Most Clicked ACC SmartBrief Stories
1. LyondellBasell reportedly considers bankruptcy filing
ACC SmartBrief | Dec 31, 2008
Netherlands-based LyondellBasell Industries reportedly told lenders this week that it is considering filing for bankruptcy protection because of slumping sales and cash problems. The company, which is the third-largest independent chemical company in the world, said it is trying to pull together up to $2 billion in bankruptcy financing. Wall Street Journal, The (subscription required) (12/31)
2. Chemical industry faces a challenging quarter
ACC SmartBrief | Jan 02, 2009
Highly leveraged and reeling from declining demand for their products as a result of the global economic slowdown, a growing number of chemical companies are taking action, according to this article. Reuters (12/31)
3. Blast at chemical plant in China kills 5
ACC SmartBrief | Jan 05, 2009
An explosion at a chemical plant in eastern China killed at least five people and injured several others. The blast occurred in Wucheng County in Shandong province on Thursday. The cause is being investigated. Google (01/03)
4. Dow sells thermoplastic polyurethane business to Lubrizol
ACC SmartBrief | Jan 05, 2009
Dow Chemical has sold its thermoplastic polyurethane business to Lubrizol for undisclosed terms. The deal includes all commercial, production and research and development assets of Dow's TPU business, and Lubrizol will also take on about 40 full-time workers. RTT News (01/05)
5. Blogger sees different fate for Dow-Rohm deal than Hexion-Huntsman
ACC SmartBrief | Dec 31, 2008
Dow Chemical's $15 billion deal to buy Rohm and Haas may be up in the air, but it likely won't take the direction of the Huntsman-Hexion saga, Steven M. Davidoff asserts in a DealBook blog post. Dow is "a real company with real assets," Davidoff writes, and Rohm doesn't have the same issues that Huntsman had. He suggests that Rohm should sue in January to force Dow to comply with its regulatory covenants. New York Times, The (12/30) Reuters (12/30)
6. Dow Chemical taps Elemica to streamline global procurement
ACC SmartBrief | Dec 30, 2008
Dow Chemical has reached a deal with e-procurement company Elemica to use its product in automating its procurement of maintenance, repair and operations supplies. Hundreds of Dow's key suppliers will migrate to Elemica in order to standardize Dow's global purchasing operations. Supply & Demand Chain Executive (12/29)
7. December manufacturing figures hit lowest mark in decades
ACC SmartBrief | Jan 05, 2009
Manufacturing activity levels in December reached the lowest level since June 1980 amid slumping orders and employment cuts. The manufacturing index for the Institute for Supply Management dropped from 36.2 in November to 32.4 in December, and new orders hit their lowest level since 1948. Google (01/03)
8. New energy leaders comfortable with high-priced gasoline
ACC SmartBrief | Jan 05, 2009
If consumers were angry about $4-a-gallon gasoline, imagine how they will feel if it reaches $8 under President-elect Barack Obama's watch, writes Ben Lieberman, senior policy analyst in the Heritage Foundation's Thomas A. Roe Institute for Economic Policy Studies. The incoming administration and new Congress have indicated that they may reverse pro-domestic oil drilling measures. Energy Secretary-nominee Steven Chu has said that the U.S. needs to discourage driving by boosting gasoline prices to European levels. Washington Times, The (01/05)
9. Hard times bashed plans for industry acquisitions last year
ACC SmartBrief | Jan 02, 2009
Rising oil prices, the financial and credit crises and the recession spoiled the chemical industry's hopes of achieving more efficiency through mergers and acquisitions in 2008. Chemical stocks dropped 44% over the year, compared with a 39% drop in stocks in general. Chicago Tribune (free registration) (12/31)
10. End of Dow's Kuwait deal could show path for other projects
ACC SmartBrief | Dec 31, 2008
The ill-fated $17.4 billion deal between Kuwait and Dow Chemical may represent the start of a trend as Gulf Arab states reconsider spending amid sliding oil prices and the global economic crisis. Experts say projects in the Middle East with foreign partners are expected to see delays until financial lending markets loosen up. Among the pending projects is one involving Dow and Oman that was originally slated to be finished in 2009 but has been pushed back to 2012. Reuters (12/31)
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