NEWS


Adnoc negotiates to take over Covestro


Emirati energy group Adnoc appears to be a step closer to buying Covestro after making an improved offer said to be around €11.7bn. Adnoc approached polycar- bonate and polyurethanes producer with a lower offer in August 2023. “We have made good


progress in our discussions with Adnoc,” said Markus Steilemann, CEO of Coves- tro in a 24 June announce- ment. “Therefore, we have decided to enter into concrete transaction negotiations.” Lower than average selling prices and decreased sales volumes resulting from weak global demand have led to a recent decline in Covestro group sales. Last year saw a decrease of 20% to €14.4bn compared to 2022, while EBITDA during the same period fell by 33.2% to €1.1bn. To combat this slide, the company has implemented a global transformation


Teaming up in textiles


Above: Adnoc’s polymer interests include a stake in the Borouge polyolefins joint venture


program in a bid to make it “more efficient and drive digitalisation”, it said. Covestro hopes to achieve total annual savings of €400m in material and personnel costs by the end of 2028, €190m of which will be in Germany. In 2023, Adnoc gener-


ated total revenue of €2.6bn, a 41% increase on 2022. The group’s other polymer interests include a stake in polyolefins produc- er Borealis and their


Borouge joint venture. Adnoc had also planned to acquire Brazilian petro- chemical producer Braskem but talks ended in May. Both Adnoc and Covestro say they intend to proceed with negotiations and the confirmatory due diligence in a timely manner, but at the time of going to press there was no guarantee the negotiations would lead to an agreement. �www.covestro.com � www.adnoc.ae


Carbios and Tomra Textiles (part of sorting technology specialist Tomra) are establishing a feedstock stream in Northern Europe from collection of waste textiles for recycling using Carbios’ enzymatic depolymerisation technol- ogy at its first commercial plant which is under construction in Longlaville, France. The monomers ob- tained will be used to produce recycled polyes- ter (rPET) fibre, closing the loop for polyester textile circularity.


By contributing to designing and scaling textile sorting plants the Tomra Textiles business said it will explore meas- ures to enable the prepa- ration of post-consumer polyester waste for depoly- merisation and biorecy- cling according to Carbios’ specifications. �www.carbios.com �www.tomra.com


Schenck FPM brands transfer to Coperion


Following its acquisition by Hillen- brand last year, Schenck Process Food and Performance Materials (FPM) is set to become a brand of Coperion, which is also owned by Hillenbrand. The transfer includes Schenck Process FPM brands such as RBS, Stock, Baker Perkins, Kemutec, and Mucon, produc- ing equipment relevant to compound- ing such as volumetric and gravimetric feeders, conveyors and twin screw extrusion technology. Schenck Process FPM expertise,


www.compoundingworld.com


team members, manufacturing sites, test and innovation centres, and technologies, remain in place. The company says customers can expect a seamless transition bolstered by more resources and broader technology capabilities. The full legal change is expected to be completed by 1 August. “Aligning more closely with Coperi-


on reflects a significant opportunity for us to combine our strengths and offer customers access to a broader portfolio of solutions, technologies and


services,” said Matthew Craig, Vice President and General Manager, Schenck Process FPM. The remaining Schenck Process businesses, meanwhile, have been rebranded to Qlar, extending its focus on digitally enabled and sustainable solutions. The company will continue to serve all existing target industries, including chemicals, high-performance materials, cement, steel, infrastructure, transport and energy. �www.coperion.com


July 2024 | COMPOUNDING WORLD 5


IMAGE: ADNOC


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52