Chemical Week articles from July 2008

Chemical Week archives from July 2008

Adjusting to the new norms.(viewpoint)
July 28, 2008... As DuPont chairman and CEO Chad Holliday noted on the company's investor call last week, U.S. housing and automotive markets will eventually recover and revert to the norm but there will be some notable adjustments. The level of U.S....

Fertilizer earnings continue to surge.
July 28, 2008... PotashCorp says its second-quarter net income soared 220%, to $905.1 million ($2.82/share), on "rising global fertilizer demand and the impact of significantly higher prices for potash, nitrogen, and phosphate products." Sales rose 94%, to...

Huntsman says investors have offered to close Hexion deal.(Brief article)
July 28, 2008... [ILLUSTRATION OMITTED] Several potential investors have approached Huntsman offering to provide funding to Hexion Specialty Chemicals to help complete Hexion's $10.6-billion takeover of Huntsman, Huntsman president and CEO Peter Huntsman...

SQM details $1 billion Capex plan.(Sociedad Quimica y Minera de Chile S.A.)(Brief article)
July 28, 2008... Sociedad Quimica y Minera de Chile (SQM) says it plans to spend $1 billion by 2010 on projects that include capacity expansions for potassium-based products, iodine, nitrates, and lithium carbonate. The most significant project will boost its...

DuPont-Genencor select Tennessee for Cellulosic Ethanol pilot.(E.I. du Pont de Nemours and Co.)(Brief article)
July 28, 2008... DuPont Danisco Cellulosic Ethanol, a 50-50 joint venture between DuPont and Danisco's Genencor, has chosen Vonore, TN as the site to build its previously announced cellulosic ethanol pilot facility (CW,, May 12/19, p. 6). Startup is expected...

Dow JV advances Thai elastomers.
July 28, 2008... SCG-Dow Group, a Dow Chemical and Siam Cement (Bangkok) joint venture, says it is moving forward with a previously announced specialty elastomer plant at Map Ta Phut, Thailand to supply customers in the Asia/Pacific region (CW, Feb. 4, p. 5)....

Fuller plans China adhesives plant.(Brief article)
July 28, 2008... H.B. Fuller says it will build a hot melt moisture cure and polyisobutylene (PIB) plant in China, due onstream in early 2010. The company says it has not yet selected a location.

Hexion starts formaldehyde plant.(Hexion Specialty Chemicals )(Brief article)
July 28, 2008... Hexion Specialty Chemicals says that it has broken ground on a 450,000-m.t./ year, formaldehyde and resins manufacturing complex at Montenegro, Brazil. Startup is expected in the second quarter of 2009. The facility will produce both...

Gelest doubles capacity.(Brief article)
July 28, 2008... Gelest (Morrisville, PA), a producer and supplier of specialty organosilicon, says it has doubled capacity at its headquarters and production plant at Morrisville. Capacity and financial amounts were not disclosed. The expansion was part of a...

European review affirms BPA safety.(bisphenol A)(Brief article)
July 28, 2008... The European Food Safety Authority (EFSA; Brussels) last week reaffirmed a 2006 assessment that determined average human exposure to bisphenol A (BPA) is well-below established safety levels. EFSA says it took into account the most recent...

European, Mideast earnings are mostly off to a good start.
July 28, 2008... Second-quarter earnings for European and Mideast companies are mostly up so far. Sabic's second-quarter net income rose 17%, to SR7.54 billion ($2 billion). Sales were not disclosed. Sabic's preliminary consolidated net profits for the first...

Cognis sells oleochemical stake to Thailand's PTT ...(Brief article)
July 28, 2008... Cognis has agreed to sell its 50% stake in Cognis Oleochemicals, a joint venture with Sime Darby Plantation (Kuala Lumpur), to PTT Chemical International (Singapore), a subsidiary of PTT Chemical (Bangkok). Cognis will receive 104 million...

