Hexion gets antitrust approval to buy Huntsman
Thursday October 2, 6:42 pm ET
Hexion gets conditional FTC approval for purchase of Huntsman
LEDYARD, Conn. (AP) -- Federal environmental officials say The Dow Chemical Co. may face more than $330,000 in fines for alleged pollution law violations at a latex and Styrofoam insulation manufacturing plant in Ledyard, Connecticut.
The Environmental Protection Agency said Thursday that the company, based in Midland, Michigan, has corrected the problems and there's no indication that anyone was harmed.
The EPA says the violations included failures to repair leaking valves and may have resulted in excessive emissions of volatile organic compounds and hazardous air pollutants.
A Dow spokeswoman says the fines would be excessive and a meeting is planned with the EPA on October 24. She says the violations were technical ones dealing mostly with required paperwork, and the leaks were extremely minor.
Hexion, based in Columbus, Ohio, is a unit of private equity firm Apollo Management LP. The company agreed to buy Huntsman in 2007, but recently had sought to abandon the deal because of what it called Huntsman's deteriorating finances.
"We are pleased to obtain the necessary antitrust approvals to complete the merger, as required in our merger agreement with Huntsman," Hexion Chief Executive Craig Morrison said in a statement.
Huntsman shares fell $1.26, or 10.4 percent, to $10.90 Thursday.
Source: Associated Press
Engineering News Archive