ExxonMobil plans expansion
ExxonMobil Chemical Co. has launched plans for a second world-scale steam cracker complex in Singapore that will include a 300,000 metric-tons-per-year specialty elastomers unit.
The project start-up is scheduled for early 2011.
The company said the steam cracker will be integrated with Exxon's existing Singapore site, providing feedstock, operating and investment synergies with the chemical plant and refinery. The firm also plans to build a 220-megawatt power cogeneration unit.
Cooper-Standard completes purchase
Cooper-Standard Automotive Inc. said it has completed its acquisition of the Metzeler Automotive Profile Systems sealing systems operations in five countries for about $137 million.
The previously announced deal gives the company eight factories in Europe-in Germany, Italy, Poland and Belgium-and an interest in a joint venture in China.
Cooper-Standard said its principal shareholders, Goldman Sachs Capital Partners and Cypress Group, invested a total of $30 million of new equity in Cooper-Standard as part of the financing of the acquisition.
Daetwyler evaluating Mexican plant
Daetwyler Group, parent of Daetwyler Rubber & Plastics Inc., is considering opening a plant in Mexico to support its goal of expanding rubber-related activities in North America.
Daetwyler didn't elaborate on its plans for Mexico, disclosed in the firm's first-half earnings statement.
In North America, Daetwyler serves the automotive industry through Daetwyler Rubber & Plastics in Marion, S.C., and the pharmaceutical packaging industry through Helvoet Pharma Inc. in Pennsauken, N.J.
S&P report predicts tire price cuts
The world's tire makers may cut prices as raw material costs decline in an attempt to win market share, a new report from Standard & Poor's equity rating service concludes.
The report, ``Peer Comparison: Global Tire Makers May Face Pressure When Raw-Material Prices Decline,'' suggests that falling raw materials costs may lead to poor price discipline and result in lower profitability by the tire makers.
S&P said tire makers achieved improved margins despite higher material costs in the five years preceding 2006 because of rational pricing behavior.
Industry pros sought for surveys
The Institute for Supply Management has an opening for rubber and plastics professionals in purchasing and supply management to participate in its monthly Report on Business survey by joining ISM's Business Survey Committee.
Committee members from both the manufacturing and nonmanufacturing sectors are asked to assess their firm's performance based on a comparison of the month to the previous month by completing a brief survey. For more information, go to www.ism.ws/ISMReport/ROBSurvey.cf?navItemNumber=12952.
United Steelworkers back Edwards
The United Steelworkers International Executive Board has voted unanimously to endorse former North Carolina Sen. John Edwards as the Democratic nominee for president in 2008.
The USW cited Edwards' advocacy of causes supported by unions-such as universal health care, worker-friendly trade policies and the right of workers to organize-as well as polls it said show that Edwards stands the best chance to be elected of the announced Democratic candidates.
Infrared opens consulting unit
K. Irani has formed Infrared Technologies Inc., offering consulting services to industries where temperature is a critical factor in the manufacturing process, such as the rubber industry.
The firm also assists in selecting the correct instruments to achieve precise temperature measurements.