Eastman completes acquisition of Solutia

(eastman) -- Eastman Chemical Company (has announced completion of its acquisition of Solutia Inc. The approximately USD4.8 bln acquisition supports Eastman’s growth strategy to increase revenues and profit margins by expanding the company’s geographic reach- especially in emerging markets, and establishing a more diverse and sustainable product portfolio. Eastman expects the acquisition to be immediately accretive to earnings, excluding acquisition-related costs and charges.

With the acquisition of Solutia, Eastman has made structural and reporting changes resulting in five reporting segments: Additives and Functional Products, Adhesives and Plasticizers, Advanced Materials, Fibers, and Specialty Fluids and Intermediates. This structure takes into consideration the strategies, operating models, and sales channels that the various businesses employ to be leaders in their respective markets.

The closing follows the receipt of all necessary regulatory and other approvals, including approval of the transaction by Solutia stockholders on June 29, 2012. Pursuant to the terms of the merger agreement, Solutia stockholders are entitled to receive USD22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Eastman issued 14,686,067 shares of its common stock in the acquisition and, as a result of the assumption of outstanding warrants to purchase shares of Solutia’s common stock, has outstanding 4,481,250 warrants which are potentially exercisable for up to an aggregate of 537,750 shares of Eastman common stock and cash.

With the closing of the transaction, Solutia’s common stock and warrants will cease trading on the New York Stock Exchange as of the close of the market on July 2, 2012 and will no longer be listed on the NYSE.
MRC

Closed Loop Recycling has launched a campaign that seeks to significantly boost the collection of plastic bottles in London. The campaign is being supported by London Mayor Boris Johnson, who says that around 1.4 million metric tons of post-consumer plastic in the United Kingdom is currently available for recycling.

Closed Loop says around 1.8 million metric tons of post consumer plastics are generated each year in the U.K, 580,000 metric tons of which consists of plastic bottles. Of that amount, around 300,000 metric tons of plastic bottles are land-filled each year, according to Closed Loop.

“Used plastic bottles are a valuable resource to the U.K. recycling industry, which has the knowledge and technology to recycle them for the future,” - says Chris Dow, Closed Loop Recycling’s CEO.

Closed Loop Recycling is a U.K.-based plastic bottle recycling company.

As it was reported earlier by MRC, Ukraine is also taking a step forward in boosting its plastic recycling industry. A state-owned plant "Ukrekoresyrsy" launches a technological line for recycling PET-bottles. It will produce PET-flakes of "A" class in Khmelnitskaya region.
MRC

(chemmonitor) -- The Asian market for polyethylene (PE) is currently characterized by high growth rates.

Regional manufacturers are forced to implement capacity adds to satisfy the increasing local demand and stay competitive.

At present, a number of PE project are under execution. China and India house most of such projects.

Besides, some new units are due to be taken on stream already in the current year.
MRC

(chemmonitor) -- The Germany-based global chemical company BASF SE is going to put up a butadiene unit. The plant will be located in Belgium.

The decision to construct the unit was entailed by scarce inventories of the product in the world butadiene market. On the flip side, the consumption of the material in the downstream markets is showing an increase, what considerably pushed up prices for the product.

The new butadiene unit is predicted to manufacture around 156,000 tonnes annually.
MRC

(Reuters) - French specialty chemicals group Arkema said on Tuesday it planned to sell its tin stabiliser business to Mount Laurel, N.J.-based PMC Group as it focuses on faster-growing businesses.

No price was disclosed by Arkema, which said that the sale would allow it to recentre its functional additives business division on organic peroxides and glass-coating chemicals for the manufacture of flat glass and bottles.

Tin stabilisers are used to help shape PVC into finished products by controlling heat.

The transaction is subject to approval by employee representatives and antitrust authorities, Arkema said.
MRC