Company News
December 21, 2023
Recticel to Acquire REX
Recticel acquires REX to create a powerful Western European growth platform for insulated panels
Regulated information, Brussels, 21/12/2023 — 06:55 CET, 21.12.2023
After the acquisition of TRIMO in April 2022, Recticel announces a second major step in deploying its strategy to become a pan-European leader in the insulated panels segment.
Recticel has entered into a final agreement with Mr. Michel Verhelst, founder, to acquire 100% of REX PANELS & PROFILES SA.
REX, located in Tournai, Belgium, is specialized in the production of PIR and mineral wool insulated panels for the construction industry.
REX has a total recently constructed capacity of over 4 million m², utilised at 50%, with room for further expansion, and is perfectly located in Belgium to serve Western European markets.
The acquisition will allow Recticel Group in due course to:
- reinforce TRIMO’s premium strategy in Western Europe whilst doubling current production capacity;
- provide TRIMO access to the PIR insulated panels category, perfectly complimentary to its mineral wool insulated panels;
- accelerate the execution of REX’s growth strategy in the volume segment of the market;
- unlock substantial technical and commercial synergies.
Jan Vergote (CEO Recticel Group): “The acquisition of REX strengthens Recticel’s core purpose to become a leader in high-end sustainable construction through smart insulation solutions. We are impressed with the achievements of Mr. Verhelst and the REX team and look forward to start intensive cooperation upon closing.’’
Michel Verhelst (CEO REX): “Joining forces with the Recticel Group marks an important milestone for REX as it allows the company to grow and expand further. I am excited about the many possibilities and successes that lie ahead for REX and its employees.”
The transaction has an enterprise value of EUR 70 million in cash, with an earn-out mechanism linked to the EBITDA performance over 2024. The valuation is based on the market value of the acquired production assets, including a newly constructed production site that is planned to start up in Q1 2024.
The transaction is expected to be completed in January 2024.
December 20, 2023
BASF Names New CEO
BASF picks company veteran Kamieth to become CEO amid challenges
Story by By Ludwig Burger and Patricia Weiss • 7h
By Ludwig Burger and Patricia Weiss
FRANKFURT (Reuters) -BASF appointed company veteran Markus Kamieth on Wednesday to become CEO next year, amid an organisational overhaul of the chemicals giant, grappling with falling earnings and sluggish economic growth in its European home markets.
In a statement, the German company said Kamieth would replace CEO Martin Brudermueller in April, with the latter having previously been appointed to become non-executive chairman of carmaker Mercedes-Benz .
Chief technology officer Melanie Maas-Brunner would not renew her current contract beyond Jan. 31, BASF added.
The board had considered both Kamieth and Maas-Brunner for the top job, sources familiar with the matter have told Reuters, though media reports had described Kamieth as frontrunner.
“A few months ago, I made the decision not to extend my board contract and to pursue a new professional direction,” Maas-Brunner said on the website LinkedIn.
The choice of CEO is in keeping with a BASF history of recruiting top executives from its own ranks.
The transition comes after BASF renewed its commitment to build a 10-billion-euro ($11-billion) chemical complex in southern China to tap into faster growth there and cut what it has called disproportionate reliance on subdued European home markets.
Sources have told Reuters that both Kamieth and Maas-Brunner have supported BASF’s investment focus on China, which runs counter to German government efforts to persuade companies to reduce their dependence on the country.
Arne Rautenberg, portfolio manager at mutual funds firm Union Investment, said the CEO pick had been overdue and Kamieth would have to tackle considerable challenges.
In October, BASF had mapped out further cost cuts in Europe, scaled-back investments and earnings projections, citing an “extremely uncertain” global economic outlook.
In addition, BASF is preparing to convert its agriculture, battery materials and coatings businesses into autonomous units.
Among BASF’s major growth initiatives, the China investment is rivalled only by a push to build a global manufacturing network of battery materials to cater to the fast-growing electric vehicles industry.
“BASF must transform itself to achieve regional cost leadership in basic chemicals and global leadership in specialty chemicals,” said Union’s Rautenberg.
December 20, 2023
BASF Expansion
BASF completes its capacity expansion for key specialty amines in the Americas
- Focus on polyetheramines and amine catalysts
- BASF continues to be a reliable supplier to our customers
FLORHAM PARK, NJ, December 12, 2023 – BASF has completed its capacity expansion for key specialty amines manufactured at its Geismar, Louisiana site. As a result, BASF will be able to produce more of its key polyetheramines and amine catalysts marketed under the Baxxodur® and LupragenTM brands.
“This project represents our commitment to growth in the Americas market,” said Kevin Anderson, Vice President, Business Management Amines, Acetylenics and Carbonyl Derivatives, Chemical Intermediates, North America for BASF. “Our Geismar site was the ideal location for this expansion thanks to its existing infrastructure and skilled workforce.”
