DuPont’s board of directors has approved the separation of DuPont’s Nutrition & Biosciences (N&B) business through an exchange offer whereby stockholders can elect to tender DuPont shares for those of N&B on terms to be announced. This process is expected to be completed by 1 February.
Nippon Shokubai and its Japanese compatriot Summit Cosmetics, a subsidiary of Sumitomo, have entered into a Memorandum of Understanding for the joint development and sales of next-generation personal care ingredient fields. Both are initially investigating new film forming agents and thickeners, including biopolymers.
BASF has agreed to sell its manufacturing site in Kankakee, Illinois and the associated businesses of vegetable-oil-based raw material sterols and natural vitamin E, anionic surfactants and esters to private equity firm One Rock Capital Partners. Terms are not being disclosed. Subject to regulatory approval, this should be completed in 1H 2021.
France’s Arkema has announced two transactions of very different scales. Both are described as “a new step in the group’s transformation, and is fully in line with Arkema’s ambition to become a pure speciality materials player by 2024”.
The company has agreed to divest its polymethyl methacrylate (PMMA) business to materials player Trinseo for an enterprise value of €1,137 million, or 9.3x estimated EBITDA for 2020. This includes seven sites in Europe and North America, which employ about 860 people and are expected to turn over €510 million this year.
Croda International has acquired Spanish-based flavours and fragrances (F&F) firm Iberchem from Eurazeo in a €820 million deal. This takes the company into F&F for the first time. It will be funded by existing debt facilities and a £600 equity placing, representing about 8% of Croda’s issued share capital.
Pharmaceutical CDMO Piramal Pharma Solutions (PPS) is to invest about $32 million to expand its former Ash Stevens API manufacturing site at Riverview, Michigan. This will add 2,300 m2 of space, including 780 m2 of production space.
An explosion at Optima Chemical’s plant on the evening of 8 December killed one employee and injured three more. The incident was caused when a 1,200-gallon metal dryer became over-pressurised during a drying operation on a sanitisation compound based on chlorinated dry bleach and methanol.