Chexpress - April 3, 2012

North America

Plant Closure

Bremner Food Group will close its Poteau, Oklahoma plant, causing 230 people to lose their jobs. The plant will shut down on June 29. The plant produces snack foods, including crackers.

Ceramics Plant

PyraMax Ceramics LLC will invest $140 million in a new plant near Wrens, Georgia. It is anticipated that the plant could employ about 60 workers. The company supplies equipment to the gas and oil drilling industry. PyraMax Ceramics manufactures ceramic beads that are injected into the ground by companies drilling for oil and natural gas.

Investment

BASF has invested $2.7 million in FRX Polymers, a U.S.-based maker of non-halogen flame-retardant polymers. The investment was part of FRX’s $26.7 million fundraising exercise. FRX Polymers, based in Massachusetts, is currently operating three pilot plants – two in Chelmsford, Massachusetts, and another, larger facility in Antwerp, Switzerland.

World

Nuclear Plant

Lithuania and Hitachi have signed a concession agreement for the construction of a nuclear power plant in the Baltic state. Lithuania’s Energy Ministry says the agreement lays the groundwork for a formal, legally-binding contract to build the plant, which could be completed by 2020. Lithuania wants this plant to replace a Soviet-era nuclear facility it closed in 2009 and reduce its dependency on natural gas supplies from Russia. Hitachi is likely to take an ownership stake in the plant, although the size is yet to be determined.

Steel Plant

An Indian environmental panel has suspended clearances for Posco to build a $12 billion steel plant in India. The decision potentially unravels one of the India’s largest-ever foreign direct investment projects. The National Green Tribunal said the clearances granted last year were based only on environmental information of the first phase of the project and not the entire project.

Operations Combining

Pentair is combining its operations with Tyco’s flow control businesses in an all-stock deal work about $4.53 billion. The two combined companies will retain the Pentair Inc. name. When the deal closes, Tyco shareholders will own about 52.5 percent of the combined company and Pentair shareholders will own about 47.5 percent. The combined company will be based in Switzerland, with U.S. offices in Minneapolis.