Proplast Packaging Group acquired Dutch Wiezoplast

(PlastEurope) -- France's Proplast Packaging Group (Flines-lez-Raches) has acquired Dutch packaging manufacturer Wiezoplast (Oss), significantly expandings its business in The Netherlands.
As a result of the transaction, Proplast will raise its annual revenues from EUR70m to EUR82m, Marketing & Development manager Jean-Luc Kropfinger told Plasteurope.com.

Injection moulder Wiezoplast mainly produces plastic bowls for the food industry as well as furniture components. Proplast subsidiary Nutripack also specialises in plastic food bowls, most of them made of PP. Nutripack operates plants in northern France and Spain and also has sales offices in Germany, The Netherlands, Italy and the UK.

MRC

(KraussMaffei Group) -- The KraussMaffei Group has decided to expand its production plants in Martin (Slovakia) and in Haiyan (China). At both locations, the production capacities are to be doubled and the performance spectrum extended. For both sites, the start of production is planned for the beginning of 2013.

The KraussMaffei Group is growing. In order to strengthen our activities in core markets and in emerging markets, we have decided to expand our production plants in Martin (Slovakia) and Haiyan (China)", explains Dr. Dietmar Straub, CEO of KraussMaffei AG. In Haiyan (China), the previous production area of 12,000 m2 will be increased to around 22,000 m2. In addition to the expansion of existing production capacities for machines and plants for Reaction and Extrusion Technology, Netstal and KraussMaffei injection molding machines for PET applications and KraussMaffei injection molding machines of the MX series will also be produced here.

In the production plant in Martin (Slovakia), which was put into operation only in autumn 2010, robots and KraussMaffei injection molding machines of the EX series as well as machines and plants for reaction and trimming technology will in future be produced on a production surface area of around 13,000 m2 (today: 6,600 m2).

At present, KraussMaffei injection molding machines of the AX series, as well as switch cabinets and molds, are manufactured at this location.

MRC

(ICIS) -- Germany's chemical production is forecast to increase 1.0% year on year in 2012 as growth weakens compared with 2011, the country's chemical producers' trade group, Verband der Chemischen Industrie (VCI), said on Wednesday.

In 2011, Germany's chemical production is set to grow by 4.0% year on year, VCI said, below the 5.0% year-on-year growth the group had forecast. ⌠It is difficult to make an accurate forecast for the coming 12 months, said Klaus Engel, the president of VCI and CEO of specialty chemicals major Evonik.

Engel pointed to the unresolved government debt crises in the eurozone and the US as factors causing increasing uncertainties among customers and producers. VCI hopes a planned summit of EU leaders in Brussels will be able to resolve the eurozone crisis, he added.

Meanwhile, Germany-based chemicals producers are facing additional uncertainties from rising electricity costs because of the country's renewable energy law, the Erneuerbare-Energien-Gesetz (EEG), and emissions trading. In 2011 alone, the chemical industry's costs from the EEG and related legislation added up to EUR 1.3bn (USD1.7bn), Engel said.

A further challenge is Germany's move to abandon nuclear power generation following the catastrophic shutdown at the Fukushima nuclear plant in Japan caused by an earthquake and tsunami earlier this year. Germany has already taken eight of its older nuclear plants out of operation and all such plants will be phased out by 2022.

MRC

(ICIS) -- US-based oleochemicals producer Vantage Specialty Chemicals is close to being sold, with a private equity firm the likely buyer, several sources in the financial community said on Wednesday. The sale of Vantage is in the final stage with a buyer already selected and an announcement likely to come within the next month, said one source.

The company, owned by US-based private equity firm HIG Capital, generates about USD50m-60m (EUR38m-45m) in annual earnings before interest, tax, depreciation and amortisation (EBITDA), according to a number of sources. The sale multiple is said to be relatively high at over eight times EBITDA, making for a final price of between USD400m-480m or higher.

Vantage is being sold through a formal auction process that started several months ago, according to sources.
⌠It was a food fight among private equity firms - many were actively pursuing this asset, said another source.
⌠Several private equity firms were after this asset - it was hotly contested, another source said.

The buyer is likely US-based private equity firm The Jordan Company (TJC), said one source.
TJC is no stranger to the chemical space. It owns US-based Haas Group International, a provider of chemical management services. TJC would not comment on the information.

MRC

(ICIS) -- The Middle East spot prices of black compounded high density polyethylene (HDPE) pipe have fallen by about USD30-50/tonne (EUR 23-38/tonne) this month for December shipments from November settlements because of ample supply amid flat demand, producers and converters said on Thursday.

The fixtures for December cargoes were done at USD1,490/tonne DEL (delivered) GCC (Gulf Cooperation Council), which is equivalent to USD1,470-1,490/tonne CFR GCC, industry players said. This is down by USD30-50/tonne or 2.6% from November levels, the players added.
The prices of black pipe grade HDPE started to decline steadily during the fourth quarter of this year, along with the stable-to-soft prices in the leading Asia markets. This decline occurred after a Saudi producer was certified for its black compounded pipe grade HDPE in August.

⌠With a new player in the market, competition has increased, a Dubai-based converter said.
⌠The end of the financial accounting year is just around the corner and given the reduced intention to build up inventories with the converters, producers are trying to push out more [cargoes] to keep their stock levels low, a southeast Asian polyethylene (PE) producer said.

The offers of southeast Asian material for shipment in December were heard at USD1,520/tonne CFR GCC, which did not attract the buyers whose bids were at USD1,490/tonne CFR GCC and below.

MRC