Nova reports profit jump in 2011

(canplastics) -- Canadian-based chemical and resin supplier Nova Chemicals Corporation had a good year in 2011, reporting a profit rise of 22 per cent in the fourth quarter.

"We generated a profit of USD77 million compared to a profit of USD63 million in the fourth quarter of 2010," the Calgary-based company said in a press release. "For the full year 2011, we generated a profit of USD615 million compared to a profit of USD263 million for the full year 2010."

The company's Performance Styrenics segment reported an operating profit from continuing operations of USD1 million in each of the fourth quarters of 2011 and 2010, the company continued. For the full year 2011, the segment generated an operating profit from continuing operations of USD7 million compared to an operating profit from continuing operations of USD3 million for the full year 2010.

As the only sour note, Nova reported a decline in operating profit in its olefins unit, from USD210 million in Q4 2010 to USD190 million in Q4 2011. "The quarter-over-quarter decline was due to an increase in margin in our olefins segments that was more than offset by a decline in margins in our polyethylene segment," Nova said. For the full year though, the business unit generated operating profit of USD1.13 billion compared to operating profit of USD786 million in 2010. "The year-over-year improvement was primarily due to higher margins in our olefins segments,"Nova said.
MRC

(canplastics) -- In a bid to strengthen its product offering of conductive compounds in Europe and globally, custom engineered thermoplastics compounder RTP Company has acquired the conductive compound product line from Clariant of Switzerland.


The terms of the purchase have not been disclosed. According to a news release, Winona, Minn.-based RTP Company will relocate production equipment to its manufacturing facility in Ladenburg, Germany, which opened in April 2011.


⌠The transaction includes technology and equipment that the RTP Company and Clariant will work to seamlessly transfer ensuring no interruption for established customers, the release continued.

⌠This expansion enhances our Ladenburg facility's capability to supply European and global customers for these materials, said Jean Sirois, RTP Company's European managing director.

RTP Company offers customized thermoplastic compounds in over 60 different engineering resin systems for applications requiring color, conductive, elastomeric, flame retardant, high temperature, structural, and wear-resistant properties.
MRC

(leparisien) -- The Swiss group Klesch, specialized in the resumption of companies in difficulty, deposited Thursday afternoon an takeover offer of the Petroplus refinery of Small-Crown (Seine-Maritime) which envisages to preserve 410 employment out of 550, declared in AFP a spokesperson.

The offer, lodged with the receiver, includes/understands a plan with engagements over 5 years aiming at bringing back the refinery Norman to profitability via investments of 160 million euros, specified this spokesperson of Klesch in France, confirming information of the Barber.

The objective of the group, it explained, is to make a success of the re-establishment and the return to the profitability of the refinery, currently in file for bankruptcy after the financial collapse of its owner, the Swiss refiner Petroplus.

This plan includes a guarantee on 410 employment on a total from approximately 550, specified the spokesperson, that is to say 140 suppressions of employment.
Klesch, controlled by the US investor Gary Klesch, had made share at the beginning of 2012 of its interest for Small-Crown, with the stop since January and which must start again in May thanks to a six month old temporary contract with Shell.

The bankruptcy of Petroplus illustrated the difficulties of the sector of the refining on the Old continent, which suffers from surplus production capacities because of regular fall of the request for fuels and refined products.
Klesch also recently announced of its interest for the refineries Petroplus de Coryton in the United Kingdom and d' Ingolstadt in Germany. He also addressed at the end of February a letter of intent where he says himself interested by another French refinery threatened of closing, that of LyondellBasell with Berre-l' Etang (Rhone delta).

MRC

(ft) -- ExxonMobil has retained a financial adviser to sell its OPP films business, a source familiar with the situation and an industry source told mergermarket.

The oil giant has mandated JPMorgan for the divestiture, the source familiar said, adding that a teaser on the unit had already been sent to prospective bidders.
A spokesperson for the Irvine, Texas-based oil company did not comment. JPMorgan did not respond to requests for comment.

The OPP (oriented polypropylene) films unit is part of the company's chemicals segment and has 118kmt (thousands of metric tons) capacity in the US. It also has 144kmt capacity in Belgium, Italy and the Netherlands, the source familiar said. The teaser did not include revenue or EBITDA.

The source familiar said Exxon inherited the films business from Mobil, categorizing the unit as non-core. The two oil giants merged in 1999 in a deal valued at USD 82bn.

In 4Q11, Exxon Mobil had chemical earnings of USD 543m, USD 524m lower than the fourth quarter of 2010. Weaker margins decreased earnings by USD 230m, while lower volumes and mix effects reduced earnings by USD 40m. Other items, mainly unfavorable tax effects, cut earnings by USD 250m, the company reported.

MRC

(thomasnet) -- BERICAP North America announced today that its exclusive DoubleSeal(TM) cap technology is now commercially available in the North American market. The design is considered unique for hot fill applications since it will support, rather than distort, the finish when compared to traditional two-piece closures that cannot hold the finish when softened by hot filled product.

DoubleSeal provides advanced tamper evidence and anti-sabotage protection, whereby the band breaks before the seal is broken. Better seal integrity, easier opening capability and improved economics complete a dynamic new offering.

"Traditional two-piece liner-and-shell top seal closures require considerable torque in order to properly seal the container," explains Dave Andison, President and Chief Operating Officer of BERICAP North America.

"In hot fill applications, the bottle neck is softened by the heat from the product itself. Consequently, the side and down-pressure from applying the closure puts considerable stress on the bottle finish. This can cause it to distort or ovalize, which can lead to leaking and product contamination."

MRC