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Element plans to buy Coventya

Speciality chemicals firm Element Solutions has made a binding €420 million offer to acquire Coventya Holding, a French-based supplier of metal-finishing speciality chemicals, from Silverfleet Capital. This should be completed in late Q3 or Q4 2021, subject to regulatory approvals, employee consultation and other customary closing conditions.

Biden looks to push ‘reshoring’

The Biden administration has announced plans to tackle the US’s dependency on imports for critical medicines, with a new strategy that will seek to drive the ‘reshoring’ of some manufacturing. This follows a multi-industry review of key supply chains, occasioned by an executive order in February.

Solenis for sale?

According to a report on Bloomberg that cited unnamed people involved, BASF and its private equity partner, Clayton Dubilier & Rice  (CD&R), are considering an exit from water treatment specialist Solenis and have been in talks with several special purpose acquisition companies. A price in the region of $5 billion is reportedly being sought. Neither party has commented on this speculation.

Bio-BDO venture by Cargill and Helm

Agribusiness giant Cargill and German chemical marketing and distribution firm Helm have formed a joint venture called Qore and will invest $300 million to build the first commercial-scale, renewable 1,4-butanediol (BDO) facility in the US. This will be located at Cargill’s biotechnology campus and corn refining operation in Eddyville, Iowa, and should be in operation in 2024.

ESIM sells the ‘IM’ to Vertellus

Vertellus has signed a definitive agreement to acquire IM Chemicals, ESIM Chemicals’ intermediates and specialities division, subject to customary regulatory approvals. Terms were not disclosed.

CEO John Van Hulle described the deal as “directly in line with Vertellus’ strategy to become a leading global provider of specialty chemicals and solutions through both internal growth and acquisitions of complementary customer-focused businesses”.

Grace completes buy, invests in Malaysia

W.R. Grace & Co., which has itself just agreed to be acquired by Standard Industries Holdings for approximately $7 billion, has announced two further transactions. It has completed the $570 million acquisition of Albemarle Fine Chemistry Services and the expansion of its manufacturing plant in Kuantan, Malaysia.

Oxygen shortage forces stop at Hikal

Indian fine chemical and API firm Hikal has halted production of an unnamed product from its Crop Protection division at Taloja, near Mumbai, due to the current non-availability of industrial oxygen.

The company said that it anticipates an impact on sales of the product in question. It has kept customers informed and will work with them to make up for the shortfall in delivery in the coming quarters. Production will be ramped back up when industrial oxygen is available again.

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