Company News
September 8, 2023
CertiPUR-US® Now Certifying Biobased Foams
CertiPUR-US® Program Begins Certifying Biobased Foams
Future Foam, FXI, NCFI Polyurethanes and Kuka Home are first foam producers to offer CertiPUR-US® certified 25% biobased foams
(Rochester Hills, Mich. – September 8, 2023) The CertiPUR-US® foam certification program is now certifying biobased slabstock flexible polyurethane foam. To achieve biobased foam certification, foams must meet all current criteria for foam certification and contain a minimum of 25% biobased content.
U.S.-based foam producers Future Foam, FXI, NCFI Polyurethanes and Mexico-based Kuka Home are the first to offer CertiPUR-US certified biobased foam, having participated in the pilot program which was launched earlier this year.
“We praise the foam producers who are early adopters and expect many other foam producers to follow,” said CertiPUR-US Executive Director Michael Crowell. “We are confident that bedding and upholstered furniture manufacturers will see the tremendous environmental and marketing benefits in using biobased foam and will create demand for this category of certified foams.”
All certified foams must undergo emissions testing, chemical analysis and physical property testing to meet the rigorous standards set forth in the program’s Technical Guidelines. In addition, all biobased foams are tested by Beta Analytic laboratories in Miami to determine the percentage of biocontent.
Beta Analytic, an ISO/IEC 17025:2017 accredited laboratory, provides radiocarbon dating and biobased testing services. The biobased content of product ingredients is based on the ASTM D6866-22 Method B standard, which uses an Accelerator Mass Spectrometer (AMS) instrument to measure how much of the carbon within a product is derived from biomass. The result indicates the percentage of the product’s biobased carbon versus fossil-derived carbon.
Certified biobased foams will have permission to use an exclusive, new CertiPUR-US logo, which will be an easily recognized adaptation of the current CertiPUR-US logo and only used in association with products that contain certified biobased foams.
As with all certified foams, once a biobased foam is certified, it must be recertified six months later and annually thereafter. Random verification testing is conducted by the CertiPUR-US program to ensure continued compliance. Producers and their customers also must agree to new Terms of Use, which establish guidelines on how a CertiPUR-US biobased foam may be marketed.
The CertiPUR-US program, now celebrating its fifteenth year, is administered by a nonprofit organization. For more information about certified biobased foam and to contact foam producers currently offering certified biobased foam, visit certipur.us/biobased.
www.certipur.us
September 5, 2023
Olin Upgrade
Olin upgraded to Overweight at KeyBanc on valuation
Sep. 05, 2023 8:44 AM ETOlin Corporation (OLN)By: Rob Williams NY, SA News Editor
Olin (NYSE:OLN) on Monday was upgraded to Overweight from a previous investment rating of Sector Weight by analysts at KeyBanc Capital Markets. They said a selloff in the chemical company on Friday was unwarranted after announcing the planned departure of CEO Scott Sutton.
“We believe shares have reached attractive levels and justify an Overweight rating,” Aleksey Yefremov, analyst at KeyBanc, said in a September 4 report. “We may be too early, given meaningful pressure on caustic soda, but believe the stock is undervalued with a 12-24 months view.”
KeyBanc set a price target of $67 a share on Olin (OLN) based on a multiple of 6.5 times estimated Ebitda for 2024.
Discussions on Pay?
The analysts said Sutton’s departure may have been related to discussions about pay.
“Our sense is that Mr. Sutton’s initial compensation package reflected turnaround status of the company at the time, while going forward the board prefers pay to be more closely in line with industry standards,” according to KeyBanc. “Mr. Sutton’s compensation was well-earned, and the stock’s reaction is just another testament to investors’ view of his value.”
Amid the pending departure, Olin (OLN) is positioned for growth, according to KeyBanc.
“Mr. Sutton was a highly successful and creative CEO for Olin (OLN), and it will be difficult to find a replacement of a similar caliber, considering the impressive performance improvement that was achieved by Olin (OLN),” KeyBanc said. “Still, having set the major parameters of the new strategy, the company is now ready to rip the benefits of the coming cyclical upside.”
