Company News
November 18, 2021
Recticel to Divest Bedding
Recticel enters into binding agreement with the Aquinos Group on the divestment of its Bedding business line
Regulated information, Brussels, 18/11/2021 — 07:00 CET, 18.11.2021
- Binding agreement signed with Aquinos Group, one of the largest European mattress and upholstery manufacturers
- Cash consideration based on an enterprise value of EUR 122.4 million on a cash and debt free basis
- Strong strategic fit, highly complementary geographic presence and product offerings
- Transaction subject to shareholder approval and customary closing conditions and consultations
Recticel announces that it has entered into a binding agreement to sell its Bedding business line to the Portuguese privately owned Aquinos Group.
Under the terms of the agreement the Bedding business line, will be sold to the Aquinos Group for an enterprise value of EUR 122.4 million. The transaction is expected to be closed in the first quarter of 2022, subject to customary closing conditions and consultations. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams. The net proceeds after transaction costs are expected to amount to EUR 97 million subject to closing adjustments. EUR 17.9 million IFRS 16 liabilities will be transferred as well.
Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under popular brand names such as Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Superba® and Swissflex®, as well as ingredient brands including GELTEX inside®. The Bedding activities currently consist of 9 manufacturing locations in seven EU countries – Austria (1), Belgium (2), Germany (2), Poland (1), Romania (1), Switzerland (1) and The Netherlands (1) – employing around 1,555 people. In 2020 the business line generated total sales of EUR 225.9 million, excluding the Nordic bedding activities.
The Aquinos Group, founded in 1985, is privately owned and headquartered in Sinde – Tábua (Portugal). Aquinos is one of the largest producers of furniture upholstery and mattresses in Europe with more than 3,300 employees and production sites in Portugal, France, and Poland. Aquinos, with 2020 annual sales of EUR 370 million, intends to further develop its bedding activities by complementing its existing product offering with strong brands, and expanding its customer base and geographic reach.
November 17, 2021
Hankins Inducted into UTECH Hall of Fame
Huntsman’s Tony Hankins Inducted into UTECH Hall of Fame 
Maastricht, The Netherlands – On the opening day of the UTECH Europe Exhibition & Conference in Maastricht, The Netherlands, Tony Hankins, President of Huntsman’s Polyurethanes division, was inducted into the prestigious UTECH Hall of Fame.
At a special ceremony held on Tuesday 16 November, Tony Hankins joined a select group of senior polyurethane industry executives and thought leaders whose work in the world of polyurethanes is celebrated. The UTECH Hall of Fame recognizes leaders who have made a significant contribution to the global polyurethane industry and have spent at least 25 years working within the sector. Inductees are decided by an independent judging panel, which this year included representatives from Covestro, EUROPUR, ISOPA, Kingspan, Laaderberg, Polychemtech and Vitagroup.
Speaking at the event, Tony Hankins said: “I learned early in my career that the secret to longevity in this industry is to surround yourself with great people. So, I’d like to dedicate this award to the 4,000 employees in the Huntsman Polyurethanes business and thank them for their creativity and commitment. There are few industries in the world that are still going strong after 60 years; yet polyurethanes continues to enjoy sustainable growth. We undoubtedly have a bright future ahead.” Tony Hankins has worked in the polyurethanes industry for more than 30 years.
Huntsman’s global Automotive team was also shortlisted as a finalist in the UTECH Europe Automotive Awards for its ultra-low emission ACOUSTIFLEX® LE and RUBIFLEX® LE polyurethane-based foam systems for manufacturing sustainable car interiors.
November 17, 2021
Hankins Inducted into UTECH Hall of Fame
Huntsman’s Tony Hankins Inducted into UTECH Hall of Fame Maastricht, The Netherlands – On the opening day of the UTECH Europe Exhibition & Conference in Maastricht, The Netherlands, Tony Hankins, President of Huntsman’s Polyurethanes division, was inducted into the prestigious UTECH Hall of Fame.
