Company News

February 15, 2022

Another Fire

Fire at Foamex plant: Roads reopening, all firefighters OK

By Newsroom ⋅ February 15, 2022 ⋅ Post a commentFiled UnderCornelius Fire, foamex

Video still by Mike Tijerina

Feb. 15. By Dave Yochum. A fire at the Foamex/FXI plant at Hwy. 115 and Bailey Road has been extinguished, but at 10 am both arteries remain blocked in each direction. Multiple fire departments have responded, including Charlotte Fire.

The intersection of Bailey and 115 could be shut down for hours, an official said.

Firefighters on site

Fire personnel will be onsite throughout the day to ensure there are no flare ups.

No one outside of the “very immediate area” was in any danger despite the smell of smoke nearby.

All four directions around the intersection of Hwy 115 and Bailey Road are closed. / Photo by Jason Benavides

Black smoke

Nevertheless, it was frightening for adjacent businesses.

“I saw a lot of black smoke and I thought, ‘oh God, my company is on fire,’” said Mike Tijerina, manager of the nearby Anchor Self Storage business.

Tijerina

No chemicals

The fire did not involve any chemicals, Mayor Woody Washam said, so there are no concerns about harmful fumes in the air.

¶ There were no reports of injuries.

Officials said manufacturing foam blocks involves extreme heat which can be trapped deep inside a foam block. The foam FXI makes is used in everything from bedding to electronics.

—Jason Benavides contributed to this story. Foamex Fire

This video is courtesy of Mike Tijerina.

www.corneliustoday.com/fire-at-foamex-plant-roads-reopening-all-firefighters-ok/

February 15, 2022

Another Fire

Fire at Foamex plant: Roads reopening, all firefighters OK

By Newsroom ⋅ February 15, 2022 ⋅ Post a commentFiled UnderCornelius Fire, foamex

Video still by Mike Tijerina

Feb. 15. By Dave Yochum. A fire at the Foamex/FXI plant at Hwy. 115 and Bailey Road has been extinguished, but at 10 am both arteries remain blocked in each direction. Multiple fire departments have responded, including Charlotte Fire.

The intersection of Bailey and 115 could be shut down for hours, an official said.

Firefighters on site

Fire personnel will be onsite throughout the day to ensure there are no flare ups.

No one outside of the “very immediate area” was in any danger despite the smell of smoke nearby.

All four directions around the intersection of Hwy 115 and Bailey Road are closed. / Photo by Jason Benavides

Black smoke

Nevertheless, it was frightening for adjacent businesses.

“I saw a lot of black smoke and I thought, ‘oh God, my company is on fire,’” said Mike Tijerina, manager of the nearby Anchor Self Storage business.

Tijerina

No chemicals

The fire did not involve any chemicals, Mayor Woody Washam said, so there are no concerns about harmful fumes in the air.

¶ There were no reports of injuries.

Officials said manufacturing foam blocks involves extreme heat which can be trapped deep inside a foam block. The foam FXI makes is used in everything from bedding to electronics.

—Jason Benavides contributed to this story. Foamex Fire

This video is courtesy of Mike Tijerina.

www.corneliustoday.com/fire-at-foamex-plant-roads-reopening-all-firefighters-ok/

February 15, 2022

Huntsman Results

Huntsman Announces Fourth Quarter and Full Year 2021 Earnings; Fourth Quarter Buybacks of over $100 million and Dividend Increased 13%

