February price increases for North American polyethylene and polystyrene resin are featured in this week’s Material Insights video. PE prices rose an average of 3 cents per pound for the month, as a 6-cent increase attempt was cut in half. Availability of ethylene feedstock was cited as a reason for the increase. In PS, prices for general-purpose resin jumped 5 cents with prices for high-impact material rising 7 cents. Both increases were impacted by higher prices for benzene feedstock, with higher butadiene feedstock prices adding another 2 cents to HIPS. Huntsman Gay Global Capital's purchase of compounding firm Citadel Plastic Holdings also is featured in this week’s video. Citadel has annual sales of about $300 million and was assembled through five acquisitions by Wind Point Capital. Huntsman Gay is a private equity firm co-founded by Plastics Hall of Famer Jon Huntsman. The video wraps up with news of a major $1.7 billion expansion from Formosa Plastics in Point Comfort, Texas. The project will include a new olefins cracker and a new plant with almost 700 million pounds of capacity for low density PE. Officials said newfound supplies of natural gas in North America influenced their decision to expand.
An explosion at La. olefins plant leaves 2 dead, 76 injured
June 17, 2013 1:17 pm ET
