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Ameripol Synpol files for protection under Chapter 11. (Corporate, Financial News).

Ameripol Synpol, Port Neches, TX, a manufacturer of emulsion synthetic rubber products, has filed for protection under Chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The filing for reorganization under Chapter 11 permits management to continue to operate the business and to maintain production while the company attempts to restructure or find a buyer for its operations. The company also announced it has entered into a term sheet with International Specialty Products (ISP), Wayne, NJ, for the sale of substantially all of the assets of the company as a going concern to ISP. The company intends to present a proposed Asset Purchase Agreement with ISP to the Bankruptcy Court for its consideration. The sale will be subject to Bankruptcy Court approval, which will require the company to permit other potential buyers to bid for these assets.

Chimica D'Agostino S.p.A. has officially informed Dow Poliuretani Italia S.r.1. about its decision to stop negotiations with Dow for the acquisition of its methylene-diphenylene-isocyanate (MDI) plant in Brindisi, Italy, which is currently owned by Dow Poliuretani Italia. The facility will now be closed.

Cooper Tire & Rubber, Auburn, IN, recently accepted a Quality Master 2002 Award from Nissan's Mexico Division for excellent service provided by the sealing systems plant in Aguascalientes. Cooper-Standard Automotive was recognized by Nissan for maintaining a high level quality assurance system and applying it to the manufacture of sealing products for Nissan vehicles.

Neville Chemical, Pittsburgh, PA, announced that its subsidiary, Nevcin Polymers, B.V., Uithoom, the Netherlands, will change its name to Neville Chemical Europe, B.V.

Crompton, Middlebury, CT, announced it is cooperating with competition authorities in the U.S., Canada and the European Union that have opened an investigation into possible collusive behavior by manufacturers of ethylene propylene diene monomer (EPDM). During the course of an internal investigation undertaken by Crompton with respect to rubber chemicals, the company became aware of such behavior by manufacturers of EPDM and promptly notified the appropriate authorities. As a result, in each of the three jurisdictions, Crompton and its relevant affiliates have been conditionally granted amnesty with regard to criminal prosecution and fines with respect to EPDM. Crompton will continue to cooperate with the authorities.
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Title Annotation:includes multiple records
Comment:Ameripol Synpol files for protection under Chapter 11. (Corporate, Financial News).(includes multiple records)
Publication:Rubber World
Geographic Code:1USA
Date:Jan 1, 2003
Words:377
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