Download as PDF February 15, 2022 6:00am EST

THE WOODLANDS, Texas, Feb. 15, 2022 /PRNewswire/ —

Fourth Quarter Highlights

  • Fourth quarter 2021 net income of $607 million compared to net income of $360 million in the prior year period; fourth quarter 2021 diluted earnings per share of $2.73 compared to diluted earnings per share of $1.54 in the prior year period.
  • Fourth quarter 2021 adjusted net income of $207 million compared to adjusted net income of $113 million in the prior year period; fourth quarter 2021 adjusted diluted earnings per share of $0.95 compared to adjusted diluted earnings per share of $0.51 in the prior year period.
  • Fourth quarter 2021 adjusted EBITDA of $349 million compared to adjusted EBITDA of $240 million in the prior year period.
  • Fourth quarter 2021 net cash provided by operating activities from continuing operations was $790 million. Free cash flow from continuing operations was $698 million for the fourth quarter 2021, which includes a $332.5 million cash benefit from the Albemarle settlement.
  • Repurchased approximately 3.1 million shares for approximately $101 million in the fourth quarter 2021.
  • On February 14, 2022, the Board approved a 13% increase to the quarterly dividend.
  • In December 2021, we initiated a strategic review of our Textile Effects segment, including a possible sale of the segment.
  • Received first payment from Albemarle arbitration award of approximately $332.5 million on December 2, 2021. The final payment of $332.5 million will be received by early May 2022. In total, the Company is expected to receive pre-tax proceeds of approximately $465 million after legal fees.
Three months endedTwelve months ended
December 31,December 31,
In millions, except per share amounts2021202020212020
Revenues$     2,307$     1,668$     8,453$     6,018
Net income$        607$        360$     1,104$     1,066
Adjusted net income (1)$        207$        113$        784$        218
Diluted income per share$       2.73$       1.54$       4.72$       4.66
Adjusted diluted income per share(1)$       0.95$       0.51$       3.54$       0.98
Adjusted EBITDA(1)$        349$        240$     1,343$        647
Net cash provided by operating activities from continuing operations$        790$        167$        953$        277
Free cash flow from continuing operations(2)$        698$          88$        611$          28
See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2021 results with revenues of $2,307 million, net income of $607 million, adjusted net income of $207 million and adjusted EBITDA of $349 million. 

Peter R. Huntsman, Chairman, President and CEO, commented:

“We concluded 2021 with the best year in our history with our current portfolio of businesses. The transformation of our portfolio has enabled our company to generate not only our highest ever adjusted EBITDA margins but consistent profit margins quarter on quarter throughout 2021, a hallmark of a more differentiated chemical business. We remain committed to a balanced capital deployment as we repurchased over $200 million of our own shares in the second half of the year and we have just announced a 13% increase to our quarterly dividend. While we view 2021 as a highly successful year for Huntsman, we see this is as just the beginning and we expect to build upon this momentum.

In 2022, as we outlined at our Investor Day, we expect to grow earnings further, expand adjusted EBITDA margins and deliver improved free cash flow and cost optimization. This year in the second quarter we will complete our Geismar Louisiana, MDI splitter project which will expand our differentiated Polyurethanes business in the Americas, and we will continue to progress our previously announced investments targeting electric vehicle batteries, semi-conductors, and polyurethane catalysts.

Following our portfolio transformation, we are now a focused, differentiated chemical company with a strong balance sheet providing financial flexibility to grow the company through organic investments and select bolt-on M&A while ensuring that we can provide strong returns of capital to our shareholders.

We continue to seek opportunities for optimization as evidenced by our recent announcement on Textile Effects. In addition, to align our leadership team to the goals we set out at our Investor Day in November, we have implemented a multi-year compensation program for the top 80 senior leaders in our company, that focuses on the delivery of improving EBITDA margin, free cash flow and cost optimization.

Our Board of Directors is fully aligned to our strategic intent and brings the relevant skills and experiences to help us achieve our targets. We expect 2022 to be another strong year for Huntsman and I look forward to updating you as the year progresses.”

Segment Analysis for 4Q21 Compared to 4Q20

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher MDI average selling prices and higher sales volumes. MDI average selling prices increased in all regions. Sales volumes increased primarily due to growth in the Americas region and across multiple markets. The increase in segment adjusted EBITDA was primarily due to higher MDI volumes and higher equity earnings.

Performance Products

The increase in revenues in our Performance Products segment for three months ended December 31, 2021, compared to the same period in 2020 was primarily due to higher average selling prices and higher sales volumes.  Average selling prices increased primarily due to stronger demand and in response to increased raw material costs. Sales volumes increased largely due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.

