Some good news! Shame on us for not digging into this company further in the early days of this disaster, as they are "the world's leading water treatment and process improvement services company, delivering significant environmental, social and economic performance benefits to a variety of industrial and institutional customers."
Shares of Illinois-based chemical manufacturer Nalco (NLC) are up 11% on ten times their average daily volume (and that's only 2hours into the trading day...), after CNBC reported that BP is buying up any and all quantities of a chemical that can disperse the oil that is now leaking into the gulf. The chemical "dispersant" breaks down the oil so that it can naturally be absorbed back into the sea floor. Crude oil is of course natural, as anyone going for a walk on Santa Barbara beaches can attest to, with natural globs of oil all over the place.
Officials from BP have successfully tested a chemical that attaches itself to oil and weighs it down to the ocean floor, where there are natural forces that absorb the oil, CNBC has learned.
The oil giant said it tested the dispersants, which are manufactured by Nalco, last night, and is authorized to begin using it on a larger scale.
BP said it is looking for additional suppliers to begin manufacturing the material in mass quantities.
Nalco told CNBC that it is working to increase production at its Sugarland, Texas, plant.
Copyright 2010 AlphaNinja