Company News
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 25, 2021
LyondellBasell CEO Moving On
LyondellBasell Announces Retirement of Chief Executive Officer
Bob Patel to Continue to Serve in His Role Through 2021
Board Forms Search Committee to Identify a Successor
HOUSTON and LONDON, Aug. 25, 2021 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announced that Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the Company as of December 31, 2021. Mr. Patel will continue to lead the Company until that time and will ensure a smooth and orderly transition for his successor. Upon his departure, he will also resign from the Company’s Board of Directors. The Board of Directors has established a sub-committee that will oversee the search for a new CEO and will consider both internal and external candidates.
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” said Jacques Aigrain, Board Chair. “The Board is grateful for Bob’s exceptional contributions and knows the Company will continue to benefit from the value-driven growth investments made under his leadership. We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the Company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Mr. Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the Company has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the United States, China, Korea and Thailand. Under Mr. Patel’s leadership, LyondellBasell was also named to Fortune Magazine’s “World’s Most Admired Companies” list for four consecutive years beginning in 2018 and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
“I am excited about the future for LyondellBasell. We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” said Mr. Patel. “After almost 12 years at the Company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the Company and the highly experienced, capable leadership team that is in place. I would like to thank all of our employees around the world, our customers, our shareholders and the Board for their support and partnership throughout my time at LyondellBasell. I look forward to following the Company’s further successes as an industry leader.”
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1377
August 25, 2021
LyondellBasell CEO Moving On
LyondellBasell Announces Retirement of Chief Executive Officer
Bob Patel to Continue to Serve in His Role Through 2021
Board Forms Search Committee to Identify a Successor
HOUSTON and LONDON, Aug. 25, 2021 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announced that Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the Company as of December 31, 2021. Mr. Patel will continue to lead the Company until that time and will ensure a smooth and orderly transition for his successor. Upon his departure, he will also resign from the Company’s Board of Directors. The Board of Directors has established a sub-committee that will oversee the search for a new CEO and will consider both internal and external candidates.
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” said Jacques Aigrain, Board Chair. “The Board is grateful for Bob’s exceptional contributions and knows the Company will continue to benefit from the value-driven growth investments made under his leadership. We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the Company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Mr. Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the Company has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the United States, China, Korea and Thailand. Under Mr. Patel’s leadership, LyondellBasell was also named to Fortune Magazine’s “World’s Most Admired Companies” list for four consecutive years beginning in 2018 and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
“I am excited about the future for LyondellBasell. We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” said Mr. Patel. “After almost 12 years at the Company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the Company and the highly experienced, capable leadership team that is in place. I would like to thank all of our employees around the world, our customers, our shareholders and the Board for their support and partnership throughout my time at LyondellBasell. I look forward to following the Company’s further successes as an industry leader.”
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1377
August 24, 2021
COIM Announces Price Increase
Effective October 1st, 2021 COIM USA is increasing the selling prices of its Isoexter® aromatic polyester polyols in the US and Canada as follows:
Polyester Polyols for Rigid Board Applications: $0.11/lb.
Polyester Polyols for Spray Foam and Pour in Place Applications: $0.06/lb.
This increase is needed to offset the continued increase in raw materials and transportation. We appreciate the business partnership between our companies, and your account manager will contact you shortly to discuss the specifics of this increase.
August 24, 2021
COIM Announces Price Increase
Effective October 1st, 2021 COIM USA is increasing the selling prices of its Isoexter® aromatic polyester polyols in the US and Canada as follows:
Polyester Polyols for Rigid Board Applications: $0.11/lb.
Polyester Polyols for Spray Foam and Pour in Place Applications: $0.06/lb.
This increase is needed to offset the continued increase in raw materials and transportation. We appreciate the business partnership between our companies, and your account manager will contact you shortly to discuss the specifics of this increase.
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