AGC invests
AGC is to expand the production lines of its AGC Wakasa Chemicals subsidiary at the Kaminaka plant in Japan ’ s Fukui prefecture . The amount involved was not disclosed but the expansion , due to start operation in Q1 2024 , will increase AGC Wakasa Chemicals ’ manufacturing capacity by 50 %, with more potentially to come .
Umicore , VW in JV
Subject to final agreement and regulatory approvals , Umicore and Volkswagen will establish a joint venture in precursor and cathode material production in Europe . This will begin in 2025 with initial production of 20 GWh / year for the plant in Salzgitter , Germany , and should grow to 160 GWh / year by 2030 , enough to power about 2.2 million full electric vehicles .
Jobs at Almac
CDMO Almac Group is planning to add 1,800 new jobs across its global operations over the next three years , including 120 that are available immediately in the UK , Ireland , North America , Singapore , Japan and the Nordic region . This follows years of strong revenue growth , including a 6 % rise from to reach £ 677.3 million in fiscal 2019-20 .
Colonial acquisition
Colonial Chemical Solutions , a chemical distributor in the US South-East region subsidiary of the Colonial Group , has acquired Industrial Chemicals , which is based in Richmond , Virginia . Industrial Chemicals offers a wide range of chemicals and services including repackaging , storage , custom blending , contract storage and packaging , and logistical support .
Clariant completes Pigments exit
Clariant has completed the previously announced sale of most of its Pigments business to Heubach Group and SK Capital Partners , completing its transformation into a speciality chemicals firm . The business has about 3,000 employees and revenues of € 1 billion / year . The deal gives Pigments a base enterprise value of CHF 805 million , subject to closing accounts adjustments and before a potential earn-out payment of CHF 50 million depending on its financial performance in 2021 . Clariant has retained a 20 % stake in the new holding company . The net cash inflow amounts to around CHF 615 million . The company intends to use this “ to invest into growth projects within the core business areas , execute the strategy along sustainability and innovation , fund the performance improvement programmes as well as strengthen Clariant ’ s balance sheet to reach and defend a solid investment rating ”. Clariant is also to build its first Chinese production facility for Exolit OP range of aluminum diethyl-phosphinate flame retardants . This will supply the electrical and electronic equipment industries , in particular e-mobility , 5G communications technology and transportation in China and other Asian markets . Costing CHF 60 million and due to open in 2023 , this will be located at the existing site at Daya Bay in Huizhou , Guangdong province . This site is home to the company ’ s first ethoxylation plant in Asia . Clariant is allocating about 35 % of growth capex to China going forward and expects China to account for about 14 % of its sales by 2025 up from 10 % in 2020 . Finally , Clariant has opened its Eastern Hemisphere Technical Centre , a commercial hub and oil services facility at the Dubai Science Park , UAE . This will serve Africa , Southeast Asia , the CIS states , Europe the North Sea and the Middle East . It will focus on corrosion , scale and flow assurance , with equipment , including autonomous application testing facilities .
Huntsman to exit Textile Effects ?
The Huntsman board of directors has authorised management to conduct a strategic review of the Singapore-based Textile Effects division , including a possible sale . This will begin within Q1 . No timeline has been set but the company , which is under pressure from ‘ activist ’ investors , said that “ plans to move expeditiously ”. Textile Effects is expected to generate close to $ 100 million in adjusted EBITDA in 2021 , recovering much of what was lost due to COVID-19 . On this
Peter Huntsman – Time is right to look at options
basis , said Peter R . Huntsman , chairman , president and CEO , “ we believe now is the right time to explore options for Textile Effects ”. “ While its value-added portfolio of sustainable products is consistent with Huntsman ’ s strategic direction , there may well be an external party that recognises the value of these extremely attractive assets and will be a better owner for them ”, he added .
10 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981