April 29, 2020

Covestro Q1 Results

Covestro’s first-quarter results came in slightly above analysts’ expectations as the company offset an automotive sector slowdown by selling more polycarbonates to industries such as construction and medical technology, Toepfer said.

“Polycarbonates are a perfect material for safety glasses,” the CFO said.

The former Bayer unit said its first-quarter net income attributable to shareholders came in at 20 million euros ($21.69 million) compared to 179 million euros last year, slightly above the 17 million euros expected on average by analysts in a company-provided poll.

The company continues to expect improvement from the third quarter as it will keep focusing on cutting costs and reviewing investments, but has no plans to apply for state aid, Toepfer said.

The better performance in medical technology managed to offset weak demand in China despite coronavirus-driven production disruptions and strong competition, which pushed Covestro to release a profit warning on April 15.

“The coronavirus pandemic is an exceptional situation and has further exacerbated the existing global uncertainties,” Chief Executive Markus Steilemann said in a statement.

Prior to the outbreak, analysts had warned against lower pricing of Covestro’s main products such as polycarbonates and polyurethanes in China, where it generates over 20% of group revenue and holds more than 30% of its assets.

However, according to analysts at Baader Helvea, the volume recovery in China in April gives hope for a 2020 result above the middle of Covestro’s new guidance range.

The recent oil price decline may also boost the company’s gross margins, giving potential for positive surprises when it reports its second-quarter results, Baader Helvea adds.

Covestro shares were up 2.6% at 0730 GMT, outperforming Germany’s blue-chip DAX index which was up 0.5%.

https://www.reuters.com/article/us-covestro-results/covestro-first-quarter-profit-sinks-on-low-china-demand-tough-competition-idUSKCN22B0GA

April 29, 2020

Covestro Q1 Results

Covestro’s first-quarter results came in slightly above analysts’ expectations as the company offset an automotive sector slowdown by selling more polycarbonates to industries such as construction and medical technology, Toepfer said.

“Polycarbonates are a perfect material for safety glasses,” the CFO said.

The former Bayer unit said its first-quarter net income attributable to shareholders came in at 20 million euros ($21.69 million) compared to 179 million euros last year, slightly above the 17 million euros expected on average by analysts in a company-provided poll.

The company continues to expect improvement from the third quarter as it will keep focusing on cutting costs and reviewing investments, but has no plans to apply for state aid, Toepfer said.

The better performance in medical technology managed to offset weak demand in China despite coronavirus-driven production disruptions and strong competition, which pushed Covestro to release a profit warning on April 15.

“The coronavirus pandemic is an exceptional situation and has further exacerbated the existing global uncertainties,” Chief Executive Markus Steilemann said in a statement.

Prior to the outbreak, analysts had warned against lower pricing of Covestro’s main products such as polycarbonates and polyurethanes in China, where it generates over 20% of group revenue and holds more than 30% of its assets.

However, according to analysts at Baader Helvea, the volume recovery in China in April gives hope for a 2020 result above the middle of Covestro’s new guidance range.

The recent oil price decline may also boost the company’s gross margins, giving potential for positive surprises when it reports its second-quarter results, Baader Helvea adds.

Covestro shares were up 2.6% at 0730 GMT, outperforming Germany’s blue-chip DAX index which was up 0.5%.

https://www.reuters.com/article/us-covestro-results/covestro-first-quarter-profit-sinks-on-low-china-demand-tough-competition-idUSKCN22B0GA

April 23, 2020

BASF and INOV Expand in China

BASF and INOV agree to expand partnership

MOSCOW (MRC) — BASF and Shandong INOV Polyurethane Co. (INOV) have strengthened their existing relationship with the signing of a framework agreement to serve increasing demand from various industries in China and overseas, according to Apic-online.

Specifically, the parties will work together in the areas of raw material supply, market expansion, research and development for sustainable products, improved quality of operation and environmental protection, health and safety, BASF noted.

Under the agreement, both partners will increase production capacities of raw materials, including diphenylmethane diisocyanate (MDI), toluene diisocyanate (TDI), and polytetrahydrofuran (PolyTHF).  The deal will also strengthen cooperation to develop performance materials and construction materials.

“This is a win-win strategy, which combines BASF’s proven research capabilities with our expertise in production,” said Xu Jun, chairman and general manager of INOV.  “We are looking forward to working with BASF to produce high-quality chemical products for local and overseas customers along the value chain.”