... Divests process chemical subsidiary.(Pulcra Chemicals )(Fashion Chemicals)(Brief article)
July 28, 2008... Cognis says it has agreed to sell its process chemical subsidiary, Pulcra Chemicals (Dusseldorf), to Germany-based Fashion Chemicals for 26.3 million [euro] ($42 million). The deal is expected to close by the end of October. Fashion Chemicals...

Sabic to refinance GE Plastics debt.
July 28, 2008... Sabic is seeking to refinance a portion of the debt accrued from its $11.6-billion acquisition of GE Plastics in 2007, according to a recent report in the Middle East Economic Digest (MEED) citing Saudi banking sources. Sabic is trying to...

La Seda to merge with Indorama?
July 28, 2008... Polyethylene terephthalate (PET) producers La Seda de Barcelona and Indorama Polymers (Bangkok) are in preliminary merger talks, according to a statement by La Seda to Spain's stock exchange regulator, quoted in European news reports last...

Danisco denies private equity bid.(Brief article)
July 28, 2008... Danisco has denied a report in Danish newspaper Borsen that private equity firm Apax Partners Worldwide is lining up a takeover bid for Danisco. Apax approached Danisco earlier this month about the possible bid, the report says. Danisco...

Wacker discontinues PVB production.(Wacker-Chemie GmbH)(polyvinyl butyral )(Brief article)
July 28, 2008... Wacker Chemie says that its Wacker Polymers business will discontinue production of polyvinyl butyral (PVB) effective September 30. The company cites limited expectations for growth in industrial applications such as coatings, paints, and...

Sinopec warns on first-half profits.(Financial report)
July 28, 2008... Sinopec has warned that first-half 2008 net income will fall about 50% from year-ago levels because of rising oil prices. The company reported net income of Rmb34.9 billion ($5.1 billion) in first-half 2007. Separately, two Sinopec...

Higher costs strain earnings; Ag stays bright.(top of the week)
July 28, 2008... Agricultural and fertilizer businesses led second-quarter earnings gains for U.S. chemical companies. However, higher selling prices across all sectors were not enough to offset industry's higher raw material and energy costs, producers say....

Higher volumes and prices drive up profits at specialty firms.(UNITED STATES/AMERICAS)(Financial report)
July 28, 2008... Second-quarter earnings improved at most specialty chemical companies, although rising raw material costs dampened profits at Rohm and Haas (R&H). R&H reported net income of $147 million (75 cts/share), down 9% from the same period last...

Crane collapse kills four at LyondellBasell refinery in Texas.(UNITED STATES/AMERICAS)(Brief article)
July 28, 2008... A massive crane collapse at LyondellBasell's Houston refinery earlier this month killed four workers and injured seven others. The 600-foot crane, considered one of world's tallest, was onsite for a planned maintenance turnaround, the company...

Ferro buys fluids business.(business & finance news)(Brief article)
July 28, 2008... Ferro says it has acquired a grinding and fabrication fluids business from Fluid Logic (Portland, OR). Terms were not disclosed. The acquired business includes fluids used in the production of electronic components based on ceramic and quartz...

Quaker to expand capacity in Ohio.(business & finance news)
July 28, 2008... Quaker Chemical (Conshohocken, PA) says it has broken ground on a previously announced expansion to triple process fluid and chemicals capacity at its Middletown, Ohio site (CW, May 26, p. 13). The $19.8-million project is expected to be...

Air products puts U.S. health care business on the block.(UNITED STATES/AMERICAS)(Air Products and Chemicals Inc.)
July 28, 2008... Air Products plans to put its $271-million/year U.S. health care business on the selling block, saying that the unit has failed to meet expectations. The company says it has taken a third-quarter impairment charge of about $315 million and...

Railroads push for risk sharing with shippers of hazardous materials.(UNITED STATES/AMERICAS)(Brief article)
July 28, 2008... Shippers should share the financial risk of transporting highly hazardous materials, including toxic by inhalation (TIH) chemicals, with their carriers, the Association of American Railroads (AAR; Washington) said at a Surface Transportation...

