Company News
December 17, 2021
PCC To Expand Polyol Production
PCC Group: Substantial investment in production capacity
PCC Rokita and PCC Exol – listed companies of the PCC Group – announced that they have decided to implement the largest investment in the history of their activity, aiming at increasing production capacity and the range of manufactured products. The project is to be implemented in the chemical industrial park in Brzeg Dolny by PCC BD Sp. z o.o., whose partners are PCC Exol and PCC Rokita, both holding 50 % of shares.
“The new installation will be the first of its type in Poland, combining the production of ethoxylates and polyols,” said Wiesław Klimkowski, President of the Management Board of PCC Rokita S.A. “The adopted technological solutions and its versatility are to enable quick adaptation of the product portfolio to the dynamically changing needs of the market,” he added.
The installation is to produce a range of ethoxylates, polyether polyols and other ethoxylated products, including biodegradable products. It will use ethylene oxide supplied by PKN Orlen. The implementation of the investment will contribute not only to increasing the volume of products that can be offered but will also allow for the expansion of the product portfolio of the PCC Group companies as part of the continuation of the market strategy aimed at diversifying sales to many different industries characterised by different business cycles.
“Due to the appropriate combination of oxides and the use of new production technologies, the products produced with the use of the new installation will be characterised by lower emissions of volatile organic compounds and a shorter and low-waste production process. In addition, the shorter production process will reduce energy consumption,” said Dariusz Ciesielski, President of the Management Board of PCC Exol SA. “Additionally, due to the fact that ethylene oxide has a lower carbon footprint than propylene oxide, some products will have a lower carbon footprint,” he added.
The completion date of the investment is scheduled for mid-2026 and its value is estimated at PLN 351 million (~ EUR 75.9 million). The initially assumed average annual potential production capacity of the installation with the estimated portfolio will amount to approximately 50,000 – 55,000 t. At the same time, PCC Rokita plans to invest in renewable energy sources in order to reduce its corporate carbon footprint.
In recent years, PCC Rokita and PCC Exol have completed a number of investments in the chemical industrial park in Brzeg Dolny, Poland. The development goes hand in hand with intensively implemented investments, which not only increase production capacity but also act with regard to environmental issues, said the companies.
GreenLine products have been a part of the companies’ portfolio for a long time. At the moment, they already account for approximately 25 % of all products offered by the PCC Group. When creating products from this line, both the impact of their production on the natural environment and their life cycle stages are taken into account. Some examples include products with high biodegradability, a high natural origin index and low CO2 emissions.
PCC Rokita produces, among others, GreenLine chlorine and soda lye with the latest membrane technology. In addition, the energy used in this process has a guarantee of origin from renewable sources. PCC Exol is also building a range of products in line with the green chemistry trend. It provides its customers with BioRokamin, one of the most efficient and gentle ecological amphoteric surfactants, which is particularly desired in the cosmetics industry. For its actions, the company is regularly granted a gold level in recognition of its CSR EcoVadis rating.
The companies of the PCC Group have also been investing heavily in improving energy efficiency for many years now. One of the most important projects in this field was the transition by PCC Rokita to the production of chlorine based on environmentally friendly membrane technology, which allowed for the avoidance of over 140,000 t of CO2 emissions per year.
Various potential energy and efficiency projects are currently being reviewed. PCC Rokita is considering, among other things, the possibility of moving away from coal fuel by converting the existing grate boilers into gas boilers or replacing them with low-parameter gas boilers. The PCC Group companies do not exclude the possibility of investing in their own energy sources that reduce the carbon footprint. Investments in renewable energy sources seem to be the right direction.
The companies are considering the construction of several solar farms with a total capacity of approximately 30 MW, the largest of which are to be built on rehabilitated land. The goal is to build renewable energy sources directly connected with production installations. In the future, the group is also considering purchasing land dedicated to expanding the solar farms. At the same time, the company is discussing the possibility of building a wind farm. With this end in view, it has already selected attractive land and is currently analysing the feasibility and profitability of the project. The estimated potential of the selected locations equals to approximately 15 MW. It is possible to include external entities in these investments.
Both PCC Rokita and PCC Exol ended the past period with record-breaking results, with increased results recorded in most of the production segments. The very good financial results for the last three quarters of the year 2021 lay a good foundation for starting the development projects aimed at combining the development of production potential with the provision of sustainable sources of energy supply, said the company.
