ATLANTA (Aug. 16, 6 p.m. EDT) — European polyolefins giant Borealis A/S plans to join Omnexus, an online trading site for injection and blow molders, as a supplier.
Borealis, based in Lyngby, Denmark, will provide polyolefin materials for the independent, Web-based trading site that plans to launch in North America this fall and in Europe and Asia in 2001.
Borealis, one of the world´s largest producers of polyolefins, also plans to acquire an equity stake in Omnexus, according to a news release.
Omnexus was formed in April by five resin companies: BASF AG, Bayer AG, Dow Chemical Co., DuPont and Ticona/Celanese AG. The founding members invested $50 million to set up an independent exchange to trade resin, equipment and other products.
In June, Solvay Engineered Polymers and M.A. Hanna Co. announced plans to join the group as "leadership suppliers." Both will provide materials and take an ownership share in the company.
Omnexus will continue to consider companies as partners, said Ursula Hess, Omnexus vice president of supplier relations.
"Our vision for Omnexus is to offer the plastics injection molding industry a full line of resins and virtually everything else it may require," she said.
Andersen Consulting has been hired to help launch the company until permanent management is named. The new company will be based in Atlanta.