With the unanimous support of the directors, Ferro is being acquired by American Securities subsidiary Prince International, in a deal that should close in Q1 2022 subject to shareholder approval and regulatory clearance. The $22.00/share deal values the firm at about $2.1 billion, including the assumption of debt, net of cash.
BASF and Chicago-based carbon recycling technology firm LanzaTech have announced a key “first success” in a project to turn the carbon from industrial off-gases into high-value chemicals. They have made n-octanol, which is used in cosmetics among other applications, from CO and hydrogen at laboratory scale.
Norwegian company Elkem has commissioned its pilot-scale battery materials plant at Kristiansand and begun qualification processes with several battery cell producers. It has already formed a memorandum of understanding for the supply of battery materials with Freyr.
Seqens has revealed that it is commissioning a new plant at its site, which was formerly part of Chemoxy, in Billingham, north-east England. This will make diols such as 1,2-hexanediol, 2-ethylhexylglycerin and caprylyl glycol for use in cosmetic ingredients and hand sanitisers.
The investment cost over £10 million and commercial production should start in June. It is expected to create 15 new jobs, plus further work in the global distribution chain. The site has already been producing hand sanitiser since May 2020.
As part of its ongoing strategy, Nouryon is to spin out its base chemicals business into a separate company called Nobian. This should be complete by early Q3. Both will remain under the ownership of the Carlyle Group and GIC and Nouryon intends to reduce its own debt with the proceeds of a planned external financing by Nobian.
BASF and Umicore have entered into a non-exclusive patent cross-license agreement covering a broad range of cathode active materials (CAMs) and their precursors. CAMs are used in lithium-ion batteries and both firms have been investing in them heavily, creating what they called “sizeable and largely complementary patent portfolios”.
Azelis has agreed to acquire Vigon International, a speciality distributor and manufacturer of ingredients for the flavours, fragrances and cosmetics markets. The deal should close within Q2 and the Somers family, who previously owned Vigon, will continue to lead it.