Epoxy
October 29, 2023
Wind Turbine Prices Fall
Profit At China’s Top Wind Firm Slumps 98%
by Tyler Durden
Friday, Oct 27, 2023 – 05:00 AM
By Charles Kennedy of Oilprice.com
Lower prices for turbines amid a price war in China have resulted in a 98% plunge in the net profit of the top Chinese wind turbine maker, Xinjiang Goldwind Science & Technology Co.
While investments in renewable energy projects in China are booming, intensified competition has led to a race to the bottom for wind turbine prices—a race that has dented profits at the biggest Chinese manufacturer.
Goldwind booked $1.28 million in net income for the third quarter of 2023, down by a massive 98% compared to the same period of 2022, a company statement quoted by Bloomberg showed on Thursday.
Chinese clean energy technology manufacturers have also come under EU scrutiny as the bloc fears cheaper products from China would undermine the European Union’s goals of having a strong EU clean energy manufacturing industry.
Globally, the wind power industry faces additional challenges. Offshore projects are being scrapped amid rising costs and interest rates and supply chain issues.
In August, Siemens Energy initiated a review of its wind business after taking a large hit to earnings and expected full-year revenues and profits due to problems at its unit Siemens Gamesa, one of the largest wind turbine makers in the world. At the end of June, Siemens Energy withdrew the profit guidance for the company due to problems with wind turbines at Siemens Gamesa.
“Following a substantial increase in failure rates of certain wind turbine components, an extended technical review suggested that significantly higher costs will be incurred than previously assumed to reach the targeted quality level,” Siemens Energy said in August.
On Thursday, October 26, Siemens Energy shares plunged by more than 30% to an all-time low after the company said it is in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to guarantees for long-term projects. More than $3 billion of Siemens Energy’s market value was wiped out by the early afternoon in Frankfurt today.
https://www.zerohedge.com/markets/profit-chinas-top-wind-firm-slumps-98
October 25, 2023
Invista to Close HMDA Plant in Texas
INVISTA decision to close Orange facility catches many by surprise Published 3:09 pm Thursday, October 5, 2023 By Staff Reports (invista.com) INVISTA’s announcement that it is shutting down production at its Orange facility was unexpected news to many.
Orange County Judge John Gothia said he was informed of the news Thursday. “Anytime we have a shut down or loss of jobs in the community, it’s never a good day,” Gothia said.
Gothia said the county has a number of programs to entice businesses to the area and stay competitive, but there’s not a lot to offer to keep an existing business. Looking toward the positive, Gothia noted there are a lot of growth and job opportunities on the horizon in Orange County coming in the next year, in addition to Lamar State College Orange offering a number of training programs to aid job seekers.
INVISTA operates its facility at 3055 FM 1006 in Orange. Francis Murphy, INVISTA president and CEO, said they appreciate the diligent and innovative work of employees at the Orange site over the years. “Unfortunately, lower than anticipated growth and an increase in global supply led to this difficult decision,” a company statement read. The site will begin the safe shutdown of the adiponitrile production unit right away and expects to cease production of hexamethylene diamine in mid-2024, according to information from INVISTA.
HMDA is the precursor for HDI.
Approximately 240 of the site’s 300 roles will be eliminated by the end of 2024. All impacted employees will be eligible for severance benefits. Throughout this transition, the company is committed to treating every employee with dignity and respect, leaders said. INVISTA’s top priority now and always is the safety of employees, contractors and the surrounding community.
“Ultimately, this decision was made to position our business to more competitively serve the long-term needs of our customers,” Murphy said.
Read more at: https://www.orangeleader.com/2023/10/05/invista-decision-to-close-orange-facility-catches-many-by-surprise/
September 21, 2023
Visit Everchem in Media, PA
Made it to the big board . . .
September 5, 2023
Olin Upgrade
Olin upgraded to Overweight at KeyBanc on valuation
Sep. 05, 2023 8:44 AM ETOlin Corporation (OLN)By: Rob Williams NY, SA News Editor
Olin (NYSE:OLN) on Monday was upgraded to Overweight from a previous investment rating of Sector Weight by analysts at KeyBanc Capital Markets. They said a selloff in the chemical company on Friday was unwarranted after announcing the planned departure of CEO Scott Sutton.
“We believe shares have reached attractive levels and justify an Overweight rating,” Aleksey Yefremov, analyst at KeyBanc, said in a September 4 report. “We may be too early, given meaningful pressure on caustic soda, but believe the stock is undervalued with a 12-24 months view.”
KeyBanc set a price target of $67 a share on Olin (OLN) based on a multiple of 6.5 times estimated Ebitda for 2024.
Discussions on Pay?
The analysts said Sutton’s departure may have been related to discussions about pay.
“Our sense is that Mr. Sutton’s initial compensation package reflected turnaround status of the company at the time, while going forward the board prefers pay to be more closely in line with industry standards,” according to KeyBanc. “Mr. Sutton’s compensation was well-earned, and the stock’s reaction is just another testament to investors’ view of his value.”
Amid the pending departure, Olin (OLN) is positioned for growth, according to KeyBanc.
“Mr. Sutton was a highly successful and creative CEO for Olin (OLN), and it will be difficult to find a replacement of a similar caliber, considering the impressive performance improvement that was achieved by Olin (OLN),” KeyBanc said. “Still, having set the major parameters of the new strategy, the company is now ready to rip the benefits of the coming cyclical upside.”
September 1, 2023
Olin CEO to Step Down
Olin Announces CEO Transition Plan
Sep. 01, 2023 7:30 AM ETOlin Corporation (OLN)
CLAYTON, Mo., Sept. 1, 2023 /PRNewswire/ — Olin Corporation (OLN) today announced a mutual agreement that Scott Sutton will step down as President, Chief Executive Officer, and Chairman of the Board in the first half of 2024. Mr. Sutton will continue as Executive Chairman of the Board until his departure to facilitate a smooth transition.
Mr. Sutton has led a strategic transformation of Olin since taking the helm in 2020 which has delivered significant value for Olin’s shareholders. He has embedded the Winning Model across Olin’s businesses and built a strong leadership team for the future.
“It has been a privilege and an honor to lead Olin,” said Sutton. “Olin has a great future ahead and the Board and I are working closely together to identify an excellent leader who will enable the next phase of growth for Olin building on our strong foundation.”
William H. Weideman, Olin’s Lead Director, noted, “On behalf of the Board and the Olin team, I extend our gratitude to Scott for his dedication, leadership and extraordinary contribution. We look forward to working with Scott and the leadership team to ensure a smooth transition.”
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
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