AKRON, OHIO - Three manufacturers of phenolic resins have announced price increases, effective this month. Occidental Chemical Corp.'s Durez Division plans to boost prices for phenolic solid resins 2-5 cents per pound, and liquid resins 2-3 cents per pound. New prices on all grades are effective Nov. 4, the Dallas firm said.
Borden Chemicals and Plastics L.P. of Columbus, Ohio, announced increases of 2-5 cents per pound, depending on the grade, effective Nov. 1.
Meanwhile, Plastics Engineering Co. of Sheboygan, Wis., announced a Nov. 1 hike of 1-2 cents per pound.
The firms blamed the increases on upward movement in the costs of major raw materials, particularly phenol. Phenol producers increased prices 3 cents a pound in July, following a 2 cent hike in the second quarter, a phenolic resin supplier said.
SALT LAKE CITY - Huntsman Corp. announced Oct. 31 it agreed to buy Amoco Chemical Co.'s polystyrene business, which includes 330 million pounds of capacity to produce high-heat and general-purpose crystal PS and high-impact PS.
Salt Lake City-based Huntsman did not disclose the terms of the agreement. The deal is scheduled to close by the end of November. Huntsman said it has agreed to buy Amoco's PS manufacturing facilities at Joliet and Willow Springs, Ill. Those plants reported sales of $120 million in 1995. Their primary markets are packaging, consumer products and construction industries.
Without saying Huntsman is continuing to pursue polyolefins maker Rexene Corp. of Dallas, Huntsman spokesman Don Olsen said the imminent purchase does not change his company's position vis-a-vis Rexene.
``If Rexene were still in play with us, as far as we are concerned, we think both deals would go on independently of each other,'' Olsen said.
David Huntsman, vice president of Huntsman's polystyrene and expanded polystyrene business segments, said in a news release that the Amoco acquisition will increase Huntsman's U.S. PS production capacity to 1.5 billion pounds a year. SARASOTA, FLA. - Cast-cell acrylic manufacturer Polycast Technology Corp. will remain part of Uniroyal Technology Corp. after the parent company announced Oct. 28 it has terminated its agreement to sell the unit to a group of investors.
The agreement had been with an affiliate of Cortec Group Fund II. Terms were not disclosed.
Polycast, with one plant in Stamford, Conn., continues to provide cell-cast acrylic products to such companies as PPG's aircraft products division. Last June, PPG Industries Inc. and Uniroyal announced a three-year contract to make window replacements for Airbus Industrie, McDonnell Douglas Corp. and other aircraft manufacturers. John Ruch, a PPG spokesman in Pittsburgh, said Oct. 29 that the contract remains in effect.
A Uniroyal spokesman in Sarasota was unavailable to comment on why the deal was terminated.
TONAWANDA, N.Y. - A member of Churchill Technology Inc.'s board of directors resigned after being arrested three weeks ago for allegedly pushing the company's stocks.
Gamel Ashraf Marwan, 29, was one of 45 stock promoters, small company executives and brokers, arrested in an FBI nationwide crackdown on penny stock fraud. The alleged bribes, totaling more than $100,000, were offered unknowingly to FBI agents who had set up a securities firm as a front, the FBI said.
Bob Downie, president of Tonawanda-based Churchill, said Marwan acted as an independent agent in the matter.
``It remains to be seen if he broke the law,'' Downie said.
Marwan, who had once been a broker for Merrill Lynch & Co., owned 6.1 percent of Churchill's stock. He had been involved in Churchill's efforts to raise money for its operations, including a March agreement to issue up to 50 million shares of Churchill stock in a private placement.
By the end of June, those efforts produced $2.14 million in proceeds for Churchill from the sale of 40.2 million shares. Marwan resigned immediately following the initial report, Downie said.
Churchill is the parent firm of Novon International Inc., which produces specialty additives and resins that make biodegradable plastics.