Company News
April 18, 2024
The Story of Ashley Furniture
Ashley Furniture founder Ron Wanek first Wisconsin Manufacturing Hall of Fame inductee in 50 years
- RACHEL MERGEN
- Apr 5, 2024
RACHEL MERGEN
All his life, Ashley Furniture Industries founder and chairman Ron Wanek wanted to work in manufacturing.
Now, he is on an exclusive list of those who have made a lasting impact on the sector in Wisconsin.
In February, the Arcadia businessman was inducted into the Wisconsin Manufacturers & Commerce’s Manufacturing Hall of Fame. He was the first inductee added to the Hall of Fame since 1970.
“Wisconsin is a manufacturing state. It’s No. 2 in the United States as far as manufacturing jobs per capita,” Wanek said. “So what I’m saying is there’s a lot of manufacturers in Wisconsin, so I’m very honored.”
He said he did not expect to hear the Hall of Fame was set to expand.
“I was even more surprised when I found out I was the winner of it,” Wanek said.
Manufacturing family
Wanek was raised on a farm without indoor plumbing or electric lights near Lewiston, Minnesota.
“Manufacturing was always something that I wanted to do,” Wanek said.
A number of family members worked in manufacturing in Winona, Minnesota, he said. Eventually, he did too, starting with a job at Winona Industries in 1961.
Fast growth
He was able to learn and thrived at Winona Industries until he discovered an opportunity in 1970 to begin manufacturing occasional tables in Arcadia.
From there, he built Ashley Furniture Industries into the world’s largest manufacturer of home furnishings.
“That’s an impressive legacy for a company that only started 54 years ago,” Wisconsin Manufacturers & Commerce CEO Kurt Bauer said.
Bauer said Ashley Furniture has served as a huge employer and major economic engine in the western part of the state, helping other companies thrive through its supply chain.
The company has about 1,200 stores around the world, Wanek said.
Staying ahead
To stay strong, the company has made many changes through the years.
“We’ve had to constantly rebirth our organization,” Wanek said.
He said the company has implemented major changes to the way it operates 19 times. A big driver of those changes is the company’s mission to keep up with new technology.
Wanek said artificial intelligence and robotics currently are a focus for Ashley Furniture, along with making jobs easier for workers and remaining competitive.
Manufacturing in the US
Ashley Furniture also does all it can to keep its workforce in Wisconsin and the United States, Wanek said.
Philanthropy is also a priority for the Wanek family and Ashley Furniture, with over $45 million in donations since 2017 to science, technology, engineering and mathematics programs throughout the country.
Wanek said supporting diabetes and heart research programs has been a focus, along with planting trees throughout the country.
Wanek joins an impressive list of Hall of Fame inductees, including La Crosse native Reuben Trane, who founded Trane with his father, James.
Family-owned Ashley Furniture continues to grow far beyond its area home
Perfect fit for Hall of Fame
Bauer said Wanek matched the criteria for a rebooted Hall of Fame perfectly.
The Hall of Fame originally was started as the Industrial Hall of Fame in 1958 by the organization’s predecessor, the Wisconsin Manufacturers Association.
Wisconsin Manufacturers & Commerce — which was created when the Manufacturers Association and the Wisconsin State Chamber of Commerce merged — wanted to bring back the Hall of Fame to honor Wisconsin as a manufacturing state, Bauer said.
“We just thought it made sense to honor the history of manufacturing and the fact that it continues in the state of Wisconsin,” he said.
The newly restarted Hall of Fame’s criteria, Bauer said, includes a person’s economic impact, leadership, civic engagement, community philanthropy and enduring legacy.
“Mr. Wanek was at the top of the list in every one of those categories,” Bauer said.
April 18, 2024
New PO Capacity in China
Will Lihuayi Weiyuan Chemical’s New 300ktpa PO Facility Drive Market Prices Downwards?
PUdaily | Updated: April 18, 2024
Lihuayi Weiyuan Chemical Co., Ltd. has recently commenced production of its 300ktpa PO facility, with products passing inspection and now being sold externally. As a crucial extension of the company’s supply chain, the facility uses propylene and hydrogen produced from its propane dehydrogenation unit as raw materials. It maximizes the mutual supply and utilization of raw materials, products, and energy, representing another step in the company’s target of “building, extending, supplementing, and strengthening supply chain”. By enhancing the integrated utilization of materials and heat energy between units, it enables the extension of the industrial chain, further strengthening the chain’s resilience and enhancing the company’s competitiveness.