BASF’s Baxxodur portfolio is utilized by customers as highly efficient curing agents and chain extenders in epoxy and polyurea applications for the wind, electrical, composites, adhesives and flooring industries. The usage of Baxxodur products allows customers to achieve a wide range of benefits in their formulation, including improved curing time, hardness, flexibility, peel strength and chemical and temperature resistance.
BASF’s Lupragen products are highly efficient amine catalysts for Polyurethanes (PU). Those catalysts are typically tertiary amines, which are required to facilitate the reaction of the main components – isocyanate and polyol. Depending on the choice of catalyst, the polyurethane forming process can be controlled to enhance the gelling or blowing reaction. BASF’s Lupragen portfolio includes several low-VOC catalysts which offer support to address the increasing target of sustainable emission reductions.
With about 300 different amines, BASF has one of the world’s most diverse portfolio of chemical intermediates. Along with alkyl-, alkanol- and alkoxyalkylamines, BASF offers heterocyclic and aromatic as well as specialty amines. The versatile products are utilized mainly to manufacture process chemicals, pharmaceuticals and crop protection products, as well as cosmetic products and detergents. They also are used to produce coatings, special plastics, composites and special fibers.
Baxxodur® andLupragenTM are trademarks of BASF SE.
December 19, 2023
Red Sea Trauma
How companies are responding to attacks on ships in the Red Sea
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19 Dec 2023 08:35PM
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Attacks on vessels by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia.
The attacks, targeting a route that accounts for about 15 per cent of the world’s shipping traffic, have pushed several shipping companies to re-route their vessels.
Below are companies’ (in alphabetical order) responses to the disturbances:
BASF
The German chemical company does not see disruptions to raw material supply or product distribution, but it is closely monitoring the situation, a company spokesperson said.
BP
The oil major on Dec. 18 said it had temporarily paused all transits through the Red Sea.
COVESTRO
The German chemicals maker said any possible increases in transit times due to shipping lines avoiding the “Bab-el-Mandeb” passage would not impact its product supply. Covestro expects its ocean shipping line partners to continue shipping through the passage as soon as it can be operated safely.
DANONE
The French food group said most of its shipments had been diverted, which will increase transit times. Should the situation continue in the mid to long-term and last beyond 2-3 months, the group will activate mitigation plans, including using alternate routes via sea or road wherever possible, a Danone spokesperson said.
ELECTROLUX
The Swedish home appliances maker has set up a task force to reduce the impact of maritime attacks. The measures include identifying particularly time-sensitive deliveries and finding alternative routes if required, the company told Reuters.
EQUINOR
The Norwegian oil and gas firm on Dec. 18 said it had re-routed vessels that had been heading towards the Red Sea.
ESSITY
The Swedish hygiene products maker is monitoring the situation and staying in contact with impacted suppliers to ensure continued flow of goods, but sees a limited impact as only a low percentage of its supplies move through the Suez Canal, the company told Reuters.
MOSAIC
The U.S. fertilizer company said on Dec. 18 it had re-routed a couple of U.S.-bound shipments around the Cape of Good Hope rather than through the Red Sea.
TSMC,
TSMC, the world’s top contract chipmaker, said on Tuesday it had a long-established enterprise risk management system in place, and after an assessment it did not anticipate a significant impact on its operations.
(Compiled by Izabela Niemiec in Gdansk; editing by Milla Nissi and Ed Osmond)
https://www.channelnewsasia.com/business/how-companies-are-responding-attacks-ships-red-sea-3999041
December 18, 2023
Adnoc Bid for Covestro
Adnoc is said to prepare higher bid for Covestro
Dec. 18, 2023 1:38 PM ETCovestro AG (CVVTF) Stock, COVTY StockBy: Rob Williams NY, SA News Editor
- Abu Dhabi National Oil Co. is readying a higher bid for Covestro (OTCPK:CVVTF) (OTCPK:COVTY) and is prepared to offer concessions to begin detailed due diligence, Bloomberg News reported Monday, citing people with knowledge of the matter.
- State-owned Adnoc is prepared to offer €60 a share as soon as the coming days, the people said. That price would value Covestro (OTCPK:CVVTF) (OTCPK:COVTY) at about €11.3 billion ($12.3 billion). Adnoc also is willing to offer job guarantees for several years and $8 billion of investments after closing the deal, Bloomberg News reported, citing its sources.
- Talks between the two companies started in September after informal bids of €55 and €57 a share that Covestro (OTCPK:CVVTF) (OTCPK:COVTY) rejected as too low. Covestro’s (OTCPK:CVVTF) (OTCPK:COVTY) stock has risen about 45% this year to €53 a share, valuing the petrochemical company at €10 billion.
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