Company News
September 6, 2021
BASF Force Majeure on MDI Products
Sept 3, 2021
Subject: Force Majeure
Dear Valued Customer:
Hurricane Ida made landfall in the southeast region of Louisiana on August 29, 2021 and caused
unprecedented damage in New Orleans and Baton Rouge, LA as well as the surrounding areas. First
and foremost, BASF is taking necessary steps to support our employees and properly safeguard
operations and local communities.
As a result of the impact of Hurricane Ida, which is beyond BASF’s reasonable control, we regret to
inform you that we must declare force majeure on MDI and MDI containing products effective
immediately.
While it appears that the Geismar site has minimal damage from the storm, operations at the site have
not yet resumed due to supply chain and logistics impacts. BASF is restricted in its ability to receive
critical raw materials & utilities, manufacture product, and ship materials at our site. All modes of
transportation have been impacted including port closures, road closures, rail system interruptions,
carrier wash closures, and limitations in availability of bulk carriers. The restart of operations is
contingent on obtaining adequate and consistent supply of utilities and critical materials from suppliers.
Given the operational and logistical constraints, the duration of the force majeure is unclear at this time.
Your BASF account manager will be in contact with you to discuss the status of current and future orders.
We appreciate your patience during this challenging period and will keep you informed as the situation
progresses.
September 6, 2021
BASF Force Majeure on MDI Products
Sept 3, 2021
Subject: Force Majeure
Dear Valued Customer:
Hurricane Ida made landfall in the southeast region of Louisiana on August 29, 2021 and caused
unprecedented damage in New Orleans and Baton Rouge, LA as well as the surrounding areas. First
and foremost, BASF is taking necessary steps to support our employees and properly safeguard
operations and local communities.
As a result of the impact of Hurricane Ida, which is beyond BASF’s reasonable control, we regret to
inform you that we must declare force majeure on MDI and MDI containing products effective
immediately.
While it appears that the Geismar site has minimal damage from the storm, operations at the site have
not yet resumed due to supply chain and logistics impacts. BASF is restricted in its ability to receive
critical raw materials & utilities, manufacture product, and ship materials at our site. All modes of
transportation have been impacted including port closures, road closures, rail system interruptions,
carrier wash closures, and limitations in availability of bulk carriers. The restart of operations is
contingent on obtaining adequate and consistent supply of utilities and critical materials from suppliers.
Given the operational and logistical constraints, the duration of the force majeure is unclear at this time.
Your BASF account manager will be in contact with you to discuss the status of current and future orders.
We appreciate your patience during this challenging period and will keep you informed as the situation
progresses.
September 3, 2021
Covestro to Cut Jobs
Germany’s Covestro to cut up to 10% of jobs worldwide, newspaper reports
Contributor Zuzanna Szymanska Reuters Published Sep 3, 2021 2:23AM EDT
German chemicals maker Covestro plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.
Adds details
Sept 3 (Reuters) – German chemicals maker Covestro 1COV.DE plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.
In Germany, the maker of foam chemicals and hard plastics could cut up to 950 jobs out of 7,600, the paper said in its report on Thursday, citing trade union circles.
Covestro confirmed the figures as a first preliminary estimate. A further update would come in the coming months, the company’s spokeswoman told Reuters on Wednesday, saying the move was part of the company’s restructuring plan implemented on July 1.
“We are now looking into all our activities and processes and see if they fit with the strategy and how they contribute to it. This also means personnel adjustments,” the spokeswoman said.
She said the adjustments, which Covestro would make in cooperation with employee representatives, would take place until the end of 2023.
(Reporting by Zuzanna Szymanska in Gdansk; Editing by Clarence Fernandez and Edmund Blair)
September 3, 2021
Covestro to Cut Jobs
Germany’s Covestro to cut up to 10% of jobs worldwide, newspaper reports
Contributor Zuzanna Szymanska Reuters Published Sep 3, 2021 2:23AM EDT
German chemicals maker Covestro plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.
Adds details
Sept 3 (Reuters) – German chemicals maker Covestro 1COV.DE plans to cut up to 1,700 of its 16,500 jobs worldwide, the Rheinische Post newspaper reported.
In Germany, the maker of foam chemicals and hard plastics could cut up to 950 jobs out of 7,600, the paper said in its report on Thursday, citing trade union circles.
Covestro confirmed the figures as a first preliminary estimate. A further update would come in the coming months, the company’s spokeswoman told Reuters on Wednesday, saying the move was part of the company’s restructuring plan implemented on July 1.
“We are now looking into all our activities and processes and see if they fit with the strategy and how they contribute to it. This also means personnel adjustments,” the spokeswoman said.
She said the adjustments, which Covestro would make in cooperation with employee representatives, would take place until the end of 2023.
(Reporting by Zuzanna Szymanska in Gdansk; Editing by Clarence Fernandez and Edmund Blair)
September 2, 2021
Arsenal’s Meridian Makes Another Acquisition
Arsenal’s Meridian Acquires Prime Blend, LLC September 1, 2021 – Meridian Adhesives Group (Meridian) announced the addition of its fourteenth company to the group’s portfolio today upon the acquisition of Prime Blend, LLC, (Prime Blend). Prime Blend is a manufacturer and formulator of water-based and hot melt adhesives and coatings. The company primarily serves the food and beverage packaging, paper/film and foil converting, and furniture markets. Based in Elk Grove Village, Illinois, the company offers products that are used to adhere and coat decorative beverage cartons, microwave bags, industrial strapping, point of purchase displays and various furniture applications.
“We found the right home in Meridian Adhesives Group,” said Jerry Stempel, CEO of Prime Blend. “This investment by Meridian will enhance our steep growth trajectory in our legacy markets and open doors to new opportunities by allowing Prime Blend to leverage Meridian’s broad technology platform to our extremely loyal customer base and end-users.”
The Prime Blend team brings over 100 years of experience in formulating, manufacturing, and selling adhesives. The company’s extensive manufacturing and warehouse capacity provides customers with quicker deliveries and greater inventories, as well as personal service, dedicated equipment, and highly qualified technical support.
“The addition of Prime Blend will strengthen the Meridian portfolio as we work to extend our product and technology offerings in our Industrial Division,” said Daniel Pelton, CEO of Meridian. “The acquisition of Prime Blend adds considerable end-use application knowledge and a customer-focused business model to further support our vision as a leader in the adhesives industry.” For more information regarding Prime Blend, visit https://www.pblend.com.
About Meridian Adhesives Group Meridian Adhesives Group is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of dynamic solutions, Meridian serves the electronics, infrastructure, flooring, packaging and product assembly markets. The group’s operations are located in the Americas, EMEA and Asia, with a multitude of sales/service offices worldwide that are positioned to serve Meridian’s global customer base. For more information, visit https://meridianadhesives.com.
About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. Visit www.arsenalcapital.com.
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