Company News
May 12, 2021
Fallout from Indorama Fire
Indorama Force Majeure Notice . April 28th, 2021
In Pricing by PattyHMay 4, 2021
Dear Valued Customer:
Late last week we experienced a small fire at our manufacturing facility in Port Neches,
TX (the “Site”). While we are very fortunate to have contained the fire and experienced zero
personal injuries, we are forced to shut down a portion of our manufacturing facilities at the
Site. This shut down prevents us from performing as required under various manufacturing
and supply contracts. As a result, Indorama declares Force Majeure under all contracts
requiring Indorama to manufacture, supply or otherwise deliver:
(i) PROPYLENE OXIDE (ALL GRADES and SPECIFICATIONS);
(ii) PROPYLENE GLYCOL (ALL GRADES and SPECIFICATIONS); and
(iii) METHYL TERTIARY BUTYL ETHER – MTBE (collectively, “Products”).
This Force Majeure is effective as of April 28, 2021 at 10:50 p.m. Because the impact
of the fire is still unfolding, we are unable to estimate the duration or the impact of this Force
Majeure declaration. We will strive to promptly update you of all material developments as
soon as they occur and will notify you of any allocation impacting the manufacture, supply or
delivery of Products to you for the remainder of April into May, or longer, as applicable.
We expect to start up and resume operations as soon as reasonably practical, consistent
with our commitment to the safety of our employees and the communities in which we operate.
May 12, 2021
Fallout from Indorama Fire
Indorama Force Majeure Notice . April 28th, 2021
In Pricing by PattyHMay 4, 2021
Dear Valued Customer:
Late last week we experienced a small fire at our manufacturing facility in Port Neches,
TX (the “Site”). While we are very fortunate to have contained the fire and experienced zero
personal injuries, we are forced to shut down a portion of our manufacturing facilities at the
Site. This shut down prevents us from performing as required under various manufacturing
and supply contracts. As a result, Indorama declares Force Majeure under all contracts
requiring Indorama to manufacture, supply or otherwise deliver:
(i) PROPYLENE OXIDE (ALL GRADES and SPECIFICATIONS);
(ii) PROPYLENE GLYCOL (ALL GRADES and SPECIFICATIONS); and
(iii) METHYL TERTIARY BUTYL ETHER – MTBE (collectively, “Products”).
This Force Majeure is effective as of April 28, 2021 at 10:50 p.m. Because the impact
of the fire is still unfolding, we are unable to estimate the duration or the impact of this Force
Majeure declaration. We will strive to promptly update you of all material developments as
soon as they occur and will notify you of any allocation impacting the manufacture, supply or
delivery of Products to you for the remainder of April into May, or longer, as applicable.
We expect to start up and resume operations as soon as reasonably practical, consistent
with our commitment to the safety of our employees and the communities in which we operate.
May 7, 2021
LyondellBasell PO Results Hampered by Storm
Intermediates & Derivatives (I&D)– Our I&D segment produces and markets Propylene Oxide & Derivatives, Oxyfuels & Related Products and Intermediate Chemicals, such as styrene monomer, acetyls, ethylene oxide and ethylene glycol.
| Table 4 – I&D Financial Overview | |||
| Millions of U.S. dollars | Three Months Ended | ||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |
| Operating income | $88 | $166 | $131 |
| EBITDA | 182 | 262 | 203 |
| LCM (benefits) charges, pre-tax | — | (66) | 78 |
| EBITDA excluding LCM | 182 | 196 | 281 |
Three months ended March 31, 2021 versus three months ended December 31, 2020 – EBITDA decreased $14 million versus the fourth quarter 2020, excluding an unfavorable variance of $66 million due to LCM inventory benefits in the fourth quarter. First quarter results increased approximately $50 million due to LIFO inventory valuation charges in the fourth quarter. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $35 million due to lower volumes driven by Texas weather events and planned maintenance partially offset by higher margins due to tight market supply. Intermediate Chemicals results decreased about $55 million primarily due to a decrease in volumes driven by the weather events. Oxyfuels & Related Products results increased approximately $25 million with higher margins benefiting from improving gasoline prices partially offset by lower volumes.
