Chemical Management
MacDermid Enthone Industrial Solutions | January 05, 2024
MacDermid Enthone Industrial Solutions, an Element Solutions Inc ("ESI") company and leading surface finishing technology provider, today announced the acquisition of All-Star Chemical Company's surface finishing and cleaning chemical solutions. Going forward, All-Star's proprietary chemical solutions will be integrated into the MacDermid Enthone Industrial Solutions portfolio.
"We are thrilled to announce the addition of All-Star Chemical's metal finishing solutions to the MacDermid Enthone portfolio. This addition will further enhance our ongoing effort to provide industry-leading surface finishing solutions and also bring exceptional talent to our organization," said Glen Breault, Vice President, North America at MacDermid Enthone Industrial Solutions. "All-Star Chemical's focus on customer service and strong partnerships within the automotive and EV sector align with our commitment to best-in-class service and industry-leading partnerships."
Established in 1983, All-Star Chemical Company, a family owned and operated business, has a rich history of supplying high quality products and service to their customers. The business is headquartered in Westerville, Ohio and serves customers across the mid-western United States.
"Together, with the team at MacDermid Enthone, we are excited about the future," said Brian Saas, President of All-Star Chemical Co, who will be joining the MacDermid Enthone team. "We are confident that this transition will provide our customers with the best avenue for growth and success."
As the surface finishing industry continues to evolve, both companies are committed to securing a profitable and sustainable future for their customers and the markets they serve.
About MacDermid Enthone Industrial Solutions
Established in 1922, MacDermid Enthone Inc., operating as MacDermid Enthone Industrial Solutions, stands as a global leader, specializing in the manufacture of chemical compounds catering to all facets of surface finishing applications. Their product portfolio includes innovative solutions designed to meet the evolving demands of the dynamic surface finishing industry and ever-changing customer requirements, with a strong focus on sustainable technologies and enhanced technical support. MacDermid Enthone Industrial Solutions operates as a business unit of Element Solutions Inc (NYSE: ESI), a diversified specialty chemicals company serving a broad spectrum of industries with innovative solutions that enhance everyday products.
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Chemical Technology
Chemify | January 23, 2024
Chemify and Prepaire™ Labs announced to expand their partnership with an additional program to tackle the ongoing Opioid crisis and develop a novel class of digitally discovered non-addictive Opioids as pain modulators, as well as drugs tackling Opioid addiction directly by combining Chemify's breakthrough programmable chemistry platform with Prepaire’s integrated novel open collaboration drug discovery platform. The project, named Toxifree, comes in response to the FDA’s Center for Drug Evaluation and Research (CDER) requesting drugmakers and researchers to develop treatments for stimulant use disorder, hoping to address a major gap in the addiction crisis response.
After a successful initial partnership, Chemify and Prepaire are now aiming to leverage Chemify's Chemputation technology which enables the automated and integrated design, discovery, and synthesis of complex molecules on demand using a chemical programming language and Prepaire's advanced open-architecture drug development platform.
Under the terms of this partnership, Chemify will design and discover novel compounds to identify Opioid-derived hits and develop them further into candidates. Chemify will receive at least USD $30 million in payments and pre-negotiated, success-driven clinical and regulatory milestones for each developed molecule, as well as single digit royalties on any resulting products.
Lee Cronin, Chemify's Founder and CEO and Regius Professor of Chemistry at the University of Glasgow has extensive experience leading research efforts to develop solutions for the opioid crisis. Cronin lead a team that won several NIH-prize challenges including winning the grand runner up prize for the design, discovery and automated synthesis of next generation, safer and non-addictive drug-candidates to help address the opioid crisis.
"We are extremely excited to combine Chemify's technology for molecular design, discovery and synthesis with the integrated Prepaire platform to expand our collaboration and create a fully integrated, digitally driven drug discovery approach. With this partnership we are breaking ground on a new pain modulation discovery program that aims to tackle the global need for better and non-addictive pain medication. With our unique design approach guided by Chemputation, we are utilizing an evolutionary approach to discovering novel compounds to solve this devastating and critical healthcare need," said Professor Lee Cronin, Chemify's Founder and CEO.