The start of this large-scale facility by Lihuayi Weiyuan Chemical undoubtedly breaks the current stalemate in Chinese PO market. On April 16, the prevailing offers of PO in Shandong and North China markets stood around CNY 9,050-9,100/tonne EXW in bulk in cash. Those in East China were CNY 9,400-9,500/tonne DEL in bulk in cash. Lihuayi Weiyuan Chemical is offering an ex-factory price of CNY 9,050/tonne, effective from April 16.
With continuously expanding capacity, China’s PO market is gradually becoming saturated. The additional 300ktpa capacity brought by Lihuayi Weiyuan Chemical further intensifies competition, putting downward pressure on the PO market. Chinese PO prices reached high levels in early 2020, peaking several times at CNY 20,000/tonne. The price increase was largely attributed to China’s growing domestic demand, the expansion of “dual-control” policy and power restrictions, facility maintenance in peripheral countries like Saudi Arabia and Singapore, and force majeure for polyether polyols and PO in the U.S. By the latter half of 2021, China’s downturn in the real estate sector caused PO prices to decline continuously to around CNY 9,000/tonne. The real estate industry, the largest downstream sector for the chemical industry, contributes a significant consumption share. The prosperity or downturn of the real estate sector directly and significantly impacts certain important chemical products. Factors such as the real estate downturn, slower macroeconomic growth, and sluggish industrial activity exert pressure on the PO industry chain.
In 2023, China’s PO capacity reached 6.1mtpa, marking a new high in recent years, according to PUdaily. Lihuayi Weiyuan Chemical’s new 300ktpa PO facility will further aggravate market competition and drive prices downwards.
Figure 2: China PO Price Trend 2022-2024
In general, Lihuayi Weiyuan Chemical’s new 300ktpa PO facility has had a short-term impact on market prices. However, in the long run, it will propel technological advancements and industrial upgrades, injecting new momentum for sustainable industry development. This development serves as a reminder that businesses must innovate continuously and enhance core competencies to secure a strong position in the increasingly competitive market.
April 17, 2024
Latest on Adnoc Covestro Dialogue
Covestro takeover by oil group Adnoc still up in the air
April 17, 2024 at 01:02 pm
Share
LEVERKUSEN (dpa-AFX) – Talks on a possible takeover of the chemicals group Covestro by Abu Dhabi National Oil (Adnoc) continue to drag on. “We are conducting these talks in a constructive and open-minded manner in accordance with our obligations under stock corporation law – and in the interests of our company, our shareholders and all other stakeholders,” said Covestro CEO Markus Steilemann on Wednesday at the Annual General Meeting of the DAX-listed company from Leverkusen. Key points relating to the talks with the oil company from the United Arab Emirates thus remain open.
Speculation about a deal arose almost a year ago. It was only in September that Covestro announced that it was in talks with Adnoc. After several rumored increases in the offer, an informal offer of just over EUR 60 per share has been in the air for some time. The Bloomberg news agency reported on this sum in February, citing people familiar with the matter. In total, this would be more than 11.3 billion euros.
Covestro shares initially benefited from speculation about interest from the golf group. In June 2023, its price jumped by around a quarter to around 50 euros. The bottom line is that not much has happened since then. Investors are concerned that the share price will fall again significantly if negotiations with the state-owned company fail, despite the recent slight improvement in the outlook for the chemical industry./mis/stw/jha/
April 5, 2024
Force Majeure in Europe
LyondellBasell declares FM on PO and Styrene and Covestro on polyether polyols in Europe . . .
Styrol: Covestro und LyondellBasell erklären Force Majeure
03.04.2024
Ausfall in Maasvlakte: Covestro und LyondellBasell haben Force Majeure auf Styrol und Propylenoxid erklärt (Foto: LyondellBasell)
Ein offenbar technisches Problem hat am 27. März 2024 zum Stillstand der großen Kombi-Anlage zur Produktion von Styrol und Propylenoxid im niederländischen Maasvlakte geführt.
