Company News
January 13, 2023
General Coatings Names Lorenz President
PRESS RELEASE: January 10, 2023 (Fresno, California)
General Coatings Manufacturing Corporation
Laxmi “Lax” Gupta built one of the largest family-owned systems houses in the United States under
his leadership over his 50-year career in the polyurethanes industry. He ran a family and customer
centric business enterprise and focused on innovation through Research and Development leading
to high performance products produced under the strictest quality control procedures. He left an
enduring legacy which will be continued by his wife Urmila Gupta and his three children, Dr. Shalesh
Gupta, Dr. Anjula Gupta and Dr. Sandeep Gupta, who are actively involved in managing all of his
businesses. Many other family members and now the third generation, Lax’s grandchildren, have
started to enter the businesses as well.
The owners of General Coatings Manufacturing Corporation (GCMC) would like to announce
appointment of Will Lorenz as the new President of General Coatings Manufacturing Corporation.
Will Lorenz has been Vice President of – National Sales in Spray Foam Roofing & Tank Systems for
GCMC. He received a BA in Chemistry from the College of Wooster, Ohio and an MBA from the
University California Irvine in 1996.
Prior to joining GCMC, Lorenz worked at Amoco Chemicals, Mobay
Corporation, ICI Polyurethanes, Henry Company, and Arnco. He is part of
multiple industry organizations. He is President of RCMA, a board member
of SPFA, on the Spray Foam Contractors (SFC) Leadership Committee, on
the Spray Foam Manufacturer Government Affairs Committee, and a
member of NRCA, National Roof Contractors Association.
“I see my role is to bring the GCMC team together and unleash our
capabilities. We pursue our goals through embracing Lax’s keen
entrepreneurial spirit, bringing new energy saving roofing solutions, and
unparalleled personal commitment to our dedicated contractors.” –
Lorenz
January 12, 2023
Polycoat Management Changes
PRESS RELEASE: January 9, 2023 (Santa Fe Springs, California)
American Polymers Corp.
Polycoat Products (a Division of American Polymers)
Chemco Systems, Inc (a wholly owned company of American Polymers)
SuperSkinSystems (a Division of American Polymers)
Laxmi “Lax” Gupta built one of the largest family-owned systems houses in the United States under
his leadership over his 50-year career in the polyurethanes industry. He ran a family and customer
centric business enterprise and focused on innovation through Research and Development leading
to high performance products produced under the strictest quality control procedures. He left an
enduring legacy which will be continued by his wife Urmila Gupta and his three children, Dr. Shalesh
Gupta, Dr. Anjula Gupta and Dr. Sandeep Gupta, who are actively involved in managing all his
businesses. Many other family members and now the third generation, Lax’s grandchildren, have
started to enter the businesses as well.
The owners of American Polymers Corp. would like to announce appointments of Ashish
Dhuldhoya as the new President of Polycoat Products and of Dev Kumar and Dr. Mahesh Kotnis, as
Executive Vice Presidents of American Polymers Corp.
Executive Leadership Team consisting of the owners, Ashish Dhuldhoya, Dev Kumar, and Dr. Mahesh
Kotnis will oversee the management of all group companies, including American Polymers, under
the current ownership.
Ashish Dhuldhoya has proven to be an innovative and effective leader for the
past 35 years. Coming from India with a B.S. in Chemical Engineering from LD
College of Engineering, Ashish started as a plant operator at Polycoat in 1987.
In 1999, when Polycoat faced a pivotal moment, Ashish stepped in and
engineered a plan that put the company back on a growth path and has
continued to grow the company ever since. His strategic thinking and strong
leadership have made him an invaluable asset to American Polymers.
Dev Kumar holds a master’s degree in Industrial and Production Engineering
from Indian Institute of Technology, Roorkee. Prior to joining Polycoat
Products in 1998, Dev held various leadership roles in Engineers India Ltd
(formerly Bechtel India) for 28 years and was responsible for many large
complex projects involving grass root refineries, gas processing, fertilizer, and
naphtha cracker plants. At Polycoat, Dev was responsible for modernization
and expansion of Santa Fe Springs facility and then for strategic planning and
M&A.
Prior to joining American Polymers as Executive Vice President, Dr. Kotnis
worked in various senior leadership roles in multinational companies such as
Huntsman, Ciba Specialty Chemicals, and ICI Americas over the last 30 years. He
has a proven track record of building profitable businesses and high-performing
teams which have delivered consistent above-market growth in diverse
economic conditions. Dr. Kotnis holds a Ph.D. from the University of
Massachusetts at Amherst in Polymer Science & Engineering.
The ownership of American Polymers is committed to making investments in human and plant
assets to keep the aggressive growth trajectory of American Polymers through organic and inorganic
growth. We recently completed acquisitions and successful integrations of two new companies
namely, SuperSkinSystems and ChemCo Systems. We are proud to share that our team has
completed projects to set up new plants for manufacturing of aromatic and aliphatic polyesters in
Arlington, Texas. In addition, plans and implementation of a low-free TDI plant are underway, with
planned completion sometime in 2024.
