Industry News (Week of 5/1/06)
ACME-HARDESTY NAMES COX PRESIDENTCynthia A. Cox has been named president of Acme-Hardesty Co., Blue Bell, PA. A seasoned executive with 25 years of management experience in the chemical distribution industry, Cox most recently founded and operated Indigm, a chemical trading, brokerage, and distribution business for the oil and gas industry. Cox began her career in chemical sales and has held management positions with Summit, a private manufacturing and distribution company to the oil, gas, industrial, and food-processing markets, and with HCI, following its acquisition of Summit. Follow Brenntag's acquisition of HCI, Cox was promoted to president of Brenntag Great Lakes and was responsible for integrating HCI and Brenntag operations in the Midwest.
For more information, visit http://www.acme-hardesty.com or call (866) 226-3834.
BASF REACHES AGREEMENT TO BUY DEGUSSA'S CONSTRUCTION CHEMICALS BUSINESSBASF Aktiengesellschaft, Ludwigshafen, Germany, has reached an agreement with Degussa AG, Düsseldorf, to acquire Degussa's construction chemicals business. The purchase price for equity is just under €2.2 billion. As a result, the transaction value for BASF is €2.7 billion. The transaction, which still requires approval from relevant authorities, is expected to close by the middle of 2006. The global construction chemicals market is valued at around €13 billion and is attractive in view of annual growth of about 4 to 5 percent, relatively stable margins, and high potential for innovation. The acquisition of Degussa's business will give BASF rapid access to additional industrial customers and end-users, and BASF's strong presence in Asia will additionally generate interesting growth opportunities in this region's booming construction sector.
For more information, visit http://www.basf.com .
CHEMTURA APPOINTS NEW GENERAL MANAGER FOR URETHANESAllen Julian has joined Chemtura Corp., Middlebury, CT, as general manager for the Urethanes business. Prior to joining Chemtura, Julian was president of High Performance Associates LLC, a consulting company that he founded that focused on business and marketing strategy, as well as the creation of high-performing teams. Julian graduated from the University of Virginia, where he earned a B.S. in chemical engineering, and the University of Pennsylvania, where he received an M.B.A. from the Wharton School.
For more information, visit http://www.chemtura.com .
THE REYNOLDS CO. AGREES TO SELL BUSINESS TO ITOCHU INTERNATIONAL INC.The Reynolds Co., Greenville, SC, has agreed in principal to sell its business to ITOCHU International Inc., New York, NY. Terms of the deal have not been disclosed, but the Reynolds Co. will continue to operate as a separate company within the ITOCHU Group, where it will merge its business with Helmitin Adhesives, which has operations in Toronto and Olive Branch, MS. ITOCHU, headquartered in Japan, is a general trading company that had more than $18 billion in revenues in 2005.
For more information, visit http://www.reynoldsglue.com .
VELSICOL NAMES KENNY PRESIDENT OF PLASTIC ADDITIVESJohn Kenny has joined Velsicol Chemical Corp. as vice president of Plastic Additives. An international business manager with broad experience in chemical industry sales, marketing and management, Kenny was previously vice president of Ciba Specialty Chemicals' Plastic Additives division, where he was responsible for the management and growth of the polymer additives business line in NAFTA. Kenny holds an M.B.A. from the University of St. Thomas, Houston, TX, and earned his B.S. in chemistry, math, and mathematical physics from Maynooth University in Ireland.
For more information, visit http://www.velsicol.com .