“Investments are a key element of our companies’ strategy. The financial results we achieve are their direct result. For three quarters of this year, the PCC Rokita Group generated a record-high consolidated EBITDA profit of over PLN 437 million (~ EUR 94.5 million), followed by a record-breaking net profit of PLN 236 million (~ EUR 51 million),” said Rafał Zdon, Vice President of the Management Board of the company. “Similarly, the PCC Exol Group closed three quarters of this year with EBITDA profit of nearly PLN 60 million (~ EUR 13 million). As a result, the consolidated net profit of the PCC Exol Group after three quarters of 2021 reached the highest amount in the history of the group, amounting to over PLN 35 million (~ EUR 7.6 million),” he added.
December 17, 2021
PCC To Expand Polyol Production
PCC Group: Substantial investment in production capacity
PCC Rokita and PCC Exol – listed companies of the PCC Group – announced that they have decided to implement the largest investment in the history of their activity, aiming at increasing production capacity and the range of manufactured products. The project is to be implemented in the chemical industrial park in Brzeg Dolny by PCC BD Sp. z o.o., whose partners are PCC Exol and PCC Rokita, both holding 50 % of shares.
“The new installation will be the first of its type in Poland, combining the production of ethoxylates and polyols,” said Wiesław Klimkowski, President of the Management Board of PCC Rokita S.A. “The adopted technological solutions and its versatility are to enable quick adaptation of the product portfolio to the dynamically changing needs of the market,” he added.
The installation is to produce a range of ethoxylates, polyether polyols and other ethoxylated products, including biodegradable products. It will use ethylene oxide supplied by PKN Orlen. The implementation of the investment will contribute not only to increasing the volume of products that can be offered but will also allow for the expansion of the product portfolio of the PCC Group companies as part of the continuation of the market strategy aimed at diversifying sales to many different industries characterised by different business cycles.
“Due to the appropriate combination of oxides and the use of new production technologies, the products produced with the use of the new installation will be characterised by lower emissions of volatile organic compounds and a shorter and low-waste production process. In addition, the shorter production process will reduce energy consumption,” said Dariusz Ciesielski, President of the Management Board of PCC Exol SA. “Additionally, due to the fact that ethylene oxide has a lower carbon footprint than propylene oxide, some products will have a lower carbon footprint,” he added.
The completion date of the investment is scheduled for mid-2026 and its value is estimated at PLN 351 million (~ EUR 75.9 million). The initially assumed average annual potential production capacity of the installation with the estimated portfolio will amount to approximately 50,000 – 55,000 t. At the same time, PCC Rokita plans to invest in renewable energy sources in order to reduce its corporate carbon footprint.
In recent years, PCC Rokita and PCC Exol have completed a number of investments in the chemical industrial park in Brzeg Dolny, Poland. The development goes hand in hand with intensively implemented investments, which not only increase production capacity but also act with regard to environmental issues, said the companies.
GreenLine products have been a part of the companies’ portfolio for a long time. At the moment, they already account for approximately 25 % of all products offered by the PCC Group. When creating products from this line, both the impact of their production on the natural environment and their life cycle stages are taken into account. Some examples include products with high biodegradability, a high natural origin index and low CO2 emissions.
PCC Rokita produces, among others, GreenLine chlorine and soda lye with the latest membrane technology. In addition, the energy used in this process has a guarantee of origin from renewable sources. PCC Exol is also building a range of products in line with the green chemistry trend. It provides its customers with BioRokamin, one of the most efficient and gentle ecological amphoteric surfactants, which is particularly desired in the cosmetics industry. For its actions, the company is regularly granted a gold level in recognition of its CSR EcoVadis rating.
The companies of the PCC Group have also been investing heavily in improving energy efficiency for many years now. One of the most important projects in this field was the transition by PCC Rokita to the production of chlorine based on environmentally friendly membrane technology, which allowed for the avoidance of over 140,000 t of CO2 emissions per year.
Various potential energy and efficiency projects are currently being reviewed. PCC Rokita is considering, among other things, the possibility of moving away from coal fuel by converting the existing grate boilers into gas boilers or replacing them with low-parameter gas boilers. The PCC Group companies do not exclude the possibility of investing in their own energy sources that reduce the carbon footprint. Investments in renewable energy sources seem to be the right direction.
The companies are considering the construction of several solar farms with a total capacity of approximately 30 MW, the largest of which are to be built on rehabilitated land. The goal is to build renewable energy sources directly connected with production installations. In the future, the group is also considering purchasing land dedicated to expanding the solar farms. At the same time, the company is discussing the possibility of building a wind farm. With this end in view, it has already selected attractive land and is currently analysing the feasibility and profitability of the project. The estimated potential of the selected locations equals to approximately 15 MW. It is possible to include external entities in these investments.
