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Hexion gets clearance to buy Huntsman
Industry news
Hexion gets clearance to buy Huntsman HEXION SPECIALTY Chemicals of Columbus, Ohio, USA, has received clearance from the US Federal Trade Commission (FTC) for the acquisition of Huntsman Corporation. As part of the clearance, the FTC accepted a consent order requiring Hexion to divest part of its epoxy resin production and development capabilities to Spolek Pro Chemickou a Hutni Výrobu Akciová Spolecnost (Spolek) of the Czech Republic. The European Commission, which previously approved the acquisition conditioned upon the same divesture, has also approved the sale of the divested business to Spolek. In September, the Delaware Court of Chancery ruled in
favour of Huntsman in the Huntsman-Hexion merger case, ordering Hexion to perform its covenants under the merger agreement of July 2007. Hexion, and its owner Apollo Management, have previously requested to be excused from the obligation to consummate the pending transaction worth US$10.6 billion, as it claims Huntsman of Woodlands, Texas, USA, has suffered a 'material adverse effect' since signing the merger agreement last year. Hexion and Apollo further claim that the merged entity would be insolvent, something the court has rejected. Hexion; www.hexion.com Huntsman; www.huntsman.com
C$43.4 million for JSF work
New technical centre for Reichhold
THE CANADIAN Government is supporting a composites research and development project sustaining Canada’s participation in the multi-national Joint Strike Fighter (JSF) aircraft programme. The project undertaken by Bristol Aerospace Ltd, a division of Magellan Aerospace Ltd, will contribute to an aerospace composite centre of excellence in Winnipeg, Manitoba, Canada. The total cost of the project for developing new processes for composite manufacturing and complex assemblies incorporating composite and metal components, is estimated at up to C$120 million. The Canadian Government will contribute C$43.4 million towards this.
RESIN supplier Reichhold Inc, Research Triangle Park, North Carolina, USA, has moved its technology centre for Europe, the Middle East and India, to new premises on the outskirts of Sandefjord, Norway. The new facilities bring together functions that had previously been scattered around Sandefjord and include a laboratory dedicated to research and development of resins for the composites industry. The centre in Norway will work in close cooperation with two other Reichhold technology centres in North Carolina, USA, and Sao Paulo, Brazil.
Bristol Aerospace; www.bristol.ca
Reichhold; www.reichhold.com
November 2008
REINFORCEDplastics
9
Hexion gets clearance to buy Huntsman HEXION SPECIALTY Chemicals of Columbus, Ohio, USA, has received clearance from the US Federal Trade Commission (FTC) for the acquisition of Huntsman Corporation. As part of the clearance, the FTC accepted a consent order requiring Hexion to divest part of its epoxy resin production and development capabilities to Spolek Pro Chemickou a Hutni Výrobu Akciová Spolecnost (Spolek) of the Czech Republic. The European Commission, which previously approved the acquisition conditioned upon the same divesture, has also approved the sale of the divested business to Spolek. In September, the Delaware Court of Chancery ruled in
favour of Huntsman in the Huntsman-Hexion merger case, ordering Hexion to perform its covenants under the merger agreement of July 2007. Hexion, and its owner Apollo Management, have previously requested to be excused from the obligation to consummate the pending transaction worth US$10.6 billion, as it claims Huntsman of Woodlands, Texas, USA, has suffered a 'material adverse effect' since signing the merger agreement last year. Hexion and Apollo further claim that the merged entity would be insolvent, something the court has rejected. Hexion; www.hexion.com Huntsman; www.huntsman.com
C$43.4 million for JSF work
New technical centre for Reichhold
THE CANADIAN Government is supporting a composites research and development project sustaining Canada’s participation in the multi-national Joint Strike Fighter (JSF) aircraft programme. The project undertaken by Bristol Aerospace Ltd, a division of Magellan Aerospace Ltd, will contribute to an aerospace composite centre of excellence in Winnipeg, Manitoba, Canada. The total cost of the project for developing new processes for composite manufacturing and complex assemblies incorporating composite and metal components, is estimated at up to C$120 million. The Canadian Government will contribute C$43.4 million towards this.
RESIN supplier Reichhold Inc, Research Triangle Park, North Carolina, USA, has moved its technology centre for Europe, the Middle East and India, to new premises on the outskirts of Sandefjord, Norway. The new facilities bring together functions that had previously been scattered around Sandefjord and include a laboratory dedicated to research and development of resins for the composites industry. The centre in Norway will work in close cooperation with two other Reichhold technology centres in North Carolina, USA, and Sao Paulo, Brazil.
Bristol Aerospace; www.bristol.ca
Reichhold; www.reichhold.com
November 2008
REINFORCEDplastics
9