Company News
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.
October 7, 2020
Olin Takes Goodwill Impairment Charge
Olin to take ~$700M non-cash goodwill impairment charge
Oct. 7, 2020 9:19 AM ET|About: Olin Corporation (OLN)|By: Carl Surran, SA News Editor
Olin (NYSE:OLN) expects its Q3 financial results will include a ~$770M non-cash pretax impairment charge related to goodwill, primarily the result of Olin’s sustained lower stock price during 2020.
Olin says the goodwill impairment charge includes $555M related to the Chlor Alkali Products and Vinyls segment and $145M related to the Epoxy segment.
Yesterday, Wells Fargo raised its stock price target on Olin to $15 from $13, citing a more optimistic near-term outlook given pricing and volume improvement.
Olin has enjoyed better than expected sequential improvement in ethylene dichloride pricing, which should have a strong impact on its earnings in the coming quarter, Wells says.
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