CHEMICAL MANAGEMENT
Chevron Phillips Chemical | January 12, 2022
Reaching a significant milestone in its efforts to strengthen the circular economy for plastics, Chevron Phillips Chemical announced the first commercial sales of its Marlex® Anew™ Circular Polyethylene. Using advanced recycling technology to process pyrolysis oil, a feedstock made from difficult-to-recycle waste plastics, CPChem is delivering on its commitment to bring a fully certified circular polyethylene product to market in the U.S.
“We are thrilled to add Marlex® Anew™ Circular Polyethylene to our portfolio and make this product available to customers. Enhancing the sustainability of our products is one of CPChem’s key focus areas. Filling the first orders of our circular polyethylene is tangible proof of our work to accelerate change for a sustainable future.”
Benny Mermans, CPChem’s vice president of sustainability
CPChem has already begun delivering Marlex® Anew™ Circular Polyethylene and is working to further expand production volumes. Since announcing the launch of its advanced recycling program in October 2020, CPChem has been certified by International Sustainability & Carbon Certification PLUS, a globally recognized sustainability certification system. The company has also scaled production volumes and signed long-term feedstock supply agreements with several producers of high-quality feedstocks.
In addition to establishing a network of suppliers, CPChem worked with Chevron to successfully process pyrolysis oil at Chevron’s Pascagoula Refinery in a certified commercial-scale trial. As a result, this enables CPChem to source feedstock derived from plastics waste to produce Marlex® Anew™ Circular Polyethylene. Additionally, CPChem is evaluating future collaborative opportunities with Chevron to reinforce both companies’ sustainability-related efforts and to support CPChem’s annual production target of 1 billion pounds of Marlex® Anew™ Circular Polyethylene by 2030.
“Chevron is supportive of CPChem’s continued efforts on sustainability-related initiatives,” said Chris Cavote, president of manufacturing for Chevron. “The amount of pyrolysis oil used in the trial run equates to converting approximately 2 million one-gallon milk jugs into feedstock. This is a great step in helping support customers’ growing demand for circular polymers.”
About Chevron Phillips Chemical
Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $17 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas.
“Chevron Phillips Chemical” or “CPChem” may refer to one or more Chevron Phillips Chemical’s subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
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CHEMICAL TECHNOLOGY
Clariant, SK Capital, Heubach Group | June 15, 2021
Clariant, a focused, sustainable, and innovative specialty chemical company, announced today that it had reached definitive agreements for the sale of its Pigments business to a consortium led by Heubach Group and SK Capital Partners for an Enterprise Value (EV) ranging from CHF 805 million to CHF 855 million on a cash and debt-free basis, subject to a CHF 50 million earn-out payment contingent on the This is a multiple of 10.7 to 11.4 times the standalone adjusted 12-month EBITDA as of April 2021. (LTM).
Clariant will reinvest to become a 20% shareholder in the eventual holding company with Heubach and SK Capital after the transaction's close. The merged company will be a global pigments player with over 3 000 employees, annual sales of more than EUR 900 million, and vital service and manufacturing capabilities across the world. In addition, the reinvestment enables Clariant to benefit further from the Pigments business's improved profitability due to the initiated efficiency program and to share in future growth opportunities and synergies from the merger with the Heubach Pigments firm.
The transaction is scheduled to close in the first half of 2022, subject to usual closing conditions and regulatory clearances. This deal excludes Clariant's Pigments business's share of the participation in Infraserv Höchst, Germany.
Clariant will have completed its planned divestitures as part of its portfolio upgrade, having already disposed of the Healthcare Packaging and Masterbatches businesses. Clariant's transformation into a high-value specialty chemical firm with above-market growth, improved profitability, and better cash flow is complete with the Pigments sale. The proceeds from the Pigments divestment will be used to invest in growth projects within the core Business Areas, execute the sustainability and innovation strategy, fund performance improvement programs, strengthen Clariant's balance sheet, and fund reinvestment in the Clariant-Heubach combined Pigment business.
Clariant's Pigments business is a world leader in producing high-quality organic pigments, pigment preparations, and dyes used in various applications, including the automobile sector, industrial and architectural coatings, and the plastics industry. On a standalone adjusted basis, the unit's 1,900 employees generated around CHF 850 million in 2020.
About Clariant
Clariant's Pigments business is a world leader in producing high-quality organic pigments, pigment preparations, and dyes used in various applications, including the automobile sector, industrial and architectural coatings, and the plastics industry. On a standalone basis, the unit's 1,900 employees generated around CHF 850 million in 2020.
About Heubach Group
As one of the original pigment manufacturers, Heubach has over 200 years of experience in the industry. Heubach is a significant global producer of organic, inorganic, and anticorrosive pigments and pigment preparations, with headquarters in Langelsheim, Germany, and facilities in Germany, the United States, and India as sales offices worldwide.
About SK Capital
SK Capital is a private investment firm focused on the specialized materials, chemicals, and pharmaceutical industries. SK Capital's business portfolio generates approximately $11 billion in annual revenue, employs over 16,000 people worldwide, and runs 150 plants in 28 countries. The business presently manages assets worth more than USD 5 billion.
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CHEMICAL TECHNOLOGY
DISTRUPOL | June 17, 2021
Distrupol, a major European distributor of thermoplastics and elastomers to the polymer processing industry and a subsidiary of GPD Companies, Inc., announced the acquisition of Lautrup Chemicals A/S today. The transaction's terms were not disclosed.
Lautrup Chemicals, founded in 1982 by Chief Executive Officer and President Hans Lautrup, is the biggest distributor of polymers in Scandinavia. The Company offers a varied client base in the Nordic area and Eastern and Southern Europe, a broad array of high-quality polymer products from renowned suppliers.
Lautrup Chemicals, headquartered in Copenhagen, Denmark, has a highly skilled workforce and a network of strategically situated distribution facilities across the continent designed to provide safe and efficient product delivery.
"The acquisition of the Lautrup Chemicals company by Distrupol expands GPD's footprint and maintains our expansion strategy," said Paul Tayler, Chief Executive Officer of GPD. "Lautrup Chemicals is well-known in the industry, and we are delighted to welcome its staff, customers, and capabilities to the Distrupol family."
ABOUT DISTRUPOL
Distrupol has been providing value-added sales and application development of thermoplastic resins for over 50 years, with headquarters in Surrey, England, and a broad geographic presence across Europe. The firm offers a comprehensive array of exceptional performance products and solutions that satisfy the demands of varied end customers from leading and developing industries like consumer, medical, automotive, and electrical, among others, due to decades-long partnerships with world-class supply partners. With a portfolio of over 4,000 grades of high-quality polymers, including sustainably produced solutions that reduce environmental impact, Distrupol serves over 1,300 clients in 13 countries.
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