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Plastics News

DuPont plant will see upgrades, new hires
Victoria Advocate (Texas)...May 7, 2008 Wednesday
May 7--A $15 million infusion to Victoria's DuPont polymers plant will bring about 10 new employees and production improvements dur ing the next three years, officials announced Tuesday.

PLASTIC MANUFACTURER; CLOSES WILLOW AVE. PLANT
Pittsburgh Post-Gazette (Pennsylvania)...May 8, 2008 Thursday
Oak Engineered Products Inc., the plastic manufacturer that set up shop two years ago in the former Stylette plant on Willow Avenue in Oakdale, has closed its doors. The company has outsourced production of its shelving, tool organizers and other consumer items to regional plastic molders in Erie and Franklin, company President Rick Martz said.

GM plants to provide plastic alternative
ABC Premium News (Australia)...April 29, 2008 Tuesday 3:42 PM AEST
Researchers at the CSIRO are using oil from plants to make plastics, paints and cosmetics. The team at the CSIRO's Plant Industry division has genetically engineered a plant to produce an unusual fatty acid that is typically sourced from petrochemicals. The scientists have been presenting their research at a Biotechnology Conference in Chicago today.

PolyOne Names Robert M. Patterson Senior Vice President and Chief Financial Officer
PR Newswire...May 6, 2008 Tuesday 10:20 PM GMT
CLEVELAND, May 6 /PRNewswire-FirstCall/ -- PolyOne Corporation(NYSE:POL)announced today that Robert M. Patterson has been named senior vice president and chief financial officer, effective May 12, 2008. Patterson will succeed W. David Wilson, who has served as chief financial officer since PolyOne's inception in 2000. Wilson plans to retire from PolyOne later this year upon completing the transition of the Company's financial function leadership. During this transition, he will serve as senior vice president and continue to report directly to Stephen D. Newlin, chairman, president and chief executive officer.

DuPont to expand ethylene copolymer facilities worldwide
MarketWatch...May 6, 2008 Tuesday 10:15 AM EST
SAN FRANCISCO (MarketWatch) -- DuPont (DD) said Tuesday it is investing about $150 million to expand and upgrade specialty ethylene copolymer manufacturing facilities in Europe, the United States and Asia to meet strong demand. The expansion is expected to boost capacity by 200 million pounds overall, DuPont said. An ethlyene vinyl acetate copolymer plant the company is building near Beijing, China, in a joint venture with Sinopec, is also expected to begin operations in 2009, the chemical company said. ©1997-2002 MarketWatch.com, Inc. All rights reserved. See details at http://custom.marketwatch.com/custom/docs/useragreement.asp.

LyondellBasell to Stop Producing Polypropylene at its Morris, Illinois Plant
PR Newswire...May 5, 2008 Monday 8:07 PM GMT
ROTTERDAM, Netherlands, May 5 /PRNewswire/ -- LyondellBasell Industries announced today that it will stop producing polypropylene at its Morris, Ill. plant in the fourth quarter of 2008. Production will be shifted to other sites. Polyethylene production at the site will not be affected.

Sale of Victor Plastics to River Bend complete
The Gazette (Cedar Rapids, Iowa)...April 24, 2008 Thursday
Apr. 24--River Bend Industries has completed its acquisition of bankrupt Victor Plastics Inc. in a deal expected to save about 300 jobs in North Liberty and Victor.

Regulation of chemical in plastics probed
UPI...April 27, 2008 Sunday 9:51 AM EST
U.S. congressional Democrats said they are investigating the regulation of a potentially hazardous chemical compound used in baby bottles and other plastics.

