CHICAGO — Hoechst AG has renamed its Hoechst Technical Polymers unit Ticona. Several new, independent companies have been created in Hoechst's move from an operating business to a holding company, Ticona President Bernd Sassenrath said at a June 17 news conference during NPE in Chicago.
Ticona, based in Summit, N.J., did not exhibit at NPE.
Hoechst AG owns 100 percent stock in each of the new companies.
The Technical Polymers Division posted sales of $2.3 million last year, including 39 percent in the Americas.
Ticona, bolstered by a joint venture with Japan's Polyplastics, claims to control 11 percent of the global market for high-performance resins.
Ticona's product line includes Celcon, Hostaform and Duracon acetal copolymers, Celanex and Duranex polybutylene terephthalate polyesters, Impet PET and Celanese nylon 6 and 6/6 resins. The company claims to control the global acetal market with a 47 percent share.
Sassenrath said Hoechst's various divisions were separated to improve focus on various markets and to allow the flexibility to use alliances to meet growth objectives.
However, all such alliances and capital projects still require the approval of Hoechst's governing board.
``[Hoechst] won't interfere, but they also won't help unless we ask for help,'' Sassenrath said. ``If we don't do well, Hoechst will come to the company and say, `You guys need to turn this around.'
``In that sense, we're not different from the GEs and DuPonts and Bayers and BASFs of the world.''
Ticona also is a subsidiary of Hoechst Celanese Corp., a wholly owned Hoechst AG subsidiary based in Bridgewater, N.J.
The Ticona name is based on both Germany's Ticona region and Fort Ticonderoga, N.Y., where Hoechst and Celanese officials agreed to merge in 1961.