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.

https://www.kunststoffweb.de/branchen-news/vencorex_borsodchem_will_insolventen_isocyanat-hersteller_kaufen_t256737

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.”

https://www.woodworkingnetwork.com/news/woodworking-industry-news/ashley-furniture-highlights-gmroi-strategy-factory-floor-front-door

December 11, 2024

Epoxy Resin Antidumping Update

Preliminary Affirmative Determinations in the Antidumping Duty Investigations of Epoxy Resins from the People’s Republic of China, India, the Republic of Korea, Taiwan and Thailand.

On November 7, 2024, the U.S. Department of Commerce (Commerce) announced its preliminary affirmative determinations in the antidumping duty (AD) investigations of epoxy resins from People’s Republic of China (China), India, the Republic of Korea (Korea), Taiwan, and Thailand. Commerce is conducting concurrent countervailing duty (CVD) investigations of epoxy resins from China, India, Korea, and Taiwan.

Preliminary Dumping Rates 

China

*Rate based on facts available with adverse inferences.

India

*Rate is based on Adverse Facts Available (AFA).

Korea

Taiwan

Thailand

Case Calendar

NOTE: Commerce’s preliminary and final determination deadlines are governed by statute. For AD investigations, the deadlines are set forth in sections 733(b) and 735(a) of the Tariff Act of 1930, as amended (the Act). For CVD investigations, the deadlines are set forth in sections 703(b) and 705(a)(1) of the Act.
* This will take place only in the event of a final affirmative determination from Commerce.
** This will take place only in the event of final affirmative determinations from Commerce and the U.S. International Trade Commission (ITC).

IMPORT STATISTICS:

Source: U.S. Census Bureau, accessed through S&P Global Trade Atlas (Harmonized Tariff Schedule of the United States (HTSUS) subheading 3907.30.0000.

Other Case Information

• The petitioner is the U.S. Epoxy Resin Producers Ad Hoc Coalition, which consists of Olin Corporation (Clayton, MO) and Westlake Corporation (Houston, TX).
• For general information and next steps, please refer to a list of preliminary FAQs.
• To date, Commerce maintains 714 AD and CVD orders that provide relief to American companies and industries impacted by unfair trade. 
• Additional case information, including the scope of the investigations, are on file electronically via Enforcement and Compliance’s Antidumping and Countervailing Duty Centralized Electronic Service System (ACCESS). Once you log in, please refer to case numbers:
  
  • China A-570-166, C-570-167
  • India A-533-926, C-533-927
  • Korea A-580-919, C-580-920
  • Taiwan A-583-876, C-583-877
  • Thailand A-549-850
•  

https://www.trade.gov/preliminary-affirmative-determinations-antidumping-duty-investigations-epoxy-resins-peoples

December 10, 2024

PCC Makes a Move

Olin shares sink as PCC plans new chlor-alkali production at Chemours plant

Dec. 10, 2024 3:31 PM ETOlin Corporation (OLN) StockWLK, CCBy: Carl Surran, SA News Editor

(1min)

Comment

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Olin (NYSE:OLN) -6.5% in Tuesday’s trading, poised to post its lowest close in more than three years, following news that PCC Group plans to build and operate a chlor-alkali production facility on the site of Chemours’ (CC) titanium dioxide plant in Mississippi, and that PCC and Chemours have entered into a chlorine supply agreement.

Construction is expected to begin in early 2026 with the plant becoming operational in 2028, when the plant should provide nameplate capacity of as much as 340K metric tons/year; caustic soda, the co-product, will be sold by PCC to partners and on the open market.

Keybanc’s Aleksey Yefremov called the news an “incremental negative for Olin and, to a lesser degree, Westlake Corp., as new capacity over time is likely to pressure the domestic merchant chlorine market,” according to Bloomberg.

The analyst said the timeline plan looks aggressive, estimating that “a project of this magnitude would take 6-7 years to permit and construct.”

https://seekingalpha.com/news/4384031-olin-shares-sink-as-pcc-plans-new-chlor-alkali-production-at-chemours-plant?mailingid=37798753&messageid=2900&serial=37798753.703&source=email_2900