Skip to main content

Orica to buy Cyanco

Australia’s Orica is to buy Cyanco from an affiliate of Cerberus Capital Management for $640 million, 7.5x 2023 EBITDA, on a cash-free, debt-free enterprise value basis. This will be funded by existing cash and undrawn committed debt facilities, plus an A$400 million underwritten institutional placement.

Synergies of about $100 million are expected three years after completion. This is expected to be at the end of the 2024 financial year, subject to the expiration of certain regulatory waiting periods and other customary closing conditions.

LG Chem in GM cathode material deal

Under a new supply contract worth about $18.7 billion, LG Chem will supply  General Motors (GM) with over 500,000 tonnes of cathode materials from its new plant in Tennessee between 2026 and 2035. This equates to powering 5 million units of high-performance pure electric vehicles (EVs) with a range of 500 km on a single charge.

Two buys for Mastermelt

UK-based precious metal recovery specialist Mastermelt has acquired both IEX Technologies, a supplier of advanced ion exchange materials and process technology to the pharmaceutical industry, and a solvent distillation plant from Green Lizard Technologies, which is a University of Belfast spinout. Terms were not disclosed.

Lanxess, IBUTec to develop iron oxides

Lanxess and its German compatriot IBU-Tec Advanced Materials have entered into a research cooperation to develop advanced iron oxides for use in cathode material for lithium-iron-phosphate (LFP) batteries. They aim to optimise the electrochemical properties of LFP batteries, such as energy density, charging speed and the number of charging cycles.

Wacker plans silicone specialities plant

Wacker Chemie is to invest an amount in the “low triple-digit million euro range” on a new, 20,000 tonnes/year silicones facility at Karlovy Vary in the Czech Republic. Development work on the site is set to begin shortly, with construction starting in Q2, subject to approval by the authorities. It is due onstream at the start of 2025 and will create up to 20 jobs.

Arkema invests in sodium-ion battery firm

Arkema has taken an unspecified stake in its French compatriot Tiamat, a pioneer in sodium-ion battery technology, having also contributed to Tiamat's recent €22 million fund-raising. The company said this is “once again demonstrating its willingness to be a key player in battery materials, offering a unique range of products adapted to all energy storage technologies”.

BASF and Stena in black mass agreement

BASF and Swedish firm have entered into a black mass purchase agreement. This is described as part of a broader collaboration, with the goal of setting up a battery recycling value chain for the European electric vehicle (EV) battery market.

Subscribe to Materials, Oils & Energies