Company News
September 21, 2023
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September 19, 2023
Dow Splitter Startup
Dow MDI distillation and prepolymers facility starts commercial operation in Freeport, Texas
New capacity available to support and advance downstream polyurethane growth in automotive, construction, consumer, and industrial markets
MIDLAND, Mich. – September 19, 2023 – Dow (NYSE: DOW) announced today the start-up of a new MDI distillation and prepolymers facility at its world-scale manufacturing site in Freeport, Texas. This investment optimizes Dow’s existing asset infrastructure and advances Dow’s leading positions in attractive applications in automotive, construction, consumer, and industrial markets.
The new Freeport MDI facility, which replaces Dow’s North America capacity in La Porte, Texas, will supply an additional 30% of product to Dow’s customers. In coordination with the start-up of the new MDI facility, Dow shut down its polyurethane assets at the La Porte site.
“Our customers are looking for a cost competitive and reliable supply of key upstream polyurethane raw materials to support their growth,” said Jane Palmieri, president of Dow’s Industrial Intermediates & Infrastructure operating segment. “The back integration at the Freeport site enhances operational flexibility and reliability and delivers a more sustainable production process ensuring that we are best positioned to support our customer needs and downstream growth.”
The new facility in Freeport delivers a more sustainable production process by:
- Lowering Dow’s annual greenhouse gas emissions from operations – the equivalent of removing 6,000 cars off the road each year;
- Decreasing the amount of freshwater intake; and,
- Reducing the percentage of wastewater discharged annually.
Dow’s extensive Polyurethane franchise upgrades key polyurethane components and systems to produce rigid, semi-rigid and flexible foams, and coatings, adhesives, sealants, elastomers and composites. These products are used in various applications ranging from industrial and infrastructure solutions to consumer comfort solutions such as flooring, furniture, bedding and footwear, to automotive solutions for vehicle interior, and energy-efficient insulation materials.
https://corporate.dow.com/en-us/news/press-releases/dow-mdi-distillation-and-prepolymers-facility
September 10, 2023
Covestro to Discuss Negotiations With Adnoc
Covestro’s supervisory board to discuss negotiations with Adnoc
Today at 14:45
LEVERKUSEN (dpa-AFX) – The supervisory board of plastics group Covestro plans to discuss the start of formal negotiations with prospective buyer Abu Dhabi National Oil Co (Adnoc) this week, according to a report. The news agency Bloomberg reported this on Friday, citing people familiar with the matter. According to the report, the oil company had most recently offered 60 euros per Covestro share, which would give the DAX-listed group a valuation of 11.6 billion euros. Neither Adnoc nor Covestro would comment on the matter when asked by Bloomberg. Covestro is said to have rejected earlier informal offers of 55 euros and 57 euros per share as too low.
On the stock exchange, the news provided a boost: Covestro’s shares shot up by almost ten percent in the afternoon. At last count, the share price was around 52.48 euros, the highest since the outbreak of the Ukraine war.
As Bloomberg further reports, Adnoc is beckoning with investments in the group. According to the report, the oil company could secure a cash injection of $8 billion (7.5 billion euros) if a deal goes through. That would help win over both management and representatives of the workforce.
Adnoc has been expanding its involvement around the chemicals business for some time. The group claims almost all the oil for the United Arab Emirates. It has investment plans of $150 billion to expand its natural gas, chemicals and clean energy businesses worldwide./jcf/nas
September 10, 2023
Mitchell Gold + Bob Williams Files for Chapter 11
Mitchell Gold + Bob Williams files for bankruptcy
Staff
Wed, September 6, 2023 at 6:00 PM EDT·2 min read
Homepage image: Courtesy of Business of Home
Bankruptcy | Sep 6, 2023
By Staff
Mitchell Gold + Bob Williams filed for Chapter 11 bankruptcy today, less than two weeks after it ceased operations of its 27 retail locations and its North Carolina–based manufacturing facilities.