Albemarle lands catalysts deal with Neste Oil.(business & finance news)(Brief article)
July 28, 2008... Albemarle says it has been awarded a multi-year contract to exclusively supply catalysts to be used with Neste Oil's (Helsinki) new-generation NExBTL renewable diesel process. The deal includes scheduled deliveries of catalysts for 2008,...

Industrial gases results rise on higher volumes and selling prices.(UNITED STATES/AMERICAS)(Financial report)
July 28, 2008... U.S. industrial gases companies reported a strong second quarter. Improved volumes and higher selling prices helped drive earnings and sales growth, producers say. Praxair's net income increased 20%, to $342 million ($1.08)/ share, on...

Developing countries drive HFC growth.(UNITED STATES/AMERICAS)(Hydrochlorofluorocarbons)(Brief article)
July 28, 2008... Following the phaseout of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), the fluorocarbon industry is growing again, says the 2008 Fluorocarbons report recently released by SRI Consulting (SRIC; Menlo Park, CA). "Over the...

Union threatens to strike at three PotashCorp sites.(business & finance news)(Brief article)
July 28, 2008... The United Steelworkers Union (USW; Saskatoon) representing workers at three PotashCorp sites in Saskatchewan have threatened to strike on July 25 if no progress is made toward a contract. More than 96% of 500 union workers at PotashCorp's...

Sabic exits [C.sub.8] chain with U.K. Aromatics closure; shelves PP unit.(EUROPE/MIDEAST)
July 28, 2008... Sabic Europe says it will exit the [C.sub.8] chain with the recently announced closure of the Aromatics 2 production unit at the company's petrochemical complex near Seal Sands, U.K. (CW, July 21, p. 5). The company will stay in the [C.sub.6]...

Solvay's Jourquin to be next Cefic president.(EUROPE/MIDEAST)(appointment of Christian Jourquin)(Brief article)
July 28, 2008... Cefic will elect Solvay chairman Christian Jourquin as Cefic's next president, CW has learned. The election will take place at the Global Chemical Industry European Convention, to be held by Cefic in Athens on October 2-5, 2008. Jourquin is...

GPIC and Masdar sign carbon capture deal.(business & finance news)(Gulf Petrochemical Industries Co. )(Brief article)
July 28, 2008... Gulf Petrochemical Industries Co. (GPIC; Manama, Bahrain), an equally owned joint venture between the government of Bahrain, Sabic, and Petrochemical Industries Co. (Kuwait City), has signed a deal with Masdar, Abu Dhabi's renewable energy...

Beijing chemical plants ordered to cut emissions 30% for Olympics.(UNITED STATES/AMERICAS)
July 28, 2008... Some large chemical plants in the Beijing area have halted operations as part of a campaign by the Chinese government to improve the city's air quality in advance of the Olympic Games. Chemical plants in Beijing were asked to cut emissions on...

Mitsui breaks ground on Elastomer plant.(UNITED STATES/AMERICAS)(Mitsui Chemical Co.)(Brief article)
July 28, 2008... Mitsui Chemicals says that its Mitsui Elastomers Singapore subsidiary has broken ground on a project to build a manufacturing plant for alpha-olefin copolymer at Jurong Island, Singapore. The plant will have a capacity of 100,000 m.t./year...

IndianOil studies p-xylene, PTA complex.(new construction projects)(Indian Oil Corporation Ltd.)(purified terephthalic acid )(Brief article)
July 28, 2008... IndianOil (New Delhi) says it is studying a para-xylene and purified terephthalic acid (PTA) complex at its Koyali, Gujarat, India refinery. It says the study will be completed by year-end. The complex would source naphtha feedstock from the...

Vietnam Okays Siam Cement olefins, chlor-alkali JV.(new construction projects)(Brief article)
July 28, 2008... The Vietnamese government has granted a license to Petrovietnam (Hanoi) and Siam Cement to build a previously announced petrochemical complex and chlor-alkali plant in Vietnam (CW,, March 31, p. 24). The license was issued to Long Son...

