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first_imgzoomImage Courtesy: Pxhere under CC0 Creative Commons license The rating of Russia’s Novorossiysk Commercial Sea Port (NCSP) has been increased to BB with a positive outlook due to a potential support from parent company Transneft, according to ratings agency Standard & Poor’s.The upgrade reflects the agency’s view of the ongoing integration of NCSP into the Russian government-owned Transneft group.“Transneft, in our view, considers these assets’ operational stability as important for its core business of pipeline oil transportation for exports, with NCSP representing a natural extension to this business,” S&P said.“Therefore, we believe that it is in Transneft’s interest to ensure there are no delays or accidents at these terminals.”The agency further noted that the sale of the Novorossiysk Grain Terminal (NGT), in February 2019, revealed a risk that the sale of non-oil businesses could continue, over time leading to reduced scale, cargo diversity, and efficiency of the port.S&P also said the company had not yet officially abandoned plans to invest into the port of Taman, which could potentially result in a meaningful investment of up to USD 500 million.NCSP could be upgraded again in the next 12 months if the new strategy approved by Transneft provides more clarity on leverage, dividends, and expansion capex, the rating agency added.NCSP owns and operates oil terminals in Novorossiysk and Primorsk, which handle about 35% of Russia’s oil exports through ports.last_img read more

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first_imgValves manufactured at Avidity Science in Waterford.Waterford-based Avidity Science has acquired Lebanon, Ohio-based CT Chemicals Inc. for an undisclosed amount, according to a Monday announcement from the company.Valves manufactured at Avidity Science in Waterford.Avidity Science was formed in August through the combination of Edstrom Industries LLC and its United Kingdom-based subsidiary, Triple Red Limited. Edstrom acquired Triple Red in 2017. The combined company makes water purification systems and laboratory equipment for scientific research and health care facilities.CT Chemicals makes a range of products for the pharmaceutical, biotech, academic and government markets. The acquisition furthers Avidity’s efforts to broaden its product and solution offerings, the company said.“By expanding Avidity’s portfolio of water purification solutions to include ion exchange and filtration media and cartridges, this acquisition supports our objective of becoming a more valuable research tools partner and is another step forward in our mission of enabling science to improve the quality of life,” said Doug Lohse, Avidity Science chief executive officer Greg Lalonde, CT Chemicals president, added: “We are excited about how this combination strengthens our operations and expands the addressable opportunity for our unique solutions around the world.”Avidity Science had around 275 employees worldwide prior to the acquisition. A company spokesperson declined to say how many employees CT Chemicals has or other terms of the deal.“We have not made any plans to relocate operations,” Clement Fang said in an email. “Our operational stategy is focused on delivery a world class cost position and we will be evaluating all opportunities to maximized manufacturing efficiencies.” Get our email updatesBizTimes DailyManufacturing WeeklyNonprofit WeeklyReal Estate WeeklySaturday Top 10Wisconsin Morning Headlines Subscribelast_img read more

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