Trinseo increases prices for all latex technologies in Latin America

MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex and rubber, has announced a price increase for all products sold into the carpet, paper, and performance latex markets in Latin America, reported the company on its site.

The increase will be 15% for all styrene butadiene and acrylic latex products, effective December 1, 2015 or as contract terms permit.

"Trinseo is investing considerable resources into developing new technologies for its Latex markets globally, while continuing to deliver high quaility products, maintain our high level of technology leadership expertise and customer service.This price increase is being driven by a rise in raw materials, higher utility costs, Brazilian inflation and the decline of Brazilian currency," said Max Yoshioka, Brazil Latex and Plastics Leader, Trinseo.

As MRC informed before, effective on November 1, 2015, Trinseo raised prices for all paper latex products in Indonesia. PT Trinseo Materials Indonesia increased the price of paper latex products by USUSD150 per dry metric ton. The price increase was necessary to support the sustainable operations and to respond to the rising costs associated with manufacturing and raw materials in Indonesia.

Trinseo is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. TrinseoпїЅs technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Trinseo had approximately USD5.1 billion in revenue in 2014, with 19 manufacturing sites around the world, and approximately 2,100 employees. Formerly known as Styron, Trinseo completed its renaming process in the first quarter of 2015.

Solvay ranks in Thomson Reuters 2015 Top 100 Global Innovator

MOSCOW (MRC) -- Solvay has been recognized as one of the world’s most innovative companies, with a ranking in the Thomson Reuters 2015 Top 100 Global Innovator, said the producer on its site.

The methodology uses a scientific, unbiased approach to identify the organizations that are dedicated to innovation, committed to protecting patent rights globally, and whose inventions have worldwide influence.

As MRC reported before, in early July 2015, Solvay and INEOS announce the start-up of their Joint Venture INOVYN, a world-class competitive player in chlorovinyls, following European Commission approval

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 пїЅ fluoropolymers, fluoroelastomers, fluorinated fluids, semi-aromatic polyamides, sulfone polymers, aromatic ultra polymers, high-barrier polymers and cross-linked high-performance compounds.

Axalta names president of NA business

MOSCOW (MRC) -- Axalta Coating Systems, a leading global supplier of liquid and powder coatings, has appointed Mike Carr as Vice President and President, North America. Mr. Carr will report to Axalta Chairman and CEO Charlie Shaver and be responsible for the company’s business in the U.S. and Canada, said the company on its site.

Axalta’s North America operations are home to some of the company’s largest customers, including leading global vehicle manufacturers and some of the largest refinish and body shop franchises. The market also includes numerous Tier 1 and Tier 2 suppliers that benefit from Axalta’s array of liquid and powder coatings as well as numerous customers in industrial segments that rely on Axalta coatings for electrical insulation, pipe and electrocoat applications.

Mr. Carr joins Axalta from Johnson Controls Power Solutions division where he was most recently Vice President and General Manager for the United States and Canada. During his tenure at Johnson Controls he also held numerous roles of increasing responsibility in general management and sales including roles in South America and Europe. Early in his career he worked for Exide Technologies, Armstrong World Industries and General Battery Corporation.

Mr. Carr holds a bachelor’s degree from St. Joseph’s University and a MBA in marketing from Drexel University.

As MRC informed earlier, Axalta Coating Systems won a four-year contract to supply industrial coatings and architectural building paint which will be used to restore and sustain different buildings and the locks of the Panama Canal.

Axalta is a leading global company focused solely on coatings and providing customers with innovative buildings and pipelines, our coatings are designed to prevent corrosion, increase productivity and enable the materials we coat to last longer.

Petrobras in trouble as bribe allegations start to stick

MOSCOW (MRC) -- Petroleo Brasileiro SA Petrobras continues to increase as Brazilian investigators question its purchase of US refinery. Its acquisition of Texas refinery is claimed to involve bribery, which resulted in huge losses for the company, said Businessfinancenews.

Brazilian regulators stated that their investigation has revealed that Petrobras accepted bribes of USD15 million to acquire Pasadena Refinery. According to the regulators, State Run Company’s acquisition could either be nullified or compensation could be sought for the losses incurred. Furthermore, the Belgium Trading company that paid the bribes could face hardships in Brazil and in US also.

In a press conference at Curitiba, the prosecutor Carlos Lima stated that the selling company had paid bribes. Due to such corruption, a decisive action should be taken. In response, Petrobras stated that it is trying to retain and fix the damaged incurred due to illicit and illegal activities. Moreover, the oil company has already conducted its internal audit to determine any deficiencies, and reports are forwarded to concerned authorities.

Petrobras acquired 50% stake in Pasadena refinery, which had a capacity of 100,000 barrels per day in 2005. Later, it acquired the remaining stake in the refinery in 2012 for USD1.2 billion. First finger was pointed on the company in 2012 when a hint of overpriced deal came to light. Company chairman was Dilma Rousseff, who is the current President of Brazil.

According to TCU, Brazil’s audit court, the refinery purchase resulted in company losses of USD792 million. The initial investigation associated with Pasadena refinery also played the beginning stone role in the Mega Corruption Scandal involving the company.

With a new topic of investigation for Petrobras, its future appears highly uncertain in terms of debt load and poor financial health. The situation could get worse for the corruption involved company if the bribe allegations are proved, deal is cancelled or compensation is sought. Likewise, any other investigation that may initiate in the future could make things worse for it. Hence, investors should not expect positivity from the company in the near future.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.

Shell Moerdijk cracker still down after blaze

MOSCOW (MRC) -- Shell’s cracker at Moerdijk in the Netherlands remains off line following a small compressor fire in a compressor on Nov. 11, said Chemanager-online.

The oil and petrochemical group so far has not disclosed when the facility with capacity to produce 900,000 t/y of ethylene, 500,000 t/y of propylene and 115,000 t/y of butadiene will go back on stream but market insiders predict that it will be down at least until the beginning of December. Shell has not declared force majeure.

This is the second outage of the cracker in the recent past. Taken off line in October 2014, due to a fire, the facility only returned to production in mid-July of this year. The SM/PO plant at the same site owned by Shell’s Ellba joint venture with BASF, went down in June 2014 and customers have been on allocation since then. According to reports, the plant will come back on line by the end of this year or the beginning of next year.

In a scathing report on the Ellba incident, the Dutch safety board said Shell, which operates the Moerdik site, did not follow internal procedures, did not learn sufficient lessons from previous incidents and made incorrect assumptions about basic chemical reactions.

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.