January 12, 2023
Univar Discussions
Univar gains amid report about interest from PE firms Apollo, Platinum
Jan. 11, 2023 3:17 PM ETUnivar Solutions Inc. (UNVR)APO, BNTGFBy: Joshua Fineman, SA News Editor1 Comment
Univar Solutions Inc. (NYSE:UNVR) rose 3.4% amid a report that private equity firms including Apollo Global (APO) and Platinum Equity may be interested in a takeover of the US chemical distributor.
The PE firms are evaluating offers and potential buyers are holding discussions with Univar (UNVR) this month, according to traders, who cited a Bloomberg report. The talks are early and Univar hasn’t decided if it will sell itself.
The report comes after Brenntag (OTCPK:BNTGF) last Monday said it ended talks to acquire rival chemical distributor Univar (UNVR).
Univar indicated last Monday that it will continue talks relating to other indications of interest that have been received with respect to a potential transaction. Univar (UNVR) is said to have received takeover interest from multiple strategic buyers valuing the company at around $40/share, according to a Street Insider report at the time.
In late November activist Engine Capital, which disclosed it had a ~1% stake in Univar, said the company should start a competitive sales process that invites additional parties to bid for Univar besides Brenntag.
Engine Capital highlighted a letter it sent to Univar’s board in October and estimated that Univar (UNVR) may be worth $38-$44/share in a takeover.
January 11, 2023
BASF Breaks Ground on MDI Project in Geismar
BASF breaks ground on MDI capacity expansion project at Geismar site
January 11, 2023 11:46 ET | Source: BASF Corporation
GEISMAR, La., Jan. 11, 2023 (GLOBE NEWSWIRE) — BASF has broken ground on the third and final phase of the methylene diphenyl diisocyanate (MDI) expansion project at its Verbund site in Geismar, Louisiana, announced in July 2022. The company will increase production capacity to approximately 600,000 metric tons per year by the middle of the decade to support the ongoing growth of its North American MDI customers.
The investment for this final expansion phase, which takes place from 2022 to 2025, amounts to $780 million. Including the first and second phases, the investment volume totals around $1 billion, making the MDI expansion project BASF’s largest wholly owned investment in North America.
“BASF already ranks among the largest and most forward-looking chemical companies in the United States,” said Michael Heinz, Chairman and Chief Executive Officer, BASF Corporation. “Through this investment, we demonstrate our commitment to meeting the needs of our customers while strengthening our foundation for continued growth in the important U.S. market.”
BASF welcomed Clay Schexnayder, Speaker of the House for the Louisiana State Legislature for a ceremonial ‘tilling-of-the soil’ to officially mark the groundbreaking of the final phase of the expansion.
“We are committed to continuing the success story together with our North American MDI customers,” said Stefan Doerr, Senior Vice President, Monomers North America. “BASF is investing to support our customers in various industries with significant growth potential in MDI applications, including transportation, automotive, footwear and furniture.”
Kicked off in 2018, the expansion project follows a staggered approach. First, a new MDI synthesis unit was put in operation in October of 2020. The second phase, which started operations in 2021, expanded several existing upstream units. The third and final phase will add new upstream units and a splitter. Leveraging state-of-the-art technology, the expansion will showcase the highest safety standards combined with advanced digitalization in its operations.
January 10, 2023
Mattress Firm Pulls IPO
Mattress Firm pulls IPO plans amid recessionary fears
Jan. 10, 2023 4:20 PM ETSteinhoff International Holdings N.V. (STHHF)WMT, AMZN, TPX, SNBR, SSB, W, PRPL, MFRMBy: Val Kennedy, SA News Editor
Mattress Firm (MFRM) has pulled plans for an initial public offering as retailers brace for a possible recession later this year.
The mattress retailer first filed for the IPO in January 2022, indicating it was looking to raise $100M, a number that was likely a placeholder and subject to change. Shares were expected to trade on NYSE under the symbol MFRM.
The IPO would have marked a return to the public markets for Mattress Firm, which was taken private by Steinhoff International (OTC:STHHF) in 2016 for $3.8B. The retailer ended up filing for bankruptcy in 2018, but emerged a month later. It shuttered around 700 stores as part of its reorganization.
As of the end of September 2021, Mattress Firm still had 2,353 retail stores, according to its IPO filing. The company also sells mattresses and bedding through its e-commerce sites mattressfirm.com and sleep.com. In addition to reselling brands made by mattress makers such as Tempur Sealy (TPX) and Serta Simmons (SSB), Mattress Firm also sells products under its private labels, Tulo and Sleepy’s.
Mattress Firm has been facing increased competition from mattress sellers Casper, Purple (PRPL) and Sleep Number (SNBR), along with online furniture retailers such as Wayfair (W), Amazon (AMZN) and Walmart (WMT). Mattress maker and retailer Casper was taken private by Durational Capital in January of last year.
On Tuesday, Wedbush said that it sees Mattress Firm as an acquisition candidate in the wake of the IPO withdrawal, with Tempur Sealy as a possible bidder.
Everchem Updates Archive 
Sign Up for Email Updates