Hutamaki to acquire the Brazilian film extruder and converter

(Plastics Today) -- Plastics packaging processor Hutamaki has agreed to acquire the Brazilian film extruder and converter Prisma Pack Industria de Filmes Tecnicos e Embalagens Ltda (Camacari,Brazil). The privately owned Prisma Pack, founded in 2001, is a market leader in hygienic films in Brazil and also serves demand for food packaging and other applications. Hygienic films are mainly used in personal care products, such as disposable diapers, feminine protection and incontinence diapers.

Prisma Pack's net sales in 2010 were approximately EUR 40 million. The company has a strong track record of sales growth since its beginning in 2003. The company employs approximately 200. Huhtamaki's Brazilian subsidiary will acquire all of Prisma Pack for a debt-free purchase price of EUR 20 million.

The acquisition is expected to be completed by the end of August 2011.

Huhtamaki Group (Espoo, Finland) had 2010 net sales totaling EUR 2 billion.


Lanxess achieved record results in the second quarter

(LANXESS) -- Lanxess has lifted its full-year guidance for 2011 after achieving record results in the second quarter. The specialty chemicals company now expects EBITDA pre exceptionals to grow about 20 percent year-on-year after previously forecasting a growth of 10-15 percent. EBITDA pre exceptionals in the second quarter rose 26 percent year-on-year to EUR 339 million.

Net debt at the end of the second quarter rose 49 percent from the end of 2010 to about EUR 1.4 billion mainly due to the acquisitions of the EPDM rubber business and Syngenta's material protection business. Operating cash-flow more than tripled to EUR 212 million reflecting the strength of the company's operational business.


Mitsubishi Engineering-Plastics awarded by Frost & Sullivan

(Mitsubishi Engineering-Plastics) -- The 2011 Frost & Sullivan European Customer Value Enhancement Award in the Smart E-Meter Market is presented to Mitsubishi Engineering-Plastics (MEP). The company's willingness to partner with its customers to serve this market has been key to its achieving the leading position. At the same time, MEP entered the Smart e-meter market with the clear intention of partnering not only with its immediate customers, but also with participants further along the value chain such as Smart e-meter and energy companies in order to deliver sustainable solutions.

MEP is actively involved at the design stage of the meters, enabling the company to understand exact customer requirements and needs as well as work towards cost optimization with respect to design from the initial stage itself. The reduction in the enclosure wall thickness is one of the key advantages that MEP offers through its integrated working approach, which aims at reducing material consumption, without compromising on other properties such as ductility, hydrolytic stability and fire retardance.

The Frost & Sullivan Award for Customer Value Enhancement is presented to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. This award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately customer base expansion.


Sterling Chemicals acquired by Eastman Chemical Company

(Plastemart) -- Eastman Chemical Company has completed acquisition of Sterling Chemicals, Inc., a single site North American petrochemical producer, for USD100 mln in cash. This acquisition includes Sterling's plasticizer and acetic acid manufacturing assets in Texas City, Texas. Eastman plans to modify and restart the currently idled plasticizer manufacturing facility to produce non-phthalate plasticizers. This additional capacity will enable the company's Performance Chemicals and Intermediates segment to serve the growing market demand for non-phthalate alternatives.


IOC's Paradip refinery expected to start in Q1-2013

(Plastemart) -- State-owned Indian Oil Corporation's (IOC) Paradip Refinery in Orissa is expected to be completed one year after the pre-decided schedule in Q1-2013. This delay could pose some tax problems for IOC. The seven year income tax holiday for the refining sector ends next year.

Refineries commissioning after March 31, 2012 will not be eligible for exclusion from payment of income tax on revenues earned for first seven years of operations. IOC had previously stated that the refinery will start producing fuel by March 2012 when it will commission the primary units like Crude Distillation Unit. Secondary units will be commissioned by July, 2012, and operations stabilised by November 2012.

Paradip refinery is being planned with production capacity of 5.97 mln tons of diesel, 3.4 mln tons of petrol, 1.45 mln tons of kerosene/ATF, 536 KT of LPG, 124,000 tons of naphtha and 335 KT of sulphur, all of which will be for sale in the domestic market rather than export as it was earlier thought, due to steep rise in fuel demand at home. Some 200 KT of propylene to be produced by the unit may be exported.