Advanced Materials

The increase in revenues in our Advanced Materials segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher average selling prices, higher sales volumes and the favorable net impact of the Gabriel acquisition and India-based DIY divestiture.  Excluding the Gabriel acquisition and India-based DIY divestiture, sales volumes increased across all markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs and due to the impact of a weaker U.S. dollar against major international currencies. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefits, including synergies, from our recent acquisitions, partially offset by higher fixed costs.

https://www.huntsman.com/news/media-releases/detail/511/huntsman-announces-fourth-quarter-and-full-year-2021

February 15, 2022

Huntsman Results

Huntsman Announces Fourth Quarter and Full Year 2021 Earnings; Fourth Quarter Buybacks of over $100 million and Dividend Increased 13%

Download as PDF February 15, 2022 6:00am EST

THE WOODLANDS, Texas, Feb. 15, 2022 /PRNewswire/ —

Fourth Quarter Highlights

  • Fourth quarter 2021 net income of $607 million compared to net income of $360 million in the prior year period; fourth quarter 2021 diluted earnings per share of $2.73 compared to diluted earnings per share of $1.54 in the prior year period.
  • Fourth quarter 2021 adjusted net income of $207 million compared to adjusted net income of $113 million in the prior year period; fourth quarter 2021 adjusted diluted earnings per share of $0.95 compared to adjusted diluted earnings per share of $0.51 in the prior year period.
  • Fourth quarter 2021 adjusted EBITDA of $349 million compared to adjusted EBITDA of $240 million in the prior year period.
  • Fourth quarter 2021 net cash provided by operating activities from continuing operations was $790 million. Free cash flow from continuing operations was $698 million for the fourth quarter 2021, which includes a $332.5 million cash benefit from the Albemarle settlement.
  • Repurchased approximately 3.1 million shares for approximately $101 million in the fourth quarter 2021.
  • On February 14, 2022, the Board approved a 13% increase to the quarterly dividend.
  • In December 2021, we initiated a strategic review of our Textile Effects segment, including a possible sale of the segment.
  • Received first payment from Albemarle arbitration award of approximately $332.5 million on December 2, 2021. The final payment of $332.5 million will be received by early May 2022. In total, the Company is expected to receive pre-tax proceeds of approximately $465 million after legal fees.
Three months endedTwelve months ended
December 31,December 31,
In millions, except per share amounts2021202020212020
Revenues$     2,307$     1,668$     8,453$     6,018
Net income$        607$        360$     1,104$     1,066
Adjusted net income (1)$        207$        113$        784$        218
Diluted income per share$       2.73$       1.54$       4.72$       4.66
Adjusted diluted income per share(1)$       0.95$       0.51$       3.54$       0.98
Adjusted EBITDA(1)$        349$        240$     1,343$        647
Net cash provided by operating activities from continuing operations$        790$        167$        953$        277
Free cash flow from continuing operations(2)$        698$          88$        611$          28
See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2021 results with revenues of $2,307 million, net income of $607 million, adjusted net income of $207 million and adjusted EBITDA of $349 million. 

Peter R. Huntsman, Chairman, President and CEO, commented:

“We concluded 2021 with the best year in our history with our current portfolio of businesses. The transformation of our portfolio has enabled our company to generate not only our highest ever adjusted EBITDA margins but consistent profit margins quarter on quarter throughout 2021, a hallmark of a more differentiated chemical business. We remain committed to a balanced capital deployment as we repurchased over $200 million of our own shares in the second half of the year and we have just announced a 13% increase to our quarterly dividend. While we view 2021 as a highly successful year for Huntsman, we see this is as just the beginning and we expect to build upon this momentum.

In 2022, as we outlined at our Investor Day, we expect to grow earnings further, expand adjusted EBITDA margins and deliver improved free cash flow and cost optimization. This year in the second quarter we will complete our Geismar Louisiana, MDI splitter project which will expand our differentiated Polyurethanes business in the Americas, and we will continue to progress our previously announced investments targeting electric vehicle batteries, semi-conductors, and polyurethane catalysts.

