Company News
August 31, 2021
Another MDI Increase, This Time from BASF
August 26, 2021
Dear Valued Customer,
Effective October 1, 2021 or as contracts allow, BASF Corporation is raising the price for
Lupranate MDI products by $0.12 per pound.
Your BASF Account Manager will provide details of this announced increase and is available to
answer any questions you may have. We appreciate your continued support of BASF Urethane
Chemicals.
Extra Credit for History Buffs: What is BASF an abbreviation for?
A: B adische A nilin- und S oda F abrik (German for ”Baden Aniline and Soda Factory”)
August 30, 2021
Flooding in Midland
A rough start to the week!
Dow shuts Midland operations after flood waters sweep in
by Alex LoweAugust 30, 2021 in US Stocks 0
Home » Dow shuts Midland operations after flood waters sweep in FILE PHOTO: The Dow logo is seen at the entrance to Dow Chemical headquarters in Midland, Michigan May 14, 2015. REUTERS/Rebecca Cook/File Photo
(Reuters) – Dow Inc said on Wednesday it has shut down all operating units at its headquarters in Midland, Michigan, after flood waters breached its sites following the collapse of two dams.
“At approximately 10:00 a.m. Eastern it was confirmed there were flood waters commingling with on-site containment ponds,” the chemical maker said in a Facebook post bit.ly/3e1d1nm.
The company said it was deploying its flood preparedness plan and no employees had been injured so far.
Michigan Governor Gretchen Whitmer on Tuesday declared an emergency for Midland county after the Edenville and Sanford dams collapsed due to heavy rain in the past few days and said residents nearby had been told to evacuate immediately.
DuPont and Corteva, spun off from DowDuPont, also have manufacturing facilities in Dow’s industrial complex in Midland.
Reporting by Shanti S Nair and Taru Jain in Bengaluru; Editing by Aditya Soni
August 30, 2021
Flooding in Midland
A rough start to the week!
Dow shuts Midland operations after flood waters sweep in
by Alex LoweAugust 30, 2021 in US Stocks 0
Home » Dow shuts Midland operations after flood waters sweep in FILE PHOTO: The Dow logo is seen at the entrance to Dow Chemical headquarters in Midland, Michigan May 14, 2015. REUTERS/Rebecca Cook/File Photo
(Reuters) – Dow Inc said on Wednesday it has shut down all operating units at its headquarters in Midland, Michigan, after flood waters breached its sites following the collapse of two dams.
“At approximately 10:00 a.m. Eastern it was confirmed there were flood waters commingling with on-site containment ponds,” the chemical maker said in a Facebook post bit.ly/3e1d1nm.
The company said it was deploying its flood preparedness plan and no employees had been injured so far.
Michigan Governor Gretchen Whitmer on Tuesday declared an emergency for Midland county after the Edenville and Sanford dams collapsed due to heavy rain in the past few days and said residents nearby had been told to evacuate immediately.
DuPont and Corteva, spun off from DowDuPont, also have manufacturing facilities in Dow’s industrial complex in Midland.
Reporting by Shanti S Nair and Taru Jain in Bengaluru; Editing by Aditya Soni
August 27, 2021
Recticel Results
Press Release of Recticel – 27 August 2021 First half-year 2021 results – Strong volumes – Solid margins – Integration of FoamPartner
Net sales increase from EUR 374.3 million to EUR 596.2 million (+59.3%), of which 39.7% organic growth, 0.4% currency effect and a EUR 71.9 million contribution from 2Q2021 FoamPartner sales Adjusted EBITDA: from EUR 19.0 million to EUR 56.9 million Result of the period (share of the Group): from EUR 60.1 million (including EUR 68.8 million result from discontinued operations) to EUR 28.0 million Net financial debt: EUR 206.6 million
Olivier Chapelle (CEO): “The positive sales trend observed during 1Q2021 continued in 2Q2021, driven by very strong demand in Insulation and solid demand in Engineered Foams. In Bedding, volumes are now improving due to the lifting of the mobility and business restrictions which still affected Germany and The Netherlands specifically during 1H2021. The chemical raw materials supply remains very tight due to planned maintenance and new force majeure incidents at the premises of our suppliers, affecting primarily the MDI availability and pricing. Normalization of the situation remains difficult to predict, and we continue to adapt pricing where necessary.
