BUSINESS CONCENTRATES

$ Millions3

2000 1

1500

1000

500

E x p o r t s

I m p o r t e

ι « ι j t » ι ι » » > S O N D J F M A M J J A S L1982J I 1983 1

a Seasonally adjusted.

Foreign trade U.S. chemical exports fell in September while imports rose, driving the chemical trade sur­plus down, according to recent figures from the Commerce Department. These seasonally adjust­ed data show chemical exports totaling $1.62 billion in September, down 5.6% from August, when exports had been up 7.0% from July. Sep­tember exports were up 1.6% from a year earlier. Imports of chemicals in September rose 5.1% from August to $912 million. August imports were down 13.1%» from July. Annually, September imports were down 3.5% from a year before, following a 16% annual decline in August. The chemical trade sur­plus in September dropped 16.7% from August to $708 million. August's surplus had been 40% more than that in July.

Business leaders remain confident Although their optimism is moderating, U.S. chief executives are still confident about the U.S. economy, according to the New York City-based Conference Board. The board's third-quarter measure of business confidence was 75 (in a possible range of zero, much worse, to 100, much better), down from 76 in the second quarter. The slight decline means "business leaders' past expectations of improvement have turned into the current reality of a recovering economy," the board explains. Although those surveyed felt that current conditions in both the general economy and their own industries were better than six months ago, expectations for the general economy dropped from 78 to 74, and expectations for their own indus­tries fell from 72 to 69.

Economy improved more in October Business will be solid in the fourth quarter, says the National Association of Purchasing Management. The group reports that October's economy continued strong: Production and incoming orders continued to improve, and there was no surge in prices. Em­ployment rose again, though more slowly, and the speed of deliveries from suppliers slowed again, con­sidered a good sign in the short run. Inventories remained low in industrial companies, a condition considered unusual at this point in a recovery. As a result, the purchasing managers' composite index rose to 61.2%) in October from 60.2% in September. Readings above 50% indicate that the economy is expanding.

Loctite gets new president Kenneth W. Butterworth has been elected president of Loctite Corp. The 58-year-old Butterworth has been chief operating officer of the firm, a position he will continue to hold. He will be responsible for Loctite's operating groups, its new business develop­ment, and its industrial manufacturing organization.

Martin Marietta frees itself from Allied Martin Marietta last week purchased the remaining shares of its stock held by Allied Corp., which had obtained the stock when it acquired Bendix after the bitter fight between Bendix and Martin Marietta for control of each other. Last week's transaction was for 6.98 million shares, valued at about $270 million. The stock was purchased with the proceeds of a stock offering earlier this year.

Monsanto expands biological R&D facilities Monsanto is making another big investment to push its biological product research into the process devel­opment stage. A multimillion-dollar addition to the company's R&D facility outside St. Louis will house process development work on the company's poten­tial products for human health care, animal nutrition, and plant growth regulation. The new facility, which initially will have space for about 800 scientists and technical personnel, will be in full operation by March 1985, Monsanto says.

R-P extends electrochemicals thrust... Rhône-Siltec is the name of a joint venture planned by Rhône-Poulenc, the French-government-owned major chemicals concern, and Siltec Corp., Menlo Park, Calif. If clearance of the project is given by the French and U.S. governments, a plant will be built in France to make silicon wafers based on Siltec's know-how. And R-P will buy a 10% equity stake in Siltec. The move is part of R-P's current drive to expand into specialty chemicals with emphasis on meeting the needs of the electronics industry. For Siltec, with operations in Menlo Park and Mountain View, Calif., and in Salem, Ore., it would be a major step into the international silicon materials scene.

. . . As does Imperial Chemical Industries Imperial Chemical Industries of the U.K. will buy Arbco Electronics Inc. of Van Nuys, Calif., maker of printed circuit boards for the aerospace, computer, and defense industries. The acquisition will give added impetus to ICI's electronics group formed ear­lier this year. Headquartered in Runcorn, England, its aim is to identify and develop world-wide busi­ness opportunities in the electronics industry. One way of doing this will be through acquisitions. ICI shares, meanwhile, began trading last week on the New York Stock Exchange.

6 November 7, 1983 C&EN