INVISTA to add 40,000 tons of nylon 6,6 polymer capacity by 2020

MOSCOW (MRC) -- INVISTA plans to add 40,000 tons of nylon 6,6 polymer capacity at its current 150,000-ton polymer plant at the Shanghai Chemical Industry Park (SCIP), as per BusinessWire.

Construction is targeted for mid-2019 and production would begin in 2020.

"In looking at our forecast for the future growth of the nylon 6,6 polymer market, we see increased demand in Asia and are expanding our capacity to meet that demand."

"We are continuing to make strategic investments to best meet our customers’ needs," said Pete Brown, INVISTA vice president of nylon polymer. "In looking at our forecast for the future growth of the nylon 6,6 polymer market, we see increased demand in Asia and are expanding our capacity to meet that demand."

This project aligns with INVISTA’s other recent announcements regarding additional capacity in the nylon 6,6 value chain:

- new adiponitrile (ADN) plant announced for China by 2023;
- additional ADN capacity resulting from retrofits of INVISTA’s latest ADN technology at Butachimie, INVISTA’s joint venture with Solvay in France in 2019; and at INVISTA’s Victoria, Texas, site, targeted for 2020;
- ADN production records at INVISTA’s Orange, Texas, site.

Brown added, "We’ve invested more than USD1 billion in the nylon 6,6 value chain in the past five years, have recently committed to investing USD1 billion more and are continuing to evaluate the market for additional opportunities in the future."

INVISTA also has a 215,000-ton hexamethylenediamine (HMD) plant at SCIP.

As MRC informed previously, to combat a global shortage of nylon 6/6 resin, materials firm INVISTA will build a USD1 billion plant in Shanghai making adiponitrile, a key nylon 6/6 feedstock that’s been in short supply, the company announced in April 2018.

INVISTA ranks as one of the world’s largest producers of fibers and related specialty chemicals and resins.
MRC

MOSCOW (MRC) -- Versalis (Eni) has opened a new EPDM rubber production plant in Ferrara today, which will mainly supply the automotive industry, said the company.

The new facility is an excellent example of reindustrialization of an Italian production plant. Over 250 million euros were invested in the project, which involved constructing a new production line on a land which was reclaimed and duly authorized for renewed industrial use, and the revamping of the existing elastomer plant.

This investment in Ferrara will increase overall production capacity by around 50 thousand tonnes per year. It will also enable the company to update its elastomer product range and boost job numbers, with 45 new staff to be added to production and related services, plus a further 50 people to outsourced activities. An average of 550 people worked on site during the construction and the majority of the materials were supplied by Italian companies.

The investment further strengthens Versalis’ presence in the area, facilitated by working closely with local institutions throughout the authorisation process, which was completed in just one year.

Ferrara plays a key role in Versalis’s production system, with 330 employees and an average of 180 contractors a day. As well as elastomers production, the complex also includes production facilities for low-density polyethylene (LDPE) and a major research centre.
MRC

MOSCOW (MRC) -- MPM Holdings Inc.and SJL Partners LLC, KCC Corporation and Wonik QnC Corporation announced that they have entered into a definitive merger agreement whereby the Investor Group will acquire Momentive in a transaction valued at approximately USD3.1 billion, including the assumption of net debt, pension and OPEB liabilities, as per Businesswire.

Based in Waterford, New York, Momentive develops and manufactures specialty silicones and silanes, as well as fused quartz and specialty ceramics products. Momentive has a more than 75-year track record of creating products and solutions to serve more than 4,000 customers in over 100 countries. The Company has a global network of 24 production sites and 12 research and development facilities.

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of Momentive, KCC and Wonik, the investment committee of SJL and by requisite vote of Momentive’s stockholders, the Investor Group will assume Momentive’s net debt obligations subject to minimum closing cash requirements of USD250 million. Momentive stockholders will receive USD32.50 for each share of common stock they own subject to minimum closing cash requirements.

