AkzoNobel share buyback

MOSCOW (MRC) -- AkzoNobel has repurchased 942,782 of its own ordinary shares in the period from March 25, 2019 up to and including March 29, 2019, at an average price of EUR79.32 per share, said the company.

The consideration of the repurchase was EUR74.8 million.

This is part of a repurchase program announced on February 13, 2019. The total number of shares repurchased under this program to date is 4,096,962 ordinary shares for a total consideration of EUR327.0 million.

AkzoNobel intends to repurchase common shares up to a value of EUR2.5 billion as part of a total EUR6.5 billion being distributed to shareholders following the sale of the Specialty Chemicals business. The share buyback is due to be completed by the end of 2019.

In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates and on the Share buyback overview page.
MRC

MOSCOW (MRC) -- New York City-based Investment firm One Rock Capital Partners has completed its acquisition of Nexeo Plastics, which is the plastics distribution business of Nexeo Solutions Inc., a subsidiary of Univar Inc., as per Canplastics.

The USD640-million deal was first announced in February. The new business will continue to be led by Shawn Williams, the executive vice president of Nexeo Plastics.

"Our partnership with One Rock and new structure as a pure-play plastics distribution business will allow us to focus our talent and resources on expanding our service offering for our suppliers and customers worldwide,” Williams said in a statement.

Headquartered in The Woodlands, Texas, Nexeo Plastics is a global leader in the distribution of plastics products, including polymer products and prime engineering resins, and supplies customers in more than 60 countries in North America, Europe, and Asia.

MRC earlier said, Nexeo Univar Inc., has announced that it has completed the acquisition of Nexeo Solutions, creating a leading global chemical and ingredients solutions provider. The combined company will conduct business as Univar Solutions, reflecting a commitment to combining the 'best of the best' from each legacy organization.
MRC

MOSCOW (MRC)--AkzoNobel is making a multi-million dollar investment to upgrade its wood coatings facility in High Point, North Carolina, into a best-in-class manufacturing site – and further strengthen the company’s market position in the US, the producer said.

The transformation will involve reorganizing manufacturing operations at the site and will include the addition of automatic dosing unit technology to produce paint more efficiently. A new raw materials warehouse, research lab and technical application center are also being built. Construction is due to begin in April 2019, with rolling projects expected to be completed by 2020.

"This is a significant investment, which will further enable us to meet and exceed our customers’ expectations,” says AkzoNobel CEO Thierry Vanlancker. “The US is a key market for our Wood Coatings business, and our customers trust us to deliver world-class products and services.

"Investing in High Point will increase our comprehensive North American supply capability for wood finishes, which also includes our plants in Roanoke, Virginia; Salem, Oregon; Warwick, Quebec; and Port Hope, Ontario. It will enable us to remain ahead of market trends, so we can continue to provide the visionary service our customers have come to expect – and it will solidify our position as a frontrunner in the wood coatings industry."

AkzoNobel has a long and proud history of supplying the world’s leading manufacturers of cabinetry, furniture, flooring and building products with top quality industrial wood finishes to beautify and protect their products. Today, the High Point facility covers 30 acres and employs more than 250 people. The site produces a wide range of products, including UV, solvent-based and water-based wood coatings, such as paints, stains and lacquers.

“This investment in High Point will enable us to ensure the satisfaction of all our customers and partners, including our direct OEM building product customers and our Chemcraft distribution partners,” adds Simon Parker, Managing Director of AkzoNobel’s Industrial Coatings business.

"We’ll be able to provide current and future customers with even more flexibility through the delivery of small batch sizes; higher accuracy in stains and solid colors; more water-based products and a rapid response to requests."

This latest investment follows last year’s opening of a newly-constructed mega-warehouse in La Porte, Texas, which serves as a central regional hub for the company’s Marine and Protective Coatings business. It also comes just weeks after the inauguration of a state-of-the-art R&D innovation campus at AkzoNobel’s Felling site in the UK.
MRC

MOSCOW (MRC) -- CCC Plastics, a Mississauga, Ont.-based supplier of resins and colourants, has appointed film and extrusion industry veteran Harinder Tamber as its new technical specialist, as per Canplastics.

Tamber has an M. Tech in polymer technology from IIT Delhi, India, and a Ph.D. in polymer science from the Polymer Research Institute at Syracuse, N.Y. He has previously worked with for Macro Engineering, Windmoeller & Hoelscher, Brampton Engineering, Nordson Corp., and Magic MP spa. Additionally, he has been awarded six U.S. patents and has four patents pending.

"This addition reflects CCC’s commitment to growing our business in partnership with our customers and suppliers by investing in our technical depth," the company said in a statement.

As MRC informed earlier, iD Additives Inc., a North American supplier of additives to the plastics industry, has named CCC Plastics as its distributor throughout Canada for its lines of foaming agents and purging products.

Founded in 1920, CCC is one of the largest independent resin distributors in Canada, and the 10th largest distributor in North America.
MRC

MOSCOW (MRC) -- A plume of smoke reminiscent of a recent petrochemical disaster in Houston, billowed from the KMCO specialty chemical processing plant Tuesday, as per Hydrocarbonprocessing.

Local officials said they received reports of an explosion at the plant and preliminary info showed two employees were injured and one person was unaccounted for.

Officials said a shelter in place was ordered for all area residents and two local school districts. Roads surrounding the plant were also closed.

Local media reported residents said the explosion shook their homes as a large plume of smoke billowed over the plant. Smoke could be seen up to 20 miles away from the plant.

According to the company's website, the plant manufactures products such as glycol, oilfield products and more.

It is unknown what caused the explosion.

Cleanup efforts are still underway in Deer Park, Texas after a chemical plant fire sent billows of smoke into the air for days. The local emergency management office said the county remained at Level 3- Increased Readiness as clean up efforts were underway at the ITC site in Deer Park. The office said they were also actively monitoring the KMCO explosion.
MRC