The integration of FoamPartner in Engineered Foams progresses smoothly, and forecasted synergies at the horizon of 2023 are expected to reach EUR 18 million. The divestment process of the Bedding business is on track and binding offers are expected by the end of 3Q2021. Due to some delay with the carve-out process, the closing of the acquisition of Gór-Stal’s insulation board business is now expected to take place in the course of 4Q2021.
Finally, there will be an important change in the composition of the Group Management Committee: after 19 years of service as CFO and Member of the Group Management Committee, Jean-Pierre Mellen has decided to retire on 31 August 2021. He will be succeeded by Dirk Verbruggen, currently General Counsel & General Secretary, who will combine the CFO and General Counsel responsibilities. Dirk joined Recticel’s Legal Department in 1999, and was appointed General Counsel & General Secretary and member of the Management Committee in 2012. Jean-Pierre will continue to provide support until August 2022 for special assignments and in order to ensure a smooth transition. I take the opportunity to warmly thank Jean-Pierre for his many contributions and total commitment to Recticel.”
OUTLOOK Our underlying end-use markets continue to show positive momentum in a still very volatile environment. Based upon the current trading, our Group confirms its expectation of an Adjusted EBITDA in a range between EUR 123 million to EUR 133 million for the full year 2021, including the contributions of FoamPartner (9 months) and its related synergies.
August 27, 2021
Recticel Results
Press Release of Recticel – 27 August 2021 First half-year 2021 results – Strong volumes – Solid margins – Integration of FoamPartner
Net sales increase from EUR 374.3 million to EUR 596.2 million (+59.3%), of which 39.7% organic growth, 0.4% currency effect and a EUR 71.9 million contribution from 2Q2021 FoamPartner sales Adjusted EBITDA: from EUR 19.0 million to EUR 56.9 million Result of the period (share of the Group): from EUR 60.1 million (including EUR 68.8 million result from discontinued operations) to EUR 28.0 million Net financial debt: EUR 206.6 million
Olivier Chapelle (CEO): “The positive sales trend observed during 1Q2021 continued in 2Q2021, driven by very strong demand in Insulation and solid demand in Engineered Foams. In Bedding, volumes are now improving due to the lifting of the mobility and business restrictions which still affected Germany and The Netherlands specifically during 1H2021. The chemical raw materials supply remains very tight due to planned maintenance and new force majeure incidents at the premises of our suppliers, affecting primarily the MDI availability and pricing. Normalization of the situation remains difficult to predict, and we continue to adapt pricing where necessary.
The integration of FoamPartner in Engineered Foams progresses smoothly, and forecasted synergies at the horizon of 2023 are expected to reach EUR 18 million. The divestment process of the Bedding business is on track and binding offers are expected by the end of 3Q2021. Due to some delay with the carve-out process, the closing of the acquisition of Gór-Stal’s insulation board business is now expected to take place in the course of 4Q2021.
Finally, there will be an important change in the composition of the Group Management Committee: after 19 years of service as CFO and Member of the Group Management Committee, Jean-Pierre Mellen has decided to retire on 31 August 2021. He will be succeeded by Dirk Verbruggen, currently General Counsel & General Secretary, who will combine the CFO and General Counsel responsibilities. Dirk joined Recticel’s Legal Department in 1999, and was appointed General Counsel & General Secretary and member of the Management Committee in 2012. Jean-Pierre will continue to provide support until August 2022 for special assignments and in order to ensure a smooth transition. I take the opportunity to warmly thank Jean-Pierre for his many contributions and total commitment to Recticel.”
OUTLOOK Our underlying end-use markets continue to show positive momentum in a still very volatile environment. Based upon the current trading, our Group confirms its expectation of an Adjusted EBITDA in a range between EUR 123 million to EUR 133 million for the full year 2021, including the contributions of FoamPartner (9 months) and its related synergies.
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