Foster Wheeler AG reported net income for the second quarter of 2011

(Arabian Oil and Gas) -- Foster Wheeler AG yesterday reported net income for the second quarter of 2011 of USD 63.3 million, or USD 0.52 per diluted share, compared with USD 58.9 million, or USD 0.46 per diluted share, in the second quarter of 2010.

The key Q2 stats for the Switzerland-headquartered company are: 7% increase in net income versus average quarter of 2010, 65% increase in EBITDA in Global Power Group versus average quarter of 2010, 62% increase in scope revenue in Global Power Group versus average quarter of 2010.

Commenting on the market outlook for the company's EPC and power units, CEO Umberto della Sala said, "Markets seem to be improving for both of our business groups, although the pace of that improvement is slightly better in the power sector. Even so, all of our end markets remain competitive. In our Global E&C Group, we are maintaining full-year EBITDA margin guidance of 13% to 15%, but we still expect to see quarterly volatility, with the third-quarter margin likely lower than the second quarter".


Dow's UNIPOL PP technology selected for new project in China

(Plastemart) -- Dow's UNIPOL Polypropylene Technology selected for new PP Project in China Shandong Shenda Chemical Industry Co., Ltd. (Shenda), has chosen UNIPOL Polypropylene Process Technology from The Dow Chemical Company (Dow) for its new 200 KTa methanol-based polypropylene plant to manufacture homopolymers, random copolymers and impact copolymers. Shandong Shenda is the first private company licensee in China and the seventh licensee of UNIPOL PP Process Technology overall. Shenda is a private company controlled by Legend Holdings Limited.

There are around 46 manufacturing units globally using UNIPOL Polypropylene Technology from Dow. The UNIPOL Polypropylene Process is an all gas-phase process for producing the broadest range of polypropylene resins. Its simple design is consistent in terms of product quality and energy efficiency, requiring no equipment for handling, separating or recycling solvents.


Plastics Color expands, strengthens liquid color presence

(PlasticsToday) -- Color concentrates, compounds and additive masterbatches supplier PCC (Plastics Color Corp.) announced its acquisition of Polysource LLC and its Pinnacle Color subsidiary, a color and additives manufacturer and distributor located in Tempe, Arizona. The purchase expands PCC's distribution footprint in North America, including Mexico, and provides it with supply of liquid color concentrates made in North America.

PCC is based in Calumet City, IL and has significant production assets in the U.S., but its liquid color concentrates are manufactured and distributed through its Nanjing, China facility. "The purchase of Polysource gives PCC an established position in the North American liquid color market as well as a new distribution channel for both existing and new products," stated Plastics Color's president Doug Borgsdorf.


Bemis buys Mayor to expand in Asia

(PlasticsToday) -- Flexible plastics packaging powerhouse Bemis Company Inc. acquired Mayor Packaging, a privately-owned converter of consumer and specialty flexible packaging. Mayor is based in Hong Kong but in 2008 it shifted its film conversion processing to a new purpose-built facility in Dongguan, China. Financial terms of the transaction were not disclosed. The most recent sales results reported at Mayor's website are for 2008 when the processor's revenue exceeded USD 40 mln.


Honeywell's UOP to provide propylene production technology

(Plastemart) -- Honeywell's company UOP LLC has been selected by Zhejiang Julong Petrochemical Co. Ltd to supply core technology for a new unit to manufacture propylene at its facility in Pinghu City, Zhejiang Province, China. Honeywell's UOP will provide engineering design, technology licensing, catalysts, adsorbents, equipment, staff training and technical service for the project. The unit is expected to start up by 2013 and to produce 450 KTa of propylene.

China's propylene consumption accounts for more than 15% of worldwide demand and is growing at about 5-6% pa. The new propane dehydrogenation unit at the facility will use UOP's C3 Oleflex technology to convert propane to propylene, a material used in the production of chemicals and materials such as films and packaging.