Page 160 - CW E-Magazine (3-6-2025)

News from Abroad

DIVESTMENT
Goodyear selling most its chemical business to PE

firm for $650-mn

US-based The Goodyear Tire & Commenting on the
Rubber Company, one of the largest deal, Mr. Mathew Wallace,
tyre makers in the world, has agreed Managing Director at
to sell the “majority” of its Goodyear Gemspring, said, “We
Chemical business to American pri- look forward to unlock-
vate equity (PE) company, Gemspring ing the full potential of
Capital Management, for about $650-mn. Goodyear Chemical as
a standalone business
The deal includes Goodyear Chemi- and supporting its next
cal facilities in Houston and Beaumont, chapter of growth and
Texas, and a related research office in innovation”. Mr. Tesham
Akron, Ohio. Additionally, the trans- producer of synthetic rubber, offering a Gor, a Gemspring Executive Advisor
action provides for a long-term supply broad product portfolio in North America who is expected to become CEO of
agreement. Goodyear said it will retain and serving the automotive aftermarket the Business, added, “We are excited to
its chemical facilities in Niagara Falls, as well as the consumer and industrial advance Goodyear Chemical’s industry
New York, and Bayport, Texas, and its end markets. The deal follows a pre- positioning by leveraging our strategic,
rights to the products produced at such viously announced strategic review of financial, and industry expertise to conti-
facilities. Goodyear’s Chemical business in con- nue delivering world-class elastomer
nection with Goodyear ‘Forward’ trans- technologies and engineered solutions
Goodyear Chemical is a leading formation plan. to our customers.”

COLLABORATION
Occidental and ADNOC’s XRG plan direct air capture

joint venture in Texas

US-based oil & gas firm, Occidental The announcement follows several The South Texas DAC Hub will be
and its subsidiary, 1PointFive, have significant milestones in the deve- close to industrial facilities and energy
announced an agreement with XRG, lopment of DAC, including Occiden- infrastructure along the US Gulf Coast,
ADNOC’s investment company, to tal’s progress on STRATOS, its first where CO can be transported for use
2
evaluate a potential joint venture to DAC facility in West Texas, which is or securely stored in geologic forma-
develop a Direct Air Capture (DAC) on-track to start commercial opera- tions. The site comprises approximately
facility in South Texas, USA. tions in 2025; further de-risking of 165 square miles of acreage with the
Occidental’s DAC technology; and potential to store up to 3-billion tonnes
As part of the joint venture, XRG an award from the US Department of of carbon dioxide (CO ). The first
2
will consider investing up to $500-mn Energy for up to $650-mn to support DAC facility at the Hub is expected to
for the development of a DAC facility development of the South Texas DAC capture 500-ktpa of CO and is currently
2
designed to capture 500-ktpa of carbon Hub. in front-engineering and design.
dioxide.
Occidental and ADNOC have been Occidental and ADNOC have a
The agreement was signed by discussing opportunities to collaborate long-standing partnership at Al Hosn
Occidental President and CEO, Mr. Vicki on carbon capture, utilisation and stor- Gas, one of the largest Middle Eastern
Hollub, and ADNOC Group CEO, age projects in the US and UAE since natural gas developments, and onshore
Dr. Sultan Ahmed Al Jaber, during US signing a memorandum of understanding oil and gas development projects in the
President Trump’s state visit to the UAE. in 2023. UAE.

160 Chemical Weekly June 3, 2025

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