Business News Essentials: Oct. 2024
Oct. 1, 2024 — Covestro AG signed an Investment Agreement with certain entities of the ADNOC Group (Abu Dhabi, United Arab Emirates) stipulating, among other items, that the ADNOC International Germany Holding AG will make a public takeover offer for all outstanding shares of Covestro at a price of €62.00 per share. MORE
Oct. 2, 2024 — Evonik Industries AG (Essen, Germany) announced the groundbreaking of a significant expansion at its Charleston site in South Carolina’s Berkeley County. This new development will boost the production capacity of precipitated silica by 50%, catering to the increasing demand from the tire industry, particularly for green tires in the U.S.? MORE
Oct. 3, 2024 — Lanxess AG (Cologne, Germany) signed a contract to sell its Urethane Systems business to UBE Corp. (Tokyo). The enterprise value amounts to €460 million with expected proceeds of around €500 million. With this transaction Lanxess exits the last remaining polymer business. The Urethane Systems business comprises 5 manufacturing sites globally, as well as application laboratories in the USA, Europe and China. MORE
Oct. 8, 2024 — Honeywell International, Inc. (Charlotte, N.C.) announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Upon completion of the spin-off, the Advanced Materials business will have leading positions across fluorine products, electronic materials, industrial grade fibers and healthcare packaging solutions. ? MORE
Oct. 9, 2024 — Rio Tinto plc (London) and Arcadium Lithium plc (Philadelphia, Pa.) announced a definitive agreement (the Transaction Agreement) under which Rio Tinto will acquire Arcadium in an all-cash transaction for $5.85 per share.?Arcadium has leading capabilities in lithium chemicals manufacturing and extraction processes. MORE
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Oct. 10, 2024 — Thyssenkrupp Polysius and TITAN Group signed? a Front-End Engineering Design (FEED) contract for the Carbon Capture Project IFESTOS in Athens, Greece. IFESTOS is one of the largest carbon capture projects in Europe, enabling the production of zero-carbon cement and concrete.?The engineering contract provides for thyssenkrupp to design and equip the two kiln lines of the Kamari cement plant with oxyfuel systems for CO2 capture. MORE
Oct. 10, 2024 — BASF SE (Ludwigshafen Germany) announced that its Petrochemicals division has completed its upgrades for Superabsorbent Polymers (SAP) after a $19.2 million investment into its Freeport, Texas site. The project, which began in 2023, involved the installation of new equipment to increase production rates and the optimization of existing processes at the SAP plant in Freeport.? MORE
Oct. 16, 2024 — Johnson Matthey plc (London) and Noya (Oakland, Calif.) have established a partnership to manufacture Noya’s proprietary sorbent, the filter at the heart of its cutting-edge direct air capture (DAC) approach. The Noya system provides clean water and grid services alongside high-quality carbon removal credits.?Johnson Matthey will support Noya with its experience R&D and scaleup to produce the sorbent with a new facility, equipment, and industrialized manufactuing techniques. MORE
Oct. 23, 2024 —Joint venture BASF Petronas Chemicals (BPC) announced? the inauguration of its second 2-ethylhexanoic acid (2-EHAcid) production line at the integrated site in Kuantan, Malaysia. This expansion directly responds to the rapidly growing demand for high-quality 2 EHAcid. The new production line is fully operational, doubling the annual production capacity to 60,000 metric tons. MORE ?
Oct. 31, 2024 — MilliporeSigma, the U.S. and Canada Life Science business of Merck KGaA, Darmstadt, Germany, announced a $76 million expansion of its antibody-drug conjugates (ADC) manufacturing capabilities and capacity at its Bioconjugation Center of Excellence facility in St. Louis, Missouri. This investment will triple existing capacity and enhance the company’s contract development and manufacturing organization (CDMO) offering.? MORE