Both PCC Rokita and PCC Exol ended the past period with record-breaking results, with increased results recorded in most of the production segments. The very good financial results for the last three quarters of the year 2021 lay a good foundation for starting the development projects aimed at combining the development of production potential with the provision of sustainable sources of energy supply, said the company.
“Investments are a key element of our companies’ strategy. The financial results we achieve are their direct result. For three quarters of this year, the PCC Rokita Group generated a record-high consolidated EBITDA profit of over PLN 437 million (~ EUR 94.5 million), followed by a record-breaking net profit of PLN 236 million (~ EUR 51 million),” said Rafał Zdon, Vice President of the Management Board of the company. “Similarly, the PCC Exol Group closed three quarters of this year with EBITDA profit of nearly PLN 60 million (~ EUR 13 million). As a result, the consolidated net profit of the PCC Exol Group after three quarters of 2021 reached the highest amount in the history of the group, amounting to over PLN 35 million (~ EUR 7.6 million),” he added.
December 13, 2021
Central to Close
Central Freight Lines to shut down after 96 years
Clarissa Hawes, Senior Editor, Investigations and Enterprise Follow on Twitter Monday, December 13, 2021 5 minutes read
2,100 employees will be laid off right before Christmas. Central Freight Lines is the largest trucking company to close since Celadon ceased operations in 2019.
Waco, Texas-based Central Freight Lines has notified drivers, employees and customers that the less-than-truckload carrier plans to wind down operations on Monday after 96 years, the company’s president told FreightWaves on Saturday.
“It’s just horrible,” said CFL President Bruce Kalem.
A source close to CFL told FreightWaves that CFL had “too much debt and too many unpaid bills” to continue operating, despite exploring all available options to keep its doors open.
Kalem agreed.
“Years of operating losses and struggles for many years sapped our liquidity and we had no other place to go at this point,” Kalem told FreightWaves. “Nobody is going to make money on this closing, nobody.”
Central Freight will cease picking up new shipments effective Monday and expects to deliver substantially all freight in its system by Dec. 20, according to a company statement.
A source familiar with the company said he is unsure whether CFL will file Chapter 7 or “liquidate outside of bankruptcy,” but that the LTL carrier has no plans to reorganize.
The company reshuffled its executive team nearly a year ago in an effort to stay afloat, including adding the company’s owner, Jerry Moyes, as CFL’s interim president and chief executive officer. Moyes remained CEO after Kalem was elevated to president in July.
“I think it was surprising that there wasn’t a buyer for the entire company, but buyers were interested in certain pieces but not in the whole thing,” the source, who didn’t want to be identified, told FreightWaves. “Part of it could have been that just the network was so expansive that there was too much overlap with some of the buyers that they didn’t need locations or employees in the places where they already had strong operations.”
Third-party logistics provider GlobalTranz notified its customers that it had removed CFL as “a blanket and CSP carrier option immediately, to prevent any new bookings,” multiple sources told FreightWaves on Saturday.
CFL, which has over 2,100 employees, including 1,325 drivers, and 1,600 power units, is in discussions with “key customers and vendors and expects sufficient liquidity to complete deliveries over the next week in an orderly manner,” a CFL spokesperson said. Approximately 820 employees are based at the company headquarters in Waco.
Despite diligent efforts, CFL “was unable to gain commitments to fund ongoing operations, find a buyer of the entire business or fund a Chapter 11 reorganization,” another source familiar with the company told FreightWaves.
Kalem said the company had 65 terminals prior to its decision to shutter operations.
FreightWaves received a tip from a source nearly two weeks ago that CFL wasn’t renewing its East Coast terminal leases but was unable to confirm the information with CFL executives.
Another source told FreightWaves that some of the LTL carrier’s West Coast terminals had been sold recently, but that no reason was given for the transactions.
At that time, Kalem said the company was “working to find alternatives” and couldn’t speak because of non-disclosure agreements. He said executives at CFL, including Moyes, were trying to do everything to “save the company.”
“Jerry [Moyes] pumped a lot of money into the company, but it just wasn’t enough,” Kalem said.
Kalem said he’s aware that a large carrier is interested in hiring many of CFL’s drivers but isn’t able to name names at this point.
