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Daily news and top headlines for manufacturing professionals

Dow Closes $16.5 Billion Rohm & Haas Buyout

April 1, 2009 11:20 am | News | Comments

Deal will allow Dow to expand in the high-margin specialty chemicals market and move away from the commodities chemical market.

India's Exports Fall 21 Percent

April 1, 2009 5:06 am | by Erika Kinetz, AP Business Writer | News | Comments

Exports plunged 21.7 percent to $11.9 billion in February, the steepest annual fall in at least 16 years, while imports shrank 23.3 percent to $16.8 billion.

Euro Zone Inflation Falls To Record Low In March

March 31, 2009 4:59 am | by Aoife White, AP Business Writer | News | Comments

Inflation in the 16 nations that use the euro hit a record low, growing just 0.6 percent from a year ago as oil prices slumped, the EU statistics agency said.

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China Punishes 13 Officials For Contaminating River

March 30, 2009 5:00 am | News | Comments

One official received jail time and 12 others were either sacked or given administrative punishments after a chemical company heavily polluted a river with arsenic.

BASF To Cut Output Further

March 25, 2009 6:05 am | by George Frey, AP Business Writer | News | Comments

German chemical company said that because order levels remain weak it will further reduce production, which so far has been slashed by over 25 percent.

EPA Says Some Toxic Chemicals Increased In 2007

March 19, 2009 10:55 am | by Dina Cappiello, Associated Press Writer | News | Comments

Despite a 5 percent overall decline, the Environmental Protection Agency says more mercury, dioxin and polychlorinated biphenyls entered the environment.

Chemtura Files For Bankruptcy Protection

March 19, 2009 5:35 am | News | Comments

Specialty chemicals and its U.S. operations have filed voluntary petitions for Chapter 11 after a recent drop in order volumes led to a sharp decline in its liquidity and cash flow.

OPEC Scolds U.S. For Global Economic Mess

March 16, 2009 5:20 am | by George Jahn, Associated Press Writer | News | Comments

Outspoken comments came a day after oil ministers of OPEC’s 12-nation crude producers' club decided to maintain current production levels.

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OPEC Weighs Cutbacks Vs Hurting World Economy

March 13, 2009 7:45 am | by George Jahn, Associated Press Writer | News | Comments

Substantial output cut could cause prices to spike and increase OPEC revenues, but it could also prolong economic woes in the U.S. and other major oil consumers.

IEA Lowers 2009 Global Oil Demand Forecast

March 13, 2009 5:28 am | News | Comments

Global demand for oil is projected at 84.4 million barrels per day in 2009, down 1.5 percent from the previous year, the International Energy Agency said Friday.

PPG Industries To Cut 2,500 Jobs

March 13, 2009 5:20 am | News | Comments

Paints and coatings maker said it will slash 2,500 jobs and close more facilities as part of a new cost-cutting effort designed to save an additional $140 million a year.

BASF Sells Units To Win EU Approval On Ciba Deal

March 12, 2009 10:15 am | News | Comments

German chemicals giant is selling off several units to win European Union antitrust approval to buy Swiss rival Ciba Holding, the European Commission said Thursday.

Kuwait Says OPEC Plans To Cut Production

March 11, 2009 4:49 am | News | Comments

Senior Kuwaiti official says OPEC decision to cutback production 'is expected to be endorsed unanimously due to what is happening with prices.'

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Dow Moves Forward On Rohm & Haas Buyout

March 10, 2009 5:56 am | by Randall Chase and Ernest Scheyder, Associated Press Writers | News | Comments

Chemical giant has agreed to complete its disputed $15 billion buyout of Rohm & Haas, but the combined company will shed thousands of additional jobs and freeze salaries this year.

Eastman To Cut $100M In Labor, Payroll Costs

March 9, 2009 9:00 am | by Deborah Jian Lee, AP Business Writer | News | Comments

Chemical manufacturer said plans to reduce labor and payroll costs include cutting between 200 and 300 employees and reducing base pay for U.S. employees by 5 percent.

OPEC Says Oil Prices Unfair

March 9, 2009 5:57 am | News | Comments

Iraq's oil minister says crude oil prices are not 'profitable and fair' for oil producing countries and should be increased.

Rohm & Haas Highly Valued Among Chemical Makers

March 6, 2009 11:15 am | by Ernest Scheyder, AP Energy Writer | News | Comments

Whether Rohm & Haas is worth its price tag is up for debate, but few question that it has built itself into an elite company in an industry dominated by chemical giants.

China Punishes Officials For Water Contamination

March 4, 2009 4:03 am | News | Comments

Seven government officials in China have been punished after an industrial chemical leak contaminated an eastern city's tap water supply, the local government said.

China Shutting Chemical Plants In Polluted City

March 3, 2009 4:05 am | News | Comments

City in eastern China that had its tap water contaminated by an industrial chemical leak will shut down more than 30 chemical plants, state media reported.

United Arab Emirates To Cut Oil Supplies

February 26, 2009 4:05 am | by Tarek El-Tablawy, AP Business Writer | News | Comments

Abu Dhabi National Oil Company to cut as much as 17 percent of its output, the Emirates' news agency said, on top of previously announced reductions of 10-15 percent.

BASF Falls To 4Q Loss

February 26, 2009 3:56 am | by George Frey, AP Business Writer | News | Comments

German chemicals company lost $400 million for the October-December period, and posted a $3.7 billion loss for all of 2008.

OPEC Cuts Don't Impact Oil Prices

February 23, 2009 10:07 am | by Chris Kahn, AP Energy Writer | News | Comments

Oil prices tumbled below $40 a barrel Monday even though OPEC appears to have slashed more than 4 million barrels of crude from production each day.

Iraqi Oil Minister: More OPEC Cutbacks Possible

February 17, 2009 5:20 am | by Adam Schreck, AP Business Writer | News | Comments

In explaining the need for potential cutbacks, Iraq’s oil minister said that current prices don’t provide ‘sufficient incentives’ for investors to put money into new projects.

U.S. Wants Treaty On Mercury Reduction

February 17, 2009 4:37 am | by Tom Maliti, Associated Press Writer | News | Comments

Obama administration has reversed years of U.S. policy by calling for a treaty to cut mercury pollution, which it described as the world's gravest chemical problem.

Oil Falls Below $36 A Barrel

February 12, 2009 5:11 am | by Jake Neubacher, Associated Press Writer | News | Comments

Surging crude inventories and investor skepticism over the U.S. stimulus package dragged oil prices below $36 per barrel Thursday.

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