At a special ceremony held on Tuesday 16 November, Tony Hankins joined a select group of senior polyurethane industry executives and thought leaders whose work in the world of polyurethanes is celebrated. The UTECH Hall of Fame recognizes leaders who have made a significant contribution to the global polyurethane industry and have spent at least 25 years working within the sector. Inductees are decided by an independent judging panel, which this year included representatives from Covestro, EUROPUR, ISOPA, Kingspan, Laaderberg, Polychemtech and Vitagroup.
Speaking at the event, Tony Hankins said: “I learned early in my career that the secret to longevity in this industry is to surround yourself with great people. So, I’d like to dedicate this award to the 4,000 employees in the Huntsman Polyurethanes business and thank them for their creativity and commitment. There are few industries in the world that are still going strong after 60 years; yet polyurethanes continues to enjoy sustainable growth. We undoubtedly have a bright future ahead.” Tony Hankins has worked in the polyurethanes industry for more than 30 years.
Huntsman’s global Automotive team was also shortlisted as a finalist in the UTECH Europe Automotive Awards for its ultra-low emission ACOUSTIFLEX® LE and RUBIFLEX® LE polyurethane-based foam systems for manufacturing sustainable car interiors.
November 16, 2021
The Olin Shuffle
Olin Corporation Announces Retirement and Leadership Changes
News provided by Olin Corporation
Nov 15, 2021, 16:05 ET
CLAYTON, Mo., Nov. 15, 2021 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced that Pat D. Dawson, Olin’s Executive Vice President and President, Epoxy and International, will retire from Olin effective April 30, 2022, or an earlier mutually agreeable date. Mr. Dawson will remain with Olin as an Executive Vice President until his retirement, focusing on business leadership transition activities and strategic business projects.
Mr. Damian Gumpel, Olin’s current Vice President and President, Chlor Alkali Products and Vinyls will become its Vice President and President, Epoxy and Corporate Strategy, effective November 29, 2021. Damian will lead Olin’s Epoxy and International operations, as well as Olin’s Corporate Strategy activities, including mergers and acquisitions. Mr. Gumpel earned a Bachelor of Science degree in Chemical Engineering from the University of Texas – Austin and a Masters of Business Administration with Honors from the University of Chicago Booth School of Business.
Olin further announced that it has hired Patrick M. Schumacher to serve as Vice President and President, Chlor Alkali Products and Vinyls, and Dana C. O’Brien to serve as Senior Vice President, General Counsel and Secretary, both effective November 29, 2021.
Patrick Schumacher most recently served as Senior Vice President for Prince Corporation where he led the sales organization and global mergers and acquisitions activities. Prior to his time at Prince Corporation, Mr. Schumacher worked at Celanese Corporation in various leadership positions. While at Celanese, he was a Senior Vice President of multiple business areas from 2018 to 2020, Vice President, Emulsion Polymers in 2018, and Vice President, Business and Strategy Development from 2014 to 2018. Prior to joining Celanese, Mr. Schumacher was Managing Director, Head of Chemicals M&A Practice at Blackstone Group, Senior Vice President at UBS Investment Bank, an Associate at Lehman Brothers and an Associate at Valuemetrics. Mr. Schumacher earned a Bachelor of Business Administration degree in Finance from the University of Wisconsin and Master of Science in Finance degree from Boston College.
Dana O’Brien was most recently Senior Vice President, General Counsel and Chief Ethics & Compliance Officer at The Brink’s Company. Prior to her time at The Brinks’ Company, Ms. O’Brien was Senior Vice President, General Counsel and Corporate Secretary at CenterPoint Energy from 2014 to 2019, Chief Legal Officer, Chief Compliance Officer at CEVA Logistics from 2007 to 2014, General Counsel, Chief Compliance Officer and Secretary at EGL, Inc. from 2005 to 2007, and held various legal roles at Quanta Services, Inc. from 1999 to 2005. Prior to transitioning to an in-house setting, Ms. O’Brien was an associate at Weil, Gotshal & Manges and a briefing attorney with the Supreme Court of Texas. Ms. O’Brien earned a Bachelor of Arts degree from Trinity University and her Juris Doctorate degree from the University of Texas – Austin.
