Company News
July 15, 2021
Olin Epoxy Fire
Shelter-in-place issued in Roberta due to chemical plant fire
The EMA director says a fire at the Olin Epoxy plant is releasing dangerous chemicals into the air
Author: 13WMAZ Staff Published: 12:27 PM EDT July 15, 2021 Updated: 12:27 PM EDT July 15, 2021
Watch video here:
ROBERTA, Ga. — The Crawford County Fire Department is currently fighting a fire at the Olin Epoxy plant.
The county’s emergency management office sent a text alert to people in town warning about the fire, and they’re advising people to stay away from Industrial Parkway.
EMA Director Ricky Sharon says they’re asking for people in Roberta to shelter-in-place because the fire is releasing dangerous toxins into the air.
This is a breaking news story and will be updated as we learn more.
July 13, 2021
Inflation
“I’m Not Seeing This As Transitory”: Paint Supplier PPG Raises Prices For Second Time This Year Due To “Obvious” Inflation
by Tyler DurdenMonday, Jul 12, 2021 – 07:00 PM
Paint supplier PPG knows that inflation isn’t just “transitory”.
In fact, the company, who supplies to major manufacturers like Ford and Boeing, is raising the prices of its paint and coatings solely as a result of “inflation in raw material and logistics costs”, according to a new Bloomberg article.
Chief Executive Officer Michael McGarry made sure PPG was one of the first to raise prices earlier this year, as the company anticipated an inflationary environment. Now, they’re raising prices again.
McGarry said: “What we’re obviously studying now is the need to be out with a third set of price increases. Inflation is across-the-board, it’s obvious and customers don’t have a lot of good ways to counter the argument that we need to have price relief.”
And it isn’t like PPG is just a localized business experiencing a one-off in costs: the company is in more than 70 countries and is still “feeling the pinch from the prices of oil, freight and distribution going up and raw materials running scarce”.
“I’m not seeing this as transitory. This work-from-home phenomenon is going to lead to additional wage inflation, because people are going to have the opportunities to figure out where they want to work,” McGarry continued.
McGarry says the trend is visible in the U.S. and he expects to see it “spread to other regions”.
Meanwhile, one man’s finished product is another man’s raw material: the price of paint and coatings going up will add to raw material supply costs for companies like Stellantis, who is one of PPG’s biggest customers. This comes as other raw materials for automakers, like copper, aluminum and steel, are all rising in price as well.
PPG generates about 40% of its revenue in the U.S., Bloomberg notes. It has boosted pricing for 17 consecutive quarters and McGarry says the steak should continue through the rest of this year.
July 13, 2021
Inflation
“I’m Not Seeing This As Transitory”: Paint Supplier PPG Raises Prices For Second Time This Year Due To “Obvious” Inflation
by Tyler DurdenMonday, Jul 12, 2021 – 07:00 PM
Paint supplier PPG knows that inflation isn’t just “transitory”.
In fact, the company, who supplies to major manufacturers like Ford and Boeing, is raising the prices of its paint and coatings solely as a result of “inflation in raw material and logistics costs”, according to a new Bloomberg article.
Chief Executive Officer Michael McGarry made sure PPG was one of the first to raise prices earlier this year, as the company anticipated an inflationary environment. Now, they’re raising prices again.
McGarry said: “What we’re obviously studying now is the need to be out with a third set of price increases. Inflation is across-the-board, it’s obvious and customers don’t have a lot of good ways to counter the argument that we need to have price relief.”
And it isn’t like PPG is just a localized business experiencing a one-off in costs: the company is in more than 70 countries and is still “feeling the pinch from the prices of oil, freight and distribution going up and raw materials running scarce”.
“I’m not seeing this as transitory. This work-from-home phenomenon is going to lead to additional wage inflation, because people are going to have the opportunities to figure out where they want to work,” McGarry continued.
McGarry says the trend is visible in the U.S. and he expects to see it “spread to other regions”.
