Amsterdam-based Corbion, which specialises in lactic acid and derivatives, food preservation, functional blends and algae ingredients, has become the latest speciality chemical company to come under pressure from an ‘activist shareholder’ to change its strategy.
Checks on various consumer products in 26 European Economic Area (EEA) countries found that 18% of them contained excessive levels of hazardous chemicals, ECHA has revealed. This was carried out in late 2022 as an EU-wide enforcement project related to the ECHA Enforcement Forum.
Syensqo had its shares listed on Euronext Brussels and Euronext Paris on 11 December three days after shareholders voted 99.53% in favour of its demerger from Solvay. It also expects to be included in other major stock market indices, such as BEL20, Stoxx Europe 600, MSCI Europe ad FTSE Russell, subject to each individual index review.
The new company employs over 13,000 employees and is spread across the world, with 41% of 2022 net sales in the Americas, 36% in Asia-Pacific and 23% Europe. The initial share price of €90 gives it a market capitalisation of € 9.53 billion.
Brenntag has detailed a planned “strategic transformation and growth path”, including updated mid-term targets, at a Capital Markets Day in London. Among other things this will see “the further operational and legal disentanglement” of Brenntag Essentials and Brenntag Specialties, though not the full separation some shareholders had been demanding.
Clariant has decided to close its Sunliquid bioethanol plant in Podari, Romania. This followed a review that concluded that the economics of the plant could not justify the additional capital expenditure needed to continue the ramp-up.
The company will also downsize the related activities of the Biofuels & Derivatives business line at three sits in Germany. The required capabilities to maintain the technology and to fulfil existing contractual obligations will be kept.
Kemira has agreed to divest its oil and gas chemicals portfolio to Sterling Specialty Chemicals, a US subsidiary of India’s Artek Group for €260 million subject to customary closing conditions and regulatory approvals. The company said that this will enable it “to focus on its core businesses and accelerate its profitable growth strategy”. The two parties expect to complete by the end of Q1 2024.
Heraeus Precious Metals launched a new ruthenium-based catalyst for proton exchange membrane (PEM) water electrolysis at the P2X conference in Frankfurt in November. Developed with South African firm Sibanye-Stillwater, this is said to combine the high activity of ruthenium-based catalysts with unprecedented stability during hydrogen production.
