Bayer won't do IPO with Lanxess
Bayer A.G. has decided to spin off its Lanxess GmbH subsidiary to its own shareholders rather than via an initial public offering, its other stated option for the rubber, chemicals and plastics unit.
The spin-off, which will see Lanxess listed separately on the Frankfurt stock exchange at the start of 2005, is subject to approval at a stockholders' meeting in mid-November, Bayer said.
The current stock market climate dictates a spin-off to Bayer stockholders is the best route to a listing for Lanxess, said Bayer CEO Werner Wenning. This approach will allow the present owners of Bayer's assets to automatically remain the owners of the assets being transferred to Lanxess.
The Lanxess business-which generates annual sales of $6.5 billion-has been operating independently since July 1.
Koch subsidiaries buy fibers unit
Subsidiaries of Koch Industries Inc. have purchased DuPont Textiles & Interiors from DuPont for $4.2 billion and merged it with subsidiary Arteva Specialties S.a.r.l., which does business as KoSa.
The name of the combined business will be Invista S.a.r.l., according to Koch. The deal includes the assumption of debt and certain joint venture and equity interests.
Invista will combine the strengths-nylon, polyester, spandex and resins-of the two companies to position it to compete successfully in the global resins and fibers markets, Invista CEO Jeff Walker said.
Vanderbilt to rep for German firm
R.T. Vanderbilt Co. Inc. has been selected as the exclusive North American distributor of additives produced by Germany's DOG Deutsche Oelfabrik Gesellschaft fÃ¼r chemische Erzeugnisse mbH & Co. K.G.
The products, which Vanderbilt will handle in the U.S., Canada and Mexico, include accelerator blends, vulcanized vegetable oil grades, a TESPT silane preparation and a vulcanization stabilizer designed primarily for EPDM compounds.
Noveon to hike Estane TPU prices
Noveon Inc. will increase prices of all Estane thermoplastic polyurethanes by 5 to 10 percent, depending on product grades, effective Aug. 15 or as contracts allow.
The Cleveland-based producer of specialty chemicals, purchased by Lubrizol Corp. in June, will boost prices on its Estane, Estaloc and EstaGrip TPUs, a spokeswoman said.
The price hikes are being put in place to help offset rising raw material costs, she said.
Titan sells notes from offering
Tire and wheel maker Titan International Inc. has sold 5.25-percent convertible senior unsecured notes due 2009 in an offering for $100 million principal amount.
The placement of the notes was expected to close on or about July 26. The initial purchasers have an option to purchase up to an additional $15 million principal amount of the notes. The net proceeds from this offering will be applied to the outstanding principal amount of the company's 8.75-percent senior subordinated notes due in 2007.
The notes are convertible at any time into shares of Titan's common stock at an initial conversion rate of 74.0741 shares per $1,000 principal amount of notes.
DuPont Dow Elastomers L.L.C.'s Viton fluoroelastomers have won ISO/TS 16949:2002 certification....BASF A.G. has been licensed by Bayer A.G. to produce polyether polyols using Bayer's Impact technology....The ACS Rubber Division is offering its technology courses online....Dutch company Beele Engineering has created a Web site for its Actifoam fire-resistant and thermally insulating foam rubber, www.actifoam.com.... Bridgestone Corp. and its Bridgestone/Firestone subsidiary in the U.S. will supply Potenza RE92 performance tires for the 2005 Subaru Legacy and Outback vehicles.