Meanwhile, one man’s finished product is another man’s raw material: the price of paint and coatings going up will add to raw material supply costs for companies like Stellantis, who is one of PPG’s biggest customers. This comes as other raw materials for automakers, like copper, aluminum and steel, are all rising in price as well.
PPG generates about 40% of its revenue in the U.S., Bloomberg notes. It has boosted pricing for 17 consecutive quarters and McGarry says the steak should continue through the rest of this year.
July 12, 2021
BASF Raises Q2 Expectations
BASF Group releases preliminary figures for the second quarter of 2021 and increases forecast for full year 2021
Q2 2021:
- Sales expected to be €19,753 million
(Q2 2020: €12,680 million) - EBIT before special items expected to be €2,355 million
(Q2 2020: €226 million) - EBIT expected to be €2,316 million
(Q2 2020: €59 million)
Outlook 2021:
- Sales expected between €74 billion and €77 billion
(previous outlook 2021: €68 billion to €71 billion) - EBIT before special items expected between €7.0 billion and €7.5 billion
(previous outlook 2021: €5.0 billion to €5.8 billion)
Ludwigshafen – July 9, 2021 – BASF Group has released preliminary figures for the second quarter of 2021. Sales increased by 55.8 percent in the second quarter of 2021 to €19,753 million (Q2 2020: €12,680 million). This was driven by higher prices (+35 percent) and volumes (+28 percent); negative currency effects (–7 percent) had an offsetting effect. The average analyst estimates for BASF Group’s sales in the second quarter of 2021 amount to €17,157 million.
In the second quarter of 2021, the operating business of BASF Group has been able to maintain the strong momentum since the fourth quarter of 2020. EBIT before special items is expected to amount to €2,355 million, a considerable increase compared with the prior-year quarter, which was weak due to the pandemic (Q2 2020: €226 million). At €1,965 million, the average analyst estimates for EBIT before special items of BASF Group in the second quarter of 2021 are considerably below this figure.
The Chemicals, Materials and Industrial Solutions segments considerably exceeded average analyst estimates for EBIT before special items in the second quarter of 2021. EBIT before special items was slightly below analyst consensus in the Surface Technologies segment and significantly below average analyst estimates in the Agricultural Solutions and Nutrition & Care segments. In Other, EBIT before special items was on the level of average analyst estimates.
BASF Group’s EBIT is expected to be €2,316 million in the second quarter of 2021, considerably above the figure for the prior-year quarter, which was weak due to the pandemic (Q2 2020: €59 million). EBIT in the second quarter of 2021 includes a preliminary disposal gain of a mid-double-digit million-euro amount from the sale of the pigments business. The analyst consensus for EBIT in the second quarter of 2021 is €1,929 million.
Outlook 2021 for the BASF Group
Based on the strong business development in the first half of 2021 (Sales H1 2021: €39,153 million; EBIT before special items H1 2021: €4,676 million), BASF is increasing its outlook 2021 for sales and EBIT before special items. For the full year 2021, BASF Group now expects sales of €74 billion to €77 billion (previous outlook 2021: €68 billion to €71 billion; analyst consensus 2021: €68,654 million; full year 2020: €59,149 million). EBIT before special items is now anticipated to reach between €7.0 billion and €7.5 billion in 2021 (previous outlook 2021: €5.0 billion to €5.8 billion; analyst consensus 2021: €6,299 million; full year 2020: €3,560 million). The considerably increased earnings expectations in the Chemicals and Materials segments are the main reason for the increase of the forecast for 2021.
