating estimates, while Rockwood’s net income was up 46%, to $84.7 million.
Pipeline operator Kinder Morgan has agreed to acquire competitor El Paso Corporation for $38 billion, including debt, in a deal that will create the largest natural gas pipeline network in the U.S., with 67,000 miles of pipeline.
The Natural Resources Defense Council, an environmental group, has released a report accusing industry of influencing the delay of toxicity findings for three substances, including styrene.
DuPont has sued Monsanto for patent infringement over a seed corn production technique.
Around the Web:
The U.S. Department of Homeland Security says the hacker group Anonymous is targeting critical infrastructure in the U.S., including chemical plants, in Wired.
A blogger in The Atlantic has a piece explaining the nature of Kinder Morgan’s – now the fourth-largest energy company in the U.S. – business.
U.S. EPA has ruled that biomass products, inclusing cellulosic biofuels, will be exempt from rules governing the use of recycled material in boilers, Bloomberg reports.