Company News
January 5, 2025
Troy Lewis Joins Everchem Specialty Chemicals
Everchem announced today that Troy Lewis has joined the company as a Sales Representative.
Lewis was born and raised in NJ. He has a bachelor’s degree from Miami University (Oxford, OH) for Engineering Management with a manufacturing concentration. After graduating, Lewis moved out to California and started working as an Applications Engineer for the Computer-Aided Manufacturing software company ESPRIT. After 5 years, he moved back to NJ and got hired as a Sales Representative for Everchem Specialty Chemicals.
“It has been great working with the amazing team that Everchem has put together and I’m excited for the journey going forward and learning as much as I can about the chemical industry. I also get to work with my father who is also a sales rep, which has been awesome. My current hobbies include 3D printing, CAD, micro-controller programming, & fishing.”
– Troy Lewis
December 17, 2024
Evonik Restructuring
Evonik announces restructuring and management changes
Evonik announces a restructuring aimed at streamlining operations and fostering growth. The company will adopt a new segment structure with a focus on innovation and technological efficiency.
Leaner and more differentiated: Evonik with new Group structure
- Differentiated management of operating businesses
- Lean management model through elimination of
divisions level - Lauren Kjeldsen and Claudine Mollenkopf appointed to Executive Board
Essen, Germany. Evonik is putting in place a new segment structure and adopting a significantly leaner management model. The company’s business lines, which so far have been bundled into four divisions, will now be led directly by members of the Executive Board. Going forward, the operating businesses will be managed in a significantly more differentiated manner, divided into two segments.
Evonik has progressively focused its portfolio on growth and resilience and geostrategic balance in recent years. After this extensive reorganization, the company is now taking the next step. “We have significantly improved the quality of our portfolio in recent years,” says Christian Kullmann, Chairman of the Executive Board. “In our current structure, it is no longer sufficient to solely focus on the criterion of specialty chemicals to drive the company forward. Its meaning has been completely blurred and no longer sufficiently differentiates us in the eyes of our customers and the capital markets. Going forward, we will manage Evonik in a more differentiated manner by leveraging the strengths of our two pillars: solutions and innovation-driven businesses on the one hand, and technology and efficiency-driven businesses on the other. Our new management model takes this approach into account.”
Custom Solutions and Advanced Technologies
Currently, Evonik manages its chemicals businesses in the growth divisions Specialty Additives, Nutrition & Care, and Smart Materials. Under the new structure, which will take effect on April 1, 2025, the Group will organize its business lines in two new segments: Custom Solutions and Advanced Technologies. This will allow for clearer strategic focus and resource allocation. It will also enable more differentiated management of the businesses according to their respective business models. The segments currently have annual sales of around €6 billion each.
“The Supervisory Board supports the Executive Board’s strategy and the structural development of the Group,” says Bernd Tönjes, Chairman of the Supervisory Board. ”We are convinced that Evonik will be able to exploit its full potential for profitable growth with the new structure.”
The Custom Solutions businesses are defined by innovation-driven business models. They operate in specific niche markets, have a strong customer proximity, and develop customized solutions, allowing for pricing power. The focus for acquisitions rests on this segment with around 7,000 employees, which includes additives for paints and coatings as well as products for the cosmetics and pharmaceutical industries.
The Advanced Technologies businesses are efficiency-driven, featuring a high level of technological expertise and operational excellence. This puts them in a globally leading cost position. The segment, with approximately 8,000 employees, includes high performance polymers and hydrogen peroxide production, amongst others.
The two segments ideally complement each other and play equally crucial roles for the Group’s value creation. Custom Solutions businesses play a major role as growth drivers and contribute more than average to adjusted EBITDA growth. Advanced Technologies businesses play a stronger financing role and generate cash flow. The key indicator across all businesses is ROCE (return on capital employed). Driven by both segments, Evonik will earn its cost of capital at Group level.
At the same time, both segments are driving Evonik’s sustainability transformation forward. Evonik aims to increase the share of so-called NextGen Solutions, products with outstanding sustainability benefits, to over 50 percent by 2030.
Lean management model
As the nucleus of the Group, the business lines are the focus of its entrepreneurial activities. The reorganization program “Evonik Tailor Made”, which runs until the end of 2026 and will significantly reduce costs in the long term, also follows this principle. After the completion of the planning phase, the first structural measures were already implemented this year. They will lead to faster decision-making and processes and drastically reduce bureaucracy. By the time the program is completed, Evonik will have reduced the number of management levels from an average of ten to a maximum of six across the group. At the same time, more than 3,000 organizational units will be eliminated.
This is reflected in the leaner management model that will be implemented with the new segment structure. With the elimination of the division management level, a complete layer in the operational business will be removed as of April 1, 2025. The business lines, bundled into the new segments, will then be managed directly by individual members of the Executive Board.
