March 13, 2024

Pearl Group Expansion

Pearl Group doubles production capacity in Saudi Arabia

13 Mar 2024

Riyadh – Maaal

Pearl Group doubles production capacity in Saudi Arabia

Pearl Group, a global leader in polyurethane (PU) insulation solutions and other PU-based applications, has significantly enhanced its operational footprint and capabilities in Saudi Arabia, doubling its production capacity in the Kingdom and significantly expanding its ability to meet local and regional demand. Further demonstrating its commitment to the booming Saudi market, the PU specialist has rolled out a dedicated supply chain strategy for the Kingdom, making same-day deliveries possible in Riyadh and other demand clusters, and appointed a specialised sales manager in the Kingdom to strengthen its presence and responsiveness in the region.

Strategically located in Jeddah, Pearl’s state-of-the-art production and storage facility was established in 2023 and underscores not only Pearl’s commitment to the Saudi market but also its alignment with the Kingdom’s Vision 2030, which aims to localise production. Doubling production capacity in the Kingdom enables Pearl to manufacture 100 per cent of customer requirements in Saudi and neighbouring countries, utilising the Jeddah plant as a regional hub, reducing logistical complexities and costs, leading to faster delivery times and increased customer satisfaction.

Leslie Gyertson, chief operating officer of Pearl Group, said: “Pearl Group has over 35 years of delivering innovative and sustainable PU solutions in the Middle East, and we have been dedicated to servicing our clients in the Kingdom for decades. We have witnessed tremendous growth in Saudi Arabia, and being close to our customers, having the right capabilities to meet their evolving demands, and ensuring we have the best people in place to provide technical expertise are pivotal to ensuring Pearl can support this growth. That’s why, in addition to expanding our manufacturing capabilities, we have appointed a dedicated sales manager, Kamal Ammareen, for Saudi Arabia. It’s this continuous investment in our team and facilities that have enabled Pearl to significantly enhance customer service levels, ensuring our partners and customers receive responsive, professional technical support before and after sales.”

The capabilities of Pearl’s Jeddah hub have been further enhanced with the development and execution of a dedicated supply chain strategy for the Kingdom. Irina Kuzina, chief supply chain officer explained: “As part of our comprehensive supply chain strategy in Saudi Arabia, Pearl is making local stocks available in Riyadh. This will significantly reduce lead times and ensure we are in close proximity to all our Saudi-based customers, enabling us to help them reduce their working capital while also building on our agility and responsiveness. As a business focused on helping our customers achieve their objectives through the provision of end-to-end solutions, this is just one of the steps Pearl has taken to ensure we are where our customers are and are on hand to supply high-quality products and services when and where they are needed.”

Gyertson concluded: “As the chemical industry trends towards consolidation and cost-cutting, we are investing in our facilities and people. This strategic approach underscores our commitment to emerging and high-potential markets and enhances our ability to work closely with our customers.”

Since launching its PearlX2 growth strategy in 2021, with the target of doubling Pearl Group’s business within five years, the PU solutions provider has set its sights on geographical expansion and product diversification. In the years that have followed, Pearl Group has invested in its three production facilities based in the UAE and has launched production and distribution hubs in Saudi Arabia, Egypt and India. The establishment of a production and warehouse facility in Jeddah has played a pivotal role in enabling Pearl Group to achieve significant year-on-year growth.

About Pearl Polyurethane Group

Pearl Group is a global award-winning provider of innovative polyurethane-based systems. With deep foundations in the research and development of polyurethane solutions, Pearl Group offers clients tailor-made systems to meet their exact requirements across a broad range of sectors and applications.

Formerly known as Bayer Pearl and Pearl Covestro, Pearl Group has a proven track record of more than 35 years in the Middle East region, with the company’s roots dating back to Otto Bayer – the German inventor of Polymer in 1937.

Pearl Group comprises system houses strategically located in established and emerging markets to service the company’s growing number of international clients. With state-of-the-art, backward-integrated plants and warehouses in the UAE and Saudi Arabia, a North African regional office in Cairo, and an Indian distribution hub in Maharashtra, Pearl Group offers a comprehensive range of polyurethane systems, prepolymers, and polyesters for the production of high-performance polyurethane foams, coatings, binders, and elastomers.

The Dubai-headquartered company provides products and solutions under a range of brand names that offer many benefits: polyurethane systems that have set the global benchmark in polyurethane foam insulation; spray- and cast-elastomers; polyurethane systems used in the automotive and moulded foam industries; and a range of other PU-based products in many fields of application.

Pearl Group’s commitment to sustainability and pioneering research is deeply embedded in the organisation’s ethos, underlining its role as a proactive agent of change in the battle against global warming. Pearl Group’s active participation at COP28 underscores this dedication, showcasing its innovative solutions designed to significantly cut CO₂ emissions by minimising thermal energy waste. Pearl Group’s polyurethane systems are at the forefront of this effort, offering best-in-class insulation solutions and unmatched energy savings. Through stringent sustainability standards, comprehensive policies, and ambitious targets, Pearl Group empowers its research and development team to drive constant innovation. This ensures not only the elimination of waste and the continual utilisation of resources but also guarantees Pearl Group’s products not only meet but exceed global standards, thereby reducing environmental impact and paving the way for a more sustainable future.

