Eastman to acquire Commonwealth Laminating & Coating

MOSCOW (MRC) -- Eastman Chemical Company has announced that it has entered into a definitive agreement to acquire Commonwealth Laminating & Coating, Inc, as per the company's press release.

The company, which had 2013 sales revenue of approximately USD100 million, is an independent manufacturer and global marketer and distributor of window films and specialty films for automotive, architectural, and protective applications. The acquisition will include Commonwealth’s manufacturing facility and master distribution center in Martinsville, VA, and nine sales distribution centers that serve the global market.

"With Commonwealth, Eastman extends our performance films global offerings for solar control window film and protective film applications. Adding Commonwealth supports our strategy of providing targeted and effective product, brand, and service solutions to meet the specific needs of our global, diverse customers and end-users," said Brad Lich, executive vice president.

With the addition of Commonwealth’s expertise, paint protection technology, brand and channels, and experienced workforce, Eastman expects continued growth in its performance films products. Subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions, the acquisition is expected to be completed in the second half of 2014. Terms of the transaction were not disclosed.

Following the completion of the transaction, the acquired business will become part of Eastman's Advanced Materials segment.

As MRC informed previuosly, Eastman Chemical Company has recently enhanced its medical packaging portfolio with Eastalite copolyester, the company’s first opaque offering, which is styrene-free and can be a sustainable alternative to high-impact polystyrene (HIPS). The material complements the company’s other medical packaging copolyester offerings: Eastman Eastar 6763 and Tritan MP100.

Eastman (headquartered in Kingsport, Tennessee, USA) is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables.
MRC

MOSCOW (MRC) -- South African petrochemicals group Sasol Ltd is keen to invest in a domestic shale industry once it gets off the ground, said Reuters.

Fracking in the region might tap what is believed to be some of the world's biggest reserves of the energy source and the government wants to develop an industry that it sees as a potential game-changer in Africa's largest economy.

Shell has applied for an exploration licence and once all of the new regulations are in place it is expected to be near the front of the line.

Sasol Chief Executive David Constable said the company wanted to take part. "We are really interested in what is going in the Shell block and would love to farm in or take a piece of it. Shell is issuing profit warnings and pulling back capex right now," he said.

Shell said in January that it planned to cut capital spending to USD37 billion this year from USD46 billion in 2013, following a profit warning.

Constable said the government should take Shell's strategy into account.

Fracking involves pumping pressurised water, chemicals and sand underground to release gas trapped in shale formations and the prospect of it occurring in the semi-arid and sparsely-populated Karoo region, known for its big skies and scenery, has raised concerns anong conservationists.

Constable said Sasol's experience in British Columbia would enable the company to carry out the process "in an environmentally friendly fashion."

As MRC informed before, Sasol reported it is making progress on the engineering and design of its Westlake complex, a multibillion-dollar project that includes an ethane cracker and a facility to turn natural gas into diesel in southwest Louisiana. The company expects to reach a final decision on whether to proceed with the ethane cracker sometime this year, and the gas-to-liquids facility 18 to 24 months afterward. The complex’s cost has been estimated at USD16 billion to USD21 billion.

Sasol Limited is an integrated energy and chemical company that began in Sasolburg, South Africa in 1950. It develops and commercialises technologies and builds and operates world-scale facilities to produce a range of product streams including liquid fuels, chemicals.
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MOSCOW (MRC) -- PolyOne Corporation, a premier global provider of specialized polymer materials, services and solutions, has introduced two new formulations for automotive interior surfaces and instrument panels, reported the company on its site.

Thus, two novelties include Geon VBX 3577 vinyl powder for automotive interior surfaces and Geon VBX 3600 series for instrument panels with seamless airbags. Both formulations can deliver cycle time reduction benefits, allowing processors to improve profitability while meeting tough low-temperature OEM performance requirements for slush-molded automotive interior parts.

"These formulations were specifically developed to help automotive tier suppliers improve operating efficiencies in a challenging business environment," said James Petrie, marketing director, PolyOne Color and Additives. "These new materials can improve our customers’ profitability by boosting production rates and lowering total system costs."

VBX 3577 is designed to provide production efficiency improvements for all automotive interior surfaces that require -30°C temperature performance.

VBX 3600 is formulated to meet strict OEM safety standards for instrument panels that require airbag deployment ratings below -36°C. Both new solutions are available now to customers around the world.

As MRC informed previously, in February 2014, PolyOne Corporation announced the addition of new capabilities to its OnColor HC Plus portfolio. These expanded offerings add medical-grade LDPE, nylon, PEBA, PS and PVC to the globally available palette of specialty healthcare colorants, and are pre-certified to meet or exceed biocompatibility requirements for ISO 10993 and/or USP Class VI protocols.

PolyOne Corporation is a global provider of specialized polymer materials, services, and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- With an aim to propel its growth in Africa region, India’s one of the leading players in chemicals, engineering plastics, packaging films and technical textiles, SRF Ltd has inaugurated a BOPP film manufacturing plant in Cato Ridge, KwaZulu-Natal, South Africa, as per Plastemart.

The sophisticated, ultra-modern plant is the first BOPP manufacturing site built by SRF Flexipak, a member company of the SRF Group, one of India’s largest and oldest chemical and industrial manufacturing dynasties.

Ludwig Eckart, COO Bruckner Maschinenbau attended the inauguration ceremony and was highly impressed: "The inauguration was an excellent piece of work as was the whole project: perfectly planned and executed by SRF in a very professional manner. The factory is a milestone within South Africa’s packaging industry concerning size, organization and cleanness. We are very proud to have successfully contributed to this challenging project, with our line which has run smoothly since day one."

The African packaging industry is developing very positively, partly with two-digit growth rates. With a modern infrastructure and stable economy, South Africa is the perfect base for SRF to implement its African growth strategy.

The multi-business corporate group SRF with head quarters in Gurgaon, India. SRF claims to be India’s second largest thin PET film manufacturer, with overall capacity for 60 KTa. The company has eight manufacturing plant locations in India and one each in UAE, Thailand and South Africa. The market leader in most of its businesses in its home market in India, SRF is the world's 2nd largest manufacturer of both the Nylon 6 tyre cord as well as the belting fabrics.
MRC

MOSCOW (MRC) -- Trinseo SA, a plastics maker backed by Bain Capital, filed again with U.S. regulators to raise up to USD200 million in an initial public offering of common stock, said Reuters.

The company withdrew its IPO plans last June after filing to go public in June 2011. Trinseo, formerly Styron Corp, told the U.S. Securities and Exchange Commission in a preliminary prospectus that Goldman Sachs, Deutsche Bank Securities, Citigroup and Morgan Stanley were among the lead underwriters for the IPO.

Bain Capital bought Styron from Dow Chemical Co for USD1.63 billion in 2010. The filing did not reveal how many shares the company planned to sell or their expected price.

Trinseo intends to list its common stock under the symbol "TSE", but did not specify the exchange it wants to list on. Net proceeds from the offering would be used to repay debt and for working capital and general corporate purposes, Trinseo said.

The Berwyn, Pennsylvania-based company swung to a net loss of USD22.2 million for the year ended December 31, 2013, from a profit of USD30.3 million in 2012.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Styron is a leading global materials company. Styron’s unique product portfolio brings together plastics, rubber and latex businesses that share feedstocks, operations, customers and end users.
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