The Custom Solutions business lines will be led by Lauren Kjeldsen, an American citizen and currently head of the Smart Materials division. The Advanced Technologies business lines will be managed by Claudine Mollenkopf, a French national and currently head of the Specialty Additives division. Kjeldsen and Mollenkopf will be appointed to the Executive Board on April 1, 2025.
“The new management team with Christian Kullmann, Lauren Kjeldsen, Claudine Mollenkopf, Maike Schuh, and Thomas Wessel will lead the Group into a bright future,” says Supervisory Board Chairman Bernd Tönjes. ”Lauren Kjeldsen and Claudine Mollenkopf are experienced business leaders. The decision to appoint them was unanimous.”
“Our Executive Board is becoming more international and will have more women,” says Kullmann. ”Lauren and Claudine have been very successful leaders, and I look forward to working with them on the Executive Board. Together, we will make Evonik better.”
Kjeldsen will also take responsibility for innovation and for the Americas region on the Executive Board. Mollenkopf will be responsible for the region Asia-Pacific and for Operational Excellence, the continuous improvement of processes in the plants.
Thomas Wessel, Chief Human Resources Officer and Labor Director, will take on additional responsibilities at the start of the new year for Infrastructure, including the business line Performance Intermediates, and the new NextGen Technologies function, which will drive the technological sustainability transformation.
Harald Schwager, Deputy Chairman of the Executive Board since 2017, is retiring. Johann-Caspar Gammelin, head of the Nutrition & Care division, and Joachim Dahm, head of the Performance Materials division, are retiring as well.
“Harald Schwager has made lasting contributions to our company,” says Tönjes. “This applies particularly to Research and Development, which has steadily increased its innovation power under his leadership.”
Thomas Wessel’s contract, which currently runs until the summer of 2026, is to be extended next year until the summer of 2028. “With his wealth of experience, Thomas will continue to ensure that the major transformation of our company is implemented consistently and with social integrity,” says Kullmann.
Kullmann praises Gammelin and Dahm as outstanding executives. “Johann-Caspar Gammelin recently set the Nutrition & Care division on a successful path for the future. Joachim Dahm successfully designed and drove the new structure of Technology & Infrastructure. I would like to sincerely thank them both.”
Kullmann also expressed his deep appreciation of Deputy Chairman Schwager: “For eight years, I worked very closely with Harald in an atmosphere of mutual trust. He has done a great job for our company, particularly in the areas of operational excellence and innovation. Harald is an outstanding business leader and a wonderful person.”
December 15, 2024
Borsodchem Looking at What’s Left of Vencorex
Vencorex: BorsodChem will insolventen Isocyanat-Hersteller kaufen
03.12.2024
Im französischen Pont-de-Claix bei Grenoble betreibt Vencorex einen Großteil der Produktion (Foto: Vencorex)
Kleiner Lichtblick für den seit dem 21. September 2024 unter gerichtlicher Verwaltung stehenden, insolventen Isocyanat-Erzeuger Vencorex (Saint Priest / Frankreich): Das Handelsgericht in Lyon hat die Frist für eine mögliche Übernahme durch einen Investor um vier Monate bis zum 6. März 2025 verlängert. „Mehr Zeit, um eine Lösung zu finden“, kommentierte Séverine Dejoux, Repräsentantin der Gewerkschaft CGT, die Gerichtsentscheidung in französischen Medien.
Bisher gibt es lediglich eine Interessensbekundung seitens der europäischen Wanhua-Tochter BorsodChem (Kazincbarcika / Ungarn). Diese sieht einen Kaufpreis von 1 Mio EUR sowie eine Weiterbeschäftigung von lediglich 25 der aktuell gut 460 Mitarbeiter vor.
Die Vencorex-Muttergesellschaft PTT Global Chemical (PTT GC, Bangkok / Thailand) hatte für das französische Unternehmen am 10. September Insolvenzantrag gestellt.
Pardon the google translation!
A small ray of hope for the insolvent isocyanate producer Vencorex (Saint Priest / France), which has been under court administration since September 21, 2024: The Commercial Court in Lyon has extended the deadline for a possible takeover by an investor by four months until March 6, 2025. “More time to find a solution,” Séverine Dejoux, representative of the CGT trade union, commented on the court decision in French media. So far, there has only been an expression of interest from Wanhua’s European subsidiary BorsodChem (Kazincbarcika / Hungary). This provides for a purchase price of EUR 1 million and the continued employment of only 25 of the current 460 employees. Vencorex’s parent company PTT Global Chemical (PTT GC, Bangkok / Thailand) had filed for insolvency for the French company on September 10.
December 15, 2024
Tosoh to Expand Production Capacity to Meet Growing Demand for High-Performance Paint Hardeners
NEWS RELEASE
December 3, 2024
Tosoh to Expand Production Capacity to Meet Growing Demand for High-Performance Paint Hardeners
Tokyo, Japan—Tosoh Corporation plans to increase its production capacity for hexamethylene diisocyanate (HDI) derivatives at its Nanyo Complex in Shunan City, Yamaguchi Prefecture. The company markets its HDI derivatives under the Coronate brand.