Yara goes ahead with Libyan fertilizer venture.(new construction projects)(Brief article)
July 28, 2008... Yara International, National Oil Corp. (NOC; Tripoli), and the Libyan Investment Authority (Tripoli) say they have completed all major agreements to establish a previously announced joint venture for the production of fertilizers in Libya...

Novapex proceeds with IPA plant in France.(new construction projects)(isopropyl alcohol)(Brief article)
July 28, 2008... Novapex, a Novacap Group (Lyon, France) subsidiary, says it will proceed with previously announced plans to build a 40,000-m.t./year isopropyl alcohol (IPA) plant at Roussillon, France (CW, Nov. 7, 2007, p. 15). The plant will start up at the...

BASF builds waxes plant at Ludwigshafen.(new construction projects)(Brief article)
July 28, 2008... BASF says it will build a second oxidizing plant for the production of synthetic waxes at Ludwigshafen. The plant will begin production in 2010 and double BASF's capacity. The plant will use low-density polyethylene waxes, produced on site,...

Sabic is likely to gain Sipchem's feedstock allocation.(new construction projects)
July 28, 2008... Sabic is in discussions with the Ministry of Petroleum and Mineral Resources (Riyadh) to obtain a petrochemical feedstock allocation previously granted to Saudi International Petrochemical Co. (Sipchem; Al Khobar), CW has learned. The...

Gobal warming: preparing for change.
July 28, 2008... [ILLUSTRATION OMITTED] As nations prepare parallel yet separate responses to climate change, chemical makers are evaluating how to maximize the benefits and minimize the cost of compliance. However, just keeping track of policy...

Teva Pharmaceutical to acquire Barr for $7.46 billion. (M&A.
July 28, 2008... Teva Pharmaceutical Industries Ltd. (Petach Tikva, Israel) says it has signed a definitive agreement to acquire specialty pharma firm Barr Pharmaceuticals (Montvale, NJ), the fourth-largest generic drug company worldwide, for about $7.46...

FDA probed over approval of Ranbaxy drugs.(REGULATORY)
July 28, 2008... A House panel is questioning whether the Food and Drug Administration (FDA) has approved and knowingly allowed drugs suspected of being manufactured in gross violation of cGMP rules to be sold in the U.S. by Ranbaxy, a unit of Ranbaxy...

Lonza's profits rise 15%.(pharmaceuticals & fine chemicals)(financial news)(Financial report)(Brief article)
July 28, 2008... Lonza says its Ebit for the first half of the year increased 15.2%, to SF235 million ($228 million) on sales up 13%, to SF1.5 billion compared with the year-ago period. The company's Ebit margin increased 1.3% to 16.1% of sales compared with...

Pollak joins Hikal's Board.(pharmaceuticals & fine chemicals)(appointment of Peter Pollak)(Brief article)
July 28, 2008... Fine chemical firm Hikal (Mumbai) has named Peter Pollak to its board of directors. Pollak has more than 30 years of experience in the fine chemical sector, including senior management positions with Lonza. Pollak's "global experience and...

FDA to add overseas staff by 2010.(pharmaceuticals & fine chemicals)(Brief article)
July 28, 2008... The U.S. FDA says it plans to post staff in China, India, Europe, and Latin America by 2010, as part of previously disclosed plans to improve its drug plant safety testing regime. FDA did not disclose the number of staff it plans at these...

M&A and expansions fuel investments.(BIOCIDES)
July 28, 2008... M&A as well as expansions in emerging regions are fueling investments in the $3 billion-S4 billion global biocides market. Meanwhile, producers are raising prices and some are implementing surcharges, citing rising energy, fuel, packaging,...