The transaction will be financed through a combination of cash and new debt that will be put in place at closing. The transaction is not subject to any financing contingency and is expected to close in the first half of 2019, subject to regulatory approvals and other customary closing conditions.

Goldman Sachs & Co LLC and Moelis & Company LLC are serving as financial advisors to Momentive. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as primary legal counsel to Momentive. UBS Investment Bank is serving as financial advisor to the Investor Group, and Greenberg Traurig, LLP is serving as legal counsel.

Momentive is a global leader in silicones and advanced materials, with a more than 75-year heritage of being first to market with performance applications that support and improve everyday life. Momentive delivers science-based solutions for major industries, by linking its custom technology platforms to allow the creation of unique solutions for customers.
MRC

MOSCOW (MRC) -- Venator Materials PLC announced the completion of the strategic review of its Pori, Finland TiO2 manufacturing facility, said the company on its website.

As a result of unanticipated cost escalation and extended timeline now understood to be associated with the reconstruction of the Pori, Finland TiO2 facility, Venator will transfer certain technology, and the production of select product grades, to other facilities within its current manufacturing network, which will become more efficient with greater flexibility. The Pori, Finland facility will continue to operate at reduced rates through the transition period, which is expected to last through 2021.

Simon Turner, President and CEO of Venator, commented: "Following an intense review, we have decided to close our Pori, Finland titanium dioxide facility and implement this product transfer and strengthening plan. We expect this plan to provide a better economic return than alternative options while maintaining the quality of Venator's specialty and differentiated business in order to service our valued customers.

"Closing the site is the best decision for the long-term success of our business, as we expect to restore the majority of our specialty and differentiated earnings formerly generated by Pori, using our existing facilities. We also believe doing so will preserve our financial flexibility and improve our ability to deliver free cash flow throughout the cycle.

"We recognize and regret the impact this decision will have on our associates at Pori. We will treat them with fairness and respect consistent with our values and established practices."

Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. We market our products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of our TiO2 business, and Performance Additives, which consists of our functional additives, color pigments, timber treatment and water treatment businesses. We operate 25 facilities, employ approximately 4,500 associates worldwide and sell our products in more than 110 countries.
MRC

MOSCOW (MRC) -- Specialty chemicals company Evonik Industries AG has been included in the prestigious Dow Jones Sustainability Indices (DJSI) Europe and DJSI World for the third consecutive time, thereby achieving particularly high results for the reporting on environmental and social topics as well as for Customer Relationship Management, as per the company's press release.

Thomas Wessel, the member of Evonik’s Executive Board responsible for sustainability: "We are pleased about this recognition of our work which we see as a confirmation for our commitment to sustainability. Evonik claims to make people’s lives more sustainable, healthier and more comfortable. Building a best-in-class specialty chemicals company, it is important to us that economic success as well as ecological and societal responsibility go hand in hand."

Alongside financial criteria, investors increasingly include ecological and social factors in their investment decisions. They are guided by leading sustainability indices such as the DJSI. Every year, around 2,500 companies worldwide are invited to participate. In each sector, the top 10 percent of the evaluated companies are included in the DJSI World and the top 20 percent in the DJSI Europe. The assessment is performed by the Swiss rating agency RobecoSAM.

Evonik has also positioned itself successfully in other leading sustainability ratings and indices such as, for example, FTSE4Good, ISS-oekom, MSCI World ESG and sustainalytics.

Besides driving forward sustainability within the company, Evonik also participates in international initiatives such as the United Nations Global Compact and Responsible Care®. Moreover, with its innovative products and solutions the specialty chemicals company contributes to achieving the 17 Sustainable Development Goals (SDGs) set by the United Nations.

As MRC informed earlier, Evonik Industries AG combined its isophorone chemistry and epoxy curing agents business in the new Crosslinkers Business Line effective July 1, 2017. The newly formed Business Line, headed by Min Chong, will be part of the Resource Efficiency Segment.

Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world.
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