“Central Freight is in negotiations to sell a substantial portion of its equipment,” the company said in a statement. “Additionally, Central Freight is coordinating with other regional LTL carriers to afford its employees opportunities to apply for other LTL jobs in their area.”
As of late Saturday night, Kalem said fuel cards are working and drivers will be paid for freight they’ve hauled for the LTL carrier until all freight is delivered by the Dec. 20 target date.
“I’m going to work feverishly with the time I have left to get these good people jobs — I owe it to them,” Kalem told FreightWaves. “We are going to pay our drivers — that’s why we had to close it like we’re doing now. We are going to deliver all of the freight that’s in our system by next week and we believe we can do that.”
During the outset of the pandemic, Central Freight Lines was one of four trucking-related companies that received the maximum award of $10 million through the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This occurred around the time that CFL drivers and employees were forced to take pay cuts, a move that didn’t go down well with drivers.
“It all went to payroll,” Kalem said about the PPP funds. “Yes, our employees and drivers did take a pay cut over the past few years, and we gave most of it back, even raised pay over the past several months but it just wasn’t enough to attract drivers.”
FreightWaves staffers Todd Maiden, Timothy Dooner and JP Hampstead contributed to this report.
December 13, 2021
Central to Close
Central Freight Lines to shut down after 96 years
Clarissa Hawes, Senior Editor, Investigations and Enterprise Follow on Twitter Monday, December 13, 2021 5 minutes read
2,100 employees will be laid off right before Christmas. Central Freight Lines is the largest trucking company to close since Celadon ceased operations in 2019.
Waco, Texas-based Central Freight Lines has notified drivers, employees and customers that the less-than-truckload carrier plans to wind down operations on Monday after 96 years, the company’s president told FreightWaves on Saturday.
“It’s just horrible,” said CFL President Bruce Kalem.
A source close to CFL told FreightWaves that CFL had “too much debt and too many unpaid bills” to continue operating, despite exploring all available options to keep its doors open.
Kalem agreed.
“Years of operating losses and struggles for many years sapped our liquidity and we had no other place to go at this point,” Kalem told FreightWaves. “Nobody is going to make money on this closing, nobody.”
Central Freight will cease picking up new shipments effective Monday and expects to deliver substantially all freight in its system by Dec. 20, according to a company statement.
A source familiar with the company said he is unsure whether CFL will file Chapter 7 or “liquidate outside of bankruptcy,” but that the LTL carrier has no plans to reorganize.
The company reshuffled its executive team nearly a year ago in an effort to stay afloat, including adding the company’s owner, Jerry Moyes, as CFL’s interim president and chief executive officer. Moyes remained CEO after Kalem was elevated to president in July.
“I think it was surprising that there wasn’t a buyer for the entire company, but buyers were interested in certain pieces but not in the whole thing,” the source, who didn’t want to be identified, told FreightWaves. “Part of it could have been that just the network was so expansive that there was too much overlap with some of the buyers that they didn’t need locations or employees in the places where they already had strong operations.”
Third-party logistics provider GlobalTranz notified its customers that it had removed CFL as “a blanket and CSP carrier option immediately, to prevent any new bookings,” multiple sources told FreightWaves on Saturday.
CFL, which has over 2,100 employees, including 1,325 drivers, and 1,600 power units, is in discussions with “key customers and vendors and expects sufficient liquidity to complete deliveries over the next week in an orderly manner,” a CFL spokesperson said. Approximately 820 employees are based at the company headquarters in Waco.
Despite diligent efforts, CFL “was unable to gain commitments to fund ongoing operations, find a buyer of the entire business or fund a Chapter 11 reorganization,” another source familiar with the company told FreightWaves.
Kalem said the company had 65 terminals prior to its decision to shutter operations.
FreightWaves received a tip from a source nearly two weeks ago that CFL wasn’t renewing its East Coast terminal leases but was unable to confirm the information with CFL executives.
Another source told FreightWaves that some of the LTL carrier’s West Coast terminals had been sold recently, but that no reason was given for the transactions.
At that time, Kalem said the company was “working to find alternatives” and couldn’t speak because of non-disclosure agreements. He said executives at CFL, including Moyes, were trying to do everything to “save the company.”
“Jerry [Moyes] pumped a lot of money into the company, but it just wasn’t enough,” Kalem said.
Kalem said he’s aware that a large carrier is interested in hiring many of CFL’s drivers but isn’t able to name names at this point.
“Central Freight is in negotiations to sell a substantial portion of its equipment,” the company said in a statement. “Additionally, Central Freight is coordinating with other regional LTL carriers to afford its employees opportunities to apply for other LTL jobs in their area.”
