Company News
March 31, 2022
Tempur Sealy Update
Tempur Sealy foresees Q1 revenue below consensus
Mar. 31, 2022 7:34 AM ETTempur Sealy International, Inc. (TPX)By: Niloofer Shaikh, SA News Editor5 Comments
- Tempur Sealy International (NYSE:TPX) expects 1Q22 consolidated net sales growth of approximately 15% Y/Y vs. consensus growth of 20.95%.
- Tempur Sealy Chairman and CEO Scott Thompson commented, “We expect that the first quarter of 2022 will be the 10th out of the last 11 quarters that we have delivered double-digit sales growth. However, while we expect double digit sales in the first quarter, recent geopolitical events, falling consumer confidence and new COVID variant outbreaks in our international markets have resulted in sales below our expectations following a strong Presidents’ Day sales period.”
- The company also elected to postpone the launch of the new international line of Tempur products that was planned for 2022 to the first quarter of 2023.
- Q1 results will be out on April 28 before the market opens.
March 31, 2022
Tempur Sealy Update
Tempur Sealy foresees Q1 revenue below consensus
Mar. 31, 2022 7:34 AM ETTempur Sealy International, Inc. (TPX)By: Niloofer Shaikh, SA News Editor5 Comments
- Tempur Sealy International (NYSE:TPX) expects 1Q22 consolidated net sales growth of approximately 15% Y/Y vs. consensus growth of 20.95%.
- Tempur Sealy Chairman and CEO Scott Thompson commented, “We expect that the first quarter of 2022 will be the 10th out of the last 11 quarters that we have delivered double-digit sales growth. However, while we expect double digit sales in the first quarter, recent geopolitical events, falling consumer confidence and new COVID variant outbreaks in our international markets have resulted in sales below our expectations following a strong Presidents’ Day sales period.”
- The company also elected to postpone the launch of the new international line of Tempur products that was planned for 2022 to the first quarter of 2023.
- Q1 results will be out on April 28 before the market opens.
March 25, 2022
Huntsman Weathers Board Challenge
Huntsman Shareholders Elect All Huntsman Director Nominees at 2022 Annual Meeting
Download as PDF March 25, 2022 10:21am EDT
THE WOODLANDS, Texas, March 25, 2022 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced, based on preliminary vote results provided by its proxy solicitor following the Company’s 2022 Annual Meeting of Stockholders, that Huntsman shareholders have voted to elect all 10 of its director nominees – Peter R. Huntsman, Dr. Mary C. Beckerle, Sonia Dulá, Cynthia L. Egan, Curtis E. Espeland, Daniele Ferrari, Jeanne McGovern, José Muñoz, David B. Sewell and Jan E. Tighe – to the Company’s Board of Directors.
Peter R. Huntsman, Chairman, President and CEO, commented as follows:
“We appreciate the dialogue that we’ve had with a significant number of our shareholders during this campaign – including almost all of our 100 largest shareholders – and want to thank all of our shareholders for the feedback they provided. Over the past few years, we transformed our product portfolio to focus on ‘value over volume’ and fully deleveraged our balance sheet, earning an investment grade rating. The outcome of today’s shareholder vote is validation of our portfolio strategy and recognition that the Huntsman of today is vastly different than the Huntsman of five years ago.
Mr. Huntsman further commented:
“Our fit for purpose and refreshed Board is committed to delivering on its core principles of shareholder alignment and accountability as we continue to execute on the strategy outlined at our November 2021 Investor Day. As Huntsman looks to the future, the Board and the management remain unwavering in our steadfast commitment to build on our record results this past year and to continue delivering lasting value for our shareholders. Looking momentarily to the past, we would like to thank our departing directors – Nolan Archibald, Anthony Burns, Sir Robert Margetts and Wayne Reaud – for their many contributions to the Company. As previously announced, each departed effective at the Annual Meeting.
In closing, Mr. Huntsman noted the Board’s intent to continue building on the high level of shareholder engagement prompted in part by Starboard’s campaign. With regard to Starboard more specifically, Mr. Huntsman stated:
“While we had our differences with Starboard on the key issue of Board composition, we appreciated the constructive dialogue we had with them on that topic as well as several other business matters since their initial investment and look forward to continued engagement with Starboard as a significant investor in Huntsman.”
The results announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Elections. Final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission.