Eastman Announces First-Quarter 2008 Financial Results
Business Wire...April 24, 2008 Thursday 9:18 PM GMT
Eastman Chemical Company (NYSE:EMN) today announced earnings from continuing operations of $1.46 per diluted share for first quarter 2008 versus $1.10 per diluted share for first quarter 2007. Excluding the items described in the following paragraph, first-quarter 2008 earnings from continuing operations were $1.48 per diluted share, while first-quarter 2007 earnings from continuing operations were $1.19 per diluted share. For reconciliations to reported company and segment earnings, see Tables 3, 5 and 6 in the accompanying first-quarter 2008 financial tables. For discussion of discontinued operations, see "Discontinued Operations" paragraph in this release. Included in the results for first quarter 2008 were asset impairments and restructuring charges of $17 million ($12 million after tax), primarily severance and pension charges from the decision to close a previously impaired site in the United Kingdom, accelerated depreciation costs of $2 million ($1 million after tax), and net deferred tax benefits of $11 million. First- quarter 2007 results included accelerated depreciation costs of $14 million ($9 million after tax).

Plastic Omnium Enjoys Higher Quarterly Sales but Warns of Fall in Profits
Global Insight...April 25, 2008
Plastic Omnium has reported that its first-quarter sales rose 14.3% to 706.5 million euro, a 9.6% rise on a like-for-like basis including constant currencies. The plastics supplier said the quarter's sales were boosted by demand from Asia and South America. However, the French supplier warned of a significant drop in first-half net profit due to rising raw material prices and a weak dollar, "the net result will be significantly lower in the first half," the company said. Nevertheless, Plastic Omnium maintained its 2008 profit margin forecast.

Myers Industries Declares Quarterly Dividend
Business Wire...April 24, 2008 Thursday 10:18 PM GMT
The Board of Directors of Myers Industries, Inc. (NYSE: MYE) today declared a regular quarterly dividend of $0.06 per share payable July 3, 2008, to shareholders of record as of June 5, 2008. Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire, wheel, and undervehicle service industry in the U.S. Visitwww.myersind.comto learn more.

SABIC Innovative Plastics to Make its Full Year 2007 Results Available
Business Wire...April 24, 2008 Thursday 9:15 PM GMT
SABIC Innovative Plastics plans to make its full year 2007 results available on or before April 29, 2008 to holders of its 9.5% senior notes due in 2013. The company will host a call with these investors to review full year financial results at 9:00 a.m. EST on May 6, 2008.

China to sustain engineering plastics growth - BASF
Chemical News & Intelligence...April 16, 2008 Wednesday
SHANGHAI (ICIS news)--BASF is confident that China will continue to be a growing market for engineering plastics, Hermann Althoff, Asia-Pacific vice president of [1]BASF Engineering Plastics, said on Wednesday.

Pactiv Posts 19 Percent Sales Increasein First Quarter
Business Wire...April 23, 2008 Wednesday 8:48 PM GMT
For the quarter ended March 31, 2008, Pactiv Corporation (NYSE: PTV) today announced that income from continuing operations was $35 million, or $0.26 per share, compared with $57 million, or $0.43 per share, in 2007. Excluding a charge of $0.07 per share related to the restructuring program announced in January, first quarter 2008 earnings per share were $0.33. Sales of $808 million increased 19 percent from $677 million, largely reflecting inclusion of sales of Prairie Packaging, which was acquired in June 2007. "First quarter volume growth, which was primarily driven by our cups and cutlery acquisition, also included growth in most Consumer product lines. Foodservice volume excluding Prairie Packaging acquisition sales was down versus last year due to sluggish market conditions in the restaurant and foodservice industries," said Richard L. Wambold, Pactiv's chairman and chief executive officer.

Americhem Appoints New Vice President, International
PR Newswire...April 22, 2008 Tuesday 2:00 PM GMT
CUYAHOGA FALLS, Ohio, April 22 /PRNewswire/ -- Americhem Inc., a global provider of custom color and additive solutions for polymer-based products, is pleased to announce the promotion of Clay Wedan to the position of Vice President, International. As a part of this transition, he will also join the company's Executive Committee.

Bisphenol A expected to be designated dangerous substance Friday
CBC News...April 18, 2008 Friday 7:18 AM GMT
The federal government is expected to designate bisphenol A as a dangerous chemical on Friday, a day after a string of major retailers pulled plastic products containing the substance off their shelves.

