This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Honeywell's UOP Selected To Provide Technology For World's Largest On-Purpose Propylene Production Facility, Located On U.S. Gulf Coast

Stocks in this article: HON

DES PLAINES, Ill., May 16, 2013 /PRNewswire/ -- UOP LLC, a Honeywell (NYSE: HON) company, announced today that it has been selected to provide technology for the world's largest on-purpose propylene production facility, located on the U.S. Gulf Coast.

Ascend Performance Materials Operations LLC will use Honeywell's UOP C 3 Oleflex™ process technology to convert propane to propylene, a key ingredient in the production of materials such as nylon, films and packaging.

Petrochemical makers are installing additional propylene capacity to meet growing demand and to make up for the shortage of propylene production from traditional refining and petrochemical sources. The Ascend project is the 14 th Oleflex project Honeywell's UOP has announced since the beginning of 2011, and the company's seventh Oleflex project in North America since the technology was developed. The combined Oleflex projects announced since 2011 will help increase propylene production by nearly 7 million metric tons globally in the next three years.

"Global propylene demand is growing at about 4-5 percent per year. The U.S. is seeing an increase in on-purpose propylene production because of the abundance of low-cost propane from shale gas," said Pete Piotrowski, senior vice president and general manager of Honeywell's UOP Process Technology and Equipment business unit. "Compared with competing propane dehydrogenation processes, UOP Oleflex technology provides the lowest cash cost of production, the highest return on investment and the smallest environmental footprint."

Ascend will install the Oleflex technology at a facility on the U.S. Gulf Coast to produce more than 1 million metric tons of propylene per year beginning in 2015. In addition to technology licensing, Honeywell's UOP will supply engineering design, catalysts, adsorbents and selected equipment for the project.

"As Ascend continues to take the steps necessary for the development of a propane dehydrogenation plant, one of our most important decisions is the choice of technology," said Tim Strehl, president, Ascend Performance Materials Operations. "We believe Honeywell's UOP process technology will provide us with the best production advantage, and we look forward to our partnership with them."

Ascend is a global leader in proprietary technologies that are essential to the production of nylon, plastics and synthetic fibers found in commercial and industrial products. Ascend has offices throughout the world and five manufacturing facilities in the U.S.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs