Union takes campaign to Taiwan
The Paper, Allied-Industrial, Chemical and Energy Workers International Union has taken its corporate campaign against carbon black producer Continental Carbon Co. to Taiwan, home of the company's parent firms.
Houston-based Continental Carbon locked out 86 PACE members at its Ponca City, Okla., plant in May 2001. The union said during a five-day stay in Taiwan it met with Taiwanese labor organizations, ran advertisements in newspapers, and participated in a demonstration and news conference to inform people there about the situation.
The union accused Continental Carbon and the Koo's Group-the controlling entity of Continental Carbon parent companies China Synthetic Rubber Co. and Taiwan Cement Corp.-of having anti-worker and anti-environment attitudes. PACE last month announced it might sue Continental Carbon over environmental violations at two U.S. carbon black locations, including Ponca City.
SSL tightens portfolio
Surgical glove and condom manufacturer SSL International P.L.C. has sold 21 active over-the-counter pharmaceutical brands and manufacturing equipment at two plants and transferred 13 inactive trademarks to Thornton & Ross Ltd. for about $19 million.
The firm, which sold machinery from factories in Guernsey and Peterlee, England, also said it will sell SSL shares worth $845,000 to Thornton & Ross.
The cash deal was prompted by SSL's complicated over-the-counter U.K. portfolio, Chief Executive Brian Buchan said, which had an adverse impact on its manufacturing efficiency, customer service and marketing.
Delphi changes name
Delphi Automotive Systems Corp. has dropped ``Automotive Systems'' from its name to reflect its multimarketed technology focus.
The manufacturer is known for its parts content on global vehicles, but also has computer, telephone and military defense systems production and technology.
``While we remain very focused on our automotive business...(this) will allow us to approach non-automotive customers with a name that stands for a leader in technological innovation in many markets,'' J.T. Battenberg III, Delphi chairman, CEO and president, said in a written statement.
Firms sell Huntsman holdings
Three bondholders who tried to force Huntsman Polymers Corp. into bankruptcy in late February have sold their share of Huntsman debt to Credit Suisse First Boston, an investment bank that holds almost 75 percent of the debt.
Costa Brava Partnership III L.P., Iggy L.L.C. and Western Financial Co.-who together had about $1.6 million of Huntsman Polymers' $174 million in debt-reached a deal with CSFB in late February. CSFB now holds $127 million of the debt.
The three firms apparently tried to force Huntsman Polymers into involuntary bankruptcy after Huntsman missed a debt payment in December.
Parker, Taiyo form alliance
Parker Hannifin Corp. has formed a global strategic alliance with Osaka, Japan-based Taiyo Ltd., a deal by which Parker will make a 40-percent equity investment in Taiyo.
The partnership, expected to be completed soon, presents growth opportunities for both companies in automation markets, including: shared technology development; expanded global marketing and distribution; and leveraged operating capabilities to serve the industrial markets in Japan, Southeast Asia, Europe and the Americas, the companies said.
Dow cuts polyol production
Dow Chemical Co. said it will cease operations at polyol facilities in Zwijndrecht, Belgium, and Durban, South Africa.
The plants have a combined annual capacity of 60,000 metric tons, operate under contract for Dow, and are scheduled to close by year-end, a company spokesman said. The Durban factory is Dow's only polyurethane unit in Africa.