Alcan Composites opens new Chinese conversion centre
PR Newswire...April 18, 2008 Friday 4:08 AM GMT
PARIS, April 18 /PRNewswire/ -- Rio Tinto Alcan is pleased to announce that Alcan Composites, a division of Alcan Engineered Products, has officially inaugurated its new Core Materials conversion centre in Shanghai, China at a ceremony attended by local officials, industrial association representatives, customers and management. The investment, announced in June 2007, is a clear demonstration of Alcan Engineered Products' growth strategy in action in the fast-developing Asia Pacific market. "China and the Asia Pacific markets are of strategic importance not only for the Composites business but also for the Engineered Products unit. The combination of local sales and technical service capabilities along with our own manufacturing plants will allow us to grow even faster in the region," said Georg Reif, president, Alcan Composites.

MCC launches compound plastic plant in Foshan
Xinhua Economic News Service...April 16, 2008 Wednesday 8:10 PM EST
GUANGZHOU, April 16 (Xinhua) ? Mitsubishi Engineering Plastics Co. , a subsidiary of Mitsubishi Chemical Corporation (MCC), put its Foshan Mingbao compound plastic project in Sanshui of Guangdong Province, south China, into production recently.

SABIC further strengthens leadership in China
MENA English (Middle East and North Africa Financial Network)...April 17, 2008 Thursday
(MENAFN Press) Saudi Basic Industries Corporation (SABIC) is further strengthening its leadership position in China, the world's most important and fastest growing polymers market. SABIC is the largest exhibitor at Chinaplas, the most important plastics trade show in Asia. "We have increased SABIC's presence at Chinaplas this year, and we are pleased to introduce SABIC Innovative Plastics to the show for the first time", said Mr. Mohamed Al-Mady, SABIC Vice Chairman and CEO.

Foamex Names David J. Lyon to Board of Directors
Business Wire...April 15, 2008 Tuesday 1:18 PM GMT
Foamex International Inc. (OTC: FMXL), a leading manufacturer of flexible polyurethane and advanced polymer foam products, today announced that David J. Lyon has been named to the Company's Board of Directors.

Sheffield Plastics' relocation temptation
The Berkshire Eagle (Pittsfield, Massachusetts)...April 15, 2008 Tuesday
SHEFFIELD -- Sheffield Plastics, an anchor of Sheffield's industrial life for 59 years, is outgrowing its two plants on Salisbury Road and Silver Street because demand for durable plastic materials is on the rise. But the good news about growth has brought a current of worry to the company's 175 employees and town residents, as they await word this week from state and local officials on an incentive package they hope will trump the carrots being dangled in Ohio: In Ohio, where the company already has two facilities, Sheffield Plastics could save mightily on energy costs. For its two Sheffield plants and a smaller one outside Hartford, Conn., the company paid $5 million last year -- 15 cents per kilowatt hour -- for electricity. In Ohio, a kilowatt hour costs 4 cents.

Cereplast Opens European Headquarters; Jerome Raphanaud Appointed Senior Vice President Europe to Head European Market Development
Business Wire...April 14, 2008 Monday 1:00 PM GMT
Cereplast, Inc., manufacturer of proprietary bio- based, sustainable plastics, officially opened its European headquarters in France today to capitalize on the growing demand for sustainable plastics throughout Europe. Cereplast's European operations will be headed by Jerome Raphanaud, who joins the company as senior vice president, Europe.

ASHLAND DISTRIBUTION EXPANDS CHINA MARKET PRESENCE
Asia Pulse...April 14, 2008 Monday 9:42 AM EST
In support of its geographic expansion strategy, Ashland Distribution, a division of Ashland Inc. (NYSE: ASH), has increased its logistics capabilities to better serve the growing China market.

KERTIH PLASTICS PARK GETS RM50 MLN INVESTMENT
Malaysia Economic News...April 10, 2008 Thursday
Hi Essence Cable Sdn Bhd plans to invest up to RM50 million to set up a plastic cable plant in the country's first plastic park located in Kertih, Terengganu.