The filing, submitted to Delaware bankruptcy court this afternoon, lists between 200 and 300 creditors, which are owed between $10 million and $50 million. Among the list: logistics firms Transportation Insight and Ryder Last Mile; fabric powerhouse Kravet; leather purveyor Moore & Giles; and 3D product visualization firm Cylindo. The document states that MG+BW has between $10 million and $50 million in assets on hand.
As part of the restructuring plan outlined in its bankruptcy petition, the company said it will hire a chief restructuring officer—listed in the filing as Dalton Edgecomb, senior managing director of the consulting company Riveron—to carry out duties instructed by the company’s CEO or board. The filings also point to the hiring of M&A firm Stump & Company to supervise a potential sale of assets out of bankruptcy.
Speaking to Business of Home last week, Gold, who stepped down as the company’s CEO in 2019, said that the company’s abrupt shutdown was the result of a disagreement between its private equity owners, The Stephens Group, and its lender, PNC Bank, about how to finance its continued operations. The filings state that the company ceased taking deposits at all its retail locations and online on the morning of August 25, following PNC’s decision to deny further funding.
Founded in 1989 by Gold and Williams, the brand was well-liked by the trade and consumer audiences alike, and its abrupt closure was met with shock. Last week, Gold told BOH that he was actively looking for investors to finance a $20 million to $30 million revitalization of the company.
The filing hints that the company is still hoping for a buyer in some form, stating that MG+BW has secured debtor-in-possession financing—a type of loan for companies in bankruptcy that allow them to continue operating—“in order as it is able to preserve its assets” and has received “multiple third party expressions and indications of interest for groups of assets.”
https://www.yahoo.com/lifestyle/mitchell-gold-bob-williams-files-220000451.html
15 Mitchell Gold + Bob Williams suppliers account for 91% of money owed to top unsecureds
Furniture Today Staff//Staff Editors//September 7, 2023
By Sheila Long O’Mara
WILMINGTON, Del. – Mitchell Gold + Bob Williams owes nearly $11 million to its top 30 unsecured creditors, according to the company’s Chapter 11 petition filed with the U.S. Bankruptcy Court here Wednesday, less than two weeks after the sudden shutdown of its three North Carolina facilities and retail stores.
The top 15 unsecured creditors are owed more than $8.6 million.
Companies on the list include a number of furniture, lighting, fabric and leather suppliers, as well as foam and frame producers. Foam supplier Carpenter Co., leather supplier Moore & Giles, Hudson Valley Lighting Group, Surya, Kravet, Stone & Leigh and Global Textile Alliance all hold unsecured claims with the company.
Atlanta-based Transportation Insight, a logistics company, is owed $3.92 million. Nahan Printing is No. 2 on the list and is owed $554,589.84.
The company’s top 30 creditors and the amount of the unsecured claims are:
- Transportation Insight – $3.92 million
- Nahan Printing – $554,589.84
- Ryder Last Mile – $490,940.22
- Need It Now – $490,306.44
- Cigna – $419,864.25
- Interstate Foam & Supply – $385,843.04
- Cylindo – $316,032.42
- Danao Living – $303,701.78
- Carpenter Co. – $297,555.66
- J.B. Hunt – $284,381.10
- Global Response – $284,344.08
- Moore & Giles – $277,984.47
- Fenom Digital – $238,565.24
- Healthstat – $218,083.71
- Ideal Frames – $184,092.98
- Carolina Casting – $175,206.96
- Hudson Valley Lighting Group – $173,758.84
- Locke Co., Ltd. – $167,756.00
- Ramsey’s Finishing – $166,361.15
- Kravet – $153,616.50
- Queen Transportation – $153,272.52
- Hilco Merchant Resources – $152,362.40
- Harlee Packaging Components – $139,509.68
- Surya Carpet Inc. – $138,026.65
- Stone & Leigh – $136,161.13
- Framewright – $136,146.00
- Phuc Thang Fine Furniture – $135,657.00
- Global Textile Alliance – $129,274.06
- Content Square – $125,535.18
- H. Nicholas & Co. Joint Stock Co. – $123,401.93
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