In der Folge erklärte mit Covestro (Leverkusen) zumindest einer der beiden Joint-Venture-Partner Force Majeure auf Styrolprodukte und Polyether-Polyole in der Region EMEA. Das bestätigte ein Sprecher auf Nachfrage von KI. Eine Sprecherin von LyondellBasell (LYB, Houston, Texas / USA) als dem zweiten Unternehmen wollte zu dem Vorfall keine Stellung nehmen.
Man könne die fehlenden Mengen auch mit Zukäufen bei Wettbewerbern nicht kompensieren, teilte Covestro mit. Wie lange der Ausfall dauern wird, scheint noch unklar. Das Unternehmen nannte einen „unvorhersehbaren Schaden“ als Grund für die Störung, verwies aber für weitere Details an LyondellBasell als Betreiber der JV-Anlage.
April 4, 2024
Arsenal Exits Seal for Life Platform with Sale to Henkel
Arsenal Completes Sale of Seal For Life to Henkel
PR Newswire
Thu, Apr 4, 2024, 8:45 AM EDT3 min read
NEW YORK, April 4, 2024 /PRNewswire/ — Arsenal Capital Partners (“Arsenal”), a private equity firm that specializes in investments in industrial and healthcare companies, announced today it has sold its portfolio company, Seal For Life Industries LLC (“Seal For Life”), to Henkel AG & Co. KGaA (“Henkel”), a publicly traded German manufacturer of industrial and consumer products. The terms of the transaction were not disclosed.
Seal For Life is a specialized supplier of protective coating and sealing solutions for a broad variety of infrastructure markets such as renewable energy, oil & gas, and water. The company employs more than 650 people and has a global production network. Seal For Life offers innovative coating and sealing products such as heat-shrink sleeves, visco-elastic coatings, epoxy & urethane coatings, fire protection, insulation, and sound dampening coatings. The performance and application capabilities of these solutions, marketed under different industry-leading brands including STOPAQ®, CANUSA®, COVALENCE®, and LIFELAST®, are pioneering in the protection and retrofitting of a wide variety of customer infrastructure assets, including onshore and offshore pipelines, jetty piles, storage tanks, valves, flanges, and high- performance industrial flooring.
Arsenal completed its investment in Seal For Life in 2019 and through seven strategic acquisitions, built a global platform in innovative coating and sealing solutions for both existing and new build infrastructure assets. The company’s leading brands and technologies play a critical role in extending the asset life of aging infrastructure with a focus on sustainable materials. During Arsenal’s ownership, Seal For Life significantly invested in technology development and innovation as well as expanded its end market exposure with novel solutions into applications such as district energy and renewable applications for wind and solar infrastructure protection.
Sal Gagliardo, an Operating Partner of Arsenal, said, “We are delighted with the growth achieved during our ownership, with Seal For Life’s sales more than doubling and strengthening of the company’s global market position. Seal For Life’s team, led by Jeff Oravitz, achieved strong organic growth, completed and integrated complementary acquisitions, and created a best-in-class technology platform in the infrastructure coatings sector. We want to thank Jeff and the Seal For Life team for their efforts and leadership that drove to this successful outcome.”
Jeff Oravitz, CEO of Seal For Life, stated, “Arsenal has enabled the transformation of Seal For Life into a unique platform of coatings solutions. The firm brought significant expertise in technologies and applications that drove a focus on where the markets are going and how we can address the long-term trends. We are grateful to the Arsenal team for their partnership and support over the last five years and are excited for the growth opportunities as we join the Henkel organization.”
Roy Seroussi, an Investment Partner of Arsenal, commented, “Arsenal’s close collaboration with Jeff and the team and the success of the Seal For Life platform further strengthens Arsenal’s position as a leading investor and company builder in the coatings, adhesives, sealants, and elastomers sector. We wish the Seal For Life team and Henkel the very best in their future success.”
Arsenal is an active investor in the coatings, adhesives, sealants, and elastomers sector, with current investments including Applied Adhesives, ATP Tapes, Fenzi Group, Meridian Adhesives Group, Polycorp, and Polytek, and with several prior investments in this sector.
J.P. Morgan Securities LLC acted as financial advisor to Seal For Life and Kirkland & Ellis LLP served as legal counsel.
About Arsenal Capital Partners
Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 290 platform and add-on acquisitions, and achieved more than 35 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For more information, visit www.arsenalcapital.com.
https://finance.yahoo.com/news/arsenal-completes-sale-seal-life-124500648.html
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