Company News
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
October 8, 2020
Hexion Raising Prices
Hexion hikes intermediates prices October 08/2020 MOSCOW (MRC) — Hexion (Columbus, Ohio) says it will raise its prices worldwide by USD150/metric ton or EUR125/metric ton for its various glycidyl and vinyl esters, monomers, and versatic acid brands shipped on or after 8 November, or as contract terms allow, reported Chemweek with reference to the company’s statement.
The price hike has been driven primarily by continued increases in key raw material costs, it says. All other terms and conditions of sale remain unchanged, it adds.
As MRC informed earlier, Hexion, a major American manufacturer of phenol and bisphenol A (BPA), plans to close its BPA plant in Pernis (Pernis, The Netherlands) in early October for scheduled maintenance. This 120 ktpa BPA production facility will be shut in the second week of October and is expected to resume production in three weeks.
Bisphenol A is used as a hardener in the production of plastics, as well as plastic-based products. It is one of the key monomers in the production of epoxy resins and polycarbonate (PC).
According to MRC’s ScanPlast, in Russia, following the results of the first two quarters, the total estimated consumption of PC granulate in the Russian Federation (excluding imports and exports to Belarus) amounted to 47.3 thousand tonnes against 40.7 thousand tonnes in 2019. Total demand increased by 16%.
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
October 8, 2020
Hexion Raising Prices
Hexion hikes intermediates prices October 08/2020 MOSCOW (MRC) — Hexion (Columbus, Ohio) says it will raise its prices worldwide by USD150/metric ton or EUR125/metric ton for its various glycidyl and vinyl esters, monomers, and versatic acid brands shipped on or after 8 November, or as contract terms allow, reported Chemweek with reference to the company’s statement.
The price hike has been driven primarily by continued increases in key raw material costs, it says. All other terms and conditions of sale remain unchanged, it adds.
As MRC informed earlier, Hexion, a major American manufacturer of phenol and bisphenol A (BPA), plans to close its BPA plant in Pernis (Pernis, The Netherlands) in early October for scheduled maintenance. This 120 ktpa BPA production facility will be shut in the second week of October and is expected to resume production in three weeks.
Bisphenol A is used as a hardener in the production of plastics, as well as plastic-based products. It is one of the key monomers in the production of epoxy resins and polycarbonate (PC).
According to MRC’s ScanPlast, in Russia, following the results of the first two quarters, the total estimated consumption of PC granulate in the Russian Federation (excluding imports and exports to Belarus) amounted to 47.3 thousand tonnes against 40.7 thousand tonnes in 2019. Total demand increased by 16%.
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
October 7, 2020
Lyondell Declares Force Majeure on Propylene Oxide
October 7, 2020
Subject: Propylene Oxide & Derivatives – Force Majeure Event
Dear Valued Customer,
We regret to inform you that on October 6, 2020, a leak developed on a PO refining column at our Bayport facility which required us to significantly cut rates at our facility.
Accordingly, we must declare a force majeure event for all products within our Americas PO & derivatives portfolio – PO, P-Glycols, Allyl Alcohol, BDO & Derivatives, P-Series Glycol ethers and P-Specialties glycol ethers, effective October 7, 2020.
We are currently evaluating the impact of this event on our production capability.
Additional information will be provided once we have assessed our ability to supply. Though the extent of the impact has not yet been fully defined, we are issuing this notification as soon as possible to ensure that you are aware of the situation. We will be contacting you regarding product availability once more details are identified.
As always, your account manager is available to address any questions or concerns youmay have regarding this force majeure event. We value the trust you place in Lyondell Chemical Company as a supplier and we apologize for the inconvenience this may cause you.
Thank you for your understanding and patience.
October 7, 2020
Lyondell Declares Force Majeure on Propylene Oxide
October 7, 2020
Subject: Propylene Oxide & Derivatives – Force Majeure Event
Dear Valued Customer,
We regret to inform you that on October 6, 2020, a leak developed on a PO refining column at our Bayport facility which required us to significantly cut rates at our facility.
Accordingly, we must declare a force majeure event for all products within our Americas PO & derivatives portfolio – PO, P-Glycols, Allyl Alcohol, BDO & Derivatives, P-Series Glycol ethers and P-Specialties glycol ethers, effective October 7, 2020.
We are currently evaluating the impact of this event on our production capability.
Additional information will be provided once we have assessed our ability to supply. Though the extent of the impact has not yet been fully defined, we are issuing this notification as soon as possible to ensure that you are aware of the situation. We will be contacting you regarding product availability once more details are identified.
As always, your account manager is available to address any questions or concerns youmay have regarding this force majeure event. We value the trust you place in Lyondell Chemical Company as a supplier and we apologize for the inconvenience this may cause you.
Thank you for your understanding and patience.
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