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Friday, 28 April 2017

Sika establishes national subsidiary in Senegal, Africa

BAAR, SWITZERLAND: Sika AG said that it is establishing a new national subsidiary in Senegal, West Africa – following those in Nigeria, Ivory Coast and Cameroon. A local production facility for concrete admixtures is already being planned, which will subsequently be expanded to include mortar products. The company has a strong presence in Africa with 19 national subsidiaries and 17 factories.

The main growth driver for the Senegal's economy and construction sector is the “Plan for an Emerging Senegal” with a time horizon of 2035 which aims to boost urban centres with significant economic potential through infrastructure projects and other measures. Key transport infrastructure projects are being partly co-financed by the European Investment Bank and the European Union.

“We are positioning ourselves early in emerging markets such as Senegal. Large-scale investment projects in infrastructure, transport, energy and water combined with recently discovered oil reserves will contribute to this emerging country's development. Our growth strategy in Africa is paying off. Over the last five years we have increased sales by an average of 22 percent per year,” said Paul Schuler, Sika regional manager EMEA.

Tuesday, 25 April 2017

Indorama Ventures to acquire Europe’s tire cord manufacturer

BANGKOK, THAILAND: Indorama Ventures Public Company Limited (IVL) has entered into a definitive agreement to acquire Glanzstoff Group. Glanzstoff is a major European manufacturer of tire cord fabrics and single-end-cords (SEC) for high-performance tire applications. This transaction is expected to close during the second quarter of 2017.

Glanzstoff offers a broad range of solutions in the tire cord fabrics and single-end-cords in high-performance rayon, aramid, Nylon 6.6 and polyester in addition to hybrid filament yarns for the high growth and high-performance automotive applications.

Glanzstoff is Europe’s largest converter for tire cord fabrics and a global leader in SEC and is vertically integrated into high tenacity Rayon technology. It has manufacturing sites in Luxembourg, Italy and the Czech Republic.

“The acquisition of Glanzstoff provides a unique opportunity for Indorama to consolidate its leadership position in the tire cord business and strengthens our high value-added (HVA) portfolio. It enhances the company’s value proposition and provides collaborative opportunities with the global automotive tire industry, including those for autonomous and electric vehicles,” said Aloke Lohia, CEO of Indorama Ventures.

“The Glanzstoff platform will expand our footprint beyond polyester and nylon 6.6 by entering into Rayon technology. Our focus remains on delivering best-in-class propositions while driving our global innovation agenda to strengthen the company’s capabilities in the value chain in which we are present. We strive to be a world-class, high-growth company and will continue to explore opportunities to deliver earnings growth and enhanced value in a sustainable manner,” added Lohia.

China to levy anti-dumping duty on vinylidene chloride from Japan

BEIJING, CHINA: China has decided to impose an anti-dumping duty on a chemical product imported from Japan in a final ruling after a year-long trade probe.

Importers of vinylidene chloride-vinyl chloride copolymer resin, which is commonly used to make plastic packages and coatings, will have to pay a tariff of 47.1 percent for the next 5 years, the Ministry Of Commerce (MOC) said in a statement.

The MOC launched investigations in April 2016 after receiving complaints from domestic companies and then announced provisional measures in a preliminary ruling nine months later.

The domestic industry saw actual damages with shrinking profit margins and piling stocks during the past years as Japanese producers intentionally forced down prices in the Chinese market, according to the statement.

Companies affected by the tax include Kureha Corporation and Asahi Kasei Chemicals Corporation.

H2O2 - used to make bombs, found in Bangladesh militant hideout

DHAKA, BANGLADESH: Police in Bangladesh have found at least 17 large containers of hydrogen peroxide, a chemical used to make bombs, from a suspected militant hideout in Jhenaidah district, IANS reported.

The recovery was made after members of the Counter Terrorism and Transnational Crime (CTTC) unit resumed their operation for the second day at a house used by the suspected Neo-Jamaatul Mujahideen Bangladesh (JMB) militants in the morning, The Daily Star reported.

"Some of the bombs have been already disposed of. As many as 14 containers filled with liquid have been found. The 30-litre containers are marked hydrogen peroxide," a senior police official told bdnews24.

The members claimed to have recovered a huge pile of explosives including three suicide vests, a pressure cooker bomb, around 20 plastic containers of bomb-making chemicals and improvised explosive devices (IEDs) and detonators.

Security has been tightened in Bangladesh since Neo JMB militants attacked a cafe in Dhaka's upscale Gulshan area on July 1 last year, killing 22 people, mostly foreigners.

