Symrise to acquire minority stake in Synergio

In Germany, Symrise Cosmetic Ingredients has acquired a minority stake in Synergio, an Israeli producer of plant-based antimicrobial solutions, said the company.

Financial terms were not disclosed. Founded in 2009, Synergio uses biochemistry and a computational platform to develop bioactives for healthier and more sustainable personal care and cosmetic products.

Dr. Joern Andreas, President Scent & Care at Symrise, says in a press statement that Synergio’s bioactives fit seamlessly into Symrise’s Product Protection portfolio. “It allows us to offer customers the newest and most innovative sustainable plant-based beauty solutions. The partnership will accelerate the development of broad-spectrum antimicrobial solutions. They will help our customers to create sustainable personal care products.”

We remind, Symrise, a Germany-based flavours and fragrances producer, has launched new application, development, and sensory laboratories in Dubai, UAE. The EUR 1-M centre will decode, deliver, and design taste solutions for top food and beverages brands. It had recently transferred to the iconic 'Gold Tower Building' in the Dubai Multi Commodities Center (DMCC), the region's dedicated hub for global trade, specialist, and business sectors in Jumeirah Lake Towers (JLT) free zone. The units at the new centre are made to back the development of taste solutions and consumer-led winning concepts for high-growth categories, culinary, confectionery, dairy, beverages, and snacks.

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U.S. diesel prices have dropped this month and could go lower, analysts said, an unexpected swoon that coincided with the start of a British and European Union ban on Russian fuel imports, said Hydrocarbonprocessing.

The falling demand behind the price drop has allowed the United States to rebuild stocks, especially along the East Coast where scarce supplies six months ago raised prospects of curbs on U.S. exports. Lower prices could ease inflation worries that have occupied investors.

Distillate fuels – including heating oil, jet fuel and diesel – were in short supply during much of 2022 as refinery closures and strong demand combined to lift prices. Heating oil futures had hit USD5.14 per gallon in late April and mostly remained above USD3 per gallon until this month.

In part, European buyers had increased purchases of Russian distillates ahead of the import ban that took effect on Feb. 4. A relatively warm winter across the United States and Europe and lower commercial trucking activity lowered demand. Those factors helped push up U.S. inventories this week to 120.5 million barrels, the highest level in a year.

“This week was supposed to be when diesel prices blew out to the moon, but that’s not close to what happened,” said Bob Yawger, director of energy futures at Mizuho. Diesel demand by truckers fell off at the end of this year as high inflation impacted U.S. demand for goods. The Cass Freight Index for December, which measures cross-country shipments, showed a 3.9% year-on-year decline in shipments.

The closely watched Cowen/AFS Freight Index also showed a 13.7% year-on-year drop in truckload volumes for the fourth quarter of 2022. Demand for one type of distillate - jet fuel - is expected to rise ahead of the summer vacation, according to Patrick DeHaan, petroleum analyst at GasBuddy. Refiners also have a heavy slate of planned downtime at their facilities, which has the potential to send inventories tightening again in the next two months.

We remind, Solvay in advanced negotiations to divest its stake in Rusvinyl. The company confirms it is in advanced negotiations to divest its stake in Rusvinyl, an independent 50/50 joint venture in Russia, to its joint venture partner, Sibur, said the company. In addition to the recently obtained preliminary clearance from Russian governmental authorities, the potential transaction is still subject to several other regulatory approvals. Solvay will keep the market informed if and when appropriate, in accordance with applicable law.

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Dow has declared a dividend of 70 cents per share, payable March 10, 2023, to shareholders of record on February 28, 2023, said the company.

This marks the 446th consecutive dividend paid by the Company or its affiliates since 1912.

We remind, Dow Inc. outlined a series of targeted actions aligned to its previously stated plan to achieve USD1 bn in cost savings in 2023. The proactive actions will further optimize the Company's cost structure in response to near-term macroeconomic uncertainty, while maintaining its long-term competitiveness across the economic cycle.
Specifically, Dow expects to realize USD1 billion in cost savings in 2023 through: structural improvements of USD500 million, maintaining a low cost-to-serve operating model.

Dow combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world.

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Kuraray Co. (Tokyo) announced that construction of a new plant for isoprene-related businesses has been completed and will soon start operations in stages, said the company.

The construction was undertaken by Bangkok-based subsidiaries Kuraray GC Advanced Materials Co., Ltdand Kuraray Advanced Chemicals (Thailand) Co., Ltd.

The new Thai plant will contribute to the continued growth of isoprene-related businesses by strengthening the global supply system and meeting rising global demand for the 3-Methyl-1.5-Pentanediol (MPD), SEPTON hydrogenated styrenic block copolymers (HSBC), and GENESTAR heat-resistant polyamide-9T (PA9T), which were developed using proprietary Kuraray technology.

The new facilities have been designed to produce 13,000 metric tons per year (m.t./yr) of PA9T, 16,000 m.t./yr of HSBC and 5,000 m.t./yr of MPD. The company invested around ?40 billion (USD310 million) in the project.

We remind, Kuraray Co Ltd has released its consolidated financial results for the 1Q FY 2022 of the fiscal year ending 31 Dec 2022 (1 Jan-31 Mar 2022). In the 1Q FY 2022 (1 Jan-31 Mar 2022), the world economy continued to recover as restrictions on economic activities were eased and more vaccinations were administered in countries around the world despite resurgences of COVID-19.

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Lotte Chemical Corp. said that it is conducting a risk assessment for its products for the first time in the domestic chemical industry, said Kedglobal.

Risk assessment refers to the comprehensive analysis of the substances contained in a product to measure the effects on the human body and the environment. Lotte Chemical decided to first conduct a risk assessment on three product groups, including high-value-added synthetic resin (ABS) materials that are applied as interior and exterior materials for home appliances such as air conditioners and refrigerators.

The company explained that it is the first time for a domestic company to conduct a risk assessment on its own products.

Lotte Chemical will conduct a risk assessment using a program developed by the Ministry of Environment and the National Institute of Environmental Research.

The results of the evaluation will be published in the form of a report in the first half of this year and posted on its website's product page.

"We will gradually expand the range of products subject to evaluation in the future and actively utilize the results to develop products and materials that consumers can use with confidence," said an official of Lotte Chemical.

We remind, Lotte Chemical announced it has formed a clean ammonia global consultative body with RWE, a German energy company, and Japan’s Mitsubishi Corporation, with a goal to cooperate and jointly develop a large-scale clean ammonia production and supply chain in Asia, Europe and US, said the company. As part of this move the three companies on 7 February signed a joint study agreement (JSA) which will see the entities engage in joint research for the production and export project of clean ammonia, both blue and green, at the Port of Corpus Christi in Texas, where the largest energy export terminal in the US is located.

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