Scott Sutton, Olin’s Chairman, President and Chief Executive Officer said, “We congratulate Pat and thank him for his valuable service to Olin and wish him continued good fortune in the years to come. Additionally, we congratulate Damian on his new role, and welcome Patrick and Dana to the Olin team as we build upon our successes and move Olin through the next phases of its evolution.”
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
November 16, 2021
The Olin Shuffle
Olin Corporation Announces Retirement and Leadership Changes
News provided by Olin Corporation
Nov 15, 2021, 16:05 ET
CLAYTON, Mo., Nov. 15, 2021 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced that Pat D. Dawson, Olin’s Executive Vice President and President, Epoxy and International, will retire from Olin effective April 30, 2022, or an earlier mutually agreeable date. Mr. Dawson will remain with Olin as an Executive Vice President until his retirement, focusing on business leadership transition activities and strategic business projects.
Mr. Damian Gumpel, Olin’s current Vice President and President, Chlor Alkali Products and Vinyls will become its Vice President and President, Epoxy and Corporate Strategy, effective November 29, 2021. Damian will lead Olin’s Epoxy and International operations, as well as Olin’s Corporate Strategy activities, including mergers and acquisitions. Mr. Gumpel earned a Bachelor of Science degree in Chemical Engineering from the University of Texas – Austin and a Masters of Business Administration with Honors from the University of Chicago Booth School of Business.
Olin further announced that it has hired Patrick M. Schumacher to serve as Vice President and President, Chlor Alkali Products and Vinyls, and Dana C. O’Brien to serve as Senior Vice President, General Counsel and Secretary, both effective November 29, 2021.
Patrick Schumacher most recently served as Senior Vice President for Prince Corporation where he led the sales organization and global mergers and acquisitions activities. Prior to his time at Prince Corporation, Mr. Schumacher worked at Celanese Corporation in various leadership positions. While at Celanese, he was a Senior Vice President of multiple business areas from 2018 to 2020, Vice President, Emulsion Polymers in 2018, and Vice President, Business and Strategy Development from 2014 to 2018. Prior to joining Celanese, Mr. Schumacher was Managing Director, Head of Chemicals M&A Practice at Blackstone Group, Senior Vice President at UBS Investment Bank, an Associate at Lehman Brothers and an Associate at Valuemetrics. Mr. Schumacher earned a Bachelor of Business Administration degree in Finance from the University of Wisconsin and Master of Science in Finance degree from Boston College.
Dana O’Brien was most recently Senior Vice President, General Counsel and Chief Ethics & Compliance Officer at The Brink’s Company. Prior to her time at The Brinks’ Company, Ms. O’Brien was Senior Vice President, General Counsel and Corporate Secretary at CenterPoint Energy from 2014 to 2019, Chief Legal Officer, Chief Compliance Officer at CEVA Logistics from 2007 to 2014, General Counsel, Chief Compliance Officer and Secretary at EGL, Inc. from 2005 to 2007, and held various legal roles at Quanta Services, Inc. from 1999 to 2005. Prior to transitioning to an in-house setting, Ms. O’Brien was an associate at Weil, Gotshal & Manges and a briefing attorney with the Supreme Court of Texas. Ms. O’Brien earned a Bachelor of Arts degree from Trinity University and her Juris Doctorate degree from the University of Texas – Austin.
Scott Sutton, Olin’s Chairman, President and Chief Executive Officer said, “We congratulate Pat and thank him for his valuable service to Olin and wish him continued good fortune in the years to come. Additionally, we congratulate Damian on his new role, and welcome Patrick and Dana to the Olin team as we build upon our successes and move Olin through the next phases of its evolution.”
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
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