Company News
October 12, 2020
BASF Announces Polyol Hike for Thursday
October 12, 2020
Dear Valued Customer,
Effective October 15, 2020 or as contracts allow, BASF Corporation is raising the price for all Pluracol® polyol products by $0.12 per pound.
Your BASF Account Manager will provide further details of this announced increase and is available to answer any questions you may have. We appreciate your continued support for BASF Urethane Chemicals.
October 12, 2020
BASF Announces Polyol Hike for Thursday
October 12, 2020
Dear Valued Customer,
Effective October 15, 2020 or as contracts allow, BASF Corporation is raising the price for all Pluracol® polyol products by $0.12 per pound.
Your BASF Account Manager will provide further details of this announced increase and is available to answer any questions you may have. We appreciate your continued support for BASF Urethane Chemicals.
October 9, 2020
BASF Q3 Forecast
BASF Expects Swing to 3Q Net Loss; Issues 2020 Forecast
Provided by Dow Jones Oct 9, 2020 9:04 AM EDT
By Joshua Kirby
BASF SE said Friday that it expects to swing to a net loss for the third quarter due to impairments and restructuring, and it issued guidance for the full year.
The German chemical company reported a preliminary net loss of 2.12 billion euros ($2.49 billion) for the quarter, down from a net profit of EUR911 million a year earlier and below consensus estimates.
BASF expects a third-quarter loss before interest and taxes of EUR2.64 billion, compared with EBIT of EUR1.34 billion a year prior.
Earnings were hit by coronavirus-related impairments relating to weaker demand in the automotive and aviation industries that amounted to EUR2.8 billion, BASF said, as well as provisions for restructuring.
Quarterly sales are expected to decline 5% on year to EUR13.81 billion from EUR14.56 billion.
For the full year, BASF expects EBIT before special items of between EUR3.0 billion and EUR3.3 billion–down from EUR4.64 billion in 2019–and sales of between EUR57 billion and EUR58 billion, compared with EUR59.32 billion a year earlier.
“As well as weaker demand, the company expects pressure on margins to continue, especially for basic chemicals, which will be partially offset by fixed cost savings,” the company said.
BASF will report final third-quarter results on Oct. 28.
October 9, 2020
BASF Q3 Forecast
BASF Expects Swing to 3Q Net Loss; Issues 2020 Forecast
Provided by Dow Jones Oct 9, 2020 9:04 AM EDT
By Joshua Kirby
BASF SE said Friday that it expects to swing to a net loss for the third quarter due to impairments and restructuring, and it issued guidance for the full year.
The German chemical company reported a preliminary net loss of 2.12 billion euros ($2.49 billion) for the quarter, down from a net profit of EUR911 million a year earlier and below consensus estimates.
BASF expects a third-quarter loss before interest and taxes of EUR2.64 billion, compared with EBIT of EUR1.34 billion a year prior.
Earnings were hit by coronavirus-related impairments relating to weaker demand in the automotive and aviation industries that amounted to EUR2.8 billion, BASF said, as well as provisions for restructuring.
Quarterly sales are expected to decline 5% on year to EUR13.81 billion from EUR14.56 billion.
For the full year, BASF expects EBIT before special items of between EUR3.0 billion and EUR3.3 billion–down from EUR4.64 billion in 2019–and sales of between EUR57 billion and EUR58 billion, compared with EUR59.32 billion a year earlier.
“As well as weaker demand, the company expects pressure on margins to continue, especially for basic chemicals, which will be partially offset by fixed cost savings,” the company said.
BASF will report final third-quarter results on Oct. 28.
October 8, 2020
Tempur in the U.K.
Tempur Sealy Expands and Repositions Sealy in the United Kingdom
Thu October 8, 2020 6:45 AM|PR Newswire|About: TPX PR Newswire
LEXINGTON, Ky., Oct. 8, 2020 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) today announced that it is reacquiring the rights and acquiring the assets to manufacture, market, and distribute Sealy and Stearns & Foster branded products in the United Kingdom from its current licensee. The Company has entered into a new 50/50 joint venture (Sealy United Kingdom Limited) to develop, expand and reposition Sealy products in one of the largest bedding markets in Europe.
Sealy United Kingdom Limited is a 50/50 joint venture between the Company and its Asian joint venture partners. The joint venture in Asia has been successful in establishing Sealy in its markets as a premium brand with innovative innerspring products and strong retailer relations. Over the last 20 years, the Sealy Asian joint venture has grown net sales at an annual compounded growth rate of approximately 36%, opened seven new manufacturing facilities, and increased consideration for Sealy branded products across the Asia-Pacific region.
Tempur Sealy Chairman and CEO Scott Thompson stated, “We identified that the premium innerspring segment in the United Kingdom market is not being fully served. We believe we have brought together the right people, brands and strategy to satisfy the market’s needs. Sealy is the number one brand in the United States, and we believe this transaction will significantly improve our competitive position in the United Kingdom for generations to come. I would also like to acknowledge the Silentnight Group for their strong management of the Sealy brand in the United Kingdom over the last 47 years and thank our joint venture partners, the Dyer Family, for working with us on this new growth opportunity.”
The United Kingdom bedding market is estimated to be approximately $1 billion annually and growing at about 3-4 percent a year. The Company estimates that Sealy’s market share in the United Kingdom was approximately low-single digits in 2019.
https://seekingalpha.com/pr/18036111-tempur-sealy-expands-and-repositions-sealy-in-united-kingdom
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