Company News

July 8, 2019

Truck Plunges On Top of Huntsman Polyester Polyol Plant

Woodlands-based Huntsman Corp. stops operations at facility following fatal big rig crash

All Huntsman employees at the petrochemical production facility are uninjured and accounted for.
Author: Joshua Mann – Senior reporter, Houston Business Journal
Published: 11:48 AM CDT July 3, 2019
Updated: 12:20 PM CDT July 3, 2019

THE WOODLANDS, Texas — The Woodlands-based Huntsman Corp. (NSYE: HUN) has halted operations at one of its facilities after an auto accident at the site.

 

A big rig fell from the Houston Ship Channel bridge on 610 East Loop at about 8:30 a.m. July 3, landing on the Huntsman site at 101 Concrete St. below. The driver initially survived the accident but died during rescue attempt.

Meanwhile, all Huntsman employees at the petrochemical production facility are uninjured and accounted for, according to a Huntsman spokesperson.

The site has 47 employees, and it produces polyols — feedstock for a process to make polyurethane insulation further down the value chain — the spokesperson said.

https://www.khou.com/article/news/woodlands-based-huntsman-corp-stops-operations-at-facility-following-fatal-big-rig-crash/285-8527c987-0262-4ca9-a578-e93b93f6198d

 

July 2, 2019

Hexion DeLeverages

Hexion Inc. Completes Balance Sheet De-Leveraging

Business Wire

COLUMBUS, Ohio–(BUSINESS WIRE)–

Emerges from Chapter 11 in a Strong Financial Position to Support Long-Term Growth

Poised to Reinvest in Value-Driving Platform, Led By Differentiated Specialty Chemical Product Portfolio, World-Class R&D, Global Manufacturing Footprint and Sustainable Practices

Hexion Inc. (“Hexion” or the “Company”) today announced that it has successfully completed its balance sheet de-leveraging and emerged from Chapter 11. As a result of this process, Hexion has reduced its debt by more than $2.0 billion, received an infusion of $300 million in equity capital through a rights offering and raised approximately $2.0 billion in exit financing. With a strengthened capital structure and substantial free cash flow after debt service, Hexion is now well-positioned to make substantial reinvestments into its businesses to fuel strategic growth and drive value for its stakeholders.

Throughout the bankruptcy court-supervised process, Hexion’s global operations continued uninterrupted, providing customers with high-quality products and service. The de-leveraging plan has provided for payment in full to the Company’s trade creditors.

“We are moving forward with significantly less debt and greater financial flexibility, which enhances our competitive position and ability to create long-term value for our stakeholders,” said Craig A. Rogerson, President and CEO. “As an appropriately capitalized market leader with substantial free cash flow generation capabilities and a lower interest burden, we will continue to enhance our value-creating platform by accelerating new product development. Our growth strategy will be driven by investments in innovative products using our research and development capabilities and strategic partnerships, capitalizing on our global manufacturing footprint and commitment to sustainability. Going forward, we are well-positioned to take advantage of our operational momentum.”

Mr. Rogerson continued, “Our expedited emergence is a testament to the hard work and dedication of our associates, as well as the continued support of our customers and suppliers around the world. Our entire team is intensely focused on safely and efficiently delivering high-quality products and service for all of our customers.”

Compelling Value Drivers

  • Global specialty chemical company with leading market positions generating strong free cash flow. Hexion is the global leader in Forest Products and Epoxy, Phenolic and Coatings resins, maintaining #1 or #2 market positions representing approximately 80% of sales.
  • Industry-leading Research & Development (R&D) and technical service capabilities. Through its continued investments in R&D, between 2014 and 2018 Hexion has derived approximately 20% of its total revenues from new products.
  • Commitment to developing sustainable solutions. Hexion continues to further align its product portfolio with leading sustainability practices. The Company’s forest product resins allow natural, renewable resources to be used in building products instead of energy intensive steel and concrete, and the use of wood in building construction allows for the long-term sequestration of carbon. Specialty epoxy resins enable “green energy” by supplying composite materials for the wind energy market. Hexion’s waterborne coatings offer a low volatile organic compound (VOC) solution compared to solvent-borne coatings.

https://finance.yahoo.com/news/hexion-inc-completes-balance-sheet-205200866.html

July 2, 2019

Hexion DeLeverages

Hexion Inc. Completes Balance Sheet De-Leveraging

Business Wire

COLUMBUS, Ohio–(BUSINESS WIRE)–

Emerges from Chapter 11 in a Strong Financial Position to Support Long-Term Growth

Poised to Reinvest in Value-Driving Platform, Led By Differentiated Specialty Chemical Product Portfolio, World-Class R&D, Global Manufacturing Footprint and Sustainable Practices

Hexion Inc. (“Hexion” or the “Company”) today announced that it has successfully completed its balance sheet de-leveraging and emerged from Chapter 11. As a result of this process, Hexion has reduced its debt by more than $2.0 billion, received an infusion of $300 million in equity capital through a rights offering and raised approximately $2.0 billion in exit financing. With a strengthened capital structure and substantial free cash flow after debt service, Hexion is now well-positioned to make substantial reinvestments into its businesses to fuel strategic growth and drive value for its stakeholders.