Pearl Group takes a customer-centric approach to establishing and maintaining partnerships by offering end-to-end solutions across the entire value chain. Seamlessly combining international expertise with regional know-how, Pearl Group guides clients through all phases of the buying process, from the initial consultation to technical support and after-sales services.

March 12, 2024

Tempur Sealy Comments on Mattress Firm Acquisition

Tempur Sealy Provides Update on Mattress Firm Acquisition

Mar. 12, 2024 4:30 PM ETTempur Sealy International, Inc. (TPX)

–  Expects FTC to complete its review by the end of the second quarter

–  Continues to expect the transaction to close in mid to late 2024

–  Further solidifies key supplier relationships to maintain Mattress Firm’s position as a leading multi-branded retailer

LEXINGTON, Ky., March 12, 2024 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) today provided an update with respect to the Company’s acquisition of Mattress Firm Group Inc. (“Mattress Firm”). On May 9, 2023, Tempur Sealy signed a definitive agreement to acquire Mattress Firm, the largest mattress specialty retailer in the U.S. The Company continues to work with the Federal Trade Commission (“FTC”) to advance the transaction, and now expects that the FTC will complete its review by the end of the second quarter. Consistent with previous expectations, the Company continues to expect the transaction to close in mid to late 2024.

Tempur Sealy and Mattress Firm continue to make joint progress in planning for post-closing, including solidifying Mattress Firm’s key supplier relationships ahead of the expected closing. Since announcing the acquisition, Tempur Sealy has executed post-closing supply agreements with six (6) other mattress manufacturers, including Purple Innovation, Inc. These contracts are consistent with the Company’s plan for Mattress Firm to continue as a multi-branded retailer.

Tempur Sealy Chairman and CEO Scott Thompson commented, “Since announcing the acquisition in May, Tempur Sealy has signed post-closing supply agreements with numerous existing Mattress Firm suppliers, as well as a new supply agreement with a manufacturer not currently supplying Mattress Firm. We have engaged a critical mass of suppliers to provide a robust and diverse offering of high quality bedding products to Mattress Firm customers. These developments are consistent with our plan and expectation that Mattress Firm will continue as a multi-branded retailer post-closing.  We look forward to working with quality suppliers and the Mattress Firm organization to facilitate continued innovation and improve the sleep of consumers.”

Forward-Looking Statements

This press release contains statements that may be characterized as “forward-looking” within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company’s plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words “will,” “targets,” “expects,” “anticipates,” “plans,” “proposed,” “intends,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company’s expectations regarding the announced Mattress Firm acquisition including the related regulatory approval process, expectations regarding post-closing supply agreements, future performance, cost synergies, integration of acquired companies with our business, personnel, the impact of the anticipated acquisition on the Company’s brands, products, customer base, results of operations, or financial position and the ability of the Company to close the acquisition including on the timeline indicated. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.

Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These potential risks include risks associated with receipt of regulatory approvals and satisfaction of closing conditions prior to consummation of the acquisition; Mattress Firm’s ongoing operations; the ability to successfully integrate Mattress Firm into Tempur Sealy’s operations and realize synergies from the transaction; the possibility that the expected benefits of the acquisition are not realized when expected or at all; general economic, financial and industry conditions, particularly conditions relating to the financial performance and related credit issues present in the retail sector, as well as consumer confidence and the availability of consumer financing; the impact of the macroeconomic environment in both the U.S. and internationally on Mattress Firm and the Company; uncertainties arising from national and global events; industry competition; the effects of consolidation of retailers on revenues and costs; and consumer acceptance and changes in demand for Mattress Firm’s and the Company’s products and the factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There may be other factors that may cause the Company’s actual results to differ materially from the forward-looking statements. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

About Tempur Sealy International, Inc.

Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a leading designer, manufacturer, distributor and retailer of bedding products worldwide, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.

Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our popular non-branded offerings consist of value-focused private label and OEM products. At Tempur Sealy we understand the importance of meeting our customers wherever and however they want to shop and have developed a powerful omni-channel retail strategy. Our products allow for complementary merchandising strategies and are sold through third-party retailers, our over 750 Company-owned stores worldwide and our e-commerce channels.  With the range of our offerings and variety of purchasing options, we are dedicated to continuing to turn our mission to improve the sleep of more people, every night, all around the world into a reality. 

Importantly, we are committed to carrying out our global responsibility to protect the environment and the communities in which we operate. As part of that commitment, we have established the goal of achieving carbon neutrality for our global wholly owned operations by 2040.

Tempur Sealy Investor Relations Contact

Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com

https://seekingalpha.com/pr/19653062-tempur-sealy-provides-update-on-mattress-firm-acquisition?mailingid=34661025&messageid=2900&serial=34661025.668

March 11, 2024

Another Relocation of Services to Costa Rica

German chemical company increase operations in Costa Rica

Published on Monday, March 11, 2024 By the A.M. Costa Rica staff

The German-headquartered Brenntag, a chemical and ingredients distribution firm opened its Finance Shared Services Center in Costa Rica to provide financial and accounting support for its Americas operations.

