Founded: 1882
Incorporated: 1922 as Godfrey L. Cabot, Inc.
NAIC: 325182 Carbon Black Manufacturing; 325131 Inorganic Dye and Pigment Manufacturing; 331419 Primary Smelting and Refining of Nonferrous Metals, Except Copper and Aluminum; 325998 All Other Miscellaneous Chemical Product and Preparation Manufacturing
SIC: 2895 Carbon Black; 2816 Inorganic Pigments; 2819 Industrial Inorganic Chemicals Nec; 3339 Primary Nonferrous Metals Nec; 2899 Chemical Preparations Nec
Cabot Corporation is a global specialty chemicals and performance materials manufacturer best known as the world leader in the production and marketing of carbon black. A form of elemental carbon, carbon black is widely used as a reinforcing or pigmenting agent in an array of products, including tires, industrial hoses and belts, cables, coatings, and inkjet colorants. The carbon black operations account for three-fourths of Cabot's overall revenues. Other Cabot product lines include fumed silica, a reinforcing agent used in such applications as inkjet media, adhesives, sealants, insulation, and cosmetics; tantalum, which is used to make capacitors for various electronics devices; and cesium-based drilling and completion fluids for the petroleum industry. Cabot operates 26 manufacturing facilities in 18 countries.
Early Days: Cabots and Carbon
Godfrey Lowell Cabot, the founder of Cabot Corporation, lived to be 101, and the choices he made early in his career set much of the company's course to the present day. Born in 1861, he was both a Cabot and a Lowell, a son of two of the most powerful and prestigious old Boston Brahmin merchant families. After graduating from Harvard University in 1882, he went to the oil and gas fields of western Pennsylvania to start a business. There he found that the industry produced huge amounts of carbon debris, waste products of gas blow-offs and refining.
Godfrey's older brother Samuel had founded a paint and stain business, using coal tars to make black pigment. Godfrey decided to build his business around carbon black, the very substance that was fouling the oilfields. Distinct from soot, this substance, a form of carbon sometimes called lamp black, had been around for a long time. Prehistoric cave dwellers used it to draw animals on cave walls, and the Egyptian pharaohs used it as a pigment. The Cabots saw similar applications for it.
The Cabots built a plant in Buffalo Mills, Pennsylvania, that used natural gas to produce carbon black in 1882, and in 1884 Godfrey patented a carbon black production process that used stationary plates and rotating burners. At the beginning of 1888, Godfrey bought out Samuel's interest in the business.
At about this time, a glut developed in the carbon black market; at the same time, new uses were being found for natural gas, which was the raw material for carbon black. Cabot's response was to purchase gas leases and drill on the sites, drilling his first successful gas well in Saxonburg, Pennsylvania, in 1888. He continued, despite the glut, to buy up small carbon black factories as well, and by 1897 he was probably the largest producer in the industry.
In 1899, with the exhaustion of the Pennsylvania gas fields, Cabot moved his operation to West Virginia, where he acquired oil and gas leases, which he drilled successfully. He continued to add gas sites in West Virginia, consolidating his holdings, and building a natural gasoline extraction plant near Elizabeth, West Virginia, in 1914. These holdings were the forerunners of Cabot's natural gas processing plants in the Southwest.
World War I and New Carbon Black Applications
While the advent and spread of high-speed presses and similar applications greatly expanded Cabot's business, World War I demonstrated the potential for carbon black in the modern economy. It had been known for a while that carbon black could inhibit damage to materials caused by the sun; a few years before the war, the India Rubber Gutta-Percha and Telegraph Works Co. of Silvertown, England, began to manufacture automobile tires using carbon black as a stabilizing or reinforcing agent. During World War I the United States began using carbon black, and its superior properties became evident in improved tread wear and lower rates of tire failure. After the war, its use spread throughout the tire industry, providing a tremendous burst of growth to Cabot and other suppliers. The company came to excel in producing different grades and types of carbon black for different applications.
In 1922 Cabot's company was incorporated as Godfrey L. Cabot, Inc. At about this time, the locus of carbon black production was shifted out of West Virginia, first, unsuccessfully, to Louisiana, and then to Texas. Carbon black plants in the East were sold; gas production and distribution continued, though it was cut back. Thomas Cabot, Godfrey's son, opened Cabot's Southwestern Division, headquartered in Breckenridge, Texas, in 1925. Two years later, headquarters were moved to Pampa, Texas.
