Lanxess to sell 50% stake in synthetic-rubber manufacturer Arlanxeo

chemicals technology | August 10, 2018

Specialty chemicals group Lanxess has announced its plans to sell a 50% stake in the synthetic-rubber joint venture (JV) Arlanxeo to its partner Saudi Aramco. The two companies founded the JV in 2016. It is now valued at €3bn. The deal is subject to approval from the relevant antitrust authorities and is expected to be complete by the end of this year. From this deal, Lanxess expects to receive around €1.4bn in cash after deducting debt and financial liabilities for its 50% share. This move is part of Lanxess’ strategy to boost financial basis and reduce net financial debt. Lanxess board of management chairman Matthias Zachert said: “With the envisaged transaction we would complete another important milestone of our strategic transformation earlier than originally planned.

Spotlight

Brazil is a large and diverse country. It has characteristics favorable to embedding green chemistry education in schools and universities, including its rich biodiversity and vast availability of natural resources, However, it also presents many challenges including the diverse culture and educational approaches in different regions of the country and the challenging context in many schools, which lack laboratories and experimental classes. The workshop “Green Chemistry Experiments for Remote Locations”, a partnership between the American Chemical Society and the Brazilian Green Chemistry School, brought together teachers, professors, and researchers from Brazilian schools and universities with international experts to discuss possible strategies to help spread a practical green chemistry education in Brazil.


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CHEMICAL TECHNOLOGY

Milberg Files Eastman Chemical Company Steam Pipe Explosion Lawsuit

Milberg Coleman Bryson Phillips Grossman PLLC | February 15, 2022

Milberg Coleman Bryson Phillips Grossman has filed a class action lawsuit in response to the Eastman Chemical Company Steam Pipe Explosion in Kingsport, Tennessee. The explosion occurred on January 31, 2022, at Eastman Chemical Company's Kingsport location, causing asbestos and other toxic materials to be sprayed into the air and spread throughout the surrounding community. Milberg attorneys Greg Coleman, Billy Ringger, Will Ladnier, Melissa Sims, Roy Mason, Ginny Whitener, and Kelsey Davies filed a class action lawsuit against Eastman Chemical Company on February 14, 2022. The complaint, filed in Sullivan County Circuit Court, includes claims for public and private nuisance, trespass, negligence, and strict liability for ultra-hazardous activity. On Sunday, Milberg attorneys, joined by Dr. Angela Hind hosted a townhall meeting in Kingsport to meet with local residents and discuss their concerns. Residents explained seeing visible debris on their properties and throughout the neighborhood, and many reported experiencing headaches, nausea, and skin rashes following the incident. Lead plaintiff Sharon Weatherly owns a home in the affected area. She says she and her neighbors were exposed to the toxic contaminants released during the explosion and claims in the lawsuit that her home and others in Kingsport have lost value as a result of this incident. The complaint alleges that Ms. Weatherly's neighborhood and much of Kingsport will be negatively affected for many years to come due to the legitimate concern and public perception that these types of incidents will continue to occur at Eastman in the future. "This is not the first instance like this committed by Eastman. Our attorneys are already working with the Kingsport community and surrounding communities to protect their legal rights. These innocent victims deserve justice. With this lawsuit we hope to help them clean up their neighborhoods and force Eastman to clean up its act." Milberg Senior Partner Greg Coleman After the explosion, Eastman did not sound an immediate alarm warning the surrounding community of the incident. Eastman also reportedly failed to request that Kingsport officials use the city's automated emergency alert system to warn those in the affected area. Eastman waited late into the evening to inform residents that the debris covering their community contained asbestos. As alleged in the complaint, Eastman's actions have put residents at unnecessary risk, affected property values, and otherwise damaged the reputation of the community. "After years fighting for cleanup workers devastated by the Kingston coal ash spill and other man-made environmental disaster victims around the country, we understand the terrible impact these events can have on the environment, wildlife, and people," said Milberg Attorney Billy Ringger. "The impacts on businesses, homeowners, and their families are likely to be felt for years." Milberg's Environmental and Toxic Torts Litigation group has helped thousands of homeowners and businesses that have been negatively affected by similar man-made disasters, including the Kingston coal ash spill, the Exxon Valdez oil spill, the BP Deepwater Horizon oil spill, and the Huntington Beach oil spill. The firm seeks to represent all persons and businesses harmed as a result of the Eastman steam pipe explosion.

