Company News
May 1, 2025
Carpenter Celebrates 75 Years
Carpenter Co. Celebrates 75th Anniversary
RICHMOND, VA – Carpenter Co. will officially mark its 75th anniversary on April 28, 2025. Celebratory events are planned across all operating locations with additional initiatives planned for later in the year.
Carpenter began as a single-building latex foam distributor in Richmond, Virginia, and has since become the world’s largest vertically integrated manufacturer of flexible foam and specialty polymer products, with operations throughout North America, Europe, Africa, Asia and the Middle East.
“Reaching 75 years is an impressive accomplishment, and Carpenter is proud to be able to celebrate this milestone,” said Brad Beauchamp, President and CEO of Carpenter. “This anniversary is an opportunity to appreciate the legacy of E. Rhodes Carpenter and Stan Pauley, the loyal customers that we’ve had over the decades, and the individuals whose dedication and commitment to continuous improvement have helped us get where we are today.”
He added that while acknowledging the past is exciting, Carpenter is also focused on what’s to come.
“Our goal has always been to provide the most innovative and cost-efficient products and solutions for our customers, and we’re eager to continue doing so well into the future,” he said.
About Carpenter Co.
Founded in 1950, Carpenter Co. is the world’s largest vertically integrated manufacturer of flexible polyurethane foams. Carpenter also serves a diversified global marketplace with polyurethane raw materials, chemical solutions, consumer products, polyester fibers, insulation materials and recycled flexible foam solutions through a network of more than 70 production locations. Our approximately 7,000 employees across the globe seek to provide the most innovative products and solutions with a focus on enhancing the quality of people’s lives while being a good steward of our resources.
April 30, 2025
China Waives Ethane Tariffs
China removes 125% tariff on U.S. ethane imports – Reuters
EditorLouis Juricic
Published 29/04/2025, 15:20
China removes 125% tariff on U.S. ethane imports – Reuters
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
Investing.com — China has recently eliminated the 125% tariff on ethane imports from the United States, according to Reuters, citing two informed sources. The tariff, which was imposed earlier this month, has now been waived, providing relief for Chinese firms importing U.S. ethane for petrochemical production. This decision will also create a market for the natural gas liquid, a byproduct of U.S. shale gas production.
Chinese companies that import ethane include Satellite Chemical, SP Chemicals, Sinopec (OTC:SHIIY), Sanjiang Fine Chemical, and Wanhua Chemical Group. The primary U.S. exporters are Enterprise Products Partners (NYSE:EPD) and Energy Transfer (NYSE:ET). According to data from the U.S. Energy Information Administration, China purchases nearly half of all U.S. ethane exports.
Earlier this month, China had escalated its tariffs on imports of U.S. goods, including ethane, to 125%. This was a response to U.S. President Donald Trump’s decision to target the world’s second-largest economy with higher duties.
In recent days, however, the tariff on ethane was waived.
April 29, 2025
Recticel Results
Recticel Trading update first quarter 2025
- Net organic sales increase from EUR 140.6 million in 2024 to EUR 158.4 million (+12.7%)
in 2025 - Net cash position: EUR 52.0 million (31 December 2024: EUR 74.4 million)
Jan Vergote, CEO Recticel:
“Recticel announces strong organic volume growth in Q1 2025. Market prices were lower than
2024 averages, but have marginally improved compared to the record lows of Q4 2024.
We are noticing stronger activity in the residential sector in some Northwestern European
countries, helping our Insulation Boards business to grow double digit. Non-residential
renovation has also shown positive dynamics. Non-residential new construction, which accounts
for most of our Insulated Panels business, remains subdued, affecting margins.
The execution of our recycling investment in Belgium and our Insulated Panels investment in
the US is on schedule.
