Formosa Plastics to invest $300 mln to synthetic rubber plant

(CENS) -- Formosa Plastics Group (FPG), Taiwan`s largest plastics conglomerate, will invest US$300 million to set up a synthetic rubber plant in Ningbo, Zhejiang province, China.


Construction of the plant will begin sometime in October this year with mass production to start in two years. Initially the plant will be churn out 50,000 tons of IIR (isobutylene-isoprene rubber) per year to tap the tire market.


The group will invest in the rubber industry in both Taiwan and China through its subsidiary≈Formosa Synthetic Rubber Corp. (FSRC). In addition to the Ningbo plant, the group has three other proposals related to production of tires in China, bringing its overall investments to US$500 million.


In Taiwan, the FSRC`s investments in the rubber industry will be part of the group`s expansion project in its sixth naphtha-cracking complex in Yunlin County, central Taiwan. The FSRC plans to set up three plants in Taiwan with total investments of NT$15 billion.


In addition, Nan Ya Plastics Corp. under the FPG will also set up three new plants with total investments of at least NT$20 billion to drive the group`s involvement in the rubber industry.


MRC

BASF proposes dividend of ┬2.20 per share

(BASF) -- The Board of Executive Directors of BASF SE has decided to propose to the Annual Meeting on May 6, 2011 a dividend of ┬2.20 per share for 2010. The decision is subject to approval by the company's Supervisory Board in its meeting on March 3, 2011.


On the basis of the number of qualifying shares as of December 31, 2010, the dividend of ┬2.20 per share would correspond to a total dividend payment of approximately ┬2.0 billion. Relative to the 2010 year-end share price of ┬59.70, BASF shareholders would thus receive a dividend yield of 3.7 percent. If the proposal is approved by the Annual Meeting, the dividend will be paid out on May 9, 2011.


BASF aims to increase its dividend each year or at least maintain it at the previous year's level.


MRC

Mitsubishi and Asahi Kasei to establish Nishi Nippon Ethylene

(Asahi Kasei) -- Mitsubishi Chemical Corp. and Asahi Kasei Chemicals Corp. have decided to establish a limited liability partnership (Nishi Nippon Ethylene LLP) for the integrated and unified management of their naphtha cracker operations in Mizushima, Japan, as previously announced on May 31, 2010.


With the start-up of unified management by this newly established LLP in April 2011, Mitsubishi Chemical and Asahi Kasei will implement a coordinated rationalization of operations for increased efficiency based on an optimized configuration, responding swiftly to changes in the operating climate for the Japanese petrochemical industry. The parties will also make every effort to further strengthen the Mizushima industrial zone including through alliances with oil refineries.

MRC

Dow plans to retire debt in the first quarter

(Dow) -- The Dow Chemical Company announced that it is launching a cash tender offer for approximately $750 million aggregate principal amount of notes listed by Dow and its subsidiaries.


This announcement follows a series of debt reduction activities the Company plans to execute in the first quarter, including the pay-off of $800 million of matured debt and more than $150 million of InterNotes. Taken together, these actions will enable Dow to reduce its overall debt by more than $1.5 billion.


Cash tender offer addresses high-coupon debt, some of which was issued during the global economic crisis of 2009.


MRC

Royal DSM N.V. introduced a new company brand

(DSM) -- Royal DSM N.V., the global Life Sciences and Materials Sciences company today introduces a new company brand: Bright Science. Brighter Living. The new brand is symbolic of the transition to the new' DSM.


As the transformation of DSM from a chemical company into a Life Sciences and Materials Sciences company active in health, nutrition and materials is complete, a new corporate brand is a logical step.


The new brand is a reflection of the overall positioning of the company. It stands for the DSM strategy, DSM culture and the way DSM wants its employees to work together.


The new DSM is summed up by the new tagline: Bright Science. Brighter Living.: DSM uses its science and innovation in partnership with its customers to create products and solutions that make a positive difference to people lives.


MRC