Throughout the bankruptcy court-supervised process, Hexion’s global operations continued uninterrupted, providing customers with high-quality products and service. The de-leveraging plan has provided for payment in full to the Company’s trade creditors.

“We are moving forward with significantly less debt and greater financial flexibility, which enhances our competitive position and ability to create long-term value for our stakeholders,” said Craig A. Rogerson, President and CEO. “As an appropriately capitalized market leader with substantial free cash flow generation capabilities and a lower interest burden, we will continue to enhance our value-creating platform by accelerating new product development. Our growth strategy will be driven by investments in innovative products using our research and development capabilities and strategic partnerships, capitalizing on our global manufacturing footprint and commitment to sustainability. Going forward, we are well-positioned to take advantage of our operational momentum.”

Mr. Rogerson continued, “Our expedited emergence is a testament to the hard work and dedication of our associates, as well as the continued support of our customers and suppliers around the world. Our entire team is intensely focused on safely and efficiently delivering high-quality products and service for all of our customers.”

Compelling Value Drivers

  • Global specialty chemical company with leading market positions generating strong free cash flow. Hexion is the global leader in Forest Products and Epoxy, Phenolic and Coatings resins, maintaining #1 or #2 market positions representing approximately 80% of sales.
  • Industry-leading Research & Development (R&D) and technical service capabilities. Through its continued investments in R&D, between 2014 and 2018 Hexion has derived approximately 20% of its total revenues from new products.
  • Commitment to developing sustainable solutions. Hexion continues to further align its product portfolio with leading sustainability practices. The Company’s forest product resins allow natural, renewable resources to be used in building products instead of energy intensive steel and concrete, and the use of wood in building construction allows for the long-term sequestration of carbon. Specialty epoxy resins enable “green energy” by supplying composite materials for the wind energy market. Hexion’s waterborne coatings offer a low volatile organic compound (VOC) solution compared to solvent-borne coatings.

https://finance.yahoo.com/news/hexion-inc-completes-balance-sheet-205200866.html

July 2, 2019

Knaub Joins AFPF Board

FXI’s Philippe Knaub Joins CertiPUR-US Board of Directors

(Rochester Hills, Mich. – July 2019) — Philippe Knaub, senior vice president and chief technology officer of the Media, Pennsylvania-based foam supplier FXI, has joined the board of directors of the Alliance for Flexible Polyurethane Foam (AFPF), the not-for-profit group that administers the
CertiPUR-US® foam certification program.
Knaub was previously the global head of research and development for emulsion polymers for Horgen, Switzerland-based Trinseo, a spin-off of the Dow Chemical Company, where he had worked for more than 20 years. His Dow positions included global research and development director, project manager, and global marketing manager.
With an established international reputation in polyurethanes and plastics, Knaub is named on several patents and has been published in numerous professional publications and textbooks.
Knaub joins the Board as the CertiPUR-US® program begins its 11th year. The program certifies flexible polyurethane foams that have been analyzed by independent, accredited testing laboratories, for compliance with emissions, durability and content requirements based on program standards.
Nearly 60 slabstock and molded foam producers are currently certifying flexible polyurethane foams and more than 1,000 of their bedding and upholstered furniture manufacturers and retailers are participating in the program.

July 2, 2019

Knaub Joins AFPF Board

FXI’s Philippe Knaub Joins CertiPUR-US Board of Directors

(Rochester Hills, Mich. – July 2019) — Philippe Knaub, senior vice president and chief technology officer of the Media, Pennsylvania-based foam supplier FXI, has joined the board of directors of the Alliance for Flexible Polyurethane Foam (AFPF), the not-for-profit group that administers the
CertiPUR-US® foam certification program.
Knaub was previously the global head of research and development for emulsion polymers for Horgen, Switzerland-based Trinseo, a spin-off of the Dow Chemical Company, where he had worked for more than 20 years. His Dow positions included global research and development director, project manager, and global marketing manager.
With an established international reputation in polyurethanes and plastics, Knaub is named on several patents and has been published in numerous professional publications and textbooks.
Knaub joins the Board as the CertiPUR-US® program begins its 11th year. The program certifies flexible polyurethane foams that have been analyzed by independent, accredited testing laboratories, for compliance with emissions, durability and content requirements based on program standards.
Nearly 60 slabstock and molded foam producers are currently certifying flexible polyurethane foams and more than 1,000 of their bedding and upholstered furniture manufacturers and retailers are participating in the program.