Nalco

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Nalco Holding Company, which is owned by in part by Goldman Sachs and Blackstone, manufactures water treatment chemicals, including the controversial chemical "dispersant" Corexit being used by BP in its Deep Horizon oil disaster, as of May 2010.[1] According to Business Week: "Nalco was already becoming more active in Washington when the Gulf spill occurred. It recently opened an office and hired Ramola Musante, a former EPA official, as its lobbyist. The company sold $40 million of Corexit for the Gulf cleanup through last week, (company spokesman Charlie) Pajor said. Nalco, which provides water-treatment chemicals, reported $3.75 billion in revenue last year and net income of $60.5 million. While (CEO J. Erik) Fyrwald has said Corexit sales are too small to affect the company’s financial results, Nalco climbed 5.9 percent in New York trading on May 3 after announcing BP was applying the product and fell 5.3 percent on May 20 after the EPA called for curbing its use. Nalco rose $1.31, or 6 percent, to $23.18 at 4:15 p.m. in New York Stock Exchange composite trading and has fallen 9.1 percent this year. The Gulf spill provides potential revenue for Nalco of $800,000 to $6.5 million a day, Laurence Alexander, an analyst in New York with Jeffries & Co. said in a note to investors on May 18."[2]

References

  1. http://justinwrites.wordpress.com/2010/05/25/the-company-that-manufactures-the-toxic-dispersant-used-corexit-is-nalco-which-is-owned-in-part-by-goldman-sachs-and-blackstone/
  2. Jim Snyder, Bloomberg/Business Week, "Nalco’s Chief Lobbies Congress on Gulf Oil Dispersant (Update1)" (May 27, 2010), http://www.businessweek.com/news/2010-05-27/nalco-s-chief-lobbies-congress-on-gulf-oil-dispersant-update1-.html