UK-headquartered specialty chemicals company to target new areas of future growth

(ICIS) -- Johnson Matthey is increasing investment in research and development (R&D) to target new areas of future growth for its business, the UK-headquartered specialty chemicals company said on Thursday. The company posted a net profit of EUR 207.6m, USD 297.8m for its 2010-2011 fiscal year, up 11% from the previous year. In its outlook, Johnson Matthey predicts its fine chemicals division will continue to grow steadily in 2011 and 2012.

Demand is expected to increase in active pharmaceutical ingredient (API) and new products, driven by additional capacity following its acquisition of an API plant in Conshohocken, near Philadelphia in the US, in November 2010, the company added.

An increase in useable natural gas reserves, particularly shale gas, is set to play a major role during the next decade.

Johnson Matthey says shale gas will supply 40% of US gas by 2020, as new shale formations are being regularly found around the world.

MRC

(BASF) -- BASF increases prices globally for antioxidants and process stabilizers for plastic applications up to 15 %, in selected cases up to 25 % and for selected products across the portfolio of additives and pigments for plastic applications up to 25 %. New prices are effective for deliveries starting today or as contracts allow. These price increases are applied in addition to the prior announced December and February increases.

These price increases are necessary to cover further significant increase in raw material cost, mainly fatty alcohols, methyl acrylate and phenols as well as increases in other raw materials.

MRC

(BASF) -- The EU Commission has today given its approval for the formation of the joint venture Styrolution. BASF SE, Ludwigshafen, Germany, and INEOS Industries Holdings Limited, Lyndhurst, UK, now have EU clearance to combine in Styrolution their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends. Pro forma sales of the combined businesses were EUR 6.4 billion in 2010. Expandable polystyrene is not part of this transaction. BASF and INEOS will retain their respective businesses.

With Styrolution, BASF and INEOS will establish the leading company in the global styrenics market. Styrolution has an excellent global position with production sites in Europe, Asia and North America.

MRC

(Arabian Oil and Gas) -- Saudi Arabia's National Petrochemicals Company (Petrochem) and Saudi Industrial Investment Group (SIIG) have decided to delay merger study of their assets until the start and the stabilisation of the project of the Saudi Polymers Company, the two companies said in a statement published on Saudi stock exchange ⌠Tadawul.

The two companies said that the Saudi Polymers project is slated for production in the fourth quarter 2011. ⌠Upon the completion of the project, we will be able to take the best expectation including the costs, sales and the profitability of the project, said Petrochem, the owner of the Polymers project. ⌠This will allow us to set a fair value of the company's shares before the merger, it added.

MRC

(Plastemart) -- The Yunlin County Government has ordered Formosa Plastics Corp (FPC), the group's flagship company, to shut down a 12 hectare vinyl chloride monomer (VCM) plant, and asked another group member, Nan Ya Plastics Corp to close its 50 hectare Haifeng factory compound over safety concerns.

Closure of these six plants- one run by Formosa Plastics and five by Nan Ya Plastics, will result in daily losses of USD 1.2 mln. Formosa Petrochemical Corp's (FPCC) Number 1 petrochemical and olefins plant at the complex remains shut because of disruptions to raw material pipelines.

MRC