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sight for the Dow Advanced Materials, serving as General Manager for the division in India. " Harish's proven experience in businesses as well as in the region makes him well qualified to continue to accelerate the company's growth in India. With proficiency that spans across various areas of strategic responsibility throughout the years, Harish's appointment will further strengthen the relationship Dow India shares with its customers and other stakeholders alike," said Mr. Vipui Shah, President, Dow Southeast Asia and India. ^ "I don't want to venture into WPC unless I can associate with someone who has big capacity, I'm looking for venture capital partners. India is a big market." Shukla came to China to pitch his idea and look for partners, in part because the Chinese plastic-wood composites industry is "sitting idle" with excess capacity. Accura has experience working in some challenging environments: Shukla said the company developed a PVC house that was used for a nine-day religious retreat in the Himalayan mountains, at an elevation of 18,000 feet. The components were flown in over a 11/2-day period by helicopter and assembled on-site. He also has developed designs for prefab or temporary wood-plastic composite housing that can be built usmg common carpentry tools. That's also a challenge with prefab toilets, he said. "You can't transport it in assembled conditions every time. This is easily fabricated," he said. The urgent need is also a solid business opportunity, he said. "Primarily, I see huge potential as a business. Humanitarianism is a main primary objective, but definitely it is quite a viable business option." The Maharashtra Pollution Control Board (MPCB) in India has issued a notice to chemical factories at the Lote Parsburam industrial area in Chiplun for allegedly polluting water at the Borje dam near Khed. The dam water would be unfit for consumption for at least another year, according to an M1*CB official. The Government of Maharashtra's environment secretary Valsa Nair said that there are various violations of environment protection standards by companies, according to the investigations carried out by the MPCB team. "The companies have not complied with the prescribed standards. The notices are given for compliance within a week or closing down operations," Nair added.

Indian firm designs WPC toilet

INDIAN plastics executive Hasmukh Shukla believes wood-plastic composites can help bring better sanitation to more than 2 billion people in the world who lack access to hygienic toilets. Demand for such toilets totals more - than 100 million, estimated Shukla, managing director of Indian PVC window and door maker Accura Polytech Pvt. Ltd. And, using wood-plastic composites to fabricate the portable facilities could cut manufacturing costs significantly, he said. "There are 2.6 billion people in the world without proper sanitation faciliShukla ties," he said, citmg figures from the Worlet Toilet Organization in Singapore. " Out ofthat, 900 million are children. " Two-thirds of people lacking proper sanitation live in southern and eastern Asia, Shukla said in a speech at tlie China Third International Forum of Wood Plastic composites in Shenzhen. He estimates that prefabricated sanitation facilities could be 50 percent less expensive if -they are made from composites that use recycled plastic and wood raw materials. His small company in Ahmedabad, India, now makes a line of portable PVC toilets. Accura employs about 50 and has annual production capacity for around 3.3 million pounds of PVC doors, windows, desks and simple prefabricated houses and buildings. The firm has developed designs for woodplastic portable toilets. But it does not do composites manufacturing and is looking for manufacturing panners or investors, Shukla said.

A. Schulman signs definitive agreement to acquire ICO, Inc.

Acquisition would enhance A. Schulman's position in global rotomolding and masterbatch markets Combined stock and cash transaction valued at approximately $191.4 million Transaction requires approval from ICO shareholders and customary regulatory approvals A. Schulman, Inc. recently announced that it has signed a definitive agreement to acquire all of the outstanding stock of ICO, Inc., pending approval of the transaction by ICO shareholders and receipt of customary regulatory approvals. Under the terms of the agreement, the total consideration is comprised of $105.0 million in cash and 5.1 million shares of A. Schuiman common stock. ICO, Inc. shareholders will receive approximately $6.79 per share of ICO, Inc. stock, comprised of (a) approximately $3.67 per share in cash and (b) approximately $3.12 in A. Schulman stock (0.184 share of A. Schulman stock valued at the closing price on December 2, 2009) assuming the cash-out of all ICO, Inc. stock options at their "in the money" spread based on the December 2 closing price. After the merger closes, ICO, Inc. shareholders will own approximately 16% of the combined company. The transaction is not subject to a financing contingency. A. Schulman intends to pay the cash portion of the purchase price out of its approximately $230 million of cash on hand. The

It
India to establish ^ petrochemicals in Gujarat state
THE Indian Covernment has signed an agreement with the government of Gujarat state to establish a Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Dahej, India. The agreement is a result of India's PCPIR policy and the Cabinet Committee on Economic Affairs (CCEA) approval n February 2009. The project, which costs nearly INR500bn {$10.91bn), will cover a 453km2 area in South Gujarat's Bharuch district and will have a I86km^ processing area in Une with PCPIR policy. The PCPIR policy helps ensure that global-scale industrial clusters in the chemical, petrochemical and petroleum sectors are created in an integrated and eco-friendly man-

Maharashtra Gets Tough with chemical companies

THE Indian state o Maharashtra has issued notices to 25 chemical companies for violating environment protection laws, officials have announced.