M&A changes supplier structure in Asia.(PAINTS AND COATINGS)(mergers and acquisitions )
July 28, 2008... Recent M&A deals of firms with large paints and coatings operations are altering the structure of this sector's additives supplier base, particularly in Asia, says a new Asia coatings additives report by Kusumgar, Nerlfi & Growney (KNG; West...

Spot ethylene ends its run, but cost pressures remain.(OLEFINS)(Brief article)
July 28, 2008... Spot ethylene prices in the U.S. have fallen almost 7 cts/lb since mid-July after a 12-week run that brought prices to a peak of 69 cts-70 cts/lb, market sources say. One spot deal was concluded last week at 63.5 cts/lb, a discount to the...

Dow announces further European PS cuts.(POLYMERS)(Brief article)
July 28, 2008... Dow Europe says it temporarily stopped i production of all polystyrene (PS) grades at its 50,000-m.t./year Terneuzen, the Netherlands plant last week. Dow idled one of its two styrene units at Terneuzen last month, reducing the company's...

Dow Europe boosts resin prices.(basic chemicals & plastics)(Brief article)
July 28, 2008... Dow Europe says it will increase prices of several resins in Africa, Europe, India, and the Mideast. Polypropylene (PP) prices will increase by 200 [euro]/m.t., high-impact Styron polystyrene (PS) resin and Styron A-Tech advanced technology...

Potash prices hit new highs.(basic chemicals & plastics)(Canpotex Ltd.)(Brief article)
July 28, 2008... Canpotex, the distribution and marketing arm of Saskatchewan, Canada potash producers, says prices for fourth-quarter spot potash shipments to Asia have reached $1,000/m.t. for standard grade and $1,025/m.t. for granular grade product....

Alumina contracts break record.(basic chemicals & plastics)(Brief article)
July 28, 2008... Caustic soda supply contracts to the alumina customers settled $235/m.t. higher at a record $645/m.t., fob Gulf Coast, for the second half, market sources say. Weak demand for co-product chlorine and production interruptions at several major...

Basic chemical price watch.(basic chemicals & plastics)(briefs)(Brief article)
July 28, 2008... LyondellBasell says it will increase prices of all its polypropylene compounds in Asia/Pacific by $300/m.t., effective August 1 * Eastman Chemical says it will increase list and off-list prices of n-propyl alcohol by 8 cts/lb and isopropyl...

CW price report.(Commentary)(Statistical table)
July 28, 2008... Tumbling prices for hydrocarbons had varied effects on petrochemical prices. Ethane prices eased to $1.35 cts/gal, and spot ethylene prices fell with them to 63 cts-64 cts/lb. June and July contracts remain unsettled. Ethylene producers say...

Pesticide makers challenge EPA's approach to endocrine screening.(HEATH EFFECTS)(United States. Environmental Protection Agency)(CropLife America)
July 28, 2008... Pesticide industry group CropLife America says it has filed a petition with EPA requesting "further examination and explanation" of EPA's risk assessment for testing suspected endocrine disrupting substances, which is set for implementation...

Senate takes up nanotech R&D Bill.(EH&S)(Brief article)
July 28, 2008... Senators John Kerry (D., MA) and Olympia Snowe (D., ME) have introduced legislation that would address concerns associated with the federal government's National Nanotechnology Initiative, which critics say has done little to develop a plan...

BASF joins new Pew Center on climate change.(regulatory)(Brief article)
July 28, 2008... BASF has joined the Pew Center on Global Climate Change (Arlington, VA), a non-profit organization that supports a cap-and-trade program for reducing greenhouse gas (GHG) emissions. Other chemical companies that are members of the...

A new era beckons for Lucite: building up to commercialization of novel MMA Technology.(companies)
July 28, 2008... Lucite International (Southampton, U.K.), the biggest producer of methyl methacrylate (MMA), is on the threshold of what promises to be the most dynamic phase in its history. The company is preparing to start up the first commercial-scale...

CW75 stock performance.(Statistical table)
July 28, 2008... The CW75 Index rose 2% for the week ending July 22, lagging broader market indexes including the Morgan Stanley global composite and Standard and Poor's 500, which rose 4% and 5%, respectively. The stock market improved on news of declining...