March 25, 2022
Huntsman Weathers Board Challenge
Huntsman Shareholders Elect All Huntsman Director Nominees at 2022 Annual Meeting
Download as PDF March 25, 2022 10:21am EDT
THE WOODLANDS, Texas, March 25, 2022 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today announced, based on preliminary vote results provided by its proxy solicitor following the Company’s 2022 Annual Meeting of Stockholders, that Huntsman shareholders have voted to elect all 10 of its director nominees – Peter R. Huntsman, Dr. Mary C. Beckerle, Sonia Dulá, Cynthia L. Egan, Curtis E. Espeland, Daniele Ferrari, Jeanne McGovern, José Muñoz, David B. Sewell and Jan E. Tighe – to the Company’s Board of Directors.
Peter R. Huntsman, Chairman, President and CEO, commented as follows:
“We appreciate the dialogue that we’ve had with a significant number of our shareholders during this campaign – including almost all of our 100 largest shareholders – and want to thank all of our shareholders for the feedback they provided. Over the past few years, we transformed our product portfolio to focus on ‘value over volume’ and fully deleveraged our balance sheet, earning an investment grade rating. The outcome of today’s shareholder vote is validation of our portfolio strategy and recognition that the Huntsman of today is vastly different than the Huntsman of five years ago.
Mr. Huntsman further commented:
“Our fit for purpose and refreshed Board is committed to delivering on its core principles of shareholder alignment and accountability as we continue to execute on the strategy outlined at our November 2021 Investor Day. As Huntsman looks to the future, the Board and the management remain unwavering in our steadfast commitment to build on our record results this past year and to continue delivering lasting value for our shareholders. Looking momentarily to the past, we would like to thank our departing directors – Nolan Archibald, Anthony Burns, Sir Robert Margetts and Wayne Reaud – for their many contributions to the Company. As previously announced, each departed effective at the Annual Meeting.
In closing, Mr. Huntsman noted the Board’s intent to continue building on the high level of shareholder engagement prompted in part by Starboard’s campaign. With regard to Starboard more specifically, Mr. Huntsman stated:
“While we had our differences with Starboard on the key issue of Board composition, we appreciated the constructive dialogue we had with them on that topic as well as several other business matters since their initial investment and look forward to continued engagement with Starboard as a significant investor in Huntsman.”
The results announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Elections. Final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission.
March 22, 2022
Recticel Acquisition
Recticel expands its Insulation activities with the acquisition of the insulated panel specialist Trimo
Regulated information, Brussels, 22/03/2022 — 07:00 CET, 22.03.2022
Recticel announces that it has entered into final agreements with Central European private equity fund Innova Capital to acquire 100% of Trimo d.o.o. in cash for an enterprise value of EUR 164.3 million. This represents a 9.5x 2021A normalized EBITDA multiple. The transaction is subject to customary conditions precedent, including regulatory approvals.
Trimo is specialized in the production of sustainable premium insulated panels for the construction industry. Predominantly geared towards the industrial and commercial building segments, it perfectly complements the current insulation boards activities of Recticel.
This acquisition will allow Recticel to:
- expand its insulation product portfolio into the adjacent and growing insulated panel market;
- accelerate its geographic expansion into the Central and South-Eastern European markets;
- increase its profit margin, as of the first full year of consolidation.
Financing is secured by the existing credit facilities, and ultimately by the proceeds from the disposals of the Bedding and Engineered Foams business lines, expected to close respectively at the end of 1Q2022 and around mid-2022.
The closing of the transaction is expected to be completed in the third quarter of 2022.
Olivier Chapelle (CEO) : “The acquisition of Trimo marks another important milestone in Recticel’s strategic portfolio reorientation. Following our announced divestments of the Bedding and Engineered Foams business lines, leading Recticel to become a pure player in insulation, today’s announcement represents an important step in the insulation centered growth path of the company. Moreover, this acquisition enables Recticel to expand in an adjacent Insulation category and to increase its geographic reach. During the process, we have been impressed by the Trimo team, and are looking forward to welcome our new and highly skilled colleagues in Recticel.”
Trimo was founded in 1961 and has been owned by Innova Capital since early 2016. Trimo was originally established as a manufacturer of thermal insulated panels but gradually developed into a high quality-producer of aesthetic prefabricated building components such as façades, walls, roofs and modular space solutions. The group is headquartered in Trebnje, Slovenia and operates from two sites (Trebnje, Slovenia and Šimanovci, Serbia). It sells its insulated panels and building solutions in more than 60 countries around the world. In 2021, Trimo employed about 480 people and generated net sales of EUR 138.4 million.
For more information on Trimo : www.trimo-group.com
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