Based in Zibo, Shandong Province, China, INOV is China’s “leading” producer of propylene oxide, downstream derivatives of ethylene oxide, and polyurethane, BASF added.

As MRC reported earlier, BASF has restarted its No. 1 steam cracker following a maintenance turnaorund. Thus, the company resumed operations at the plant on September 30, 2019. The plant was shut for maintenance in mid-August, 2019. Located at Ludwigshafen in Germany, the No. 1 cracker has an ethylene production capacity of 235,000 mt/year and a propylene production capacity of 125,000 mt/year.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF generated sales of around EUR63 billion in 2018.

April 23/2020http://www.mrcplast.com/news-news_open-369436.html

April 23, 2020

BASF and INOV Expand in China

BASF and INOV agree to expand partnership

MOSCOW (MRC) — BASF and Shandong INOV Polyurethane Co. (INOV) have strengthened their existing relationship with the signing of a framework agreement to serve increasing demand from various industries in China and overseas, according to Apic-online.

Specifically, the parties will work together in the areas of raw material supply, market expansion, research and development for sustainable products, improved quality of operation and environmental protection, health and safety, BASF noted.

Under the agreement, both partners will increase production capacities of raw materials, including diphenylmethane diisocyanate (MDI), toluene diisocyanate (TDI), and polytetrahydrofuran (PolyTHF).  The deal will also strengthen cooperation to develop performance materials and construction materials.

“This is a win-win strategy, which combines BASF’s proven research capabilities with our expertise in production,” said Xu Jun, chairman and general manager of INOV.  “We are looking forward to working with BASF to produce high-quality chemical products for local and overseas customers along the value chain.”

Based in Zibo, Shandong Province, China, INOV is China’s “leading” producer of propylene oxide, downstream derivatives of ethylene oxide, and polyurethane, BASF added.

As MRC reported earlier, BASF has restarted its No. 1 steam cracker following a maintenance turnaorund. Thus, the company resumed operations at the plant on September 30, 2019. The plant was shut for maintenance in mid-August, 2019. Located at Ludwigshafen in Germany, the No. 1 cracker has an ethylene production capacity of 235,000 mt/year and a propylene production capacity of 125,000 mt/year.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF generated sales of around EUR63 billion in 2018.

April 23/2020http://www.mrcplast.com/news-news_open-369436.html

April 21, 2020

Brenntag to Distribute Arkema Epoxides

Brenntag Expands Distribution Agreement with Arkema for Epoxides in the United States

READING, Pa., April 20, 2020 /PRNewswire-PRWeb/ — Effective December 1st, 2019, Brenntag is now a distributor for epoxidized soybean oil and other specialty epoxides sold under the trade names Vikoflex® and Vikolox®.

Vikoflex® is a line of epoxy plasticizers made from renewable resources and can be used as acid scavengers, additives, reactive diluents, and viscosity modifiers. The manufacturing process for Vikoflex® uses soybean oil and other vegetable oils as the key raw materials. Vikolox® can be used in many different applications such as acid scavengers, functional intermediates, and reactive diluents.

“The synergistic relationship between Arkema and Brenntag Specialties will deliver a valuable offering to the CASE marketplace,” explained Linda Myrick, General Manager for Arkema’s Oxygénés and Derivatives in North America. “Brenntag Specialties has a strong presence within the CASE markets. They have the resources and expertise necessary to ensure end users get the most from our Epoxide product ranges. This positions them to support development of new Vikoflex® and Vikolox® products with national coverage, logistics efficiencies, digital marketing, and technical capabilities,” Myrick explained. “As such, with Arkema’s commitment to safety, operational, and commercial excellence, it is poised to support Brenntag Specialties’ skills and capabilities.”

Located close to soybean oil producers in Blooming Prairie, MN, Arkema has been developing new uses for epoxides since the 1960s. This plant produces more than two dozen finished products, many of which are green, sustainable, and support the local economy by utilizing soybean oil from Midwest growers.

“We are excited to expand our relationship with Arkema to include their specialty epoxides for the coating, adhesive, sealant, and elastomer markets. The Vikoflex® and Vikolox® line of specialty epoxides contain a selection of plasticizers, intermediates, and reactive diluents which enable our customers to formulate in-line with trends toward greener and renewable chemistry,” says Ted Davlantes, Vice President Coatings & Construction, Brenntag North America. “This adds to our growth strategy in the coatings and construction industry while offering products for a greener and sustainable future.”

https://uk.advfn.com/stock-market/stock-news/82267925/brenntag-expands-distribution-agreement-with-arkem