Ferro Announces New Investment in Dibenzoates Manufacturing Capacity
CLEVELAND - Ferro Corporation (NYSE: FOE) (the “Company”) today announced that it will add significantly to its plasticizer product offerings by installing new dibenzoates production capability at its operations in Antwerp, Belgium. The Antwerp project is designed to provide annual production capacity of 28,000 metric tons of dibenzoates, a non-phthalate, fast-fusing plasticizer. Production at the facility is expected to begin in the second half of 2014.
The Company expects to significantly strengthen its market position through this project, offering high-performance plasticizers for a broad range of markets and applications to customers preferring a non-phthalate solution. Ferro maintains one of the most comprehensive plasticizer application laboratories in Europe at its Mont-Saint-Guibert, Belgium, facility. The project will leverage these laboratory capabilities, allowing customers from across the continent to optimize their products using Ferro’s additives.
Ferro further announced that this project includes installation of technologies to produce benzoic acid, which will allow Ferro to be fully backward-integrated into this key raw material at the Antwerp facility. The dibenzoate product offerings will complement Ferro’s existing Santicizer® family of benzyl phthalate plasticizers, which Ferro will continue to provide to the market.
Commenting on the project, Peter Thomas, Ferro’s President and Chief Executive Officer, said, “We continue to vigorously execute on our strategy to create value for Ferro shareholders by divesting non-core assets, reducing costs, and pursuing high-return growth investments. This opportunity illustrates our commitment to invest in growth projects and expand into adjacencies that we believe will drive higher levels of cash flow and value for our shareholders. We are pleased with the opportunity that this project represents for our customers and the Company. This is an important enhancement to our core technology capabilities and advances Ferro’s participation in attractive markets requiring eco-friendly materials solutions.”
Categories
Investments
2013-01-01
€ 16 mln at Port Of Antwerp (BE) Investment detailsCountries
Companies
Latest news
BASF, SABIC, and Linde celebrate the start-up of the world's first large-scale electrically heated steam cracking furnace at Ludwigshafen demoplant, Germany
BASF SE, Ludwigshafen →Demonstration plant with 6 megawatts input of renewable electrical energy to test material behavior and process on an industrial scale. Joint development and construction of electric steam cracking...
Topsoe to supply technology for Cepsa's 2G biofuels plant in Palos de la Frontera, Spain
Cepsa and Bio-Oils’ new plant will begin production in 2026 and is expected to produce 500,000 tons of Sustainable Aviation Fuel (SAF) and renewable diesel annually. Topsoe will deliver its HydroFl...
BASF has successfully started operating its prototype metal refinery for battery recycling in Schwarzheide, Germany
Innovative technology extracts lithium, nickel, cobalt, manganese and copper from end-of-life lithium-ion batteries and battery production scrap. Plant represents further milestone in building Euro...
Mol inaugurates the largest green hydrogen plant of the region at the Danube Refinery in Százhalombatta, Hungary
MOL produces 1600 tonnes of green hydrogen per year using electricity from renewable sources. The plant will reduce carbon dioxide emissions of the Danube Refinery by 25 000 tonnes. With the introd...