NEWS CAPSULE

19 July 1999 00:00  [Source: ICB Americas]

DuPont Ups Capacity

E. I. DuPont de Nemours & Co. has increased its capacity for HFC-134a refrigerant at its Corpus Christi, Tex., plant to meet increased market demand. The company plans to raise its capacity further by the end of the year, for a total increase of 5 percent. DuPont also manufactures HFC-134a in Chiba, Japan, through its Mitsui-DuPont Fluorochemicals joint venture.

Goodrich, Coltec Merger

BFGoodrich Company and Coltec Industries have completed their merger, creating a multi-industry company with $6 billion in annual revenues. The transaction was completed after a preliminary injunction, imposed by a US District Court judge in South Bend, Ind., was lifted.

Jungbunzlauer, Casco in Pact

Jungbunzlauer AG and Casco have signed a long-term supply agreement under which Jungbunzlauer will process fermentation feedstock supplied by Casco into citric acid at a new facility to be built by Jungbunzlauer in Port Colborne, Ontario. The new plant will be operational by the end of 2001.

AgrEvo in India Insecticide JV

Hoechst Schering AgrEvo GmbH and representatives of India-based Bilakhia Group have finalized their deal to enter into a joint venture in the synthetic pyrethroid insecticide business, as announced last March. AgrEvo acquired a 51 percent share in Mitsu Industries Ltd., India, through its French subsidiary Hoechst Schering AgrEvo SA.

Cambrex Completes Buy

Cambrex Corporation has completed its acquisition of FMC Corporation's BioProducts business for $38 million. The assets purchased include two operating facilities in Rockland, Me., and Copenhagen, Denmark, along with a number of US and foreign patents associated with the business.

Sun Chemical Gets Swale

Sun Chemical Ltd. has completed its acquisition of Swale Process Ltd., the inks and coatings business of Brent International. Swale Process, headquartered in Trafford Park, the UK, manufactures ultraviolet and conventional paste inks, solvent and water-based liquid inks, cold seal adhesives, and coatings for the metalizing industry.

HNA Launches Tender Offer

HNA Holdings Inc., a wholly owned subsidiary of Hoechst AG, and Celanese Canada Inc. have agreed to launch a tender offer to acquire all the common shares of Celanese Canada not held by HNA and its affiliates. The Independent Committee of Celanese Canada recommends that shareholders tender their shares to the offer of C$27.25 per share. Hoechst AG indirectly holds 22,883,037 common shares in Celanese Canada, roughly 56 percent of the shares outstanding.

LaRoche Faces a Loss

LaRoche Industries Inc. posted a net loss of $1.4 million its fiscal first quarter, which ended May 31, down from a profit of $3.2 million in the year-ago period.

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