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Daily news and top headlines for manufacturing professionals

OPEC To Meet About Falling Crude Prices

November 14, 2008 5:02 am | by George Jahn, Associated Press Writer | News | Comments

Oil prices held steady Friday after OPEC announced it would meet this month to address crude prices that have fallen 60 percent in just four months.

Ashland Completes Hercules Acquisition

November 14, 2008 4:25 am | News | Comments

Chemicals maker Ashland Inc. has completed its $2.6 billion buyout of paint thickener and paper chemicals manufacturer Hercules Inc.

Dow Chemical Creates New Rohm And Haas Division

November 13, 2008 9:23 am | News | Comments

Company announced management team and structure for new division that will be formed after its $15.3 billion acquisition of Rohm and Haas closes.

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Romanian Companies Cut 800 Jobs

November 13, 2008 5:19 am | News | Comments

Companies in the chemical and fertilizer industry said Thursday they will lay off some 800 workers as their businesses feel the effects of the global economic crisis.

DuPont Sues Invista Over Resins

November 13, 2008 5:15 am | News | Comments

Chemical maker DuPont Co. says it has filed a lawsuit against Invista, claiming patent infringement and the misappropriation of trade secrets.

IEA: Development Delays Could Mean $200 Oil Prices

November 13, 2008 4:30 am | News | Comments

Delays in the development of new oil fields may spark a supply crunch and drive up oil prices above $200 per barrel, International Energy Agency's Executive Director warned.

Huntsman Gets Ready To Sue Banks

November 12, 2008 6:22 am | News | Comments

Company said Wednesday it has begun forming its case against Deutsche Bank and Credit Suisse after the banks declined to fund its sale to Hexion Specialty Chemicals.

Oil Dips Below $59 A Barrel

November 11, 2008 9:25 am | by John Porretto, AP Energy Writer | News | Comments

Oil prices hit a 20-month low Tuesday as Wall Street offered yet more evidence that consumers have gone into hiding.

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Mitsubishi Rayon Buys Lucite For $1.6 Billion

November 11, 2008 5:25 am | News | Comments

British chemicals producer agreed to a $1.6 billion cash takeover by Mitsubishi Rayon Co. Ltd., which would gain ownership of the Lucite and Perspex acrylic plastic brands.

Putin: Russia Wants Say In Oil Prices

November 10, 2008 12:00 pm | News | Comments

Prime Minister Vladimir Putin called for Russia, world's second largest oil exporter, to assume greater role in influencing oil prices, Russian news agencies reported.

OPEC Threatens Additional Oil Output Cuts

November 10, 2008 3:10 am | by Alfred de Montesquiou, Associated Press Writer | News | Comments

Organization of Petroleum Exporting Countries could further reduce oil output if moves last month to slash production do not bolster plummeting prices, says OPEC president.

Oil Falls Near $60 A Barrel

November 6, 2008 8:38 am | by John Porretto, AP Energy Writer | News | Comments

Crude oil prices neared $60 a barrel Thursday, the lowest point in about a year and a half, as a growing number of economic reports point to a long and painful recession.

IEA: Oil Prices To Hit $200 By 2030

November 6, 2008 7:50 am | News | Comments

International Energy Agency nearly doubled its forecast for the price of oil over the next twenty years, citing rising demand in the developing world as well as surging costs of production.

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Hercules Shareholders Approve Buyout

November 5, 2008 8:21 am | News | Comments

Shareholders in specialty chemicals maker Hercules Inc. voted to approve its $2.6 billion takeover by rival Ashland Inc.

Oil Chiefs Warn Prices Could Spike

November 3, 2008 7:30 am | by Adam Schreck, AP Business Writer | News | Comments

Oil executives and political leaders said Monday that the era of cheap energy is over, and warned of another price spike if investment in oil production is curtailed.

VeraSun Energy Files For Bankruptcy Protection

November 3, 2008 4:45 am | by Dirk Lammers, AP Energy Writer | News | Comments

Nation's second largest ethanol producer said it is seeking bankruptcy protection after skyrocketing corn costs and a deterioration in capital markets left the company short on cash.

Equistar Temporarily Closes Texas Plant

October 31, 2008 8:15 am | News | Comments

Chemical manufacturer is temporarily shutting down the olefin unit in La Porte, Texas, starting Friday as a result of declining demand for products that use plastic.

Iran To Cut Oil Production

October 31, 2008 6:21 am | News | Comments

Country's oil minister said Iran will cut its crude oil production by 199,000 barrels a day from November 1, in line with an OPEC decision last week to cut production.

ConocoPhillips: Gas Prices To Stabilize Around $3

October 30, 2008 6:32 am | by Dinesh Ramde, AP Business Writer | News | Comments

Gas prices are likely to stabilize around $3 per gallon, the head of the nation's third largest oil company predicted, after rising too much too fast over the summer.

Dow Chemical To Buy Rohm & Haas For $15.3B

October 29, 2008 7:50 am | News | Comments

Shareholders of specialty chemicals maker Rohm & Haas Co. approved a $15.3 billion buyout by Dow Chemical Co. on Wednesday.

Oil Execs Worried About Future Production

October 29, 2008 5:56 am | by Jane Wardell, AP Business Writer | News | Comments

CEOs of oil majors Total SA and TNK-BP warned oil prices could spike dramatically if companies let the financial crisis curb longer-term investment in production.

Report: FDA’s Claim BPA Chemical Is Safe Is Flawed

October 29, 2008 5:40 am | by Ricardo Alonso-Zaldivar, Associated Press Writer | News | Comments

Assurances that a controversial chemical, bisphenol A, is safe for use in food containers are badly flawed, an independent panel of scientific advisers concluded in a report Tuesday.

Banks Pull Out Of Hexion-Huntsman Deal

October 28, 2008 11:38 am | by Ernest Scheyder, AP Business Writer | News | Comments

Two banks that initially agreed to fund Hexion Specialty Chemicals' buyout of Huntsman Corp. have backed out of the $6.5 billion deal amid a worsening economic climate.

Celanese Raises Prices For Acetic Acid In Asia

October 28, 2008 9:15 am | News | Comments

Chemicals company said it was raising prices on all grades of acetic acid for customers in Asia, effective immediately.

OPEC: Falling Oil Prices Creates 'Crisis'

October 28, 2008 5:24 am | by Jane Wardell, Associated Press Writer | News | Comments

Oil producers warned low oil prices have created a crisis situation threatening key investment in production, pushing them to seek moderate price increases by cutting output.

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