DuPont raises first-quarter profit outlook
MarketWatch...April 10, 2008 Thursday 6:14 AM EST
WASHINGTON (MarketWatch) -- E.I. du Pont de Nemours & Co. (dd) said it's revising higher its first-quarter profit outlook. The Wilmington, Del.-based chemicals giant and Dow Jones Industrial Average component now sees a profit of $1.29 a share, up from a prior range pegged at $1.14 to $1.19 a share. The mean estimate of analysts surveyed by FactSet Research has been for DuPont to earn $1.17 a share for the March quarter. DuPont cited strength in its agriculture businesses as well as rapid growth in emerging markets as factors behind the upward revision. But for the second quarter, the company sees a profit of $1.05 a share, less than the FactSet-derived mean forecast of $1.12 a share. DuPont also raised the lower end of its full-year earnings outlook by 5 cents a share, to a range of $3.40 to $3.55 a share; analysts' average view stands at $3.45 a share.

PolyOne Corporation announces pricing of debt issuance
M2 EquityBites...April 9, 2008 Wednesday
PolyOne Corporation (NYSE:POL), a provider of specialised polymer materials, services and solutions, said on 8 April that the company has executed an agreement for the sale of USD80m of its 8.875% senior notes due 2012, to certain institutional investors, at a price equal to 99.75% of their principal amount. The transaction, subject to customary closing conditions, is expected to close on 10 April 2008. The net proceeds from the offering will be used to reduce a portion of the amount of receivables sold under its receivables sale facility.

PolyOne Prices $80 Million Debt Issuance
PR Newswire...April 8, 2008 Tuesday 12:53 PM GMT
CLEVELAND, April 8, 2008 /PRNewswire-FirstCall/ -- PolyOne Corporation(NYSE:POL), announced today that it has agreed to sell $80 million of its 8.875% senior notes due 2012 to certain institutional investors in an offering exempt from the registration requirements of the Securities Act of 1933 at a price equal to 99.75% of their principal amount. The transaction is expected to close on April 10, 2008, subject to customary closing conditions.

Westlake Chemical Files $750 Million Mixed Shelf
FinancialWire...April 13, 2008 Sunday


Sumitomo Cuts Earnings and Sales Forecasts; Adds PP Compounds in Asia, Mideast
Chemical Week...April 7, 2008
Sumitomo Chemical has revised its net profits projection for the fiscal year ended March 31, 2008 from Y 85 billion ($ 852 million), to Y 65 billion. The company also revised its operating profits forecast for the same period from Y 120 billion, to Y 100 billion and its sales forecast from Y 1.94 trillion, to Y 1.91 trillion. The reduction in Sumitomo's operating profits forecast reflects "the higher costs of naphtha and other feedstocks that continued to rise as well as the steeply rising value of the yen, which have had a negative impact mainly on our petrochemicals and plastics, and basic chemicals segments," Sumitomo says. The company also says that "losses on foreign currency exchange and other factors have led to decreases in net income."

INDIA'S TIME TECHNOPLAST BUYOUT OF BAHRAIN-BASED COMPANY SEALED
Asia Pulse...April 8, 2008 Tuesday 6:05 PM EST
Indian Polymer products maker Time Technoplast Ltd (BSE:532856), on Monday said it has completed the acquisition of Bahrain-based Gulf Power Beat WLL through its subsidiary NED Energy Ltd, Hyderabad.

Americhem Expands Manufacturing Operations and Value-Added Services to Benefit Clients
PR Newswire...April 7, 2008 Monday 5:04 PM GMT
CUYAHOGA FALLS, Ohio, April 7, 2008 /PRNewswire/ -- Americhem, a leading provider of technology solutions to manufacturers of polymer-based products, enters 2008 with an evolved brand image and newly remodeled headquarters, featuring a state-of-the-art Research & Development facility. But that's just the beginning -- the company is increasing service offerings and expanding manufacturing capacity at its global locations. Americhem's network of manufacturing facilities is located throughout North America, in addition to Manchester, UK and Suzhou, China. This allows the company to offer outstanding localized service throughout the world, even for multi-national companies. Americhem's focus on color and additive solutions for select industries leads to an intimate understanding of client needs.
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