Olin to partially close Quebec chemical plant

MOSCOW (MRC) -- Olin Corp. announced Friday that it will permanently close part of its Becancour, Quebec, chemical plant that had already been shut down since June, said the company in its press-release.

The Clayton-based maker of chemicals and ammunition, which also owns 9 chemical plants in the U.S., said the move would reduce the Canadian plant's chlor alkali capacity by 185,000 tons.

As a result of the closure, Olin said it will take an additional USD10 milllion in pretax restructuring charges, due to asset write-offs, employee costs and contract terminations, in the fourth quarter of 2014.

Those charges were not included in Olin's fourth-quarter guidance issued on Oct. 23, when it said earnings would be in a range of 20 cents to 25 cents a share, according to the company.

As of the end of 2013, Olin was the fourth largest chlor alkali producer, measured by production capacity, in North America, according to the company.

As MRC wrote before, Olin Corp. reported a 63% decline in profit for the third quarter 2014 from last year, reflecting lower sales at all three of its segment. Sales for the quarter declined 11% to USD593.6 million from USD670.7 million last year.

Olin Corporation manufactures chemicals and ammunition products. The Company manufactures and sells chlorine, caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, sodium chlorate, bleach products, and potassium hydroxide. Olin also manufactures products that include sporting ammunition, reloading components, small caliber military ammunition and industrial cartridges.
MRC

MOSCOW (MRC) -- Grand Pacific Petrochemical Corp (GPPC) is likely to shut its styrene monomer (SM) plant for maintenance turnaround, as per Apic-online.

A Polymerupdate source in Taiwan informed that the plant is likely to be shut in November 2015. It is likely to remain off-stream for around one month.

Located in Taiwan, the plant has a production capacity of 130,000 mt/year.

Earlier, in April 2014, GPPC shut down its SM plant in Taiwan for maintenance turnaround in late April. It remained off-stream for around one month. Located in Kaohsiung, Taiwan, the plant has a production capacity of 250,000 mt/year.

Besides, Styrindo Mono Indonesia (SMI) shut its No.1 SM plant in Indonesia for maintenance turnaround in H2 November 2014. The plant will be shut for around one month. Located in Merak, Indonesia, the plant has a production capacity of 100,000 mt/year.
MRC

MOSCOW (MRC) -- The Dow Chemical Company has announced that Johanna Soderstrom has been named corporate vice president of Human Resources and Corporate Aviation. Soderstrom succeeds Gregory Freiwald, who has announced his retirement from Dow after 35 years with the company, as per Dow's press release.

In this executive-level role, Soderstrom has leadership responsibility for Dow's global Human Resources strategy and operations, including oversight for Dow's Corporate Aviation team. Soderstrom's proven leadership and accomplishments position her well to drive Dow's HR strategy - enabling the company to maintain a competitive advantage by providing best-in-class people processes, programs and services for Dow's diverse, global workforce.

Soderstrom joined Dow in 1999 in Helsinki, Finland as the HR manager for the Nordic region. In 2000, she moved to Stade, Germany to serve as HR Workforce Planning Implementation leader and in 2003, was appointed Compensation & Benefits leader for Southern Europe, Middle East, Africa and India in Horgen, Switzerland.

In 2005, Soderstrom assumed the role of HR Business Partner for Dow’s Hydrocarbons & Energy business. After leaving Dow in 2006 to lead global Compensation & Benefits for Huhtamaki in Finland, Soderstrom rejoined Dow the next year as HR Geographic leader for Germany, and in 2009 assumed additional responsibility as HR director for Dow Europe, Middle East & Africa. In 2010, Soderstrom was appointed Global HR director for Dow’s Performance Materials Division in Midland, Mich., and was named vice president of Dow’s HR Center of Expertise in September 2012.

As MRC informed before, in September 2014, The Dow Chemical Company announced that Jack Broodo, president of Dow Chemical Canada ULC and director of feedstocks for the company’s North and Latin America regions has been named vice president of Investor Relations for the company.

The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber. In 2013, Dow had annual sales of more than USD57 billion and employed approximately 53,000 people worldwide. The company's more than 6,000 products are manufactured at 201 sites in 36 countries across the globe.
MRC

MOSCOW (MRC) -- The chief financial officer of Saudi Basic Industries Corp (Sabic) said he has left the petrochemical company to become chief executive of National Industrialisation Co (Tasnee), according to Trade Arabia.

Tasnee earlier said in a statement it had appointed Mutlaq Al Morished to head the company, effective January 12, replacing Saleh bin Fahad Al Nazha who is leaving on December 31 for personal reasons.

Morished told Reuters his appointment by Tasnee would see him leave Sabic.

Morished is also chairman of Saudi Kayan Petrochemical Co, representing Sabic which has a 35 per cent stake in the firm. He said his position with Kayan had yet to be determined by the Kayan board and by Sabic.

A Sabic official said the board would meet to decide on Morished's replacement. He gave no details on the timing of the meeting or on what would happen at Kayan.

As MRC wrote before, last year, Clariant, a world leader in specialty chemicals, and Tasnee, one of the largest industrial conglomerates in Saudi Arabia, announced the signing of an agreement to establish a masterbatches joint venture in Saudi Arabia. Within the framework of the agreement, through its 100% subsidiary Rowad National Plastic Company Ltd., Tasnee will acquire a 40% stake in Clariant’s masterbatches operations in the country, already operating under the name Clariant Masterbatches (Saudi Arabia) Ltd.

The joint venture will be operational following completion of customary merger control clearance procedures and will keep its main focus on the Arabic peninsulas core market.
MRC

MOSCOW (MRC) -- Mitsui Chemicals and China Petroleum & Chemical have announced the startup of one of the world’s largest EPT (ethylene-propylene-dieneterpolymer) plant for a single train under their joint venture, Shanghai Sinopec Mitsui Elastomers, said Hydrocarbonprocessing.

EPT, which has superior resistance to heat and cold, UV rays, and chemicals, in addition to good electric insulation and other exceptional properties, is widely used in automotive parts (glass run channel, weatherstripsponge, etc.), electric cables, and other industrial materials. With the rapid growth of the Chinese automotive industry and expansion of its social infrastructure (railways, etc.), the demand for EPT has increased significantly.

Commencement of full scale commercial operation of the plant will provide the Chinese market with superior quality, performance-driven functional materials backed by extensive technical services. The joint venture’s EPT plant will stably supply superior quality EPT to meet the growing needs in the Chinese market.

As MRC wrote earlier, Dow Chemical has signed a long-term ethylene off-take agreement with a new Japanese joint venture that will allow the chemical producer to enhance its performance plastics franchise. The joint venture is being formed between Japanese companies Idemitsu Kosan and Mitsui & Co. to construct and operate a Linear Alpha Olefins unit on the US Gulf Coast.

Mitsui Chemicals,a Japanese chemical company, is a part of the Mitsui conglomerate. The company has a turnover of around 15 billion USD and has business interests in Japan, Europe, China, Southeast Asia and the USA. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials.
MRC