Arkema makes adhesives that are used in everything from diapers to tiles and wallpaper, as well as chemicals for plastics in auto parts, clothing and eyeglasses. Its Crosby plant produces liquid organic peroxides found in countertops and acrylic-based paints and coatings in auto parts.
Thursday`s explosions was set in motion after Hurricane Harvey`s floodwaters knocked out power and backup generators, disabling the refrigeration needed to keep the organic peroxides stable. One police officer helping to secure the site was reportedly taken to a nearby hospital after inhaling fumes, while nine others admitted themselves as a precaution.
Residents living within a 1.4 kilometer) radius of the French chemical group`s site had been evacuated as the company warned there was a risk of explosions and fire. "Organic peroxides are extremely flammable and, as agreed with public officials, the best course of action is to let the fire burn itself out," the company said Thursday.
On Friday afternoon, a second fire was triggered at the Crosby plant with local television stations showing flames and thick black smoke escaping from the site. Business and relief officials said the new fire occurred at around 5 p. local time, according to Reuters.
Shares of Arkema were more than 2.5 percent lower in Paris during early afternoon deals on Thursday. The stock was off by around 1.5 percent immediately after reports of the Crosby blast emerged Thursday, before slipping to a three-month low shortly after midday.
By the session close on Friday afternoon, shares had recovered most of their losses, trading at 92.49 euros a share. Year-to-date the stock is down 0.
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