By 1930 Cabot had built eight carbon black plants in Texas and one in Oklahoma. In the early 1930s Cabot used a new technique to develop a pelletized, dustless carbon black, which was trade-named Spheron. Bulk sales of this easily transportable product fueled Cabot's growth in the mid-1930s, in spite of the Great Depression. This in turn led to the construction of other carbon black plants in 1937 and 1938.
As was the case from the very beginning of Godfrey Cabot's enterprise, carbon black production and energy were developed in tandem. Cabot formed Cabot Shops, Inc., in 1930 to construct the carbon black plants. It also made oil well pumping units. In 1935 Cabot began drilling for oil and gas in Texas and built two natural gas processing plants in west Texas near two of its carbon black plants. Residue from the gas process was delivered to the carbon black plants and used as raw material.
Although Godfrey L. Cabot, Inc., was able to stay afloat, the period from 1925 to 1939 was not a boom period for the company. The Depression greatly cut back demand for gas as well as carbon black. In fact, the carbon black facilities in the Southwest experienced losses that were barely balanced by gas and gas distribution profits from West Virginia, Pennsylvania, and New York.
World War II: Rubber Shortage and Governmental Support
By 1939 Cabot had sales of nearly $7 million. Natural gas accounted for more than 50 percent of sales, while carbon black yielded about 35 percent. In that year, too, war changed the nature of the business. As Japan spread its control over the rubber plantations in Malaya and the East Indies, the United States was faced with a cutoff of shipments of natural rubber. The government responded by imposing restrictions on the use of natural rubber and by constructing synthetic rubber plants. Cabot stockpiled 100 million pounds of carbon black at its own expense when it anticipated shortages for 1943 to 1945. The substance was considered so important to the war effort that a governmental interagency carbon black committee was set up when production lagged in 1942, and funds were made available to producers. Included among the facilities built or added to by Cabot during this period, with government support, were plants in McCoy, Louisiana; Borger, Texas; Guymon, Oklahoma; and Wickett, Texas.
After the war, Cabot converted several of its carbon black plants from gas process to oil process. This move helped set the stage for Cabot to become an international company later, as oil did not need to be piped and plants could be built closer to their markets. In 1946, meanwhile, the company sold most of its oil and gas properties in New York and Pennsylvania.
By 1950, as sales reached $33.9 million, the company had become the largest producer of carbon black and reaped the benefits of a general upsurge in worldwide demand. Also, as GIs returned home, automobiles were sold in increasing numbers, and those automobiles needed tires. In 1950 Cabot built its first carbon black plant in Europe, near Liverpool, England. Plants followed in Canada (1953), France (1958), and Italy (1960). In addition, plants partially owned by Cabot were opened in Australia (1959) and in the Netherlands (1960); both of these facilities relied heavily on Cabot technology.
Diversification and Expansion: 1950-80
During this period Cabot continued to perform research that improved carbon black processes and products, opening a research facility in Cambridge, Massachusetts. The company also began to branch out. In 1952 Cabot began importing fumed silica and in 1957 began production of the substance in the United States under the name Cab-O-Sil. Fumed silica is an ultrafine high purity silica that is used to provide reinforcement, viscosity control, and free flow properties to a variety of products, including silicones, adhesives and sealants, reinforced plastics, and coatings. It is used extensively in the automotive, cosmetics, paint and ink, construction, and pharmaceutical industries. Cab-O-Sil would become the leading producer of fumed silica in North America.
At this time, Cabot also became involved in a study group on liquefied natural gas (LNG). This involvement led to the opening in 1971 of Distrigas in Everett, Massachusetts, the only LNG terminal and distribution center in New England. This was the basis for what eventually became known as Cabot LNG Corporation.
In 1954 Godfrey Cabot retired from the company, 72 years after he had founded it. He died eight years later at the age of 101. Thomas Cabot took over the company leadership from his father as president. In 1960 Godfrey L. Cabot, Inc., and its numerous Cabot divisions and subsidiaries were united under the newly formed Cabot Corporation, based in Boston. At this time, Louis W. Cabot, Thomas's son, assumed the presidency. At its formation, Cabot Corporation was pulling in revenues of $98.5 million. The company went public in 1963 with the sale of 12 percent of its common stock.