HDI derivatives are advanced functional polyurethanes widely used as paint hardeners and are integral products in the company’s Specialty business portfolio. They are valued for their superb resistance to yellowing and weathering, which makes them essential as high-performance hardeners in automotive and architectural exterior coatings.
Tosoh’s expansion of its production capacity for HDI derivatives responds to the robust growth of the global coatings market, propelled by steady demand in developed economies, increasing demand in emerging markets amid heightened motorization, and rising demand in worldwide markets amid elevated infrastructure investments. Industry projections indicate growing demand for HDI derivatives.
The increase to HDI derivatives production capacity is thus a strategic move by Tosoh to position itself to capitalize on growing demand for and to ensure the stable supply of HDI derivatives. The company intends to significantly expand the scale of its business in HDI derivatives to increase corporate profitability. Tosoh, meanwhile, is committed to meeting the evolving needs of its customers and thus contributes to advancements in coating technologies for diverse industries.
December 15, 2024
Ashley Furniture Strategy
Ashley Furniture highlights GMROI strategy from ‘factory floor to front door’
By Larry Adams
December 11, 2024 | 11:52 am CST
ARCADIA, Wis. – Ashley Furniture Industries, LLC (Ashley) has built its foundation and legacy upon the methodology of Gross Margin Return on Investment (GMROI). When future tariffs create market uncertainty, Ashley’s position as the largest U.S. home furnishings manufacturer offers retailers distinct advantages through its extensive domestic production capabilities and proven market adaptability. Guided by its Massively Transformative Purpose “To inspire the love of home and enrich the lives of those around us by being the most innovative and competitive furniture company on the planet,” Ashley’s business philosophy centers on prioritizing customer and dealer success in every strategic decision. Throughout its nearly 80-year history, Ashley has demonstrated remarkable adaptability, reinventing itself 19 times to meet evolving market demands – from expanding product assortments and enhancing manufacturing capabilities to strengthening distribution networks and developing its workforce.
The company has invested over $2 billion in recent years into its operations. This substantial companywide investment has significantly enhanced its U.S. manufacturing infrastructure, positioning Ashley to better navigate potential tariff impacts and market shifts while maintaining supply chain reliability. These strategic initiatives have secured Ashley’s position as the world’s largest home furnishings manufacturer, a title held since 2005.
At the core of Ashley’s operational strategy is its focus on GMROI, a cornerstone of retailer success. Through expert forecasting and inventory management, Ashley helps retailers optimize their largest investment – inventory. By maintaining tight, lean stock levels while ensuring product availability, retailers achieve higher turn rates and increased profitability. Strong dealer relationships and an integrated global supply chain further enhance this strategic approach.
“When we invest in our manufacturing and distribution network, we’re really investing in our retailers’ success, said Todd Wanek, President and CEO of Ashley Furniture Industries. “While no one can predict future tariff impacts with certainty, our extensive domestic production capabilities give us the flexibility to adapt quickly to market changes and maintain reliable supply for our retail partners. We’re proud to be a manufacturer in the U.S., and our free-market system lets us be nimble and competitive. Being number one isn’t something we take for granted – it’s something we work for every single day. That’s why we’re always adapting, always improving and always focused on finding better ways to support our customers.”
Ashley’s manufacturing capabilities stand unmatched in the furniture industry, operating an extensive network of state-of-the-art facilities with advanced manufacturing processes. The recent implementation of nearly 500 robots since 2017 exemplifies the company’s commitment to cutting-edge automation. The company’s manufacturing excellence includes the country’s largest casegoods facility in Arcadia, Wisconsin; the largest mattress manufacturing plant in Saltillo, Mississippi; and the largest upholstery facility in Ecru, Mississippi. Recent strategic expansions include new facilities in Spanaway, Washington and Chippewa Falls, Wisconsin, while an $80 million investment in Mississippi operations reinforces Ashley’s commitment to domestic manufacturing growth. Through an affiliate of Ashley, the acquisition of Resident Home in March 2024 has significantly enhanced Ashley’s product portfolio, allowing the company to offer an even broader selection across their 20 product categories.
As a global leader in logistics and distribution, through an affiliated company, Ashley operates one of the most sophisticated supply chain networks in the furniture industry. The company’s transportation infrastructure includes the furniture industry’s largest fleet, featuring over 1,500 tractors and 5,000 trailers that deliver to 95% of North America weekly. Advanced logistics management systems optimize route planning, load efficiency and delivery scheduling, while strategically positioned distribution centers ensure rapid response to market demands across multiple continents.
“Our vertically integrated approach, from manufacturing to delivery, allows us to maintain superior quality control while offering retailers competitive pricing and reliable service,” noted Todd Wanek. “This comprehensive infrastructure enables Ashley to serve both domestic and international markets with unprecedented efficiency.”
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