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Daily news and top headlines for manufacturing professionals

Cytec To Cut 600 Jobs Amid Restructuring

January 8, 2009 5:55 am | News | Comments

Layoffs, mostly in its specialty chemicals product lines, will eliminate about 10 percent of Cytec's headcount; the cost-cutting move is expected to save $85 million a year by the end of 2009.

Kuwait Certain It Won’t Pay Dow Chemical Penalty

January 8, 2009 5:40 am | News | Comments

Government of this small oil-rich state is confident it will not have to pay a $2.5 billion penalty for withdrawing from a $17.4 billion joint-venture with U.S. giant Dow Chemical Co.

Judge OKs LyondellBasell Loans

January 8, 2009 5:27 am | News | Comments

New York judge gave LyondellBasell Industries approval to borrow over $2 billion after a subsidiary filed for Chapter 11 bankruptcy protection earlier this week.


LyondellBasell Units File For Bankruptcy Protection

January 7, 2009 4:15 am | by David Koenig, AP Business Writer | News | Comments

U.S. arm and other affiliates of chemical giant LyondellBasell Industries have filed for bankruptcy as the recession continues to weaken demand for its products.

Dow-Kuwaiti Deal Headed For Legal Battle

January 6, 2009 10:35 am | by Ernest Scheyder, AP Energy Writer | News | Comments

Dow Chemical Co. said Tuesday it will pursue legal action against a state-owned Kuwaiti company that pulled out of a K-Dow Petrochemicals joint venture agreement last week.

Oil Prices Fall Below $38 A Barrel

December 31, 2008 4:26 am | by George Jahn, Associated Press Writer | News | Comments

Resurgent economic jitters sent oil prices below $38 a barrel, as investors focused on the global slowdown that has dragged crude markets down some 60 percent this year.

Hexion Pays Final $425 Million To Huntsman

December 30, 2008 5:16 am | News | Comments

Huntsman Corp. said Tuesday it received $425 million in payments from Hexion, the final installment of its $1 billion settlement for terminating an earlier buyout deal.

Dow Chemical May Seek Bargain For Rohm & Haas

December 30, 2008 4:55 am | by Ernest Scheyder, AP Energy Writer | News | Comments

Collapse of a joint venture with a Kuwait company may make Dow Chemical less willing to pay the $15.3 billion pricetag for Rohm & Haas it initially agreed to last summer.


Rohm & Haas: Dow Chemical Deal Still On

December 29, 2008 7:10 am | News | Comments

Specialty chemicals maker said its proposed acquisition is still in effect even though the Kuwaiti government has canceled a $17.4 billion joint venture with Dow Chemical.

Oil Prices Rise After Sharp Drop

December 19, 2008 5:23 am | by Pablo Gorondi, Associated Press Writer | News | Comments

Crude prices up slightly after a sharp decline overnight as investors weighed the impact of the global economic slowdown on demand against oil producers' decision to slash output.

Eastman, SK Chemicals Form Joint Venture

December 18, 2008 9:50 am | News | Comments

South Korea-based SK Chemicals and Eastman Chemical Co. are forming a joint venture to build a manufacturing plant that will produce a raw material used in cigarette filters.

Crude Prices Remain Low Despite OPEC Output Cut

December 18, 2008 9:40 am | by Mark Williams, AP Energy Writer | News | Comments

Oil prices hovered near 4½-year lows as persistent investor pessimism over global crude demand outweighed the news of OPEC's largest-ever production cut.

Russia Plays Down Closer Ties With OPEC

December 17, 2008 6:35 am | by Angela Charlton, Associated Press Writer | News | Comments

World’s No. 2 oil producer proved only a half-hearted helper to OPEC at a key meeting Wednesday aimed at boosting oil prices and distanced itself from talk of a union between the two.


Eastman Chemical To Cut Costs, Jobs

December 17, 2008 5:00 am | News | Comments

Chemical producer on Wednesday said it will slash costs by more than $100 million in 2009, mostly by cutting jobs, in response to the current economic turmoil.

Dow Chemical Delays Joint Venture HQ Decision

December 17, 2008 4:55 am | News | Comments

Petrochemical Industries, a Kuwaiti company, and Dow Chemical have delayed a decision on announcing a headquarters site for their joint petrochemicals venture until early next year.

Energy Agency: Oil Demand Slowing

December 17, 2008 4:47 am | News | Comments

U.S. oil consumption is expected to level off with virtually no growth between now and 2030 due to increases in energy efficiency and a rebound in oil prices, the government said.

OPEC Ready To Cut Oil Output

December 17, 2008 2:00 am | by George Jahn, Associated Press Writer | News | Comments

Saudi Arabia said Wednesday OPEC will slash a record 2 million barrels from its daily production as of Jan. 1, while Russia and other OPEC outsiders announced their own cutbacks.

OPEC Cuts 2009 Demand Projection

December 16, 2008 5:30 am | News | Comments

In its December Monthly Oil Report, OPEC said world oil demand was forecast to average 85.7 million barrels per day in 2009, down 150,000 barrels per day from 2008 levels.

Oil Nears $50 A Barrel On OPEC Output Cut Concerns

December 15, 2008 5:25 am | by Pablo Gorondi, Associated Press Writer | News | Comments

Prices rose sharply toward $50 a barrel Monday as investors anticipated OPEC will announce a large production cut at its meeting this week.

Hexion's $6.5 Billion Huntsman Takeover Canceled

December 15, 2008 4:43 am | by Matt Moore, AP Business Writer | News | Comments

Huntsman ended its $6.5 billion agreement to be taken over by Hexion Specialty Chemicals and agreed to a $1 billion legal settlement with Hexion's private equity owner.

Kuwait Says OPEC Ready To Cut Production

December 15, 2008 4:35 am | News | Comments

Oil minister for Kuwait says OPEC is ‘undoubtedly inclined’ to cut production in its upcoming meeting in Algeria to shore up oil prices.

Dutch DSM To Cut 1,000 Jobs

December 15, 2008 4:30 am | News | Comments

Chemicals maker said Monday it is cutting 5 percent of its work force to help it weather the global financial storm.

OPEC Wants Russia To Cut Production

December 14, 2008 7:10 pm | by Catrina Stewart, Associated Press Writer | News | Comments

As OPEC meets in Algeria this week, attention has turned to Russia and whether the world's second-largest energy producer has the willingness, or the ability, to help stop tumbling prices.

IEA Forecasts Drop In 2008 Global Oil Demand

December 11, 2008 4:43 am | News | Comments

International Energy Agency said global oil demand will shrink for the first time in a quarter-century as rich nations fall into recession and growth slows in the developing world.

Analyst Praises Dow Chemical Job Cuts

December 9, 2008 6:52 am | News | Comments

Dow Chemical's move to cut costs by reducing its workforce by 11 percent is a step in the right direction, an analyst said, but challenges still loom for the company.

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