Expansion continued throughout the 1960s, particularly overseas. Subsidiaries and plants were opened in Argentina, Colombia, Germany, and Spain. In 1963 Cabot entered into two completely new arenas. The company began experiments on plastic polymers and compounds and in 1963 began producing titanium, a high-performance metal, at its facility in Ashtabula, Ohio. The company also launched considerable research in the area of experimental plastic polymers and compounds. It eventually became a world leader in the production of thermoplastics used in films as well as in injection-molded and extruded plastic products. By the end of the 1960s, it was clear to Cabot that production of high-performance materials was a high-growth area.
To this end, the company acquired the Stellite Division of Union Carbide Corporation in 1970. This acquisition occurred shortly after a new CEO was named, Robert A. Charpie, who had succeeded Louis Cabot in 1969, becoming the first company leader to come from outside the Cabot family. According to the 1970 annual report, Stellite "profoundly changed the nature of the Company by launching Cabot in a new direction, that of high performance materials, by providing major diversification strength, and by broadening our technological base in a way that is complementary to the technical skills we have in the performance chemical field."
The main business of this new division consisted of nickel- and cobalt-based alloys that were designed to withstand extreme heat, corrosion, and wear. Such materials were used in gas turbine engines, electrical power generating stations, chemical processes equipment, and other like applications. In 1978 Cabot acquired Kawecki Berylco Industries, Inc., which enabled the company to produce beryllium-copper, tantalum, and columbium products as well as aluminum alloys. Tantalum in particular was used extensively by computer and electronics manufacturers, as well as in aerospace, ballistic munitions, and various chemical processes.
Apart from gains made by entry into the high-performance metals business, Cabot's energy component experienced major growth in the 1970s as a result of the energy crisis of 1973-74. The value of Cabot's oil and gas reserves shot up, and this provided a major impetus to step up exploration, particularly in the Gulf of Mexico and the mid-continent region. The company withdrew from exploration outside the United States. In addition, the company undertook further development in West Virginia, and the pipeline and distribution systems there were upgraded.
The company also expanded its gas processing and pipeline business in the 1970s. It acquired further industrial gas pipelines in West Virginia and completed another gas processing plant in Texas. Most significantly, it acquired TUCO, Inc., in 1979, which added about 500 miles of pipeline and two gas processing plants to its holdings in the Southwest.
Although Cabot's energy holdings increased in value, the energy crisis also negatively affected Cabot. The cost of the type of oil needed for carbon black production tripled, putting a severe squeeze on profits. Cabot invested heavily in new, more efficient technology and instituted programs to reduce raw material costs.
In the 1970s, however, Cabot, on the advice of the Boston Consulting Group, came to see its chemical businesses, including carbon black, as "cash cows." In essence, cash was extracted from this vital area of the business and put into diversification into metals manufacturing, ceramics, semiconductors, and other businesses in which Cabot had little expertise. Chemical plants were ignored and allowed to deteriorate. This destabilized the entire company. On top of this, gas prices collapsed in the 1980s, leaving Cabot with vast liabilities from acquisitions and plant investment, but much reduced income.
1987-2001: The Bodman Era
In 1987 the Cabot family, which owned 30 percent of the company, replaced Charpie and tapped Samuel W. Bodman as CEO in hopes of turning the company around. Bodman had been president of FMR Corp., a holding company best known for its Fidelity stable of mutual funds. Among other things, Bodman stopped the slide of the chemicals side of the business by investing $500 million to upgrade the plants. Bodman also divested the metals and ceramics businesses and got out of energy exploration and production in order to concentrate the company on its strong suits in organic industrial chemicals, such as carbon black, fumed silica, high-performance materials, and plastics. The result was that through the early 1990s, the company consistently had operating revenues around $1.5 billion, and in 1992 earned 12.5 percent on equity.
In 1993 Cabot purchased the Tantalum Mining Corporation in Manitoba, Canada. The mine was North America's only significant producer of tantalum, a rare, anticorrosive hard metal. It was also one of two major suppliers of spodumene, a mineral used primarily in the pyroceramic industry, and for cesium, a rare, highly reactive metal with various uses. Cabot acquired the mine with an eye toward using its tantalum reserves to further the expansion of the company's high-performance materials business, which began with the acquisition of Union Carbide's Stellite Division in 1970.
Also in 1993, Cabot began to experiment with developing inkjet colorants. Building upon its longtime experience in working with carbon black, the company was able to develop colorants that offered enhanced color, stability, ink formulation flexibility, and print quality. In 1996 Cabot formally established a new division, the Inkjet Colorants Division, to oversee development, production, and marketing of this new product line. In 1998 the Cabot's Inkjet Colorants' products were used for the first time in new inkjet printers being produced by the major printer manufacturers. By 1999, the Inkjet Colorants Division had four facilities located in Massachusetts, Germany, and Japan.
