news WL Ross buys Nexeo Solutions
WL Ross Holding (WLRH), a special purpose acquisition company formed for the purpose, has taken a 65% ownership stake in Texas- based chemicals and plastics distribution firm Nexeo Solutions. This move is subject to approval by WLRH share- holders and other customary closing conditions, including regulatory approvals. Nexeo is the largest
distributor of plastics in the US
Covestro looks to glass wool
Covestro has signed an agreement with Nanodax of Japan to develop a range of polycarbonate composite materials reinforced with glass wool. Nanodax has developed a special process for manufacture of glass wool reinforcing materials for plastics. The products offer a smaller diameter than conventional glass fibres and are more flexible, promising better processing and surface finish. “Our development
cooperation is targeting diverse application areas for polycarbonates reinforced with glass wool and will open up new prospects for both companies,” said Dr Michael Schmidt, Head of Business Development for Polycarbonates Asia Pacific at Covestro. ❙
www.covestro.com
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and a major chemical distribu- tor. It is currently owned by investment group TPG, which will retain a 35% stake. TPG acquired the business in 2011 from Ashland. Nexeo’s total offering
stretches to 23,000 products covering multiple industries. It has some 27,000 customers, 1,300 suppliers, about 170 locations and a private fleet of over 1,000 units. In the last financial year, it posted sales
of around $3.9 billion. The $1,669 million deal is
structured as a merger, following which WLRH will change its name to Nexeo Solutions and will apply to continue to trade on the NASDAQ Capital Market under the ticker symbols NXEO, NXEOU and NXEOW. The current management team, under David Bradley, is expect- ed to remain in place. Wilbur L. Ross Jr, chairman
of WLRH and chairman elect of the new firm, described Nexeo as a unique opportunity to invest in an industry-leading company supported by strong business fundamentals and long-term structural growth trends. “Additionally, we believe the
company is an ideal platform to further roll up the frag- mented chemicals and plastics distribution space,” he said. ❙
www.nexeosolutions.com
Teknor Color makes an impact
Teknor Color, a Rhode Island, US-based subsidiary of Teknor Apex, has developed a family of impact-optimised colour concentrates for polyolefins called TekTuff. The company claims the new concentrates
make it possible to produce thinner-walled moulded parts without sacrificing strength, due to incorporation of an impact strength-enhanc- ing additive. In drop-impact tests, drinking cups made of
PP containing TekTuff concentrate exhibited a 45% increase in strength (pictured). ❙
www2.teknorapex.com/TekTuff
Plast exhibition reverts to 2018
Organisers of the Italian Plast exhibition have announced that the next show will take place in 2018, holding to its long- standing three year cycle. At the close of the last Plast
show in May of 2015, organiser Promaplast announced a controversial move to late 2017 to avoid the event clashing with the NPE show in the US in 2018. That decision has now been reversed in order to co-locate the event with a number of other exhibitions
COMPOUNDING WORLD | April 2016
– including the IPack-IMA, Print4All and Intralogistica Italia – under an umbrella grouping called the Innovation Alliance. Plast 2018 will take place
from Tuesday 29 May to Friday 1 June 2018 at the Fiera Milano exhibition ground in Milan, Italy. The combined event will occupy the entire showground, according to Promaplast, and visitors will be able to visit all with one pass. NPE takes place on 7-11 May 2018 in Orlando,
Florida, US. Promaplast said around 50,000 people attended the 2015 Plast fair, with one third coming from outside of Italy. According to Allessandro Grassi, president of Promaplast and the Italian plastics machinery makers association Assocomaplast, the rescheduling of the event to the end of May 2018 avoids the overlap with NPE while giving visitors access to a wider range of technologies. ❙
www.plastonline.org
www.compoundingworld.com
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