Teijin established a Russian subsidiary

MOSCOW (MRC) -- Carbon fibre and plastics specialist Teijin (Tokyo / Japan) has established a Russian subsidiary, Teijin Rus, as part of its strategy to expand businesses in emerging economies, said Plasteurope.

The new company, which was created 1 October 2013, has absorbed the existing local office that was established in 2006.

Teijin Rus will handle group-wide sales and research demand as well as business opportunities in Russia and CIS, which the Teijin group includes as priority markets in its medium- to long-term growth plan.

"We hope to strengthen our presence by supplying the Russian market with our diversified solutions, especially for the aerospace industry, where the government is aiming to realise greater competitiveness, and the automotive industry, which is expected to become the largest market in Europe in the late 2010s," explained Kentaro Arao, chief marketing officer and director of Teijin’s BRIC (Brazil, Russia, India and China) business.

As MRC wrote before, South Korea-based chemical producer SK Chemicals will launch a joint venture (JV) with Japan's Teijin Chemicals for developing, producing and marketing a super-engineering plastic, polyphenylene sulfide (PPS). The proposed JV will set up PPS resin production plants to manufacture 12,000 tons per year (tpy) of PPS by 2015.

Teijin Limited is a Japanese chemical and pharmaceutical company. It is listed on the Tokyo Stock Exchange. Its main fields of operation are high-performance fibers such as aramid, carbon fibers and composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. Consolidated turnover for 2012 is USD 7.4 billion (JPY 745.7 billion). Teijin has approximately 17,000 employees worldwide.
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MOSCoW (MRC) -- Mitsubishi Chemical Corporation, a wholly-owned subsidiary of Mitsubishi Chemical Holdings Corporation, has established Mitsubishi Chemical Performance Polymers Europe B.V. and has started its operation as a regional headquarters for the performance polymers business in Europe, reported the company on its site.

This company will integrally hold all European performance polymers business including CTS Group companies acquired from Tessenderlo Group on June 18, 2013. Together with the new management structure, all European performance polymers companies have started operation with new corporate names as of October 1, 2013 as listed in the reference below.

Furthermore, Mitsubishi Chemical will strengthen its business in China by renaming APCO (SUZHOU) CO., LTD to Mitsubishi Chemical Performance Polymers (China) Co., Ltd. and will pursue integrated management in China for CTS Automotive Compounds (Changshu) Co., Ltd.

New management structures both in Europe and China are in line with the business strategy of performance polymers, a growth business in the company portfolio, to accelerate integration and expansion of thermoplastic elastomers, cross-linked polymers, adhesive polymers, and PVC compounds for the automobiles, medical care, food, and building industries.

We remind that, as MRC informed previously, in April 2013, Mitsubishi Chemical has purchased all of the assets related to Comtrex's compounding business. The acquisition of the Comtrex business is expected to help MCC speed up the expansion of its performance polymers business through its networks across the world. Having been engaged in the PVC compounding business for more than 30 years, Comtrex started developing a line of vulcanized thermoplastic elastomers (TPV) in 2000 and selling the product in 2002.

Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.
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MOSCOW (MRC) -- Solvay SA agreed to buy U.S.-based Chemlogics for USD1.35 billion in cash to expand its offering of chemicals for the oil and gas industry, said Bloomberg.

The Belgian chemical maker is paying 10.7 times earnings before interest, taxes, depreciation and amortization for the business, which generated about USD500 million in annual sales, it said today in a statement. The Brussels-based company will issue about EUR1 billion (USD1.35 billion) in hybrid bonds to support finances.

The purchase is part of a transformation orchestrated by Chief Executive Officer Jean-Pierre Clamadieu as he expands Solvay’s offering of more profitable chemicals used in oil and gas extraction. Demand for Chemlogics’ products is growing at more than 10%, Solvay said. That contrasts with a slump in sales at polyvinyl chloride operations that Clamadieu is seeking to exit via a joint venture with Ineos.

"This acquisition accelerates Solvay’s ongoing transformation," Clamadieu said in the statement.

As MRC wrote before, Solvay and Ineos Group Holdings, which plan to merge their European vinyl chloride assets in a EUR4.3 billion (USD5.7 billion) deal, may sell a German site to help win regulatory approval. Ineos’s site in Schkopau, with the capacity to make about 150,000 tons of PVC a year, may fetch about EUR60 million.

Solvay S.A. is a Belgian chemical company founded in 1863, with its head office in Neder-Over-Heembeek, Brussels, Belgium. The company has diversified into two major sectors of activity: chemicals and plastics. Solvay supplies over 1500 products across 35 brands of high-performance polymers – fluoropolymers, fluoroelastomers, fluorinated fluids, semi-aromatic polyamides, sulfone polymers, aromatic ultra polymers, high-barrier polymers and cross-linked high-performance compounds.

MRC

MOSCOW (MRC) -- Swiss injection moulding machinery manufacturer Netstal (Nafels), a member of the KraussMaffei Group (Munich/Germany) since 1992, is celebrating 20 years of business in Spain and Portugal, said Plasteurope.

Coinciding with the milestone, the company has launched a dedicated website for its customers in the region. Its Spanish subsidiary, Netstal Maquinas, was established in Mollet del Valles, near Barcelona, in August 1993.

In addition to marking the regional anniversary, the company is also busy preparing for the approaching K 2013 mega event in Dusseldorf, 16-23 October, where it will be launching its all-electric "Elion 2200" machinery, with which it can produce a 1-ml barrel. It also plans to demonstrate high-speed production of a PS cup on its "Evos 4500" machinery. The cups are produced in a cycle time of about only 3.5 seconds, according to Netstal.

As MRC wrote before, KraussMaffei Group GmbH, German machinery producers, started production of MX injection moulding machines at the company's plant in Haiyan, China, in the first quarter of 2013. Plant extension work is nearing completion. Extrusion and reaction process machinery products have been in production at Haiyan, near Shanghai, for several years already.

The KraussMaffei Group is a global leader in the plastics and rubber processing industries. The company covers all areas of injection molding machinery, extrusion technology and reaction process machinery.

MRC

MOSCOW (MRC) -- Westlake Chemical Corporation has announced that Mr. Ben Ederington has joined Westlake Chemical as Vice President, General Counsel & Secretary reporting to Albert Chao, President & CEO, according to the company's press release.

Mr. Ederington will replace Mr. Stephen Wallace, who has announced he will retire at the end of the year. Mr. Wallace will serve as Vice President and Special Counsel reporting to Mr. Chao until his retirement.

Mr. Ederington joins Westlake from LyondellBasell (LBI) where he most recently was Associate General Counsel and where previously he held a variety of increasingly responsible legal positions involving LBI's polymers, chemicals and refining businesses, strategic transactions, M & A and joint ventures and governmental affairs. Prior to joining LBI he was in private practice with Steptoe & Johnson in Washington, DC, where he practiced international and technology law.

Albert Chao, President and CEO, stated, "We are pleased to have a legal and chemical industry executive with Ben's depth of experience and credentials as our new General Counsel. We are confident he will make an important contribution to the ongoing growth and development of Westlake. We also express our appreciation to Stephen Wallace for his meaningful contribution to the growth of the company and for his important and sound legal guidance over the last decade."

We remind that, as MRC wrote previously, Westlake Chemical has agreed to acquire the PVC pipe and fittings unit of Compagnie de Saint-Gobain SA's CertainTeed Corp. for USD175 million. CertainTeed's pipe and foundation group produces PVC pipe and fittings for municipalities, water wells, mining, agriculture and irrigation.

Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe and specialty components, windows and fence.
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