The company, known as Quimicos Holanda S.A, has been operating in Costa Rica since 1978 with the Shared Services Center (SSC) located in the Global Park Industrial Zone in Heredia Province.

“We are very proud to be inaugurating our Americas Shared Services Center in Latin America. We’ve chosen Costa Rica for its strategic geographical location and quality professional employees,” said Mónica González HR Manager. “Our arrival to this country is the result of a multi-year plan launched to start a business center to support our regional operations in the Americas.” 

The multinational is now hiring for its new Finance Shared Services Center for processes such as procurement, sales recording and collection, and corporate financial information documentation and reporting. New hires must have language fluency equivalent to an English level of B1 to C1, a French level of B2 and a Spanish level of B2.

Brenntag offers benefits, including incentive programs and continuous education. Those interested can apply at the firm career’s website.

Brenntag has a global team of more than 17,500 employees who deliver a unique portfolio of industrial and specialty chemicals and ingredients combined with customized application, marketing and supply chain solutions worldwide. The company operates a network of more than 600 sites in 72 countries.

In 2022, Brenntag generated sales of around 19.4 billion EUR. The company shares have been listed on the Frankfurt Stock Exchange since 2010, and in the DAX since September 2021. In addition, the Brenntag SE shares are listed in the DAX 50 ESG and DAX ESG Target. 

Brenntag is one of many international firms hiring in Costa Rica.  Last week, the California-headquartered digital technology firm, Movate, announced the expansion of its operations in the country.

Costa Rica’s unemployment remains at 7.9%, according to the National Employment Survey. Data recorded from Nov. 2023 to Jan. 2024 shows more than 183,000 people without registered jobs. Of these, 104,000 are men, making up 56% of the unemployed people in the country.

https://amcostarica.com/German%20chemical%20increase%20operations%20in%20Costa%20Rica%20031124.html

March 4, 2024

Evonik Says Economic Recovery Unlikely in 2024, Plans 2,000 Job Cuts

March 4 (Reuters) – German chemicals group Evonik Industries said on Monday it did not expect an economic recovery in 2024 and announced up to 2,000 job cuts worldwide by 2026. The job cuts are expected to reduce costs by 400 million euros ($434.04 million) annually, the company said, adding that the majority – some 1,500 – would be in Germany. Chemical companies have been under pressure for more than a year, forced to reduce inventories on lower demand from industrial clients as energy prices soared.

“We will have to be prepared for the economic storm to continue in the global economy,” said CEO Christian Kullmann on a conference call, adding that the company hopes customers will be in a position to benefit from the more recent fall in energy prices. Evonik, whose products are used in items from animal feed and diapers to Pfizer/BioNTech’s COVID-19 vaccine, expects 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of 1.7 billion to 2.0 billion euros ($1.84 billion-$2.17 billion).

This compares with a 2023 result of 1.66 billion euros which fell short of the 1.7 billion expected by analysts. The 2024 guidance is close to consensus and should reassure investors, JP Morgan said in a note. Evonik, a market leader in the production of amino acids used in poultry feeds, said on Monday it would sell its superabsorbents business to the International Chemical Investors Group (ICIG) for a price in the low triple-digit million-euro range.

The Essen-based company also said it would buy back shares worth up to 113.8 million euros including transaction costs. The group will propose an annual dividend of 1.17 euros per share, unchanged from the last year. Its 2023 sales fell 17% to 15.3 billion euros. Sales at its performance materials division, which accounted for around 13% of the total, fell by 22% to 2.55 billion euros after the company sold a production site in Luelsdorf in June.

https://www.reuters.com/business/evonik-says-recovery-unlikely-2024-plans-2000-job-cuts-2024-03-04/

March 4, 2024

Huntsman Introduces New Icynene Range of SPF Insulation

The Woodlands, Texas – Huntsman Building Solutions has launched a new line of spray polyurethane foam insulation under the Icynene brand. Customers will, the company said, also benefit from a robust service and support package.

There are six products in the range, covering both open-cell and closed-cell products. The two closed-cell SPFs are Icynene HFO 200, which gives an aged thermal resistance of 7.4/inch, and HFO Max, which combines the same R-value with a maximum 6.5” lift per pass.

On the open-cell side, Icynene OC No-Mix can be used in walls, ceilings, floors and attics, with an R-value of 3.9/inch, or 3.7/inch at 4 inches or greater. Ultra 50 has an R-value of 3.81/inch, and High-R 80 has a 0.75-pound density and air barrier properties, with an R-value of 4/inch. And Classic 45, with an R-value of 3.7/inch, can be installed in attics, crawl spaces and interior spaces with no ignition barrier.

“The Icynene range is undoubtedly one of our most notable launches to date,” said Doug Brady, chief strategy officer at HBS. “As our highest tier offering, these products speak to the long-term quality and reputation of the Icynene brand. We are pleased to offer them paired with an elevated service package to our valued customers.”

https://www.utech-polyurethane.com/news/huntsman-introduces-new-icynene-range-spf-insulation