Following discussions since April 2023, South Korea’s Posco Future M and Honda have reached a basic agreement on collaboration for the production of cathode materials for electric vehicle (EV) batteries in Canada. They will now begin detailed discussions with the goal of signing a joint venture agreement before the end of 2024.
Chicago-based CC Industries (CCI) has acquired Foremark Performance Chemicals from SK Capital Partners. No financial details were disclosed. CEO Randy Owens and the rest of the management team will stay in place and Foremark will continue to operate as a stand-alone entity.
Foremark produces proprietary natural gas sweeteners, chemical building blocks and slow-release fertilisers from a highly automated, vertically integrated facility at League, Texas. Its customer base is mainly the Gulf Coast region of the US.
BASF has begun a six-week period of change negotiations at its precursor cathode active materials (pCAM) plant in Harjavalta, Finland. This may include layoffs for an indefinite period, potentially impacting all employees. The company added that it remains committed to driving pCAMs, which it will continue to do via its facility in Schwarzheide, Germany.
Orion has formally broken ground on a new plant at La Porte, southeast of Houston, to make acetylene-based conductive additives for lithium-ion batteries, as well as in high-voltage cables used for wind and solar farms. It will source the acetylene from Equistar Chemicals’ nearby site. Start-up is scheduled for Q2 2025
Syensqo has opened some new application development laboratories (ADLs) at Bollate, Italy, where it opened its ‘dry room’ laboratory for lithium batteries last year. They will focus on developing specialty polymers for applications in green mobility, energy-efficiency and sustainable sourcing, among others.
During its 2023 results presentation, Evonik announced that it will establish a new organisational structure by the end of 2026. Under ‘Evonik Tailor Made’ it will eliminate administrative activities that do not directly support its businesses and bundle key tasks in the new structure.
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.