September 1, 2023
Olin CEO to Step Down
Olin Announces CEO Transition Plan
Sep. 01, 2023 7:30 AM ETOlin Corporation (OLN)
CLAYTON, Mo., Sept. 1, 2023 /PRNewswire/ — Olin Corporation (OLN) today announced a mutual agreement that Scott Sutton will step down as President, Chief Executive Officer, and Chairman of the Board in the first half of 2024. Mr. Sutton will continue as Executive Chairman of the Board until his departure to facilitate a smooth transition.
Mr. Sutton has led a strategic transformation of Olin since taking the helm in 2020 which has delivered significant value for Olin’s shareholders. He has embedded the Winning Model across Olin’s businesses and built a strong leadership team for the future.
“It has been a privilege and an honor to lead Olin,” said Sutton. “Olin has a great future ahead and the Board and I are working closely together to identify an excellent leader who will enable the next phase of growth for Olin building on our strong foundation.”
William H. Weideman, Olin’s Lead Director, noted, “On behalf of the Board and the Olin team, I extend our gratitude to Scott for his dedication, leadership and extraordinary contribution. We look forward to working with Scott and the leadership team to ensure a smooth transition.”
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
August 31, 2023
Recticel Results
Recticel Half Year Results 2023
Regulated information, Brussels, 31/08/2023 — 06:59 CET, 31.08.2023
- Net sales decrease from € 287.2 million in 2022 to € 266.1 million (-7.4%) in 2023
- Adjusted EBITDA: from € 31.7 million to € 18.2 million (-42.6%)
- Result of the period (share of the Group): from € 34.6 million to € 2.2 million
- Net cash position: € 142.3 million (31 December 2022: net financial debt of € 250.0 million; 30 June 2022: net financial debt of € 256.2 million)
- Agreement reached on the divestment of the 33% share in Orsa Foam
Sales and profits have been disappointing in the first half of 2023. Recticel is entirely dependent on the European construction markets, which have remained very challenging in most segments and countries during the period. In the residential markets, new build and renovation activities have been seriously impacted by a combination of high inflation and interest rate increases, weighing on disposable income. In the industrial and commercial markets, fewer projects were launched and some have been postponed. These market trends have been observed in most European countries, with the notable exception of France, which has remained quite dynamic.
As a consequence of these subdued markets, our volumes have been lower year-on-year by more than 15%, in a context of substantial competition leading to price deflation and pressure on margins.
After the closing of the Engineered Foams divestment to Carpenter on 12 and 13 June 2023, and the subsequent € 142.3 million net cash position, several acquisition opportunities are being pursued and progressing well, which will enhance our market and segment positions in Europe.
OUTLOOK
Input costs of chemicals, steel, and to a lesser extent mineral wool have decreased, which should create the conditions for volume growth going forward. Although still volatile, we see improvements in the demand, particularly in Insulated Panels.
In this context, we expect our full year 2023 Adjusted EBITDA to reach between € 40 and 45 million.
https://www.recticel.com/recticel-half-year-results-2023.html
August 31, 2023
Recticel Names New CEO
Recticel announces the departure of Olivier Chapelle as CEO and appoints Jan Vergote as new CEO
Occasional information, Brussels, 31/08/2023 — 06:50 CET, 31.08.2023
After the finalisation of the transformation of Recticel in a pure insulation player, the Board of Directors and Olivier Chapelle have agreed that after 13 years at the helm of Recticel, the timing was ideal to pass the torch to a new CEO, who would lead the next phase of expansion of the Company. Olivier Chapelle and the Board of Directors have aligned on a handover, to begin on 1 September 2023, with Jan Vergote who succeeds him. Jan Vergote will resign from all his operational functions at Baltisse Group.
Johnny Thijs, Chairman: “In the name of the Board of Directors, I wish to thank Olivier Chapelle wholeheartedly for having successfully transformed Recticel under difficult circumstances. The company can now fully focus on its next phase of expansion as a pure insulation player. The successor of Olivier, Jan Vergote, has accumulated a lot of experience as Managing Director and CEO in several European and international companies, active in the construction industry. He brings the experience needed to realize our ambitious growth targets.”
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