Hydrogen peroxide (H2O2) is one of the most common household chemical used in wide range of applications such as packaging, chemical synthesis, cosmetics & medicine, electronics, food processing, pulp & paper, textile bleaching and much more.

One of the deadliest use of H2O2 is for making organic peroxide-based explosives, such as acetone peroxide specifically, triacetone triperoxide, for unplanned explosive devices. This may be a weapon of choice for terrorists.

Hydrogen peroxide itself also acts as an explosive in high concentrations when placed in an absorbent. These explosives tend to degrade quickly and hence are not used as commercial or military explosives.

Effects of H2O2:

Harmful if swallowed in excess quantity

Overexposure is poisonous to skin

Causes severe skin burns and eye damage

Fatal if inhaled in very large quantity

May also cause death

In March, CTTC officials busted five hideouts of 'Neo JMB'—two in Chittagong, one in Sylhet and two in Moulvibazar. 19 people, including 5 children and 5 women, were killed in those raids.

According to police, 16 of them were killed in suicide blasts. 'Neo JMB', which is believed to be affiliated with the Islamic State (ISIS), has also been blamed for the Gulshan cafe attack in 2016 in which 22 people, including 17 foreigners and two police officials, were killed.

Sawai to acquire Upsher-Smith's generic business for $1.1bn

TOKYO, JAPAN/ MINNEAPOLIS, US: Japan’s Sawai Pharmaceutical Co Ltd (Sawai) sign agreement to acquire generic pharmaceuticals business of US drug manufacturer Upsher-Smith Laboratories Inc for $1.05 billion (approx $1.1bn). Marking Sawai’s first overseas acquisition.

The deal is expected to close near the end of June 2017.

In addition, Sawai plans to build a US business that leverages its intellectual property and combines R&D capabilities with Upsher-Smith's manufacturing base, strong distribution network, established commercial relationships and highly respected brand.

Rusty Field, the current president of Upsher-Smith, will continue leading the company. Following the closing, Upsher-Smith's non-generic pharmaceuticals businesses will remain with ACOVA Inc, the parent company of Upsher-Smith.

No changes to Upsher-Smith's operations are currently anticipated, and under the leadership of Rusty Field, the current management team will continue to lead Upsher-Smith from its current headquarters in Minneapolis.

"It was very important for us to find a buyer that shared Upsher-Smith's values, was fully committed to its long-term success and was looking for a strong and fully operational US platform for growth. Sawai is a compelling strategic fit and we are delighted that the generics business is poised to benefit from the extensive resources and management focus that Sawai will bring," said Mark Evenstad, CEO of Upsher-Smith.

“We look forward to working closely with Rusty and the talented management team to forge a new global chapter in Upsher-Smith's future together. Most importantly, we are committed to the entire team at Upsher-Smith, and to expanding the opportunities for the US workforce at Upsher-Smith," said Mitsuo Sawai, president, Sawai.

“Together we look forward to achieving recognition as a global contributor to the growth of generics, with a firm grounding in 'Patients First',” added Rusty Field.

Sawai's financial advisors are Torreya Partners LLC and SMBC Nikko Securities Inc, and legal counsel is Debevoise & Plimpton.

J P Morgan Securities LLC and BMO Capital Markets served as financial advisors to Upsher-Smith and Lindquist & Vennum LLP served as legal counsel.

Chevron plans to sell Bangladesh subsidiaries to Himalaya Energy

SAN RAMON, US: Chevron Global Ventures Ltd, a wholly-owned subsidiary of Chevron Corporation (CVX) has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh, to Himalaya Energy Co Ltd.

Chevron Bangladesh operates Block 12 in Bibiyana Field and Blocks 13 and 14 in Jalalabad and Moulavi Bazar fields respectively.

Fire breaks out at Yara’s ammonia plant in Norway

OSLO, NORWAY: A fire broke out at Yara International ASA’s ammonia plant located at Porsgrunn, Norway.

The fire has been put out, and no personnel have been injured. Investigations into the cause and material damage of the fire are on-going, but the damage is limited to the ammonia plant, the company said.

The Porsgrunn plant has the capability to produce for full finished fertiliser production based on imported ammonia.

The Yara Porsgrunn plant has an annual production capacity of approximately 0.5 million tonnes ammonia, 2.2 million tonnes nitrogen, phosphorus and potassium (NPK) and 0.8 million tonnes calcium nitrate.