Tata Chemicals concludes sale to IRC of Haldia fertilizer facility in India

MOSCOW (MRC) -- Haldia Tata Chemicals has completed the divestment of its fer-tilizer unit and trading business in Haldia, West Bengal, India, to Indorama Holdings' wholly-owned IRC Agrochemicals subsidiary, as per Apic-online.

Tata recently said the divestment was in line with its strategic direction to focus on its specialty chemical and food businesses, while maintaining leadership in inorganic chemicals, Indorama noted.

The transaction, valued at Rs 872.84 crore, was closed on 1 June 2018.

We remind that, as MRC wrote before, in October 2017, global chemical manufacturer Indorama Ventures Public Company Limited (IVL) completed its purchase of DuraFiber Technologies Mexico Operations, S. A. DE C. V. (Durafiber). Durafiber is a leading Mexican producer of durable technical textiles for industrial, tyre reinforcement, and specialty applications globally.
MRC

MOSCOW (MRC) -- Argosy International and Solvay have entered into a definitive agreement to enable direct service of Solvay’s advanced materials business in the Asia Pacific region, as per Technicaltextile.

Argosy and Solvay will work closely to ensure a seamless transition for all customers and will be contacting customer to discuss the particulars of this transition over the next two months.

The agreement effective from October 1 includes the purchase of certain Argosy assets that will be used to service the region. Solvay is an advanced materials and chemical company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers in diverse global end markets. Its products are used in planes, cars, batteries, smart and medical devices, as well as in mineral and oil and gas extraction, enhancing efficiency and sustainability.

"Solvay and Argosy have worked together for many years to serve the Asia Pacific region. With Solvay’s acquisition of Cytec, and its legacy of strong presence in Asia Pacific, the opportunity to further improve our service to the region and its customer base was clear to both parties. I am confident that our technology and operational leadership coupled with material qualifications on multiple platforms across the region will position our customers for continued growth. We look forward to rapidly implementing our direct business and serve our customers," Carmelo Lo Faro, president of Solvay Composite Materials business, said.

"After more than 26 years, we have helped grow Solvay's presence from a few customers to a major supplier in the Asia Pacific region – the world's fastest growing aerospace market," said Paul Marks, CEO/chairman of Argosy International. With Solvay's support, Argosy has helped win business on multiple Asian aerospace platforms.

"Specialty material distributors like Argosy work to get to an inflection point, where direct access to customers is both in the suppliers and customer's best interest. By moving customers back to Solvay, the customers will have access to direct service and innovation. We understand the time has come for Solvay to handle their business directly in the vibrant and expanding markets of Asia. Argosy will work closely with Solvay to effect a seamless transition for the customers. Going forward, Argosy will focus its efforts on growing its honeycomb and coatings businesses. In addition, Argosy will be expanding through several new businesses which leverage Argosy’s competencies," Marks explained.
MRC

MOSCOW (MRC) -- AkzoNobel has entered into an agreement to acquire 100% of the shares of Fabryo Corporation S.R.L. (Fabryo), becoming the leader in the Romanian decorative paints market, as per the company's press release.

The transaction includes two production facilities and six distribution centers for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion.

The business generated revenue of around €45 million in 2017 and is the only player with both a leading product portfolio for consumers as well as professional segments in the Romanian market, including brands Savana, APLA and InnenWeiss.

Thierry Vanlancker, CEO of AkzoNobel, said: "This acquisition provides AkzoNobel with the number one position in a fast growing market and will contribute to delivering our Winning Together: 15 by 20 Strategy. Fabryo has a proven track record when it comes to growth and profitability. We are very happy to add top brands like Savana, APLA and InnenWeiss to our world class portfolio and look forward to welcoming our new colleagues to AkzoNobel."

Ruud Joosten, COO of AkzoNobel, added: "We are very excited about the acquisition of Fabryo; a strong market leader for decorative paints in Romania led by an excellent team. Savana is the number one decorative paints brand among Romanian consumers. The strong sales and distribution capabilities of Fabryo will help us to further improve our business in the region, leveraging our combined resources and expertise, and strengthen our position as the leading paints and coatings company in Europe."

