24 December 2001 00:00 [Source: ICB Americas]Solutia to Take Charges
Solutia Inc. says that, consistent with prior guidance, it will likely post an underlying loss of 5c. to 8c. per share in the fourth quarter on weak North American demand and deteriorating economic activity in Europe and Asia. Wall Street was expecting a loss of 4c., according to First Call. Solutia will also take after-tax charges of $90 million to $100 million in the fourth quarter to cover restructuring costs at its Astaris and Flexsys joint ventures.
Jindal Builds New Unit
Jindal Polyester Ltd., a major India-based polyester filmmaker, will build a new 30,000-ton-per-year biaxially oriented polypropylene (BOPP) film manufacturing unit in the Gujarat town of Bhuj. The investment costs 1.25 billion rupees ($26.2 million). Production will start by December 2002.
CPChem Closes Plant
Chevron Phillips Chemical Com-pany LP will close its performance pipe plant in Abbeville, S.C., and will cease production on December 31. CPChem will consolidate the Abbeville plant's production in Startex, S.C., and elsewhere.
BioPort Inspection Completed
The Food & Drug Administration (FDA) has completed its pre-appro-val inspection of BioPort's newly renovated anthrax vaccine manufacturing facility. BioPort will submit a counter-response to FDA's observation for final approval.
JBC Awards Br Contracts
Jordan Bromine Company Ltd. (JBC) has awarded 10 major construction packages for its new bromine and derivative facilities being constructed at its complex in Safi, Jordan.
GE Plastics Buys Kawasaki' EPs
GE Plastics has reached an agreement with Kawasaki Steel Corp. to acquire Kawasaki's LNP Engin-eering Plastics business. LNP, which had sales of $285 million in 2000, manufactures custom compounded thermoplastics.
RMF Expands Production
RMF Dictagene SA, a provider of synthetic peptides and recombinant proteins, has expanded its production activities.
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