We repeat our outlook of continued organic growth throughout the year, and we are gradually
seeing more price increases in Q2 2025, primarily in Insulation Boards. Given the uncertainty
about their magnitude and persistence, Recticel at this stage, does not provide a quantitative
outlook for the year.”
https://files.webdisclosure.com/1330277/20250429_1Q2025_Trading_Update_final.pdf
April 28, 2025
Urethane Highlights from Dow’s Investor Call
Dow Inc. (DOW) Q1 2025 Earnings Call Transcript
Apr. 24, 2025 11:19 AM ETDow Inc. (DOW) StockDOW
Q1: 2025-04-24 Earnings Summary
EPS of $0.02 beats by $0.03
| Revenue of $10.43B (-3.10% Y/Y) beats by $170.34M
Dow Inc. (NYSE:DOW) Q1 2025 Earnings Conference Call April 24, 2025 8:00 AM ET
Company Participants
Andrew Riker – Vice President, Investor Relations
Jim Fitterling – Chairman & Chief Executive Officer
Karen S. Carter – Chief Operating Officer
Jeff Tate – Chief Financial Officer
Jim Fitterling
Thank you, Andrew.
Beginning on Slide 3, in the face of volatile macroeconomic conditions, Team Dow focused on operational discipline while taking actions to reduce cost and align capacity to the slower GDP conditions that are impacting our industry. We delivered our sixth consecutive quarter of year-over-year volume growth, and net sales were $10.4 billion, down 3% versus the year-ago period. This reflects declines in all operating segments, largely due to margin pressures. Sequentially, net sales were flat. This reflected lower pricing in Industrial Intermediates & Infrastructure and Performance Materials & Coatings, which was offset by downstream growth in silicones as a result of improvements in home and personal care and electronic end-markets, as well as seasonally higher demand in building and construction and deicing.
EBITDA was $944 million, which is down compared to the same period last year, as volume gains were more than offset by margin compression. Cash flow from continuing operations was $104 million, and returns to shareholders totaled $494 million of dividends in the quarter. We are taking targeted actions to further reduce costs and support near-term cash flow in response to the ongoing macroeconomic weakness. Our actions include:
At least $1 billion in annualized cost reductions by 2026 in areas like purchase services, contract labor and the elimination of approximately 1,500 Dow roles.
We’re also delaying construction at our Path2Zero project in Fort Saskatchewan, Alberta, Canada. This will accelerate our CapEx spending reductions this year, reflecting a total decrease of $1 billion for an enterprise spend of approximately $2.5 billion versus our plan of $3.5 billion.
In addition, we are expanding the scope of our previously announced review of select European assets, primarily in polyurethanes. Today, we announced that we have identified three initial assets that we expect to idle or shut down. We remain on track to complete the full review by mid-2025, including the best options for our polyurethanes business.
We also received regulatory approval from the Committee on Foreign Investment in the United States for our strategic transaction with Macquarie Asset Management for the sale of our minority stake in select U.S. Gulf Coast infrastructure assets. We expect to receive proceeds of approximately $2.4 billion upon closing, which is on track to be completed by May 1, with the potential for an additional $600 million later this year.
And lastly, we received the final ruling on the pending NOVA litigation for which we expect to receive more than $1 billion later this year.
The reality is, our industry is in one of the most protracted down-cycles in decades, facing a third consecutive year of below 3% GDP growth. This has been further exacerbated by geopolitical and macroeconomic concerns, which are weighing on demand globally. In response, Team Dow remains agile, taking quick and decisive actions to reduce our costs, adjust our supply chains and protect and improve our margins. These proactive actions will help us to outperform our peers and ensure long-term competitiveness.
We also remain committed to a balanced capital allocation approach over the cycle. Let me delve deeper into the actions that we announced today, beginning on Slide 4. Team Dow remains focused on disciplined execution to improve profitability and support cash flow, as evidenced by the additional actions we announced today.
First, following a comprehensive review, we have made the decision to delay construction at our Path2Zero project in Fort Saskatchewan until market conditions improve. This decision supports our near-term cash flow and adjusts the project timing to align with the market recovery. We remain committed to the long-term strategic rationale of the project and the growth upside that it will enable in targeted applications like pressure pipe, wiring cable and food packaging.
However, we now see a higher probability of a lower-for-longer earnings environment, which changes our expectations for when the capacity from this project will be needed. We are steadfastly focused on ensuring returns for the project are above our cost of capital, and because of that, now is the time to delay construction before spending ramps-up. As a result of this decision, we now expect our 2025 capital expenditures to be $2.5 billion compared to the original plan of $3.5 billion.