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CHEMICAL MANAGEMENT

Summit Carbon Solutions Announces Financial Advisor Engagements

Summit Carbon Solutions | February 19, 2022

Summit Carbon Solutions, developer of the world's largest carbon capture and storage project, announced it has engaged Morgan Stanley and CohnReznick Capital as financial structuring advisors for Summit's $4.5 billion project, which will be capable of capturing and permanently storing over 12 million tons per year of carbon dioxide. Morgan Stanley will lead all project-level debt structuring advisory services, and CohnReznick Capital will advise Summit on tax equity financing. "Since the launch of Summit Carbon Solutions, we've seen a significant increase of market interest in the carbon capture space," said Aaron Hood, Chief Financial Officer of Summit Carbon Solutions. Mr. Hood noted that Morgan Stanley's and CohnReznick's long leadership in sustainability, along with their industrial and technical knowledge across the project finance and tax equity markets, would provide strong execution capabilities to support Summit Carbon Solutions' leading carbon capture and storage system. "As we continue to engage and work with all stakeholders in developing and constructing the largest and most advanced interstate carbon capture and storage system in the world, we're delighted to be working with these two firms." Summit Carbon Solutions' project, scheduled to be completed in the first half of 2024, will connect 30+ ethanol and nitrogen production facilities across the states of Iowa, Minnesota, North Dakota, South Dakota, and Nebraska. Carbon dioxide captured from these production facilities will be aggregated and transported through an approximately 2,000-mile pipeline network, terminating in North Dakota, where the carbon dioxide will be safely and permanently stored in deep subsurface geologic formations.

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PRODUCTS AND TECHNOLOGIES

KBR Awarded Engineering Contract for Woodside's H2OK Project

KBR, Inc. | January 18, 2022

KBR announced today it has been awarded an engineering services contract by Woodside Energy Inc. for its proposed H2OK liquid hydrogen production facility project in Ardmore, Oklahoma. Under the terms of the contract, KBR will provide a front-end engineering design for Woodside's H2OK liquid hydrogen facility. Cryogenic liquid hydrogen is used in the transportation industry as a fuel for fleets where the combustion of liquid hydrogen produces zero-emissions, with water as the only by-product. "KBR is pleased to support Woodside on this project as the company advances its portfolio of decarbonization solutions. Our focus on energy transition and carbon footprint reduction is helping our clients meet their sustainability goals around the globe. At KBR, we continually strive to develop new technologies and solutions that benefit our planet." Jay Ibrahim, President – Sustainable Technology Solutions KBR has nearly 50 years of experience designing, developing, and supporting cryogenic liquified natural gas facilities and has extensive experience in hydrogen both through its work in the space industry and in industrial facilities. This deep domain knowledge makes KBR ideally suited to provide high end engineering and be the integrator for cryogenic liquid hydrogen facilities. About KBR We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

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CHEMICAL TECHNOLOGY

Eastman to invest up to $1 billion to accelerate circular economy through building world's largest molecular plastics recycling facility in France