The planned transaction is expected to be completed in the second half of 2018, subject to regulatory approval.

As MRC informed before, in December 2016, AkzoNobel finalized the acquisition of BASF’s global Industrial Coatings business, which supplies a range of products for industries including construction, domestic appliances, wind energy and commercial transport, strengthening its position as the global number one supplier in coil coatings. The transaction includes relevant technologies, patents and trademarks, as well as two manufacturing plants in the United Kingdom and South Africa. Approximately 400 employees from BASF’s Industrial Coatings business join AkzoNobel, bringing expertise to innovate and serve an expanded customer base worldwide.

Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.
MRC

MOSCOW (MRC) -- LyondellBasell Industries NV and Odebrecht SA, the controlling owner of petrochemicals producer Braskem, said on Friday they have entered into exclusive talks for Lyondell to acquire control of Braskem, and two people familiar with the matter said the companies are planning a cash and shares deal that could top USD9 billion, as per Reuters.

LyondellBasell and Odebrecht expect to reach a final deal in two months, but there is no deadline yet for LyondellBasell to deliver a binding proposal, the sources said, speaking on condition of anonymity because they are not authorized to discuss the terms publicly.

The sources said Odebrecht expects a premium over Braskem’s market capitalization, which was 33.2 billion reais (USD8.93 billion) as of Thursday’s market close.

Once LyondellBasell and Odebrecht reach an agreement on price, the acquirer will extend the same terms for the stake owned by state-controlled oil company Petroleo Brasileiro SA (PETR4.SA), known as Petrobras, Braskem’s No. 2 shareholder, according to the sources.

Petrobras previously said it planned to divest fully from its stake in Braskem.

While Odebrecht is angling for a minority stake in LyondellBasell, the deal may be structured so that Petrobras may receive an all-cash offer if it wishes to, the sources said, adding that minority shareholders will also receive a tender offer.Braskem shares soared 19 percent in Sao Paulo, lifting its market cap to 37.7 billion reais.

LyondellBasell and privately held Odebrecht declined to comment on details of the deal. Petrobras said in a filing it had been informed of talks.

Most of LyondellBasell’s 55 plants are in the United States, Europe and Asia — a footprint complementary to that of Braskem, which has 29 plants in Brazil, five in the United States, four in Mexico and two in Germany.

During the exclusive negotiations, LyondellBasell will examine Braskem’s long-term naphtha supply contract with Petrobras, which is set to expire in 2020.

Odebrecht recently pledged its 38 percent stake in Braskem as collateral on loans, and part of the proceeds from a deal may go to paying debt, so the conglomerate’s creditors will have to agree to the sale, the sources said.
MRC

MOSCOW (MRC) -- McDonald’s announced a phased rollout of paper straws in all 1,361 McDonald’s restaurants in the UK and Ireland with completion set for 2019 as well as plans to test alternatives to plastic straws in multiple markets throughout the globe later this year, as per the cpmpany's press release.

McDonald’s UK and Ireland will begin transitioning to paper straws in all of its restaurants starting in September. This move supports McDonald’s goal to source 100% of guest packaging from renewable, recycled, or certified sources by 2025 and to have guest packaging recycling in all restaurants globally.

"McDonald’s is committed to using our scale for good and working to find sustainable solutions for plastic straws globally," said Francesca DeBiase Executive Vice President, Global Supply Chain and Sustainability. "In addition to the exciting news from the UK today, we are testing straw alternatives in other countries to provide the best experience for our customers. We hope this work will support industry wide change and bring sustainable solutions to scale."

In addition to tests that began earlier this year in the UK, McDonald’s has also begun testing alternatives to plastic straws in Belgium. Later this year, McDonald’s will begin testing alternatives in select restaurants in the U.S., France, Sweden, Norway and Australia. In addition to testing alternative materials, in several markets including Malaysia, we will begin tests to offer straws upon request only. We are eager to learn from these tests around the world to develop solutions that are scalable across the globe.
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