Following our portfolio transformation, we are now a focused, differentiated chemical company with a strong balance sheet providing financial flexibility to grow the company through organic investments and select bolt-on M&A while ensuring that we can provide strong returns of capital to our shareholders.

We continue to seek opportunities for optimization as evidenced by our recent announcement on Textile Effects. In addition, to align our leadership team to the goals we set out at our Investor Day in November, we have implemented a multi-year compensation program for the top 80 senior leaders in our company, that focuses on the delivery of improving EBITDA margin, free cash flow and cost optimization.

Our Board of Directors is fully aligned to our strategic intent and brings the relevant skills and experiences to help us achieve our targets. We expect 2022 to be another strong year for Huntsman and I look forward to updating you as the year progresses.”

Segment Analysis for 4Q21 Compared to 4Q20

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher MDI average selling prices and higher sales volumes. MDI average selling prices increased in all regions. Sales volumes increased primarily due to growth in the Americas region and across multiple markets. The increase in segment adjusted EBITDA was primarily due to higher MDI volumes and higher equity earnings.

Performance Products

The increase in revenues in our Performance Products segment for three months ended December 31, 2021, compared to the same period in 2020 was primarily due to higher average selling prices and higher sales volumes.  Average selling prices increased primarily due to stronger demand and in response to increased raw material costs. Sales volumes increased largely due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.

Advanced Materials

The increase in revenues in our Advanced Materials segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher average selling prices, higher sales volumes and the favorable net impact of the Gabriel acquisition and India-based DIY divestiture.  Excluding the Gabriel acquisition and India-based DIY divestiture, sales volumes increased across all markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs and due to the impact of a weaker U.S. dollar against major international currencies. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefits, including synergies, from our recent acquisitions, partially offset by higher fixed costs.

https://www.huntsman.com/news/media-releases/detail/511/huntsman-announces-fourth-quarter-and-full-year-2021

February 11, 2022

Tosoh Names New President

Tosoh appoints new president
February 11/2022
MOSCOW (MRC) — Japanese chemicals company Tosoh Corp has appointed Mamoru Kuwada as its new president and representative director, effective 1 March, said the company.

Kuwada is currently executive vice president of Tosoh and president of Tosoh’s Specialty Group. In his new role,  Kuwada succeeds Toshinori Yamamoto, who will become a corporate advisor to the company after the annual general meeting in June.

“Implementation of the company’s fiscal 2023 medium-term business plan will be overseen by a new management team, with the aim of further strengthening its earnings and business foundation and achieving further growth,” Tosoh said.

Tosh is a large chlor-alkali producer and it supplies ethylene, polyethylene, and functional polymers. It also has an advanced materials business that serves the global semiconductor, display, and solar industries.

As MRC informed earlier, Tosoh Corporation, a major Japanese petrochemical producer, has announced it will permanently stop producing and selling toluene diisocyanate (TDI) and TDI-related products from its Nanyo complex in Japan, effective April 2023. Despite the continuous implementation of measures to improve profitability, the environment surrounding this business has become increasingly severe in recent years, and there are no prospects for improvement, the company stated. Tosoh currently produce 25,000 t/y of TDI at the site.

As MRC reported earlier, Tosoh resumed normal production at its caustic soda plant in Nanyo City (Nanyo, Yamaguchi Prefecture, Japan) with the capacity of 1.188 million tons of caustic soda and 1.06 million tons of chlorine per year on June 24, 2021. The company experienced some technical issues when restarting after a scheduled repair. Since June 12, the caustic and chlorine production capacity utilisation was reduced by about 30%.

Founded in 1935, Japan’s Tosoh Corporation, headquartered in Tokyo, is an international chemicals and specialty materials company. The main activity of the company is the production of chlor-alkali and petrochemical products, which include ethylene, propylene, polypropylene, polyethylene and synthetic rubbers. The Tosoh Group globally includes over 130 companies with manufacturing facilities and offices in Japan, China, the Philippines, Indonesia, Singapore, Taiwan, South Korea, Germany, Belgium, Holland, Italy, UK, Greece, Switzerland and the USA.

http://www.mrcplast.com/news-news_open-399072.html