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Rhodia has announced plans to acquire Feixiang Chemicals, China’s leading producer of amines and surfactants. The acquisition will enable Rhodia to integrate specialty amine technologies into its Novecare business portfolio. The combination of Rhodia’s formulation expertise and end-market applications with Feixiang Chemicals specialty amines capabilities will reinforce Rhodia’s position in specialty surfactants for the home and personal care, agrochemicals, oilfield and industrial markets.

“This acquisition is a key step in the implementation of Rhodia’s profitable growth strategy. Through the integration of Feixiang Chemicals, Rhodia significantly strengthens its leadership positions in the surfactant business, while enhancing its footprint in the world’s fastest growing region,” said Jean-Pierre Clamadieu, chairman and CEO, Rhodia. “We aim to double the size of the acquired business within the next five years. Following the completion of this acquisition, Rhodia will generate around one third of its net sales in Asia.”

Headquartered in Zhangjiagang near Shanghai, Feixiang Chemicals Feixiang Chemicals is one of the leading companies in the Asia-Pacific area, producing, developing and selling the full range of fatty amines and specialty amines. It employs approximately 650 people. The company has demonstrated its ability to drive top line growth—average of 20% per year—while enhancing its profitability over the past five years.

The acquisition price is based on an enterprise value of $489 million for
100% of the company. The current majority owner will retain 12.5% of the capital over the next two years. The deal is expected to be finalized in the second half 2010.

Rhodia Novecare, with net sales of €827 million in 2009, provides high-performance products and solutions to a wide range of industries including cosmetics, detergents, agrochemicals and oil, as well as coating and industrial applications. Rhodia Novecare holds leading positions in the surfactants, phosphorus derivatives, natural polymers, synthetic polymers and monomers technologies, and eco-friendly oxygenated solvents markets.

Structured around six enterprises, Rhodia is the partner of major players in the automotive, electronics, flavors and fragrances, health, personal and home care markets, consumer goods and industrial markets. The group employs around 13,600 people worldwide and generated sales of €4.03 billion in 2009.

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William Wulfsohn, senior vice president of industrial coatings at PPG, is leaving the Pittsburgh-based paint firm to become president and CEO of Carpenter Technology Corp. in Eastern Pennsylvania effective June 11. Carpenter Technology said Wulfsohn, who has been a member of the company's board of directors, would replace interim president and CEO Gregory Pratt. PPG has not named a replacement. Wulfsohn has been a senior vice president since 2005 and was responsible for the company’s automotive, industrial and packaging coatings businesses, PPG’s Asia/Pacific region and information technology. Wulfsohn joined the company in 2003 as vice president of coatings and managing director for PPG Europe. Carpenter is a producer and distributer of specialty alloys, including high temperature stainless steels, powder products, specialty tool and die steels, titanium alloys and super alloys. The company reported third quarter sales, for the period ended March 31, of $336.9 million. "Carpenter has maintained a strong financial and industry position over its 125 year history," Wulfsohn said in a written statement. "I am honored to be a part of this great company, and look forward to our exciting future; one in which we have the opportunity to grow our presence across the world and expand the breadth of our offerings to diverse industries."

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07
BASF's proposed acquisition of Cognis is entering its final stages with a deal ‘agreed in principle,’ according to the newspaper Financial Times Deutschland (FTD). The main conditions of the deal and the price have been agreed, but no announcement is expected before the middle of this month. Permira and Goldman Sachs Capital Partners— Cognis’ co-owners—are looking for roughly €3.5 billion ($4.68 billion) for Cognis, including the company’s €2 billion of debt, FTD reported.

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04
AkzoNobel has officially completed its acquisition of the Dow Chemical's powder coatings business. The deal was first announced in November last year. Originally purchased by Dow in 2009 as part of its acquisition of Rohm and Haas, the business brings key technological know-how and synergy potential to AkzoNobel’s powder coatings activities. It will also enhance the company’s position in the US. The acquired business has global sales of several hundred million dollars and employs approximately 700 people, operating factories in the U.S., Europe and China. As well as complementing AkzoNobel’s position in key strategic markets—especially the U.S., automotive and trade coaters—the deal also introduces MDF and thermoplastic capabilities to AkzoNobel’s powder coatings portfolio.

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