Earnings steady despite storm.(viewpoint)
July 21, 2008... Soaring energy and feedstock costs, depressed automotive and housing markets, weak U.S. demand, and cratering share prices could lead some to believe that the down cycle is here for U.S. chemical makers. A look at early earnings reports as...

PPG's earnings rise 12%; Sherwin-William's profits fall 15%.(PPG Industries Inc.)(Financial report)(Brief article)
July 21, 2008... PPG Industries reported second-quarter net income up 12%, to $269 million ($1.62/share), excluding $6 million in operating results from the automotive glass and services (AG&S) business that is pending sale and $13 million in charges related...

Mossi & Ghisolfi expands PET in Brazil.
July 21, 2008... Mossi & Ghisolfi (M&G; Tortona, Italy) says it will expand capacity of polyethylene terephthalate (PET) at Ipojuca, Brazil, from 450,000 m.t./year, to 650,000 m.t./year. M&G expects the expansion to come onstream by October 2009. M&G started...

PotashCorp. plans to boost capacity.(Brief article)
July 21, 2008... Potash Corp. of Saskatchewan (PotashCorp.) says it will invest about $1.6 billion to boost its total potash capacity by 2.7 million m.t./year by the end of 2012. Capacity will be increased through a debottlenecking project at Allan, SK and...

Dow to sell some building solutions assets; buys Stevens roofing.(Dow Chemical Co.)(Stevens Roofing Systems)(Brief article)
July 21, 2008... Dow Chemical says it has agreed to sell certain assets of Dow Building Solution's Trymerbrand, polyisocyanurate rigid (PIR) foam business to Illinois Tool Works (ITW; Glenview, IL). Financial terms were not disclosed. The agreement includes...

Momentive to relocate HQ.(headquarter)(Momentive Performance Materials)(Brief article)
July 21, 2008... Momentive Performance Materials (Wilton, CT) says it plans to relocate its headquarters from Wilton to a yet-to-be determined site in Rensselaer County, NY, near Albany. Momentive says it also plans to build a technology center at the site....

Sunoco elects new CEO.(Lynn Laverty Elsenhans, chief executive officer)(Brief article)
July 21, 2008... Sunoco has appointed Lynn Laverty Elsenhans as its new president and CEO, effective August 8. Elsenhans succeeds John Drosdick, who will retire. Drosdick will remain as non-executive chairman until December 31 to assist in the transition,...

Westlake names Olefins unit leader.(appointment of Donald Condon at Westlake Chemical )(Brief article)
July 21, 2008... Westlake Chemical says it has appointed Donald Condon senior v.p. of its olefins and corporate business development operation. Condon will add this new role to his current position as senior v.p./corporate planning and business development....

Cristal acquires U.S. Titanium firm.(International Titanium Powder)(Brief article)
July 21, 2008... Cristal has agreed to acquire International Titanium Powder (ITP; Woodridge, IL), for an undisclosed sum. ITP operates an R&D center and pilot plant at Lockport, IL and recently broke ground on a new plant at Ottawa, IL. Separately, Cristal...

EU Chemical Agency faces financial crisis.(Brief article)
July 21, 2008... The European Chemicals Agency (ECHA; Helsinki), the body responsible for implementing the European Union's (EU) Registration, Evaluation and Authorisation of Chemicals (Reach) law, could run out of money starting in 2011, says Geert Dancet,...

Sabic closes part of U.K. Aromatics complex.(Brief article)
July 21, 2008... Sabic Europe says it plans to close the Aromatics 2 production unit at the company's petrochemical complex near Seal Sands, U.K. and a para-xylene production facility at Wilton, U.K. at the end of this year. Both sites are located in the...

