Oxo chemicals firm OQ Chemicals has announced a two-year cost-saving programme that includes realignment and workforce reductions in Germany. This was attributed to high raw material and energy prices, plus inflation rates, particularly in Europe. Last year alone, rising energy costs amounted to “a high three-digit million Euro figure”.
Global Healthcare Opportunities (GHO), a European specialist investor in healthcare, and Partners Group, a global private markets firm, have both invested in Sterling Pharma Solutions, a CDMO owned by GHO. The exact amounts have not been disclosed.
Solvay has officially opened its application development lab in Shanghai. Housing some 30 scientists, engineers and technicians, it will seek to “advance custom-tailored application developments” using Solvay technologies, notably for the automotive, new energy, life sciences, smart devices and semiconductors.
Venator Materials has announced that it has reached an agreement with “the overwhelming majority of its lenders and noteholders” on a recapitalisation plan. This will take the form of a prepackaged Chapter 11 process in the US, financed by a debtor-in-possession facility from its supporting creditors to provide liquidity throughout the process.
The UK’s Chemical Business Association (CBA) held its annual lunch, universally known as the ‘Floggers’ Lunch’ at the Grosvenor House Hotel in London on 26 April, marking the 100th anniversary of its establishment in 1923. It also saw the end of Kate Mingay’s tenure as the first female chair in the association’s history.
Georg Winkler, a senior partner at McKinsey & Company, and Alexander Kei, a partner at the firm, explore how sustainability can secure the competitiveness of Europe’s chemical industry*
In the 20 years to 2020, the European chemical industry delivered strong financial performance, providing total return to shareholders (TRS) similar to its North American peers and higher than Asian peers. However, since 2020, chemical companies in Europe have fallen behind their global competitors.
Global lithium chemicals companies Allkem and Livent have reached a definitive agreement to combine in an all-stock merger of equals valuing the combined company at $10.6 billion. The agreement is expected to close by the end of 2023. Allkem and Livent shareholders will hold about 56% and 44% respectively of the stock.