In addition, we are expanding our European asset review to address the ongoing demand challenges and regulatory environment in that region. We have identified three initial upstream assets across each of our operating segments where we expect to either idle or shut down capacity.
These actions will help to further enhance Dow’s near-term cash flow and align our asset base to the realities of our participation in the region. And importantly, they are additive to our previously announced plans to determine the best strategic option for our polyurethanes business in Europe.
The assets we announced today include an ethylene cracker in Böhlen, Germany, and chlor-alkali and vinyl assets in Schkopau, Germany that will likely result in an idle or shut down. Additionally, we expect to shut down our upstream siloxanes plant in Barry, the United Kingdom to focus that site on specialty downstream silicones production.
Each of these assets represents a meaningful portion of our regional capacity, which is either not fully integrated, resulting in excess merchant sale exposure or is high on our cost curve, where we have better options to supply derivative demand and optimize margins.
Jeff Tate
In the Industrial Intermediates & Infrastructure segment, we expect second quarter EBITDA to be roughly flat with first quarter. While we expect to see modest seasonal demand improvements and higher margins for MDI, some of this will be offset by lower anticipated pricing for MEG, driven by increased competition in Asia Pacific as naphtha prices come down with oil. In addition, we will have costs in the quarter related to a planned turnaround and the startup costs associated with our new alkoxylation capacity in Seadrift, Texas. This new capacity is one of the near-term growth investments we’ve spoken about and should support higher earnings beginning in the third quarter.
Jim Fitterling
Closing on Slide 13. As our industry weathers the current challenging conditions, we are executing several proactive and decisive actions to improve margins, support near-term cash flow and optimize our global portfolio. We’re doing so today in a manner that is consistent with our best owner mindset and a balanced capital allocation approach. Our purpose-built asset footprint and our low-cost feedstock positions, primarily in the Americas and the Middle East, create a meaningful cost advantage for Dow and provide industry-leading flexibility to navigate global trade dynamics.
We’re focused on improving our margins by reducing our spending and matching regional supply to profitable demand. As we’ve outlined throughout today’s call, we have line of sight to $6 billion in near-term cash flow improvement, including: completing the launch of Diamond Infrastructure Solutions, our strategic and growth-focused transaction with Macquarie for up to $3 billion; receiving proceeds from the NOVA judgment, which is expected to be more than $1 billion; delivering at least $1 billion in cost savings by 2026; delaying construction at our Path2Zero project in Fort Saskatchewan to align with market realities, which will result in reducing our total 2025 enterprise CapEx by approximately $1 billion; and expanding the scope of our strategic review of our polyurethanes asset in Europe by identifying three additional assets that we expect to idle or shut down in the region.
Karen S. Carter
Yeah. Thanks for the question. I mean, if you talk about it from a polyurethane perspective in particular, we expect the challenging macro to continue. I mean, think about soft demand on durables, automotive, that’s a direct impact to us as well. Automotive growth is slowing. You also see the EV transition starting to slow as well and particularly in North America and in Europe. And tariffs should, however, provide support for selected US-produced products Jim mentioned this earlier before, like MDI, where, of course, the global market has suffered from Chinese oversupply. And so, that could provide a bit of a tailwind, but the headline really on the outlook for polyurethanes and construction chemical that will continue to lean into a pretty challenging macro.
Matthew Blair
Thank you, and good morning. I was hoping you could expand a little bit more on how you’re thinking of the security of the dividend in this environment. You have $4 billion of extra cash coming in this year. You’re implementing some cost reductions. You’ve also reduced your spending for the year. Does that make the dividend secure for this year and probably next? And then, after that, we’ll have to see, or are you thinking about it differently? Thank you.
Jim Fitterling
Yeah, good morning, Matthew. Attractive dividend yield is something that’s always been a priority for Dow. We’re well aware of the pressures that the current environment places on the capital structure, certainly, the $6 billion in the near-term, and of that $6 billion, as Jeff mentioned earlier, the vast majority of that will come in 2025. That will help support the dividend. But as the macro evolves, we’ll have to continue to monitor and act in alignment with our capital allocation framework.