60 J POPULAR PUSTICS & PACKAGING J FEBRUARY 201D

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transaction does not acquire approval by A. Schulman's sharebolders. ICO is a global manufacturer of specialty resins and concentrates, and provides specialty polymer services, including size reduction, compounding and otber related services. Its products are used to manufacture plastic bags and films, bousehold products, toys, water tanks and other rotational molding applications. ICO reported annual revenues of $300 million for the year ended September 30, 2009. "We are very excited by this proposed transaction. The acquisition of ICO presents us with an opportunity to expand our global presence substantially, especially in rotomoldmg. As we have communicated to our shareholders in tbe past, A. Schulman's long-term strategic objectives include being a leading global manufacturer in both masterbatch and rotomolding," said Joseph M. Gingo, Chairman,President and Chief Executive Officer of A. Schulman. "Our two businesses are extremely complementary across markets, product lines and geographies," Gingo said. "The addition of ICO's masterbatch and rotomolding facilities to A. Schulman's facilities, specialty products and technical capabilities, along with our other combined skill sets, will strengthen our ability to serve customers. ICO is also a global leader in size reduction, whicb is a segment that A. Schulman currently does not serve, and which will enable us to provide a wider variety of solutions to customers throughout all of our businesses. By acquiring the operations of ICO, we will increase our presence in the U.S. masterbatch market, gain plants in the high-growth market of Brazil and facilities in Australia, and add another facility in Asia to bring our total plants in that region to four, including the facility we plan to build in India. In Europe, the acquisition will allow us to expand our presence and add rotomolding and size reduction to our capabilities. It also will enable us to grow both in countries where we currently have a limited presence, such as France, Italy and Holland, as well as further leverage our facilities serving high-growth markets such as Poland, Hungary and Sweden." Gingo continued, "Going forward, ICO will have access to A. Schulman's strong balance sheet which will help to underpin ongoing strategic growth initiatives. We also expect to achieve approximately $15 million in run-rate synergies by the end of fiscal 2011, resulting from the consolidation and centralization of global purchasing activities, tax

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ITALY & Made in ITALY
USUALLY one associates Italy with the three F's: Fashion, Furniture and Food. They are not it seems fully aware of the capabilities of the Italian Machinery Mfrs. who play a leading role in the supply of various types of machinery especially plastic processing machinery the world over. In this context mention must be made of the role played by the Italian Plastics and Rubber Processing Machinery and Equipment Manufacturers: 250 companies and (most of them belonging to ASSOCOMAPLAST) i.e. Italian Plastics & Rubber Manufacturers Association. There is a workforce of around 12,000 employees in addition to hundreds of SME s producing moulds, accessories and components. To support the overseas marketing activities of companies ASSOCOMAPLAST has published a survey titled Italy and Made in Italy, with the presentation of the details of each of its members, and alternated by descriptions and pictures of 33 among the most beautiful piazzas in Italy. It is worthy of note that more than 500 patents of plastics and rubber machinery are held by Italian companies by virtue of their energy efficiency, reduction of production costs and safety in the workplace. About 10,000 copies of the above have been distributed to plastics processors all over the world. benefits, and elimination of duplicate public company costs." For fiscal 2010, A. Schulman's preliminary assessment, assuming a spring 2010 close, is tbat the acquisition will contribute approximately $150 million to revenues and be accretive to earnings on an operating basis, This estimate includes tbe 2010 half-year effect of the synergies, ICO earnings and costs of approximately $5.0 million to achieve the synergies, as well as any costs associated with the transaction. "Our Board of Directors has unanimously determined that the merger with A. Schulman, Inc. is in the best interests of our shareholders, and that tbe combined company will provide enhanced product and service offerings to our customers and outstanding opportunities for our employees," said A. John Knapp, Jr., President and Chief Executive Officer of ICO, Inc. "A. Schulman is a strong global leader in tbe manufacture of high-performance plastic compounds and resins, with an outstanding management team and corporate culture. It is well-positioned to pursue a long-term strategy of profitable growth and value creation that is consistent with our vision at ICO, Inc. The ICO and A. Schulman businesses are largely complementary and synergistic with little overlap in end use and geographic markets. We have built a great team at ICO, Inc., and during our years of working together with A. Schulman, we have been highly impressed with the enthusiasm and energy of their team. We believe the chemistry will be outstanding when the integration takes place." The two companies believe this transaction will bring significant value and opportunity to the customers of the combined business as a result of: Enhanced and complementary product offerings Expanded global reach Increased financial strength Shared technology and product development focused on better solutions for customers ICO expects to make a subsequent announcement of the timing and location of the meeting of shareholders and record date for shareholders eligible to vote on the proposed acquisition. Pending ICO shareholder and regulatory approvals and other customary closing conditions, the transaction is expected to close in the spring of 2010. If the transaction is closed, the agreement calls for two current ICO directors, Gregory T. Barmore and Eugene R. Allspach. to join the A. Schutman Board of Directors. Headquartered In Akron, Ohio, A. Schulman is a leading international supplier of high-performance plastic compounds and

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