Dec. 9 Business Watch: Air Products links with Yara; OTR Therapeutics launches with Pfizer backing

It used to be that chemical companies wanted to diversify. The idea was that by having a wide range of businesses, at least some would perform well if others faltered: if your polyester business was down in the dumps, at least titanium dioxide was doing all right.But in the last 15-20 years, conglomerates have gone out of vogue as people have increasingly invested in mutual funds. The fund managers do the diversifying for their clients by investing in a multitude of companies, and the ones they are investing in are encouraged to specialize. Recent news provides examples. For instance, DuPont recently spun off Qnity Electronics, its electronic materials business, into a new, pure-play electronics materials maker. Just within the past week, Ingevity announced its intention to divest its caprolactone and road marking businesses so it can focus on activated carbon and asphalt additives. Stepan agreed to sell off a biosurfactants plant, and Hexion is selling three formaldehyde facilities.Questions? Comments? Tips? Let us know. Email Alex Tullo, C&EN's senior correspondent for business, at a_tullo@acs.org.Top Stories from C&EN’s Year in Pharma20C&EN’s Year in Pharma 2025 has dropped.Business in briefAir Products finds a clean hydrogen buyer in YaraSince an investor revolt early this year at Air Products and Chemicals, the new leadership at the industrial gas giant has said that it won’t get any further into decarbonization without clear, committed customers in place. CEO Eduardo Menezes has also backed out of a handful of low-carbon hydrogen projects since taking over in February. That