N E W S
BASF to build chemical plant in Shanghai
BASF Electronic Materials will invest 4 million pounds in establishing a new plant in Shanghai, China, for the purification and mixing of solvents and etchants used in electronics manufacture. The new plant will begin production in the third quarter of 2006 and will serve local customers within the rapidly growing market for the manufacturing of integrated circuits.
Fine Chemicals: Degussa and Lynchem establish a joint venture for exclusive synthesis in China
Degussa AG of Dusseldorf, Germany, and Lynchem Co., Ltd., Dalian, Liaoning Province, China ("Lynchem"), have signed a contract to establish a joint venture. The goal of the new company is to enhance Degussa's and Lynchem's manufacturing asset base for the production of custom-manufactured fine chemicals and to provide the customer base of Degussa and Lynchem with more competitive solutions. Degussa (China) Co., Ltd., Beijing, an affiliate of Degussa AG, will acquire 51 percent of Lynchem. The remaining 49 percent will be held by the current owners. Closing of the transaction is expected before the end of 2006, and will be subject to governmental and antitrust authority approvals. The new company will operate under the name of Degussa Lynchem Co., Ltd.
Dow Chemical invests in Jiangsu
The Dow Chemical Company, a world leader in the chemical industry, has signed a letter of intent with the Zhangjiagang Free Trade Zone to invest an additional US$200 million in the city.
The agreement covers products in three Dow businesses: DOWANOL PM glycol ethers in specialty chemicals, styrene butadiene latex in Dow latex, and STYROFOAM brand insulation in Dow Building Solutions. The plants are expected to start production by 2008.
Hexion Specialty Chemicals Completes Purchase of Ink & Adhesive Resins Business From Akzo Nobel
COLUMBUS, Ohio--June 1, 2006--Hexion Specialty Chemicals, Inc., the world's largest producer of thermoset resins, announced today that it has completed its purchase of the global ink and adhesive resins business of Akzo Nobel.
Trade deficit surges as oil imports hit record high
WASHINGTON (AP) -- America's trade deficit increased sharply in June as surging oil prices pushed petroleum imports to an all-time high. The politically sensitive deficit with China also set a record.
The Commerce Department reported that the imbalance between what America sells abroad and wh imports rose to $58.8 billion in June, an increase of 6.1 percent from the May deficit of $55.4 billion
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