Price pressure stalls re-shoring in US agrochemicals, but business was brisk with positive energy at the Specialty & Agro Chemicals America event. Gregory D.L. Morris reports from Savannah

FMC Corporation has agreed to sell its Global Specialty Solutions (GSS) business to Envu for $350 million, subject to closing working capital adjustment. The deal is expected to close by year-end 2024, subject to regulatory approval and other customary closing conditions. FMC intends to allocate all proceeds to debt reduction.

Sue Bullock and Richard Bishop of TSG Consulting highlight priority areas for comment following analysis of the UK REACH consultation on the proposed model for registering chemicals manufactured in or imported to Great Britain*

Pennsylvania based ‘activist short seller’ Muddy Waters has announced it is short on diagnostics and lab testing group Eurofins Scientific because the confusion and contradictions inherent in its financials and operations cause us to believe that it is optimised for malfeasance, rather than for conventional business”. This has provoked a strong response.

According to a Bloomberg report, the Omani state-owned OQ is preparing a preparing a sales process for its subsidiary, the German oxo alcohols producer OQ Chemicals. Neither the company nor the putative lead adviser, Rothschild & Co., has commented.

OQ Chemicals has, however, confirmed a report that some of its main lenders had agreed to provide €75 million in bridge financing. A group of lenders have also agreed to extend the maturities of €1.1 billion equivalent of debt, some of which was due to be paid in October.

Kemira has signed a definitive agreement to purchase Norit’s UK reactivation business from Purton Carbons, taking it into the activated carbon market for micropollutants removal. The deal is expected to close in Q3. Nine employees will transfer. The agreement includes the reactivation facility in Purton, UK, where spent granular or pelletised activated carbons are made ready for potable water and food-related applications (green reactivation) and others (amber reactivation).

Navin Molecular, an Indian-based CDMO that is part of Navin Fluorine, has announced plans to build $35 million, 9,000 m² multi-purpose GMP plant at Dewas. This is due to be completed in Q2 225. The facility will add 200 m³ of capacity, taking the total at Dewas to 420. It will support existing commercial-scale projects, as well as meeting future demands, the company said.