Eastman | January 17, 2022

This morning, French President Emmanuel Macron and Eastman Board Chair and CEO Mark Costa will jointly announce Eastman's plan to invest up to $1 billion in a material-to-material molecular recycling facility in France. This facility would use Eastman's polyester renewal technology to recycle up to 160,000 metric tonnes annually of hard-to-recycle plastic waste that is currently being incinerated. The investment would recycle enough plastic waste annually to fill Stade de France national football stadium 2.5 times, while also creating virgin-quality material with a significantly lower carbon footprint. Eastman is the largest investor at this year's "Choose France" event, which is focused on attracting foreign investment to France. This multi-phase project includes units that would prepare mixed plastic waste for processing, a methanolysis unit to depolymerize the waste, and polymer lines to create a variety of first-quality materials for specialty, packaging, and textile applications. Eastman also plans to establish an innovation center for molecular recycling that would enable France to sustain a leadership role in the circular economy. This innovation center would advance alternative recycling methods and applications to curb plastic waste incineration and leave fossil feedstock in the ground. The plant and innovation center would be expected to be operational by 2025, creating employment for approximately 350 people and leading to an additional 1,500 indirect jobs in recycling, energy and infrastructure. A circular economy is key to addressing the global plastic waste crisis and the climate crisis, which have both been at the center of attention in France and throughout Europe. This long-term partnership between France and Eastman will contribute to the EU achieving its sustainability goals, by reducing carbon emissions and enabling a circular economy. France has demonstrated tremendous leadership by recognizing the vital role of molecular recycling and supporting investments in innovation. Eastman's project has also garnered support from an impressive roster of global brands who share its commitment to solving the world's plastic waste problem and view molecular recycling as a pivotal tool for achieving circularity. LVMH Beauty, The Estée Lauder Companies, Clarins, Procter & Gamble, L'Oréal and Danone are leading the way by signing letters of intent for multiyear supply agreements from this facility. Eastman's proven polyester renewal technology provides true circularity for hard-to-recycle plastic waste that remains in a linear economy today. This material is typically incinerated because it either cannot be mechanically recycled or must be downcycled with existing technology. This hard-to-recycle waste is broken down into its molecular building blocks and then reassembled to become first-quality material without any compromise in performance. Eastman's polyester renewal technology enables the potentially infinite value of materials by keeping them in production, lifecycle after lifecycle. With the technology's inherent efficiencies and the renewable energy sources available in France, materials can be produced with greenhouse gas emissions up to 80% less than traditional methods. "Accelerating the transition to a circular economy is one of the main challenges in the years to come. Eastman's substantial investment in France demonstrates our country's willingness to embrace innovative technologies that will help us achieve our ecological and economic ambitions, by revolutionizing our country's plastics recycling capacities. France has always been at the forefront of this journey, and together with Eastman, is giving itself the means to achieve its ambitious plastics recycling targets set for 2025. We are very excited to welcome a company that has a 100-year history of innovation at a global scale and more than 30 years of molecular recycling experience." Barbara Pompili, French Minister for Ecological Transition Agnès Pannier-Runacher, French Delegate Minister for Industry stated, "Eastman's world-scale project will allow France to position itself as a European leader in new technologies for recycling and recovering plastic waste. This investment is the result of the ambitious approach to industrial reconquest led by the Government since 2017, which has enabled France to become the most attractive country in Europe from 2018 onward for industrial projects. With this project, which is an important step for our sovereignty, we are giving ourselves the means to achieve our ambitions in terms of ecological transition while creating sustainable jobs in manufacturing, infrastructure and energy. We look forward to developing this relationship with Eastman." "The investment in France is a significant step forward in Eastman's strategy to accelerate a circular economy globally. Eastman is proud to partner with the French government to actively contribute to France's and the EU's bold commitments," Costa said. "France has demonstrated their commitment toward a sustainable future and Eastman has set similar, ambitious carbon and circular economy goals. The announcement today has been made possible thanks to the support of President Macron, the French government and its agency Business France, who have worked with impressive urgency to enable and incentivize this large and complex project. We look forward to working together for the long term and offer necessary innovations to recycle plastic waste and protect our planet for future generations. "The plan to build the world's largest plastics recycling facility in France is an important part of our overall circular economy strategy," Costa added. "Today's announcement is a key milestone towards our commitment, and we expect to achieve additional milestones in the coming months, including agreements related to securing the plastic waste that will be raw material supply, securing government incentives, and the site location decision." About Eastman Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability.

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Spotlight

Brazil is a large and diverse country. It has characteristics favorable to embedding green chemistry education in schools and universities, including its rich biodiversity and vast availability of natural resources, However, it also presents many challenges including the diverse culture and educational approaches in different regions of the country and the challenging context in many schools, which lack laboratories and experimental classes. The workshop “Green Chemistry Experiments for Remote Locations”, a partnership between the American Chemical Society and the Brazilian Green Chemistry School, brought together teachers, professors, and researchers from Brazilian schools and universities with international experts to discuss possible strategies to help spread a practical green chemistry education in Brazil.

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