As you know, from the quarter, we’re pulling every lever we can to manage cash through a difficult time. And I think, we’ll have better certainty once we see how tariffs are going to settle out. We’re just in an environment right now where in the marketplace, if you look at downstream demand, it doesn’t matter if it’s a consumer or one of our customers or somebody in the B2B world. They’re all just kind of taking a wait-and-see approach and that has an impact on what we think the long-term is going to look like. I’m hopeful that we get some better clarity before the end of the quarter when this 90-day pause ends that will help us a lot, be able to have better visibility.
Kevin McCarthy
Yes, good morning, and thank you. Jim, I was wondering if you could speak to a few related questions on the subject of Europe. First would be, can you elaborate on how you — how and why, I guess, you’ve expanded your scope of strategic review there with emphasis on polyurethanes?
And then, secondly, on Slide 4, I think you referenced idling or shut down for a few different assets there. So, what will inform those decisions?
And then, more broadly and lastly, Dow is not alone, right? We’ve seen so many other announcements of capacity rationalizations recently from Total in Belgium, but Versalis, SABIC, ExxonMobil. As I add these up, we’re now in the teens in terms of percentage destruction of ethylene capacity in the European region. And so, I’d welcome your thoughts on that. Are we nearing stability looking out a year or two? Or how do you view that?
Jim Fitterling
Good morning, Kevin. How and why we expanded the scope? The polyurethanes, we looked at the region and felt there was a better owner. And so that’s the work that we’re going to complete by the end of the quarter. And I think there’s an opportunity there.
April 28, 2025
More Details on Wanhua & PIC JV
Wanhua Chemical & PIC Sign JV Agreement
PUdaily | Updated: April 28, 2025
Wanhua Chemical Group Co., Ltd. and Petrochemical Industries Company (PIC) Sign Joint Venture Agreement
On April 25th, at the headquarters of Wanhua Chemical Group in Yantai City, Shandong Province, Wanhua Chemical Group Co., Ltd. (hereinafter referred to as “Wanhua Chemical”) and Petrochemical Industries Company (herein referred to as “PIC”, a wholly-owned subsidiary of Kuwait Petroleum Corporation “KPC”) officially signed a joint venture agreement, with PIC investing $638 million to subscribe to a 25% of the shares of Wanhua Chemical’s wholly-owned subsidiary, Wanhua Chemical (Yantai) Petrochemical Co., Ltd.
Before the signing of the agreement, PIC had successfully completed the bidding process on April 22nd, 2025, at the Shandong United Property Rights Trading Center.
The signing of this agreement marks an important milestone in the many years of cooperation between Wanhua Chemical and PIC, signifying the entry into a new phase of strategic cooperation between the two parties, and also reflecting their joint commitment to promoting the development of the global petrochemical industry.
In the presence of Chairman of Wanhua Chemical Group, Liao Zengtai, and Deputy Chairman and CEO of Kuwait Petroleum Corporation, Shaikh Nawaf Al Sabah, President of Wanhua Chemical Group, Kou Guangwu, and CEO of PIC, Nadia Al Hajji, officially signed the joint venture agreement.
Regarding this joint venture between Wanhua Chemical and PIC, President Kou Guangwu of Wanhua Chemical Group said: Since leading Wanhua’s business team to visit Kuwait Petroleum for the first time in 2013, we have been the first to sign a long-term LPG supply agreement with Kuwait Petroleum, becoming the first enterprise in China to directly participate in the allocation of Middle Eastern LPG resources, creating an energy artery connecting the Persian Gulf and the Bohai Sea. These direct cooperations have not only ensured the stable operation of Wanhua Yantai’s petrochemical facilities but also laid a solid foundation for Wanhua Chemical to become the first Chinese enterprise with the right to recommend CP prices. Today, the signing of the joint venture agreement between Wanhua Chemical and PIC is not only a comprehensive upgrade of past cooperation but also another model of Sino-Ku cooperation. We look forward to using this joint venture as a new starting point, continue to expand the field of joint cooperation, share missions, lead changes, and accelerate the pace of “oil transformation”, promote the petrochemical industry’s transition from “high carbon manufacturing” to “low carbon recycling”, promote the deep integration of the “Belt and Road” initiative with the “Kuwait 2035 National Vision”, and create a new situation for joint development.
