Business briefs for August 2, 2008
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Albemarle-Sorbent deal completed
Albemarle Corp. has completed its previously announced $22.5 million deal to buy Ohio-based Sorbent Technologies.
Announced in April, the deal will give Albemarle a company with bromine-based solutions for removing mercury emissions from coal-fired power plants, a market with increasing demand because of tighter environmental regulations.
Sorbent Technologies’ specialty materials have been shown to remove from 80 to more than 90 percent of the vaporous mercury from power plant smokestacks.
ExxonMobil says Mohring to stay
ExxonMobil Chemical said Friday that its Baton Rouge polyolefins plant manager, Richard Mohring, has been named global networking adviser for ExxonMobil Refining and Supply and will remain in Baton Rouge.
The company said Paul Guilfoyle, technical manager for the Baton Rouge plant, replaces Mohring.
Finance authority funding committed
The East Baton Rouge Mortgage Finance Authority said Friday that its current round of funding for middle- and low-income mortgage financing — $11.5 million — has been entirely committed.
The agency also said it plans to secure another $20 million to $25 million later this year under terms of newly enacted federal legislation.
Astrid Clements, chairman of the finance authority, said the panel will seek preliminary approval for a new bond sale at the State Bond Commission’s August meeting and final approval at its September meeting.
Albemarle Corp. has completed its previously announced $22.5 million deal to buy Ohio-based Sorbent Technologies.
Announced in April, the deal will give Albemarle a company with bromine-based solutions for removing mercury emissions from coal-fired power plants, a market with increasing demand because of tighter environmental regulations.
Sorbent Technologies’ specialty materials have been shown to remove from 80 to more than 90 percent of the vaporous mercury from power plant smokestacks.
ExxonMobil says Mohring to stay
ExxonMobil Chemical said Friday that its Baton Rouge polyolefins plant manager, Richard Mohring, has been named global networking adviser for ExxonMobil Refining and Supply and will remain in Baton Rouge.
The company said Paul Guilfoyle, technical manager for the Baton Rouge plant, replaces Mohring.
Finance authority funding committed
The East Baton Rouge Mortgage Finance Authority said Friday that its current round of funding for middle- and low-income mortgage financing — $11.5 million — has been entirely committed.
The agency also said it plans to secure another $20 million to $25 million later this year under terms of newly enacted federal legislation.
Astrid Clements, chairman of the finance authority, said the panel will seek preliminary approval for a new bond sale at the State Bond Commission’s August meeting and final approval at its September meeting.
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