Three months ended March 31, 2021 versus three months ended March 31, 2020 – EBITDA decreased $99 million versus the first quarter 2020, excluding a favorable variance of $78 million due to LCM inventory charges in the first quarter 2020. First quarter 2021 results benefited approximately $10 million due to an increase in the euro versus the U.S. dollar exchange rate relative to the first quarter 2020. Compared with the prior period, Propylene Oxide & Derivatives results decreased about $25 million due to lower volumes driven by the weather events and planned maintenance partially offset by higher margins due to tight market supply. Intermediate Chemicals results decreased approximately $20 million due to lower margins driven by higher feedstock costs and lower volumes. Oxyfuels & Related Products results decreased approximately $70 million driven by lower margins and volumes. Volumes were lower driven by weather events and lower gasoline demand. Equity income increased more than $10 million due to improved results at our joint venture in China.
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1365
May 7, 2021
LyondellBasell PO Results Hampered by Storm
Intermediates & Derivatives (I&D)– Our I&D segment produces and markets Propylene Oxide & Derivatives, Oxyfuels & Related Products and Intermediate Chemicals, such as styrene monomer, acetyls, ethylene oxide and ethylene glycol.
| Table 4 – I&D Financial Overview | |||
| Millions of U.S. dollars | Three Months Ended | ||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |
| Operating income | $88 | $166 | $131 |
| EBITDA | 182 | 262 | 203 |
| LCM (benefits) charges, pre-tax | — | (66) | 78 |
| EBITDA excluding LCM | 182 | 196 | 281 |
Three months ended March 31, 2021 versus three months ended December 31, 2020 – EBITDA decreased $14 million versus the fourth quarter 2020, excluding an unfavorable variance of $66 million due to LCM inventory benefits in the fourth quarter. First quarter results increased approximately $50 million due to LIFO inventory valuation charges in the fourth quarter. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $35 million due to lower volumes driven by Texas weather events and planned maintenance partially offset by higher margins due to tight market supply. Intermediate Chemicals results decreased about $55 million primarily due to a decrease in volumes driven by the weather events. Oxyfuels & Related Products results increased approximately $25 million with higher margins benefiting from improving gasoline prices partially offset by lower volumes.
Three months ended March 31, 2021 versus three months ended March 31, 2020 – EBITDA decreased $99 million versus the first quarter 2020, excluding a favorable variance of $78 million due to LCM inventory charges in the first quarter 2020. First quarter 2021 results benefited approximately $10 million due to an increase in the euro versus the U.S. dollar exchange rate relative to the first quarter 2020. Compared with the prior period, Propylene Oxide & Derivatives results decreased about $25 million due to lower volumes driven by the weather events and planned maintenance partially offset by higher margins due to tight market supply. Intermediate Chemicals results decreased approximately $20 million due to lower margins driven by higher feedstock costs and lower volumes. Oxyfuels & Related Products results decreased approximately $70 million driven by lower margins and volumes. Volumes were lower driven by weather events and lower gasoline demand. Equity income increased more than $10 million due to improved results at our joint venture in China.
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1365
May 4, 2021
Aresenal Makes Another Acquisition
Arsenal’s Meridian Adhesives Acquires Frontier Products DALTON, Georgia, May 4, 2021 – Meridian Adhesives Group (Meridian) announced today the acquisition of Frontier Products Inc. (Frontier).
Located in Alvarado, Texas, Frontier is a manufacturer of high-performance flooring solutions, including urethane, acrylic pressure sensitive and hybrid adhesives; moisture barriers; sound control; and construction products. With more than 40 years of experience in the flooring industry, Frontier offers custom formulations for its private label customers throughout North America.
“The addition of Frontier to our Flooring Division brings new processes and technologies to our platform,” said Daniel Pelton, CEO of Meridian Adhesives Group. “This will benefit our customers and partners by opening up additional product offerings and technical support, further positioning us as the go-to solution providers in the adhesives market.”
As part of Meridian’s Flooring Division, Frontier will work alongside Taylor Adhesives, a leading name in the flooring adhesives market for its resilient, wood and carpet flooring adhesives and the company’s moisture mitigation coatings and specialty products; as well as Polycom Solutions, a manufacturer specializing in custom product assembly solutions.
“I’m especially excited to be bringing Frontier into the Meridian Flooring Division to work alongside Taylor and Polycom,” said Paul Murfin, President of Taylor and Meridian’s Flooring Division. “Frontier helps expand our product and brand portfolio and further increases our leadership position in the flooring adhesives space.”
Together, the three companies will serve the flooring industry with advanced flooring, construction and product assembly solutions.
“Joining Meridian Adhesives Group is a strategic move that will meet the goals of our company,” said Carl Nichols, President of Frontier. “Having the backing of Meridian and Taylor – technologically, operationally and financially – will allow us to better serve our customers and continue the upward momentum of our business.”
For more information regarding Frontier Products Inc., visit https://frontierproductsinc.com.
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