Another operating division was added to the Cabot stable in 1995. The Aurora, Illinois-headquartered Microelectronics Materials Division (MMD) was established to develop and manufacture high-performance products for the semiconductor industry. MMD's major products were chemical-mechanical planarization slurries, liquid suspensions with an abrasive component used to microscopically polish and plane down tiny layers of semiconductor chips. Within four years of its inception, the division had grown to include manufacturing operations in Hammond, Indiana, and Barry, Wales, and was serving customers in North America, Japan, Europe, Taiwan, Korea, and the South Asia Pacific.
Meanwhile, Cabot had discovered a new use for the rare metal cesium, which was abundant in the Manitoba mine the company had purchased in 1993. The company's researchers developed a cesium-based formula that could be used to decrease clogging during oil drilling, thereby speeding up the process substantially. In 1996, Cabot formed the Cabot Specialty Fluids business unit to oversee development and marketing of these new cesium-based drilling and completion fluids. This same year, it sold its TUCO operation for $77 million.
Cabot's new divisions got off to a somewhat slow start, causing a 54 percent decrease in the company's net income between fiscal 1996 and 1997. In 1998, however, Cabot regained some of its lost ground, posting a 35 percent net gain, up to $122 million from the previous year's $93 million. That year, Cabot began a lengthy process of revamping its corporate structure. The company's goal was to move from a product-focused structure to a market-focused structure, in which business units would be defined by the markets they served. Several of Cabot's divisions were also busy with expansion plans. Construction began on a natural gas liquefaction plant in Trinidad. In addition, a new fumed silica manufacturing facility in Midland, Michigan, and a Microelectronics Materials slurry manufacturing plant in Geino, Japan, both commenced operation during 1999.
Cabot began the 21st century with two important divestments that set the stage for a new era. In 1999 the company had turned its Microelectronics Materials Division into a subsidiary called Cabot Microelectronics Corporation. This subsidiary was then taken public through an April 2000 initial public offering of 20 percent of the subsidiary's stock. Cabot Corporation completed its spinoff of Cabot Microelectronics by distributing its remaining 80 percent stake to its shareholders as a special dividend in September 2000. That same month, the company sold its Cabot LNG business to the U.S. subsidiary of the Belgium firm Tractebel S.A. for $688 million in cash. This sale marked Cabot's exit from the energy business, after more than 110 years of involvement. These divestments enabled Cabot to focus on its core specialty chemical and performance materials businesses, most notably carbon black, fumed silica, and tantalum.
Early 21st Century: Optimizing Core Businesses, Investing in New Ones
In the spring of 2001 Bodman resigned from Cabot to take a government post. Succeeding him was Kennett F. Burnes, who had served as president since 1995. Burnes maintained his predecessor's formula for success: eschewing acquisitions in favor of organic growth fueled by healthy research and development investment in Cabot's core competencies. The company's principal mature businesses--carbon black, fumed silica, and tantalum--generated the cash needed for the often lengthy period necessary to turn a fledgling business line into one generating substantial revenues. Cabot Microelectronics was the model for this approach, as were the inkjet colorants and cesium-based drilling materials businesses, both of which were growing steadily and began to generate profits in the fourth quarter of fiscal 2000. Among the more nascent product lines, Cabot was next to commercialize aerogels, a silicon-based material touted as the world's lightest solid and one valued for its thermal and sound insulation qualities. In December 2002, under the trade name Nanogel, Cabot introduced its first commercial application of aerogels, windows and skylight panels incorporating Nanogel for heat and sound insulation while allowing light to pass through. Cabot set up a manufacturing site in Frankfurt, Germany, for its aerogels business.
In the meantime, far from neglecting its core businesses, Cabot pursued selected opportunities for growth while keeping a keen eye on controlling costs. In February 2002, for instance, Cabot expanded the capacity of its tantalum business by purchasing full control of Showa Cabot Supermetals K.K. (SCSM), which had been a 50-50 joint venture with Showa Denko K.K. The purchase price was roughly $89 million, plus the assumption of $54 million in debt. SCSM, which generated annual revenues of approximately $156 million, was subsequently renamed Cabot Supermetals K.K.
