August 9, 2008 |
Billionaire investor Warren Buffett's Berkshire Hathaway Inc. on Friday posted its third consecutive profit decline because of slowing returns from insurance. Second-quarter net income decreased 7.6% to $2.88 billion, or $1,859 a share, from $3.12 billion, or $2,018, a year earlier, the Omaha-based company said. Excluding investment gains, profit was $1,465 a share, beating the $1,352 average estimate of analysts compiled by Bloomberg. Buffett has been seeking non-U.S.
February 2, 1999 |
Chemical manufacturing giant Rohm & Haas Co. has agreed to buy salt and chemical giant Morton International Inc. for $4.6 billion in cash and stock. The transaction would form the world's No. 2 maker of specialty chemicals with annual revenue of $6.5 billion. About 1,150 jobs will be cut after the companies combine, contributing to annual cost savings of about $200 million, said J. Lawrence Wilson, chief executive of Rohm & Haas. The two companies together employ about 23,000 people.
June 25, 2008 |
Shares of several chemical companies fell Tuesday after industry leader Dow Chemical Co. announced its second set of wide-ranging price hikes in less than a month, again trying to offset record costs for energy and raw materials. Midland, Mich.-based Dow said it would raise the prices of its products by as much as 25% in July after across-the-board price increases of as much as 20% on June 1.
December 29, 2008 |
Kuwait's government on Sunday scrapped a $17.4-billion joint venture with U.S. petrochemical giant Dow Chemical after criticism from lawmakers that could have led to a political crisis in this small, oil-rich state. The Cabinet, in a statement carried by the state-owned Kuwait News Agency, said the venture, known as K-Dow Petrochemicals, was "very risky" in light of the global financial crisis and low oil prices. The move came just days before the Jan. 1 start-up date for the joint venture.
July 11, 2008 |
Dow Chemical Co. has agreed to buy rival Rohm & Haas Co. for more than $15 billion in cash in a deal that Dow hopes will fuel its growth in a more lucrative wing of the chemical-making business. "The addition of Rohm & Haas' portfolio is game-changing for Dow," Chairman and Chief Executive Andrew Liveris said Thursday. The $78-a-share deal includes money from a Kuwaiti sovereign wealth fund and Warren Buffett's Berkshire Hathaway Inc.
January 27, 2012 |
Eastman Chemical Co., the biggest U.S. producer of chemicals from coal, agreed to buy Solutia Inc. for about $3.38 billion to expand in materials for tires and in films used to make windshields and iPads. Solutia's investors will receive $22 in cash and 0.12 of an Eastman share for each of their shares, the companies said Friday. Eastman, created when Eastman Kodak Co. spun off its film unit in 1994, said sales in the Asia-Pacific region will nearly double with its acquisition of St. Louis-based Solutia, the former chemical unit of Monsanto Co. The cash and stock deal also will boost profit margins and sales to the auto market, said Jim Rogers, Eastman's chief executive.
May 3, 2001 |
Rohm & Haas Co. will fire as many as 1,260 employees--including 100 in Orange County--to cut costs as the Philadelphia specialty chemicals maker tries to counter falling demand for its plastics and chemical products. The company, which makes paint additives and chemicals for electronics and also owns Morton Salt, said the job cuts will apply across its businesses and reduce its 18,000-employee work force by 7%.
April 28, 1992 |
Francis L. Dale, a former U.S. ambassador to the United Nations and publisher of the defunct Los Angeles Herald Examiner, has been elected to the board of directors of ICN Biomedicals Inc., a subsidiary of ICN Pharmaceuticals Inc. Dale's election is seen as another move by the ICN family of companies to bolster its international presence by selecting politically connected board members and officers. Dale fills a seat that had been held by former California Gov. Edmund G. (Jerry) Brown Jr.
March 22, 1985 |
Nearly two years ago, Rohm & Haas Co., one of the nation's largest chemical manufacturers, sent the Internal Revenue Service a $4,488,112.88 check for payroll taxes--and got into a $46,806.37 dispute over 10 cents. The IRS claimed that the check was a dime short and wanted to penalize the company for the late payment. It sent Rohm & Haas a penalty bill of $46,806.37. "Try and figure that one out," said Thomas Friel, manager of corporate taxes for the company. "How do you explain it?
December 17, 2008
In a neighborhood in McHenry, Ill., there are enough brain-cancer patients to fill a hospital ward -- 14 residents in a community of 1,000 developed brain tumors, compared with a national rate of seven in 100,000. The result, according to CBS News, is multiple lawsuits against chemical giant Rohm and Haas Co., whose McHenry plant dumped toxic chemicals on its property for 20 years, ending in 1979.