Cognis announced last week that it has agreed to acquire Degussa AGs Laporte Performance Chemicals, a manufacturer of polyalkylene glycols and other chemicals. The deal,whose termswere not disclosed,is subject to approval by European regulatory authorities. A sale would meet the final condition of the European Commissions approval ofDegussas 2001 acquisition of British fine chemicals producer Laporte Plc. Laporte Performance Chemicals operates production and development facilities in Hythe and B...

Ethyl Corp. returned to the black in 2002, while Milacron Inc.s Industrial Fluids business was generallymuted. Ethyl announced Monday that it had net income of $9.9 million, or 59 cents per share, in 2002, after losing $105 million (minus$6.29 per share) in 2001. The results for 2001 had included $114.8 million in one-time expenses, mostly due to rationalization of engine oil additives operations andnearly $70 million in pension settlement expenses. Excluding such costs, recurring income from co...

Announced last February, the decision to disinvest in Indias government-controlled oil majors Hindustan Petroleum Corp. and Bharat Petroleum Corp. is finally taking some concrete shape. On Feb. 4 the Indian government announced that the Hindustan sale would be complete by June. With a combined 40 percent share of Indias petroleum retail segment and 30 percent of the lube business, Hindustan and Bharat are plum offerings. Hindustans new owner will inherit a 20 percent lube market shareplus comma...

Shell Oil Products US said Thursday that it will stop producing naphthenic base oils at its Martinez, Calif., refinery Sept. 1, the second naphthenics closure that the company has announced in seven weeks. Combined with the shuttering of Shells Deer Park, Texas, base oil plant, the shutdown at Martinez will eliminate more than 20 percent of the U.S. naphthenic capacity in existence at the start of 2003. Observers said the loss of naphthenic capacity would be mitigated by expansions announced thi...