With Beda Bolzenius as its auto industry point man, KKR has scooped up two far-flung global parts companies, Nissan-controlled Calsonic Kansei of Japan and Fiat Chrysler Automobiles-controlled Magneti Marelli of Italy, spending $11 billion in less than 24 months to create an auto-parts powerhouse with combined annual sales of $16.4 billion. The new company goes
Read More...After an eventful annual shareholder meeting on July 10 where activist investors were successful in taking control of its board, EQT Corp. has now had its credit rating downgraded by Moody’s Investors Service Inc. The New York-based ratings and research firm said July 11 it had changed the rating outlook for EQT—the largest natural gas
Read More...New Mexico is poised to receive $1.11 billion in revenue from activities on its public lands in fiscal year 2019, according to the New Mexico State Land Office. This is a 30 percent increase over the $852 million generated in FY 2018 – and it’s being driven by the oil and natural gas industry. As
Read More...(courtesy of Kallanish Energy) The Rice team, led by Toby and Derek Rice, Wednesday garnered more than 80% of votes cast at EQT’s annual shareholder meeting, with all seven Rice-nominated directors winning seats along with five EQT-nominated and Rice-backed directors. The new board met later Thursday once the votes were officially verified. with Toby Rice
Read More...It was a historic moment for the Caribbean island nation as it officially launched its first ever licensing round for bidding in cooperation with Wood Mackenzie, in a roadshow held on July 10. The country is offering investors and stockholders a mix of onshore and offshore blocks with a simple fiscal regime and a flexible
Read More...At the start of 2019, my “colleague and pal” (TM Frank Esposito) Jeremy Carroll started tracking his plastic straw usage count. Straw bans have been getting a lot of attention, and he reasoned it could be interesting to see just how frequently he came across them. Jeremy has changed jobs, and he’s now with our
Read More...Tekni-Plex Inc. is moving into the South American closure liner business with an acquisition in Brazil. The Wayne, Pa.-based company is buying Geraldiscos in suburban São Paulo, a maker of closure liners and induction seals for both plastic and glass containers. “We continue to drive our strategy by growing our business organically and through mergers
Read More...On the heels of news in April that Texas and New Mexico’s Permian Basin is the highest producing oilfield in the word, we now know that the United States hit another record that same month, thanks in large part to production in that region. U.S. crude oil production reached 12.2 million barrels per day in
Read More...In the midst of a showdown with famed activist investor Carl Icahn, Occidental Petroleum Corp. added former managing director of BlackRock Advisors LLC, Robert “Bob” M. Shearer, to its board on July 10. Icahn, who has been critical of Occidental’s pending purchase of rival Anadarko Petroleum Corp., unleashed plans in late June to oust and
Read More...LONDON—OPEC on July 11 forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies. The drop in demand for OPEC crude highlights the sustained boost that OPEC’s policy to support oil prices by supply cuts is giving
Read More...More than three dozen workers will lose their jobs when Graham Packaging Co. closes a Michigan plant later this year. Shuttering the Holland, Mich., location will cost 33 hourly and nine salaried employees their jobs, but the company said those workers will have a chance to apply for open positions at other company locations. “The
Read More...A dozen additional companies are joining a high-profile consortium trying to find ways to combat environmental problems caused by plastics. The Alliance to End Plastic Waste, launched with fanfare earlier this year with its $1.5 billion goal to help the cause, began with 27 founding members. New members of the alliance include Novolex Holdings Inc.,
Read More...LONDON—Three Iranian vessels tried to block a British-owned tanker passing through the Strait of Hormuz, but backed off when confronted by a Royal Navy warship, Britain said on July 11. Exactly a week after Britain seized an Iranian tanker accused of violating sanctions on Syria, London said the British Heritage tanker operated by oil company
Read More...An affiliate of a private equity and investment firm based in Plymouth, Mich., has purchased two injection molding supply firms based in Brighton, Mich. AIC Acquisition Company LLC, an affiliate of Stratford-Cambridge Group, acquired Plasti-Co Equipment Co. and AIC Equipment & Controls Inc., according to a news release. The transaction closed June 28. Plasti-Co, a
Read More...An affiliate of a private equity and investment firm based in Plymouth, Mich., has purchased two auxiliary equipment firms based in Brighton, Mich. AIC Acquisition Company LLC, an affiliate of Stratford-Cambridge Group, acquired Plasti-Co Equipment Co. and AIC Equipment & Controls Inc., according to a news release. The transaction closed June 28. Plasti-Co, a maker
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