Albemarle reaches agreement to purchase speciality chemicals business

Albemarle reaches agreement to purchase speciality chemicals business

Additives for Polymers adhesives systems. It has more than 50 production units in 22 countries in Europe, the Americas and Asia Pacific. Industri Kap...

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Additives for Polymers

adhesives systems. It has more than 50 production units in 22 countries in Europe, the Americas and Asia Pacific. Industri Kapital, a European private equity investment firm, owns Dynea. Ashland Specialty Chemical Co, a division of Ashland Inc, serves the adhesives, automotive, composites, foundry, merchant marine, paint, paper, plastics and semiconductor industries. Contact: Ashland Inc, 50 E. RiverCenter Boulevard, PO Box 391, Covington, K Y 410120391, USA," tel: +1-859 815 3333;fax: +1-859 815 4795.

Albemarle reaches agreement to purchase speciality chemicals business US-based signed an speciality GmbH for

Albemarle Corp says that it has agreement in principle to purchase chemicals company Martinswerk approximately US$44 million.

The deal includes manufacturing facilities and Martinswerk's headquarters in Bergheim, Germany, and the company's 50% stake in Magnifin Magnesia Produkte GmbH, which has manufacturing facilities in Austria. The sale is subject to regulatory approval. Albemarle says that the German company's flame-retardant business complements its own growing flame-retardant portfolio and would strengthen its global focus on fire-safety systems. In 2000, Martinswerk had sales of about US$100 million across three businesses, most of which came from mineral-based flame retardants for the plastics and rubber markets. In addition, the company produces brightening pigments for paper applications, and speciality aluminium oxides for polishing, catalyst and niche ceramic applications. Magnifin produces magnesium hydroxide flame-retardant products used in applications which require high processing temperatures. Contact: Albemarle Corp, 330 South Fourth Street, PO Box 1335 Richmond, VA 23210, USA; tel: +1-804 788 6000; fax: +1-804 388 7686. 4

May 2001

Eastman completes Hercules acquisition Eastman Chemical Co Kingsport, Tennessee, USA, has announced that through its subsidiaries, its has completed the asset acquisition of the hydrocarbon resins and select portions of the rosins resins business from Hercules Inc. The purchase price was approximately US$244 million (see Additives for Polymers March 2001). Eastman says that the acquisition is expected to strengthen its presence in the coatings, adhesives, speciality polymers and inks product lines, giving it approximately US$2 billion in annual revenues. Now that the acquisition is complete, Eastman says that it will begin combining the former Hercules businesses with its existing business. Contact: Eastman Chemical Co, PO Box 431, Kingsport, TN 37662, USA," tel: +1-423 229 2881;fax: +1-423 229 8595.

FINANCIALS Great Lakes announces first-quarter results For the first quarter of 2001, US company Great Lakes Chemical Corp has posted net income of US$20 million on sales of US$410 million. For the equivalent period a year earlier it recorded net income of US$28 million on sales of US$404 million. The company says that during the first quarter it confronted many of the challenging business conditions prevalent in the fourth quarter of 2000. It says that a weakening of global economic activity has reduced demand for some of its products, especially those associated with automotive, consumer electronics and IT infrastructure spending. In addition, earnings continue to be affected by higher raw material and energy costs. According to Great Lakes, the Polymer Additives business remains the most affected by external market conditions. Slowing end-mar-

©2001 Elsevier Science