CEO of PIC, Nadia Al Hajji, said: The joint venture is of great significance and far-reaching implications. She emphasized the strategic importance of the project, noting that it will not only create value through the joint petrochemical assets but also promote mutual development and innovation between the two parties. The joint venture between PIC and Wanhua Chemical reflects the common vision, high trust, and consistency in promoting innovation, development, and creating long-term value between the two parties. Nadia Al Hajji expressed her sincere gratitude and affirmed that this cooperation will be the cornerstone for PIC’s continued development in Asia and broader regions. “I would like to express my heartfelt thanks to everyone who has worked hard to make this cooperative relationship a reality. From the teams working tirelessly behind the scenes to the leaders who support this vision – it is your dedication that has made this proud moment possible.”
Shaikh Khaled Al Sabah, Director and General Manager of International Marketing at Kuwait Petroleum Corporation, expressed his gratitude to all the leaders, employees of Wanhua, and relevant personnel of Kuwait for their efforts in facilitating the good cooperation between PIC and Wanhua! He emphasized the long-standing cooperative relationship between Kuwait Petroleum and Wanhua Chemical, which began with long-term supply agreements years ago, laying a solid foundation of trust, responsibility, and mutual respect between the two companies, and looking forward to further deepening exchanges and strengthening cooperation to achieve mutual benefit and win-win, and continuously achieve new and greater achievements. “I would like to take this opportunity to wish PIC and Wanhua Chemical all the best on this journey together.”
Shaikh Nawaf Al Sabah, Deputy Chairman and CEO of KPC, made a concluding speech on behalf of KPC: Congratulations on the successful signing. He mentioned that Kuwait’s diplomatic relations with China are long-standing, and that Kuwait is one of the first supporters of China’s “Belt and Road” initiative. In the future, Kuwait will continue to be a good friend of China. He emphasized that the agreement signed between PIC and Wanhua Chemical is of milestone significance, marking the largest petrochemical investment by Kuwait in China, and also an important milestone in the long-standing friendly relations between the two countries. He said that this joint venture, based on the traditional supply relationship, demonstrates KPC’s determination to transform the traditional supply relationship into a strategic cooperative relationship oriented towards value creation. “Today marks another step in our strategy to transform our carbon hydrogen compound supply relationship into a long-term partnership. In this sense, the cooperation between PIC and Wanhua Chemical on the Yantai Petrochemical PDH integrated project reflects the common vision of both parties in terms of industrial development, value creation, and long-term cooperation.”
Chairman of Wanhua Chemical Group, Liao Zengtai, on behalf of Wanhua Chemical, made a concluding speech: He highly praised the friendship between Wanhua Chemical and KPC, the highly compatible development concepts of both parties, the deepening mutual trust, and the continuously expanding scale of cooperation are the solid foundation for the historical cooperation and future joint development. The signing of this joint venture agreement marks the entry into a new era of friendly relations between the two parties, and in the future, both parties will fully leverage their respective industrial advantages and resource endowments to achieve complementary advantages on a larger scale, broader fields, and deeper levels, helping both parties’ cooperation to reach new heights. He believes that with the joint efforts of Wanhua Chemical and Kuwait Petroleum Corporation (KPC), this cooperation will definitely yield fruitful results, contributing to the construction of a world-leading high-end chemical new material industry base in the southern coast of the Bohai Sea, and providing greater strength to Yantai in building a central city in the Bohai Rim.
The signing ceremony was presided over by Chen Yifeng, Senior Vice President and Chairman of Wanhua Chemical (Yantai) Petrochemical Co., Ltd., and was attended by Feras Al Awad, Deputy CEO of PIC’s Projects and Business Development, Li Min, Vice President of Wanhua Chemical, and other senior leaders and project team members from both sides.
This joint venture between Wanhua Chemical and PIC will help improve the internationalization level of the Bohai Sea coast, the business environment for foreign merchants in China, attract more high-quality foreign capital, promote the coordinated development of the chemical and petroleum industries to new heights, promote economic development, and lead the new trend of petrochemical industry development!
Source: Wanhua Chemical
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