"Our partnership with Chemify allows our discovery platform to integrate directly with Chemify's chemical space exploration approach, enabling us to access novel chemical matter that would have otherwise been inaccessible. As we progress our collaboration, we are aiming to build an integrated approach that can be used for many more indications beyond novel pain modulators. There aren't any approved treatments to help address addiction to opioids, whose use has surged in recent years. The purpose of this FDA guidance is to assist in the clinical trial designs for the development of novel drugs to support indications for treatment of moderate to severe cocaine use disorder, treatment of moderate to severe methamphetamine use disorder, or treatment of moderate to severe prescription stimulant use disorder," said Dr Vicent Ribas, Prepaire’s Co-Founder.
About Chemputation
Digital chemistry applies principles of computation to chemistry for programable chemistry and Chemify has developed the underpinning infrastructure to make this possible for chemical discovery and synthesis. Like a computer program, digital chemistry programs can automatically run chemical experiments, make new molecules, and ensure that complex chemical recipes are always accessible and perfectly reproducible. Chemical programs are precise pieces of code that allow fully transparent and reliable operation allowing the implementation of AI and other techniques with full audit and safety.
About Chemify
Based in Glasgow, Chemify is a pioneering company digitizing chemistry to provide world-leading pharmaceutical, biotechnology, and industrial partners access to an exponentially growing space of novel molecules and materials. By leveraging decades of chemistry experience, hardware robotics, and artificial intelligence, Chemify's Chemputation technology enables companies to access an end-to-end workflow for drug discovery, molecule synthesis, and materials discovery. Chemify was founded by CEO Lee Cronin based on conceptual advancements from Cronin's Digital Chemistry Laboratory at the University of Glasgow in Scotland. By building the infrastructure to digitize chemistry, Chemify is reimagining chemical research, discovery and manufacturing to benefit all of humanity by accelerating advances across chemistry with a focus on medicine and functional materials.
About Prepaire Labs
Prepaire Labs is a pioneering healthcare technology company focused on revolutionizing drug discovery and precision medicine. Through the integration of deep learning and biology, Prepaire Labs builds predictive models grounded in genetic, phenotypic, and clinical data. These models form a view to the underlying architecture and biology of diseases. Prepaire Labs utilizes patient-derived induced pluripotent stem cells (iPSCs), genome editing, high-content cellular phenotyping, and machine learning to create in vitro disease models that optimize genetics, cell-type, environment, and multidimensional data collection for increased predictability of human clinical outcomes. A state-of-the-art BSL3 lab is opening in May 2024, located at Masdar City, Abu Dhabi, UAE.
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Market Outlook
Lummus Technology | January 10, 2024
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced a major investment in Resynergi, a pioneering leader in plastic recycling technology, to scale production of Resynergi's modular Continuous Microwave Assisted Pyrolysis (CMAP) technology. CMAP converts plastic waste into reusable materials at a rate 20 times faster than traditional pyrolysis methods. Lummus' President and Chief Executive Officer, Leon de Bruyn, will also join Resynergi's board of directors.
"Lummus' is not only investing in Resynergi, we are partnering with true innovators to develop and scale sustainable solutions that advance the circular economy," said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. "Combining our global licensing expertise with Resynergi's proven CMAP technology will help us accelerate the conversion of plastic waste into high-quality, reusable material. I also look forward to collaborating with Resynergi's team and the board of directors to help reduce the carbon footprint of conventional plastics production and meet the growing demand for recycled plastics."
"The investment from Lummus, along with their global licensing expertise, will allow us to scale our innovative recycling technology and collectively reduce our dependence on fossil fuels by addressing plastic waste and accelerate plastic circularity," said Resynergi Chief Executive Officer Brian Bauer.
With an estimated 70% growth in plastic waste by 2050, Resynergi's modular CMAP technology is positioned to scale waste conversion creating positive social and environmental impact.
Key Resynergi CMAP Technology Highlights
Modular Design – allows for rapid deployment and scalability, making advanced recycling more affordable and versatile.
Compact Footprint – 10X smaller reactor footprint and system-on-a-skid design eliminates local waste management and municipality's typical square footage requirements for a "recycling plant."
Rapid Time to Value – Modules scale horizontally, allowing deployment and start up in weeks, rather than years.
Faster Conversion – Harnessing microwave energy, plastic molecules are broken down 100X faster than traditional pyrolysis reactors.
