June's top stories: Dow-DuPont merger gets approval, Linde & Praxair to combine business
Dow and DuPont merger receive US DOJ approval, Linde and Praxair agree to combine business. Chemicals-technology.com wraps-up the key headlines from June 2017.
Chemical companies DuPont and the Dow Chemical Company reached a proposed agreement with the US Department of Justice (DOJ) Antitrust Division that will enable the firms to advance the proposed merger of equals.
The companies received the approval on condition that DuPont will divest certain parts of its crop protection portfolio. Dow will sell its global Ethylene Acrylic Acid copolymers and ionomers business.
Divestments in the proposed agreement are consistent with commitments already made to obtain the European Commission’s (EC) regulatory approval.
German chemical company Linde agreed to merge with American company Praxair, a move that could create the world’s largest supplier of industrial gases.
Both companies have signed a definitive business combination agreement to this effect.
The combined company will be named Linde and have a market value of more than $70bn.
Finnish chemical industry group Kemira acquired liquid fingerprinting technology for qualitative and quantitative liquid analyses from Helsinki-based start-up company Aqsens.
With this acquisition, Kemira expects to improve its capabilities to provide smart chemical monitoring tools for its clientele.
The technology leverages the enhanced time resolved fluorescence (E-TRF) method, which will allow monitoring high-sensitivity and selectivity on various liquid samples.
Japanese company Kaneka’s wholly owned subsidiary Kaneka Americas Holding (KAH) entered a stock purchase agreement to acquire Applied Poleramic, a formulated advanced resin supplier in the aerospace area.
Under the agreement, KAH will acquire all of API's stocks for nearly $15m.
After completion of the acquisition, subject to approval by the Committee of Foreign Investment in the US and other customary conditions, API will become a consolidated subsidiary of KAH.
US-based company Air Products received the contract to build a nitrogen plant and supply industrial gases to support the capacity expansion project of the Semiconductor Manufacturing International’s (SMIC) Tianjin facility in China.
The contract requires Air Products to construct an on-site nitrogen plant and use its existing air separation unit and liquid gases capacity to supply multiple high-purity bulk gases such as nitrogen, oxygen, carbon dioxide, hydrogen, argon, helium and compressed dry air.
According to Air Products, the contract is expected to strengthen its position and commitment to China’s electronics manufacturing industries.
Indian marketing agency PI Industries entered an agreement with Japanese firm Kumiai Chemical Industry to establish a joint venture company (JVC) in India.
The two organisations are set to establish the new JVC in order to initially produce and distribute bispyribac sodium, one of the major agrochemical products of Kumiai, in India with an aim to attain operational efficiencies and further growth.
Japanese company Sumitomo Chemical and German firm BASF have entered a collaboration agreement to enhance and commercialise a new fungicide.
The collaboration is expected to leverage the technical knowledge and expertise of both companies to deliver a novel fungicidal compound for the farmers.
Discovered by Sumitomo Chemical, the compound has exhibited high-efficacy to control major plant diseases. It has also shown substantial effectiveness against the diseases, which were reported to have developed resistance against available fungicides.
The European Union Chemical Industry Council (Cefic) reaffirmed its support and commitment to the Paris agreement to tackle climate change despite the US President Donald Trump's decision to pullout from the deal.
President Trump said that the US will withdraw from the 2015 global agreement, claiming that the platform will weaken the economy, reduce jobs, affect the national sovereignty, reported Reuters.
Celfic noted that the European chemical CEOs publicly supported the deal when it was signed and will continue to voice its support for the globally binding agreement.