December 3, 2011 |
The Brazilian company that bought Sunoco Inc.'s polypropylene factory in Marcus Hook, and relies on Sunoco's refinery next door to supply raw materials, said Friday it will pursue "all legal actions and remedies available" to keep its plant running. Braskem S.A., a large plastics resin producer based in Sao Paulo, bought three Sunoco polypropylene plants in 2010 with the goal of becoming one of the top five petrochemical companies in the world. With Sunoco's announcement Thursday that it would shut its Marcus Hook refinery immediately, ahead of a July 1 deadline, Braskem said it was consulting with legal counsel and evaluating options to keep its business running.
July 6, 2012 |
Braskem America, the subsidiary of a Brazilian industrial firm that bought Sunoco Chemical two years ago, said it had it acquired the propylene splitter assets at Sunoco's closed refinery in Marcus Hook. The unit produces material used by Braskem in its neighboring plant to manufacture polypropylene plastic. "This transaction represents an important step in preserving the viability of Braskem's Marcus Hook polypropylene facility for the foreseeable future and solidifying Braskem's continued commitment to the North American petrochemical market," the company, which is based in Philadelphia, said in a statement.
March 30, 1987 |
For nearly two decades, Hercules Inc. has prospered by developing new uses for polypropylene, a light, inexpensive plastic. Hercules discovered the material in 1957, but use of the substance did not blossom until the early 1970s. Initially, polypropylene was considered inferior to other plastics for many applications. Demand increased, however, after researchers found ways to improve its properties. Since then, polypropylene has been used widely for food packaging, carpet fiber and disposable diapers.
December 25, 1986 |
Hercules Inc. and Montedison S.P.A. plan to sell 20 percent of their Himont joint venture to the public, the two partners said yesterday. Himont Inc., based in Wilmington, is the world's largest maker of polypropylene, a widely used thermoplastic resin. The company had sales last year of $915 million and profits of $53 million. Hercules said its retiring chairman and chief executive officer, Alexander F. Giacco, would become full-time chairman and chief executive of Himont.
March 2, 1999 |
The Huntsman Polypropylene Corp. announced yesterday that it will close its manufacturing plant here on April 30. The facility employs 127 workers. The plant makes polypropylene, a plastic commonly used in a variety of products, including outdoor furniture and food storage ware. Huntsman sells the plastic in pellet form, which its customers use in manufacturing. Officials at the plant, on Mantua Grove Road, declined to comment on the announcement, but officials at company headquarters in Salt Lake City said changes in the industry led in part to the decision.
August 28, 1988 |
Hercules Inc. is being picky about how to spend a large sum of money from the sale of its interest in Himont Inc. nearly a year ago. The company, which received about $1 billion after taxes from the sale, has planned to use a substantial portion for a major acquisition. But so far, Hercules has not found anything worth buying. And David S. Hollingsworth, chairman and chief executive officer for the Wilmington chemical and aerospace company, seems determined to hold course until exactly the right deal comes along.
October 7, 1989 |
Himont Inc., a Wilmington chemical company, yesterday rejected a $600 million offer from Montedison S.p.A., an Italian firm, for the 19 percent of Himont that it does not already own. Under the offer, Himont shareholders would have been paid $49 a share - $47 a share in cash and the rest in warrants for Montedison stock valued by the company at $2 a share. In a tightly worded statement, Himont said the offer was "not fair" to its shareholders. It was rejected by a special committee appointed by Himont's board of directors to investigate the offer.
September 12, 1987 |
Hercules Inc. will sell its entire 38.5 percent interest in Himont Inc. to Montedison S.p.A., an Italian chemical company, for $1.49 billion. The transaction will result in pretax profit of about $600 million for Hercules, a chemical and aerospace company based in Wilmington. Montedison, based in Milan, will be paying Hercules $59.50 a share for its 25 million Himont shares. Hercules said yesterday that it would use the proceeds to reinvest in its core businesses, make acquisitions or buy back its own shares on the open market.
February 2, 2010 |
In its latest move to shed noncore assets, Sunoco Inc. said yesterday that it was selling its chemical subsidiary to a Brazilian company for $350 million. The Philadelphia refiner says that Braskem S.A., the world's eighth-largest petrochemical maker, will buy Sunoco's three polypropylene plants, including a polymer factory in Marcus Hook. Sunoco's other chemical operations, including its Frankford phenol plant, were not included in the deal and will remain part of the Sunoco family.
March 23, 1988 |
Alexander F. Giacco, who retired last year as chairman and chief executive officer of Hercules Inc., has been chosen to head Montedison S.p.A., Italy's largest chemical producer, and to oversee the restructuring of the beleaguered company. Giacco, 68, was named chief executive officer of the huge international firm at its headquarters in Milan yesterday. Montedison, which reported sales of $10 billion in 1986, also has pharmaceutical, energy and diversified service operations. At Montedison, Giacco will be trying to effect the same type of reorganization that he supervised in 10 years at Hercules.