ENI to appeal fine for contamination of Italian lake.(Brief article)
July 21, 2008... ENI (Rome) says it will appeal a 1.9-billion [euro] ($3 billion) fine imposed by a Turin, Italy court for environmental damage caused by leaks of the pesticide DDT in 1990-96 from a chemical complex at Pieve Vergonte, Italy into nearby Lake...

European solvents producers form reach consortium.(Brief article)
July 21, 2008... A group of 12 hydrocarbon solvents producers have formed a consortium to register their products under the European Union's (EU) Registration, Evaluation and Authorisation of Chemicals (Reach) law. The consortium was organized by the...

Air Liquide acquires helium business ...(Brief article)
July 21, 2008... Air Liquide says it has acquired Pure Helium (Mumbai), a supplier of liquid and gaseous helium, helium-based mixtures, and argon. Pure Helium has a presence in Egypt, Saudi Arabia, and the United Arab Emirates. Financial terms of the...

... Builds gases plants in Poland.(Brief article)
July 21, 2008... Air Liquide says it will invest about 100 million [euro] ($159 million) to build and operate two air separation units (ASU) at Pulawy, Poland. Air Liquide has signed a long-term contract to supply industrial gases to Zaklady Azotowe Pulawy...

Arkema to invest in low-GWP gas.(low-global warming potential)(Brief article)
July 21, 2008... Arkema says it will invest in European production of a low-global warming potential (Iow-GWP) fluorinated gas for automotive air conditioning. Arkema did not specify how much it will invest in the project. Production will be at Pierre-Benite,...

Perstorp signs isocyanates deal.(Brief article)
July 21, 2008... Perstorp has signed a previously announced agreement to buy the isocyanates businesses of Rhodia and LyondellBasell (CW, March 24/31, p. 8). The companies expect to complete the deal within a few weeks, following administrative...

Ashland gains 'specialty core' with Hercules.(top of the week)
July 21, 2008... Ashland's $3.3-billion deal to acquire Hercules gives the company its long-sought "specialty core," says Ashland chairman and CEO James O'Brien. Hercules, with 2007 revenues of $2.1 billion, has leading positions in cellulose esters and paper...

High costs, weak economy cause 'challenging' earnings season.(UNITED STATES/AMERICAS)
July 21, 2008... A sharp rise in energy costs has driven up the price of raw materials, and a slowdown in the economy led by a weak housing market and decreased consumer spending will lead to lackluster second-quarter earnings, analysts say. The...

Dow and DOE to invest in biomass-to-ethanol process; Shell ups stake in biofuels firm.(business & finance news)
July 21, 2008... Dow Chemical says it has entered into an agreement with the U.S. Department of Energy's (DOE; Washington) National Renewable Energy Laboratory to jointly develop and evaluate the commercial viability of a biomass-to-ethanol process. The...

PPG buys industrial coatings firm.(business & finance news)
July 21, 2008... PPG Industries says it has acquired industrial coatings maker Vanex (Mount Vernon, IL), for an undisclosed sum, Privately held Vanex has about 20 employees and one manufacturing facility at Mount Vernon. Vanex produces waterborne coatings...

3M buys K&H Surface Technologies.(business & finance news)(Brief article)
July 21, 2008... 3M says it has acquired K&H Surface Technologies(Melbourne), a manufacturer of repair products for the professional and do-it-yourself automotive refinish markets. Financial terms were not disclosed. The deal broadens 3M's automotive...

Semiconductor makers expect 8% growth rate this year.(UNITED STATES/AMERICAS)
July 21, 2008... Global revenues for materials used to produce semiconductors will grow 8%, to $46 billion this year, says Stan Myers, president and CEO at electronics manufacturing industry association Semi (Santa Clara, CA). The increase reflects the...

Bush lifts executive ban on offshore drilling.(UNITED STATES/AMERICAS)(Brief article)
July 21, 2008... President Bush says he will lift a longstanding executive order banning oil and gas drilling in most of the U.S. Outer Continental Shelf (OCS), which is aimed at expanding domestic supplies and mitigating increases in energy prices. Bush also...