Eastman completes acquisition of Solutia

(hydrocarbonprocessing) -- Eastman Chemical has completed its previously-announced acquisition of Solutia, the US-based chemicals company said on Monday.

The approximately USD4.8 billion acquisition supports Eastman’s growth strategy to increase revenues and profit margins by expanding the company’s geographic reach, especially in emerging markets, and by establishing a more diverse and sustainable product portfolio, the company said.

Eastman expects the acquisition to be immediately accretive to earnings, excluding acquisition-related costs and charges.

With the acquisition of Solutia, Eastman has made structural changes resulting in five reporting segments: additives and functional products, adhesives and plasticizers, advanced materials, fibers, and specialty fluids and intermediates.

This structure takes into consideration the strategies, operating models, and sales channels that the various businesses employ, the company said.

Further details on each segment can be found in Eastman’s official news release.

The company will report third quarter 2012 financial results under the new reporting structure, it said.
MRC

(upstreamonline) -- Hallin Marine is making a charge on the Russian market after tying up a strategic alliance with local services provider Romona.

Singapore-based Hallin and Romona actually inked the long-term agreement in mid May but have only now revealed it. The frame agreement covers projects throughout Russia including the Arctic, comprised of the Barents Sea, Kara Sea, Baltic Sea and other areas. The pair will also collaborate on work in the Caspian Sea and Black Sea as well as Russia’s Far East coast.

Romona's General Director, Boris Kornoukhov said: "Integrating Romona's technical skills and geographic knowledge with Hallin's surface fleet and remotely operated submersible vehicles creates a partnership which is ideally placed to serve Russia's expanding offshore energy industry.

"Our business focus will be on drill support, construction support, inspection, maintenance and repair, and decommissioning."
MRC

(canplastics) -- British consumer packaging supplier Rexam Plc is selling its personal care operations to two separate buyers for a total of USD709 million.

Sun Capital Partners Inc., a buyout firm in Boca Raton, Fla., and Silgan Holdings Inc., a Stamford, Conn.-based producer of packaging products, will purchase different parts of the division, Rexam said in a statement.

A unit of Sun Capital is buying Rexam’s cosmetics, toiletries and household care products business for USD459 million in cash, according to the statement. Also, a unit of Silgan has agreed to buy Rexam’s thermoformed high barrier food packaging business for USD250 million.

The transaction with Silgan is expected to be complete by the third quarter of 2012, and the transaction with Sun Capital in the fourth quarter, according to the statement.

In total, Rexam's personal care business employs some 7,000 people in the U.S., Europe, and Asia.
MRC

(Plastemart) -- Mitsui Chemicals, Inc. (MCI) and China Petroleum & Chemical Corp. (Sinopec) have announced formation of a new equal partnership joint venture company, Shanghai Sinopec Mitsui Elastomers, Co., Ltd., to manufacture and distribute EPT (ethylene-propylene-diene terpolymer).

The plant, with a capacity to produce 75000 tpa, to be built at an investment outlay of approximately RMB 2 Billion will be located at Shanghai Chemical Industry Park, and is scheduled to come onstream in Q1- 2014.

The rapid expansion of China's automobile industry and development of its social infrastructure (railways, etc.) are expected to significantly increase demand for EPT used in these industries.

The joint venture company will target early establishment of manufacturing and distribution to meet needs of a rapidly growing Chinese market.

The two companies conducted joint feasibility studies following the signing of a Letter of Intent in December 2009 and received approval from the Chinese government to establish a joint venture company. The joint venture company will adopt state-of-the art metallocene catalyst technology and build one of the world's largest and most advanced EPT plants in China's Shanghai Chemical Industry Park.
MRC

(chemmonitor) -- The Russia-based petrochemical producer with headquarters in Moscow, Sibur, is on schedule to consider an initial public offering or to attract partners in summer 2013.

A new investment program of the company will be completed next summer. When the five years program completes it will be easier to consider those issues, as the figures on the investment will be more precise.
MRC