NEWS
IN BRIEF
AGC and CatSci ally Under a newly signed partnership , AGC Pharma Chemicals and CatSci will combine to offer the former ’ s expertise in GMP manufacturing with the latter ’ s in chemical development , analytical development , crystallisation and solid form , pre-formulation and HPAPI capabilities .
Curia , Corning join forces CDMO Curia is to collaborate with Corning ’ s Advanced- Flow Reactor team to expand and accelerate continuous flow manufacturing for the chemical and biopharmaceutical industries . This includes installing Corning ’ s G1 production system , designed for the continuous industrial production of APIs , including an updated set of dosing lines and controls , at Curia ’ s Albany facility .
Major cathodes plant in Korea Korea ’ s Posco Future M , the renamed Posco Chemical , is to build a build a high-nickel cathode plant in Pohang at a cost of about $ 300 million . This will supply 30,000 tonnes / year of high-nickel nickel-cobaltaluminium cathodes , enough to supply batteries for 300,000 electric vehicles . It will break ground within 1H and start producing in 2025 .
Oil & Gas review The Kemira board has decided to initiate an evaluation of strategic options for its Oil & Gas business , including a potential sale . The business had sales of € 377 million , representing approximately 11 % of Kemira ’ s total revenue and 25 % of the Industry & Water segment ’ s revenue .
BFRs face EU restriction
Within the Restrictions Roadmap under the EU ’ s Chemicals Strategy for Sustainability , ECHA has released its Regulatory Strategy for Flame Retardants ( FRs ). This refers mainly to halogenated and organophosphorus-based FRs ( OFRs ), which make up about 70 % of the organic FR market .
ECHA ’ s offices in Helsinki
The strategy identified five classes of aromatic brominated FRs ( BFRs ) as candidates for EUwide restriction that are already or will be confirmed to be persistent , bioaccumulative and toxic , or very persistent and very bioaccumulative , or identified as substances of very high concern .
The agency noted that aromatic BFRs , such as polybrominated diphenyl ethers , are generally persistent in the environment , while many , like decabromodiphenylether , are also known to be or suspected of being toxic and accumulating in people and animals . Their release could be minimised through an EU-wide restriction , it said .
Before a potential restriction proposal , some preparatory work is required . This might include an assessment of the waste stage to find out whether hazardous substances are released when products containing FRs are dismantled , recycled or disposed of , and of the availability of suitable alternative substances or materials . More detail is needed to decide on many aliphatic BFRs and some other OFRs .
New PE owner for Univar
Private equity giant Apollo has agreed to acquire most of Univar Solutions in an all-cash deal that values the company at about $ 8.1 billion . There is also an unspecified minority investment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority .
Shareholders will receive $ 36.15 / share in cash , which represents a 20.6 % premium to the company ’ s undisturbed closing stock price on 22 November 2022 or 33.6 % on the volume-weighted average for the 30 trading days ending on that date .
“ Over the last three years , we have transformed the company , putting the customer at the centre of all we do , which has solidified our position as a leading value-added service and solution provider ,” claimed CEO David Jukes . “ This transaction reflects the success of our strategy and delivers substantial value to our shareholders .”
The deal is expected to close in 2H 2023 , subject to customary closing conditions , including approval shareholder and regulatory approvals . Following completion , the company will be privately owned and will be removed from the New York Stock Exchange . There will be no change to the branding .
In late 2022 , Brenntag , the only larger distributor of chemicals than Univar , made an approach to it to merge . However , this was rapidly scuppered by ‘ activist ’ shareholders after the news caused Brenntag ’ s share price to fall , while Univar ’ s rose . Brenntag is now evaluating other options .
14 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981