As of late Saturday night, Kalem said fuel cards are working and drivers will be paid for freight they’ve hauled for the LTL carrier until all freight is delivered by the Dec. 20 target date.
“I’m going to work feverishly with the time I have left to get these good people jobs — I owe it to them,” Kalem told FreightWaves. “We are going to pay our drivers — that’s why we had to close it like we’re doing now. We are going to deliver all of the freight that’s in our system by next week and we believe we can do that.”
During the outset of the pandemic, Central Freight Lines was one of four trucking-related companies that received the maximum award of $10 million through the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This occurred around the time that CFL drivers and employees were forced to take pay cuts, a move that didn’t go down well with drivers.
“It all went to payroll,” Kalem said about the PPP funds. “Yes, our employees and drivers did take a pay cut over the past few years, and we gave most of it back, even raised pay over the past several months but it just wasn’t enough to attract drivers.”
FreightWaves staffers Todd Maiden, Timothy Dooner and JP Hampstead contributed to this report.
December 13, 2021
LyondellBasell Names Vanacker as CEO
LyondellBasell Appoints Peter Vanacker as Chief Executive Officer
Kenneth Lane, Executive Vice President, Global Olefins & Polyolefins, Will Serve as Interim CEO During Transition Period
HOUSTON and LONDON, Dec. 13, 2021 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announced that the Board of Directors has appointed Peter Vanacker, President and CEO of Neste Corporation, as its new Chief Executive Officer. Mr. Vanacker succeeds Bhavesh V. “Bob” Patel, who will retire from the Company on December 31, 2021, as previously announced.
Mr. Vanacker will assume his role no later than June 2022, upon satisfaction of the notice period under his current employment agreement, at which time he will also join the Company’s Board of Directors. The Board also announced that Kenneth (Ken) Lane, executive vice president, Global Olefins & Polyolefins (O&P) for LyondellBasell, will serve as interim CEO upon Mr. Patel’s retirement.
“Peter’s outstanding leadership and industry experience made him the Board’s choice in an exceptional field of candidates who were considered as part of the comprehensive search process,” said Jacques Aigrain, Board Chair. “The Board is confident that his success in delivering value to shareholders, along with his strategic and forward-thinking mindset, will serve the Company well as we continue to drive growth and advance our climate and circularity goals.”
Mr. Vanacker brings more than 30 years of industry experience to his new role, including serving as President and CEO of Neste, an industry-leading renewable products company that has seen substantial growth and transformation under his leadership since 2018. Prior to that role, Mr. Vanacker was CEO and Managing Director of the CABB Group, a leader in the fine chemicals global market, and he was CEO and Managing Director of Treofan Group, a global leader in the polypropylene films business. He previously had a succession of roles at Bayer AG, including as EVP and Head of the Global Polyurethanes business and member of the Executive Committee of Bayer Material Science, now Covestro. During his tenure with Bayer, Peter worked across various subsidiaries, including in Belgium, Brazil, Germany and the United States. He is the Chair of the Advisory Board for the European Institute for Industrial Leadership and a member of the Supervisory Board of Symrise AG.
“I am thrilled to join LyondellBasell at such an exciting time for the Company,” said Mr. Vanacker. “I have long admired it as an industry leader in technology, product innovation and, more recently, circularity. Pulling from my own experiences, I will strive to build on the Company’s momentum and work to continue offering great value to shareholders while advancing the Company’s sustainability goals. I look forward to joining this strong leadership team, engaging with its devoted employees, and moving the Company forward, together.”
“We are very pleased that Ken will serve as Interim CEO during the transition period. He brings a wealth of Company knowledge, leadership and dedication to his work. On behalf of the Board, I thank him for stepping up to help ensure business continuity and continued robust financial and operational performance during the transition period. I would also like to thank Bob again for his service to the Company, its people and other stakeholders, and wish him the very best for the future,” Mr. Aigrain said.
Mr. Lane joined LyondellBasell in July 2019 and oversees the O&P Americas and O&P Europe, Asia & International (EAI) segments. Prior to joining LyondellBasell, Mr. Lane held a variety of positions with BASF, including president of the Monomers Division and president of BASF Catalysts. Before BASF, Mr. Lane also held a number of positions with BP Chemicals. He will continue to serve in his current role while also acting as interim CEO.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world’s largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine’s list of the “World’s Most Admired Companies” for the fourth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com.
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1392
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