Responding to an oversupply of carbon black in western Europe because of shifts in tire production to the Asia-Pacific region, Cabot in 2003 closed down its carbon black unit in Zierbena, Spain, and also centralized its European administrative activities into a single service center. This restructuring entailed a pretax charge of $46 million for the fiscal year ending in September 2003. As a result, the $80 million in profits for the year represented a 25 percent decrease from the previous year, while revenues were up 15 percent, to $1.8 billion. Also during the year, Cabot completed a small acquisition, spending $16 million for the privately held Superior MicroPowders, based in Albuquerque, New Mexico. This company was in the early stages of developing new fine powders for possible use in fuel cells, security applications (specifically, anticounterfeiting), catalysts, and printed electronics.
As tire manufacturers continued to move their manufacturing operations to emerging, lower-cost regions, Cabot followed suit to remain competitive. In addition to significantly expanding its carbon black operations in China, Cabot opened a new carbon black plant in Maua, Brazil, in late 2006. The company also shut down its carbon black plant in Altona, Australia, in October 2005, and in June 2007 announced plans to close its carbon black facility in Waverly, West Virginia, by March 2008. In addition, in November 2005 Cabot acquired full control of another joint venture with Showa Denko, one that operated two carbon black plants in Japan. The venture was renamed Cabot Japan K.K. In fumed silica, meantime, Cabot in early 2004 entered into a joint venture with Bluestar New Chemical Materials Co., Ltd., to manufacture fumed silica in China. This venture, 90 percent owned by Cabot, finished building a plant in Nanchang, Jiangxi, China, in 2006.
During fiscal 2005 Cabot recorded a net loss of $48 million stemming from two pretax charges totaling $211 million taken to write down the value of the firm's tantalum business. In addition to an overall weakening of the tantalum market, high inventory levels in the supply chain, and its decision to exit from a particular sector of this market, Cabot took the write-downs because of an ongoing trend toward the use of smaller tantalum capacitors in electronic devices, which resulted in significantly less tantalum powder being used for each capacitor. In fiscal 2006 Cabot returned to the black, reporting net income of $88 million on record revenues of $2.54 billion despite higher feedstock and natural gas costs that especially affected the carbon black operations. In June 2007 Cabot agreed to settle federal class-action lawsuits that had been filed against it and its major competitors, alleging that the companies had conspired to fix prices for carbon black sold in the United States. While denying any wrongdoing, Cabot agreed to pay $10 million as part of the settlement. The company still had to contend with similar antitrust suits pending in state courts as well as one other federal case. Also on the legal front, Cabot had exposure to asbestos-related lawsuits and had $18 million set aside in mid-2007 as a reserve for damages arising from these cases.
Principal Subsidiaries
BCB Company; Cabot Ceramics, Inc.; Cabot Corporation Foundation, Inc.; Cabot CSC Corporation; Cabot Specialty Chemicals, Inc.; Cabot Specialty Fluids, Inc.; CDE Company; Energy Transport Limited; Kawecki Chemicals, Inc.; Cabot Argentina S.A.I.C.; Cabot Specialty Fluids S.A. (Argentina); Cabot Australasia Pty. Ltd. (Australia); Cabot Australasia Investments Pty. Ltd. (Australia); Cabot Plastics Belgium S.A.; Specialty Chemicals Coordination Center, S.A. (Belgium); Cabot (Bermuda) Ltd.; Cabot Brasil Industria e Comércio Ltda. (Brazil); Tantalum Mining Corp. of Canada Ltd.; Coltan Mines Limited (Canada); Cabot Finance N.B. LP (Canada); Cabot Canada Ltd.; Cabot Plastics Hong Kong Limited (China); Shanghai Cabot Chemical Company Ltd. (China); Cabot Trading (Shanghai) Company Ltd. (China); Cabot (China) Limited; Cabot Bluestar Chemical (Jiangxi) Co., Ltd. (China; 90%); Cabot Chemical (Tianjin) Co., Ltd. (China); Cabot Performance Products (Tianjin) Co., Ltd. (China); Cabot Colombiana S.A. (Colombia); CS Cabot spol, s.r.o. (Czech Republic); Cabot France S.A.S.; United Chemical France S.A.S.; Cabot Europa, G.I.E. (France); Cabot GmbH (Germany); Cabot Nanogel GmbH (Germany); Cabot India Limited; P.T. Cabot Indonesia; Cabot Italiana S.p.A. (Italy); Aizu Holdings K.K. (Japan); Cabot Japan K.K.; Cabot Supermetals K.K. (Japan); Cabot Korea Y.H.; Cabot Luxembourg Holdings S.a.r.l.; Cabot Luxembourg Investments S.a.r.l.; Cabot Luxembourg Finance S.a.r.l.; Cabot Elastomer Composites Sdn Bhd. (Malaysia); Cabot Materials Research Sdn Bhd. (Malaysia); CMHC, Inc. (Mauritius); Cabot S.A. (Spain); Cabot International GmbH (Switzerland); Cabot B.V. (Netherlands); Cabot Finance B.V. (Netherlands); Botsel Limited (U.K.); Cabot Carbon Limited (U.K.); Cabot G.B. Limited (U.K.); Cabot Plastics Limited (U.K.); Cabot U.K. Limited; Cabot Specialty Fluids Limited (U.K.); Cabot Specialty Fluids North Sea Limited (U.K.); Valores Ramaai C.A. (Venezuela).
