17 May 2010 22:42 [Source: ICIS news]
HOUSTON (ICIS news)--The use of chemical dispersants manufactured by Nalco for Gulf oil spill recovery efforts will generate about $40m (€32m) in sales by the end of this week, or about 1% of the company’s expected revenues for 2010, the US water-treatment chemicals producer said on Monday.
The dispersants have been injected both under water and at the surface.
The chemical breaks oil down into small parts that can be eaten and dissolved by naturally occurring bacteria, Nalco said, with the process biodegrading both the oil and the dispersants.
“We have focused our efforts in recent weeks on increased dispersant production at the expense of normal growth pursuits, but believe it is our corporate responsibility to both respond to the federal agencies working to minimise the effects of this spill and assist those who live along the Gulf coast and derive their livelihood from the region,” said CEO Erik Fyrwald.
Nalco also said it would donate $2m to organisations conducting clean-up and relief efforts related to the oil spill.
Nalco’s stock rose 20 cents, or 0.8%, to $24.92/share in Monday after-hours electronic trading on the New York Stock Exchange.
($1 = €0.81)
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