China: The Dongying Economic and Technological Development Zone of Shandong Province has announced the acceptance of an exciting new project by Dongying Yi Rui Zengnew Material Technology Co. LTD. The project involves the development of electronic grade Epoxy resin and special resin new materials, with a capacity of 200,000 tons per year. Dongying Liancheng Chemical Co. Ltd. invested and established Dongying Yiruzeng New Material Technology Co. Ltd. on April 27, 2021. The company is dedicated to research and development of new material technology, metal functional material sales, and synthetic material manufacturing. This new project marks a significant milestone in their efforts to expand and enhance their business. Dongying Yiruizheng New Material Technology Co., Ltd. is taking steps to ramp up the production of Epoxy resin in the country and cater to the growing demand in the market. The company plans to invest 716.84 million yuan for this purpose. It will utilize liquid alkali sou...

ET Now In a chat with ET Now, Deepak Asher, Gujarat Fluorochemicals, says the company is largely exiting wind business as it is selling about 240 MW of the 260 MW company to JP Morgan-backed Leap Green. Edited Excerpts: You have decided to sell the wind farm business or the subsidiary Inox Renewables, this means you are going to focus on the core business, can you just confirm what is the sale consideration? That is not in the public domain and because of confidentiality reasons, we cannot disclose that but I can confirm that Inox Renewables which was a 100 per cent subsidiary of Gujarat Fluorochemicals operated about nine different wind projects in four different states with an aggregate capacity of about 260 MW and we have sold about 240 megawatts of this to JP Morgan backed Leap Green, subject to certain conditions pitched in which are expected to be completed over the next three to four months time’. The deal value estimated is around Rs 1300 crore. Is that a fair number ...

Olin Corporation announced financial results for the third quarter ended September 30, 2023. Third quarter 2023 reported net income was $104.1 million, or $0.82 per diluted share, which compares to third quarter 2022 reported net income of $315.2 million, or $2.18 per diluted share. Third quarter 2023 adjusted EBITDA of $314.8 million excludes depreciation and amortization expense of $131.0 million and restructuring charges of $11.9 million. Third quarter 2022 adjusted EBITDA was $547.8 million. Sales in the third quarter 2023 were $1,671.4 million, compared to $2,321.7 million in the third quarter 2022. Scott Sutton, Chairman, President, and Chief Executive Officer, said, “Despite the contracting demand environment over the last six quarters, Olin’s team continues to prove our model’s resilience and the ability to deliver higher trough level adjusted EBITDA and corresponding cash flows than the previous cycles’ peak results. We continue to prioritize share rep...