Principal Divisions
Carbon Black; Metal Oxides; Supermetals; Specialty Fluids.
Principal Competitors
Columbian Chemicals Company; Degussa AG; Aditya Birla Management Corporation Ltd.; China Synthetic Rubber Corporation; Wacker Chemie AG; Tokuyama Corporation; H.C. Starck Inc.; Ningxia Non-ferrous Metals (Group) Co., Ltd.
Further Reading
Ackerman, Jerry, "Bodman Quits CEO Job at Cabot," Boston Globe, March 10, 2001, p. F1.
------, "Cabot Corp. Selling Its Longtime LNG Unit for $680M to French Firm," Boston Globe, July 14, 2000, p. C3.
------, "Up from the Sand and Soot: Old-Line Cabot in R&D Crusade to Survive in 'Dot-Com' Era," Boston Globe, February 20, 2000, p. G1.
Berlin, Rosalind Klein, "The Smutty Story of Cabot Corp.," Fortune, December 5, 1988, p. 133.
Bull, Webster, My Father, My Brother: A History of Godfrey L. Cabot, Inc., Beverly, Mass.: Memoirs Unlimited, 1996, 331 p.
"Cabot CEO Looks to Future Growth," Chemical Marketing Reporter, March 8, 1993, p. 9.
"Cabot Follows Alternate Path to Growth," Chemical Marketing Reporter, February 19, 2001, p. 9.
"Cabot Prepares Several Initiatives to Strengthen Its Shareholder Value," Chemical Market Reporter, August 2, 1999, p. 5.
Chakavarty, Subrata N., "White Slacks and Carbon Black," Forbes, October 26, 1992, p. 122.
Condon, Bernard, "The Soot King," Forbes, February 22, 1999, p. 63.
Hammonds, Keith H., "Can Cabot Go Home Again?" Business Week, December 10, 1990, pp. 52+.
Harris, Leon, Only to God: The Extraordinary Life of Godfrey Lowell Cabot, New York: Atheneum, 1967, 361 p.
Howe, Peter J., "The Light Stuff: Cabot Process Allows Commercial Use of 'Aerogels,'" Boston Globe, December 17, 2002, p. C1.
Maremont, Mark, "Cabot to Sell Liquefied-Natural-Gas Unit, Distribute Stake in Microelectronics Firm," Wall Street Journal, July 14, 2000, p. A6.
Plishner, Emily S., "Cabot Concentrates on Microparticulate Growth," Chemical Week, March 10, 1993, p. 14.
------, "Cabot Reconstructed: Back to Basic Science," Chemical Week, February 2, 1994, pp. 30, 32.
"Rebuilding the Cabot Legacy," Forbes, April 14, 1980, p. 84.
Seewald, Nancy, and Kate Phillips, "Cabot Agrees to Settle Carbon Black Price-Fixing Suit," Chemical Week, June 20, 2007, p. 9.
Sim, Peck Hwee, "Cabot to Close Carbon Black Unit, Restructure in Europe," Chemical Week, May 21, 2003, p. 8.
Wood, Andrew, "Burnes Replaces Bodman at Cabot," Chemical Week, March 21, 2001, p. 8.
------, "Investing in Itself: Cabot Sees Potential Within," Chemical Week, May 2, 2001, pp. 24-26.
— Kenneth F. Kronenberg; Updated by Shawna Brynildssen, David E. Salamie
