Company News
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.”
August 30, 2023
BASF Locks in Gas Supply
Cheniere and BASF sign long-term LNG sale and purchase agreement
MOSCOW (MRC) — Cheniere Energy Inc, announced that Cheniere’s subsidiary, Cheniere Marketing LLC, has entered into a long-term liquefied natural gas sale and purchase agreement with BASF, said the FT.
Under the SPA, BASF has agreed to purchase up to approximately 0.8 million tonnes per annum of LNG from Cheniere Marketing on a free-on-board basis for a purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries will commence in mid-2026 and, subject to a positive Final Investment Decision with respect to the first train of the Sabine Pass Liquefaction Expansion Project in Louisiana, will increase to approximately 0.8 mtpa upon the start of commercial operations of Train Seven. The term of the SPA extends through 2043.
“We are pleased to enter into this long-term relationship with BASF, a global leader in the chemical industry,” said Anatol Feygin, Cheniere’s Executive Vice President and Chief Commercial Officer. “This SPA demonstrates the critical role US natural gas plays in providing long-term secure, sustainable and affordable energy for Europe. With this agreement, we are supporting the objectives of one of Europe’s key industrial end-use consumers to ensure stability of its supply chain.”
“By establishing our own dedicated LNG supply chain with Cheniere, we are diversifying our energy and raw materials portfolio at a time of critical changes in the European gas market, which is marked by increased demand and volatile prices for LNG,” said Dr. Dirk Elvermann, BASF’s Chief Financial Officer. “While we are reducing our dependence on fossil fuels to reach our goal of net zero CO2 emissions by 2050, this agreement will ensure reliable supply of natural gas at competitive terms.”
The SPL Expansion Project is being developed for up to approximately 20 mtpa of total LNG capacity. In May 2023, certain subsidiaries of Cheniere Energy Partners, L.P. (NYSE American: CQP) entered the pre-filing review process with respect to the SPL Expansion Project with the Federal Energy Regulatory Commission under the National Environmental Policy Act.
We remind, BASF, Huntsman and their Chinese partners in the joint venture Shanghai Lianheng Isocyanate Co (SLIC) complete the planned separation of their joint MDI production in Caojing. The two MDI (diphenylmethane diisocyanate) plants at the Caojing site in China will be operated independently by the two companies in the future. Huntsman, together with Shanghai Chlor-Alkali Chemical, and BASF, together with Shanghai Hua Yi (Group company) and Sinopec Shanghai Gaoqiao Petrochemical, will each take over one of the MDI plants.
https://www.mrchub.com/news/409100-cheniere-and-basf-sign-long-term-lng-sale-and-purchase-agreement
August 28, 2023
Another Furniture Casualty
Mitchell Gold + Bob Williams abruptly ceases operations
By Larry Adams
August 26, 2023 | 9:49 pm CDT
A sign informing workers and vendors that the company was closed.
Photo By Taylorsville Times
Mitchell Gold + Bob Williams has abruptly shut down its operations telling its employees by letter and email that the company has “recently and unexpectedly learned that we are unable to secure critical financing to continue business operations.
“In the wake of this unfortunate development, the Company will sadly need to wind down operations and terminate the employment of our employees beginning on August 26, 2023.”
According to the report in the Taylorsville Times, the company posted signs on the truck gate and office door of the Taylorsville plant at One Comfortable Place off Millersville Road dated Saturday, August 26.
The signs, according to images taken by Times reporters and posted to their website, said:
“Mitchell Gold + Bob Williams has recently and unexpectedly learned that we are unable to continue business operations.
“Any MG+BW employees that are located at the following NC locations should not report to work as of Monday, August 28th:
- Main Plant: Taylorsville
- Frame Plant: Hiddenite
- NCDC: Statesville
- Any home office remote workers are not to log in
- All home office workers.
“We are sorry about the difficulties this may cause.
“As soon as we have a schedule to get your tools & personal belongings, we will contact you. Thank you.”
A copy of the letter addressed to employees was taped to an entry door. Dated August 26, the letter was from Chris Moye, the interim CEO named to the post in April 2023, who said the current economic climate has presented significant challenges to the furniture industry.
According to the WARN notice letter:
“Because these events were unforeseen, we were unable to provide you and others before notice of this difficult decision.
“Your position will be affected by these events. And, your last day of employment with the company is expected to be on October 25, 2023. Unless you are asked to perform additional services during the 14-day period from that date, or your layoff date is otherwise revised from that date. We are sorry to have to bring you this news.
“There are no ‘bumping rights’ to determine who will be separated and this is a permanent separation.”
According to the notice, workers will receive final wages through their last day of employment. Benefits from the company including health insurance benefits will end on August 31, 2023.
Mitchell Gold was ranked #60 in the FDMC300 list of North American wood products companies. According to the most recent ranking, the company had annual sales of $197.2 million, employed 750 workers, and operated three manufacturing plants encompassing 579,500 total square footage.
This marks the third major company to shutter its doors in August. All three were ranked in the FDMC300 ranking. Of the three, two were North Carolina-based companies.
On Aug. 7, Asheboro, N.C.-based Klaussner Home Furnishings announced it was shuttering its operations effective immediately. The company ranked #36 on the FDMC 300 listing with estimated sales of more than $300 million in 2022.
Much like Mitchell Gold, the company pointed to “challenging and unexpected business circumstances” that impacted their business and forced them to “unexpectedly wind down the operations.” The closure impacted 884 workers, and, of those, more than 800 were employed at five Asheboro, North Carolina, plants, and 58 were employed at a Candor, North Carolina, facility.
Also in August, Solid Comfort, a Fargo, North Dakota-based company closed its doors and began the process of selling its manufacturing plant and auctioning its equipment.
According to its most recent FDMC 300 listing, the company ranked #191, had sales of $34 million, employed 125 workers, and had more than 225,000 square feet of manufacturing space.
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