The Dow Chemical Co. has completed the acquisition of Celanese AG's acrylates business, a deal that includes Celanese's acrylates-production assets at Clear Lake, TX, and a product line that includes crude acrylic acid, glacial acrylic acid, ethyl acrylate, butyl acrylate, methyl acrylate, and 2-ethylhexyl acrylate. Terms of the transaction were not disclosed.
Stronger economic expansions worldwide, industrial activity that appeared to be in recovery mode and recent cost-reduction and restructuring moves combined to give most major coatings manufacturers an improved bottom line for 2003.
The NPCA and its Political Action Committee, PaintPAC, announced the launch of a bipartisan political initiative with the U.S. Chamber of Commerce, called www.VOTE FOR BUSINESS.com.
BASF AG, saying sales growth in the chemicals sector is expected to trail global economic growth over the next decade, announced revisions in its business strategy and introduced a new corporate logo, and said it will direct its biggest investments at businesses that deliver the greatest profitability.
DuPont Co. and Kansai Paint Ltd. of Japan agreed to terminate their automotive-coatings joint-venture relationships, citing "incompatible global strategies." The companies did not provide further details or comment on the action.
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