High Quality Output – Oil products that meet standards set by refinery partners for chemical recycling.
Clean Energy Efficiency and Environmentally Friendly Process – CMAP generates clean products with up to 68% CO2e reduction.
About Lummus Technology
Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide.
About Resynergi
Resynergi, headquartered in Rohnert Park, CA, is an advanced recycling technology company accelerating plastic circularity to protect human health and the environment. Its innovative, scalable and environmentally efficient Continuous Microwave Assisted Pyrolysis (CMAP) technology reduces fossil-based resource dependency by converting plastic into its molecular building blocks to be used to create new materials. Resynergi works with recycling organizations to secure used and hard-to-recycle plastics, effectively diverting millions of pounds of plastic from landfills and oceans. Its proprietary process creates clean, liquid hydrocarbons serving as feedstock for the synthesis of new plastics.
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Chemical Management
APA Corporation | January 04, 2024
APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock. The transaction is expected to be accretive to all key financial metrics and add to APA’s inventory of high quality, short-cycle opportunities. Callon’s assets provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 BOE per day and enterprise value increases to more than $21 billion.
Key Highlights
Combination of Callon’s Delaware-focused footprint with APA’s Midland-focused footprint provides scale and balance in the Permian Basin;
APA’s oil-prone acreage in the Midland and Delaware Basin combined will increase by more than 50% following the transaction;
Expected to be accretive on key financial and value metrics;
Estimated overhead, operational and cost-of-capital synergies to exceed $150 million annually; and
Additional scale anticipated to improve credit profile; pro forma balance sheet will remain strong with leverage at 1.1x net debt / adjusted EBITDAX.
Management Commentary
“This transaction is aligned with APA’s overall portfolio strategy and fits all the criteria of our disciplined approach to evaluating external growth opportunities. Callon has built a strong portfolio in the Permian Basin that is complementary to our existing Permian assets and rounds out our opportunity set in the Delaware,” said John J. Christmann IV, APA’s CEO and president. “The acquisition is accretive and unlocks value for both shareholder bases, as increased scale will enable us to realize significant overhead and cost-of-capital synergies. The pro forma footprint in the Permian will also create opportunities to capture meaningful operating synergies.”
“We are very proud of the significant steps we have taken to enhance Callon’s asset base, operational performance and balance sheet over the past several years,” said Joe Gatto, Callon’s president and CEO. “This combination with APA now provides for an enhanced value proposition for our shareholders built on their depth of experience and strong execution in the Permian Basin, flexibility for increased capital allocation, and ongoing delineation and optimization efforts. Importantly, I would like to personally thank each and every Callon employee for their role in building this company. I am very proud of this team and what we have achieved together.”
Combined Permian Asset Position and Preliminary 2024 Planned Activity
Pro forma average daily Permian Basin production was 311 Mboe/d in 3Q 2023, which represents a 48% increase from APA’s Permian Basin production on a standalone basis. APA's oil production as a percentage of BOE’s in the Permian increases from approximately 37% to 43% in 3Q 2023, on a pro forma basis.
APA will provide additional activity plans and details post closing.
Pro Forma APA Positioning
“APA has a proven ability to deliver strong results from its unconventional assets in the Permian Basin, and we look forward to building on the progress that the team at Callon has made within its asset base. This transaction is aligned with our strategy of maintaining and growing a diversified portfolio, underpinned by large-scale core areas of operation while continuing to build a portfolio of medium and longer-term exploration-driven development opportunities,” Christmann said.
Following the closing, the company’s worldwide pro forma production mix will be approximately 64% U.S. / 36% international.
APA’s global portfolio includes ongoing development on large-scale legacy assets in the U.S. and Egypt. The company is also advancing a FEED process for a large-scale FPSO development offshore Suriname. In addition to current production and development activities across the globe, APA maintains a differentiated exploration portfolio, which includes newly acquired large-scale blocks offshore Uruguay and onshore state-land leases in Alaska.
About APA
APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.
About Callon Petroleum
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian Basin in West Texas.
Pro forma enterprise value is derived from the addition of each company’s market capitalization based on closing stock prices on 1/3/24, plus the net debt of each company as of 9/30/23.
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