This outlook is based on the following assumptions regarding the global economic environment in 2021:
- Growth in gross domestic product: 5.5 percent (previously: 5.0 perce)
- Growth in industrial production: 6.5 percent (previously: 5.0 percen)
- Growth in chemical production: 6.5 percent (previously: 5.0 percent
- Average euro/dollar exchange rate of $1.20 per euro
(previously: $1.18 per euro) - Average annual oil price (Brent crude) of $65 per barrel
(previously: $60 per barrel)
BASF’s forecast assumes that there will be no severe restrictions on economic activity due to measures to combat the COVID-19 pandemic in the second half of 2021.
https://www.basf.com/global/en/media/news-releases/2021/07/p-21-260.html
July 12, 2021
BASF Raises Q2 Expectations
BASF Group releases preliminary figures for the second quarter of 2021 and increases forecast for full year 2021
Q2 2021:
- Sales expected to be €19,753 million
(Q2 2020: €12,680 million) - EBIT before special items expected to be €2,355 million
(Q2 2020: €226 million) - EBIT expected to be €2,316 million
(Q2 2020: €59 million)
Outlook 2021:
- Sales expected between €74 billion and €77 billion
(previous outlook 2021: €68 billion to €71 billion) - EBIT before special items expected between €7.0 billion and €7.5 billion
(previous outlook 2021: €5.0 billion to €5.8 billion)
Ludwigshafen – July 9, 2021 – BASF Group has released preliminary figures for the second quarter of 2021. Sales increased by 55.8 percent in the second quarter of 2021 to €19,753 million (Q2 2020: €12,680 million). This was driven by higher prices (+35 percent) and volumes (+28 percent); negative currency effects (–7 percent) had an offsetting effect. The average analyst estimates for BASF Group’s sales in the second quarter of 2021 amount to €17,157 million.
In the second quarter of 2021, the operating business of BASF Group has been able to maintain the strong momentum since the fourth quarter of 2020. EBIT before special items is expected to amount to €2,355 million, a considerable increase compared with the prior-year quarter, which was weak due to the pandemic (Q2 2020: €226 million). At €1,965 million, the average analyst estimates for EBIT before special items of BASF Group in the second quarter of 2021 are considerably below this figure.
The Chemicals, Materials and Industrial Solutions segments considerably exceeded average analyst estimates for EBIT before special items in the second quarter of 2021. EBIT before special items was slightly below analyst consensus in the Surface Technologies segment and significantly below average analyst estimates in the Agricultural Solutions and Nutrition & Care segments. In Other, EBIT before special items was on the level of average analyst estimates.
BASF Group’s EBIT is expected to be €2,316 million in the second quarter of 2021, considerably above the figure for the prior-year quarter, which was weak due to the pandemic (Q2 2020: €59 million). EBIT in the second quarter of 2021 includes a preliminary disposal gain of a mid-double-digit million-euro amount from the sale of the pigments business. The analyst consensus for EBIT in the second quarter of 2021 is €1,929 million.
Outlook 2021 for the BASF Group
Based on the strong business development in the first half of 2021 (Sales H1 2021: €39,153 million; EBIT before special items H1 2021: €4,676 million), BASF is increasing its outlook 2021 for sales and EBIT before special items. For the full year 2021, BASF Group now expects sales of €74 billion to €77 billion (previous outlook 2021: €68 billion to €71 billion; analyst consensus 2021: €68,654 million; full year 2020: €59,149 million). EBIT before special items is now anticipated to reach between €7.0 billion and €7.5 billion in 2021 (previous outlook 2021: €5.0 billion to €5.8 billion; analyst consensus 2021: €6,299 million; full year 2020: €3,560 million). The considerably increased earnings expectations in the Chemicals and Materials segments are the main reason for the increase of the forecast for 2021.
This outlook is based on the following assumptions regarding the global economic environment in 2021:
- Growth in gross domestic product: 5.5 percent (previously: 5.0 perce)
- Growth in industrial production: 6.5 percent (previously: 5.0 percen)
- Growth in chemical production: 6.5 percent (previously: 5.0 percent
- Average euro/dollar exchange rate of $1.20 per euro
(previously: $1.18 per euro) - Average annual oil price (Brent crude) of $65 per barrel
(previously: $60 per barrel)
BASF’s forecast assumes that there will be no severe restrictions on economic activity due to measures to combat the COVID-19 pandemic in the second half of 2021.
https://www.basf.com/global/en/media/news-releases/2021/07/p-21-260.html
Everchem Updates Archive 
Sign Up for Email Updates