Company News
May 1, 2021
Huntsman Results
Huntsman posts $83 million profit for first quarter 2021
Marcy de Luna, Houston ChronicleApril 30, 2021Updated: April 30, 2021 11:47 a.m. Comments
Huntsman Corp. said Friday reported a profit for the first three months of 2021.
The Woodlands chemical-maker said it earned a first-quarter profit of $83 million, compared to a $705 million profit during the same period in 2020. Revenues rose 16 percent to $1.84 billion in the period from $1.59 billion in the first quarter of 2020.
President and CEO Peter Huntsman said in the Friday release that the company thrived, despite challenges from February’s winter storm, due to each of its business segments exceeding the company’s expectations as economic recovery accelerated through the quarter.
For example, revenue for the company’s polyurethanes segment rose 20 percent to $1.1 billion for the period compared to $888 million for the first quarter of 2020.
The increase was largely due to high selling prices for the chemical methylene diphenyl diisocyanate, which is used primarily in the production of rigid polyurethane foams used for insulation for homes and refrigerators. MDI average selling prices increased mostly in China and Europe, according to the release.
“Furthermore, the seasonal expected use of cash in the first quarter was less than anticipated due to the better than expected operating results and lower net working capital levels,” Huntsman said in the release. “Our balance sheet leverage and liquidity remain strong and gives us ample flexibility to continue to develop and expand our core businesses through both internal investments and acquisitions in line with our strategy. Because of our strong balance sheet and confidence in the consistent generation of solid free cash flow, I am pleased we can increase our quarterly dividend by 15%. The year has started off well and if current trends hold, we expect 2021 to be a very good year for the company.”
May 1, 2021
Huntsman Results
Huntsman posts $83 million profit for first quarter 2021
Marcy de Luna, Houston ChronicleApril 30, 2021Updated: April 30, 2021 11:47 a.m. Comments
Huntsman Corp. said Friday reported a profit for the first three months of 2021.
The Woodlands chemical-maker said it earned a first-quarter profit of $83 million, compared to a $705 million profit during the same period in 2020. Revenues rose 16 percent to $1.84 billion in the period from $1.59 billion in the first quarter of 2020.
President and CEO Peter Huntsman said in the Friday release that the company thrived, despite challenges from February’s winter storm, due to each of its business segments exceeding the company’s expectations as economic recovery accelerated through the quarter.
For example, revenue for the company’s polyurethanes segment rose 20 percent to $1.1 billion for the period compared to $888 million for the first quarter of 2020.
The increase was largely due to high selling prices for the chemical methylene diphenyl diisocyanate, which is used primarily in the production of rigid polyurethane foams used for insulation for homes and refrigerators. MDI average selling prices increased mostly in China and Europe, according to the release.
“Furthermore, the seasonal expected use of cash in the first quarter was less than anticipated due to the better than expected operating results and lower net working capital levels,” Huntsman said in the release. “Our balance sheet leverage and liquidity remain strong and gives us ample flexibility to continue to develop and expand our core businesses through both internal investments and acquisitions in line with our strategy. Because of our strong balance sheet and confidence in the consistent generation of solid free cash flow, I am pleased we can increase our quarterly dividend by 15%. The year has started off well and if current trends hold, we expect 2021 to be a very good year for the company.”
April 30, 2021
Tosoh Announces MDI Increase
Tosoh to Increase Prices for Millionate MDI Grades
Tosoh Specialty Chemicals USA, Inc. is increasing its prices for Millionate MDI Grades in North
America. Effective May 1, 2021 or as contract terms allow, TSCU will increase the prices of Millionate
MDI grades by $0.35/kg.
Millionate MDI is widely used in the production of rigid, semi-rigid, and integral skin foams, as well as
coatings, adhesives and elastomers.
April 30, 2021
Tosoh Announces MDI Increase
Tosoh to Increase Prices for Millionate MDI Grades
Tosoh Specialty Chemicals USA, Inc. is increasing its prices for Millionate MDI Grades in North
America. Effective May 1, 2021 or as contract terms allow, TSCU will increase the prices of Millionate
MDI grades by $0.35/kg.
Millionate MDI is widely used in the production of rigid, semi-rigid, and integral skin foams, as well as
coatings, adhesives and elastomers.
April 30, 2021
LyondellBasell Ends Propylene Glycols Force Majeure
April 29, 2021
Subject: Propylene-Glycols – Cessation of Force Majeure Event
Dear Valued Customer,
We are pleased to inform you that effective May 1, 2021, the force majeure event for
Propylene-Glycols products within our Americas PO & derivatives portfolio, will cease.
We will be under sales control until further notice, meeting our contractual obligations
for the specified products above. Your account manager will be contacting you to discuss
the details of our product availability and to address any questions or concerns you may
have regarding product availability.
We greatly appreciate your cooperation and understanding throughout the recent event,
and we look forward to our continued relationship.
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