Millennium settles insurance claims
CINCINNATI — Millennium Petrochemicals Inc., a Cincinnati-based subsidiary of Millennium Chemicals Inc., announced a settlement with various insurance companies regarding the explosion and fire at its Morris, Ill., plant in 1989.
The settlement is for $83.6 million, of which $34.6 million was received as a partial payment in 1993. The balance, $49 million that will be received over the next two months, will generate a one-time, nonoperating gain of about $0.36 per share for Millennium Chemicals and will be recorded in the second quarter of 1997.
Hamilton Avtec Inc. moves to bigger digs
MISSISSAUGA, ONTARIO—Hamilton Avtec Inc. will relocate its head office, showroom and manufacturing operation to a 24,000-square-foot plant in Mississauga.
The facility will have 10,000 square feet more of manufacturing area, for a total of 19,000 square feet, and will cost $40,000.
Hamilton manufactures and supplies a range of fabrication equipment for plastics processors.
The company's telephone and fax numbers will remain the same.
New LDPE facility opens doors in China
CINCINNATI — Maoming Petrochemical Co. recently started up its 220.5 million-pound-per-year, high-pressure, tubular low density polyethylene plant in Maoming, China.
The plant is a hybrid design patterned after Millennium Petrochemicals Inc.'s tubular reactors in Port Arthur and La Porte, Texas. The unit is operating above design capacity, according to Millennium, which also licensed the LDPE tubular-reactor technology to Maoming.
Franklin Polymers Inc. of Broomall, Pa., announced that it will be the only North American company to distribute several new polymers made by Gharda Chemicals Ltd. of Bombay, India. Franklin Polymers will supply Gafone polyethersulfone and a new form of polyaryletherketone, which will be offered under the Gatone name.
Tarnell Co. of Providence, R.I., now provides strategic purchasing, consumption and credit data on 16,000 Canadian plastics processors. Available information covers such areas as credit history, payables performance, product and market focus, manufacturing operations and assets, material consumption, financial performance, business structure and key personnel.
Aristech Chemical Corp. of Pittsburgh, a subsidiary of Japan's Mitsubishi Corp., announced an alliance with Austrian polypropylene maker PCD Polymere Gesselschaft mbH, a subsidiary of OMV, in Linz, Austria. The agreement, which allows Aristech to manufacture PCD's specialty grades of PP and sell them in North America, also allows PCD to manufacture and sell Aristech products in Europe.
Astor Corp. of Raleigh, N.C., owned by Astor Holdings II Inc., intends to acquire the 50 percent joint venture interest in Rheochem Technologies Inc. that Astor does not already own. Rheochem, based in Columbia, Mo., manufactures a range of lubricant products used as additives in PVC compounding.