Company News
June 19, 2023
Quadrant Returns to Spray Foam
Quadrant, Synonymous with Quality and Customer Service, Returns to Spray Foam Industry: Highly Experienced Team, Same Great Products
Quadrant Performance Materials (QPM) today launched as the latest spray foam manufacturing company to serve the construction industry.
McKinney, TX, June 14, 2023 –(PR.com)– With a people-first approach in all aspects of the business, Quadrant is positioning itself as a relationship focused company, delivering superb service and exceptional products.
“We are very excited to be back serving the spray foam industry. We had people in this industry ask Quadrant to return and that spray foam was not the same without us,” said QPM President & CEO Robert Jamieson. “We believe we can deliver high-touch service, great products, and back that with a team of the best and most experienced people in the industry. Our people, with an average experience tenure of 20 years, are ready to go, to help lead the industry, driving service, and product innovation.”
The new line of spray polyurethane products, EnviroSeal®, includes an HFO closed-cell spray foam, and three open-cell insulation products, No Mix, High Yield, and OCX. EnviroSeal® products are environmentally friendly, have low global warming potential, and deliver outstanding comfort and savings for home and building owners.
For more information on the line of spray foam products, please visit www.QuadrantPM.com or call 972-542-0072.
June 16, 2023
Covestro Appoints New CTO
Dr. Thorsten Dreier appointed as new CTO of Covestro
Dr. Thorsten Dreier
The Supervisory Board of Covestro unanimously appointed Dr. Thorsten Dreier as Covestro’s new Chief Technology Officer. The 49-year-old will take over on July 1, 2023, from Dr. Klaus Schäfer, who most recently extended his expiring contract by six months to ensure personnel stability for Covestro during a challenging period in the market as a result of the ongoing energy crisis.
“Dr. Thorsten Dreier has demonstrated his technological expertise, customer focus, market orientation and management qualities in our company over the last twenty years, and with great success. He has played a decisive role in shaping Covestro’s development,” said Dr. Richard Pott, Chairman of Covestro’s Supervisory Board. “He is therefore the ideal successor as Chief Technology Officer and will continue to successfully drive Covestro’s transformation towards a circular economy and to achieving climate neutrality.”
“I am grateful for the trust placed in me. I am looking very much forward to working with Covestro employees and the other members of the Board of Management, give new impetus to the transformation of our company and to fulfill our aspired position as a pioneer in the chemical industry in decisively driving forward the circular economy,” said Dreier.
In his role as Chief Technology Officer, Dreier will assume responsibility for the corporate functions Process Technology, Engineering, Group Health, Safety & Environment and Group Procurement. In the coming months, he will work with Dr. Klaus Schäfer, to prepare for the smooth takeover of his duties and familiarize himself with all the tasks of his future area of responsibility.
About Dr. Thorsten Dreier:
Dr. Thorsten Dreier, born in Münster in 1972, is currently Global Head of the Coatings & Adhesives Business Entity. He began his career in 2002 as a laboratory manager in the Bayer Group and subsequently held various management positions at Bayer, Bayer MaterialScience and Bayer Technology Services. With the spin-off of Covestro, Dreier became global Head of Production & Technology in the Coatings, Adhesives & Specialties business unit and later of the Specialty Films and Thermoplastic Polyurethanes business units. He studied chemistry and received his doctorate from the University of Münster in 2001.
https://www.covestro.com/investors/news/dr-thorsten-dreier-appointed-as-new-cto-of-covestro/
June 14, 2023
Carpenter Comments on Acquisition of Recticel’s Engineered Foams Division
Carpenter Co., one of the world’s largest producers of comfort products, is pleased to announce that it has completed the acquisition of Recticel N.V.’s Engineered Foams Division, which includes the former Foam Partner and Otto Bock operations. The acquisition creates the world’s largest vertically integrated manufacturer of polyurethane foams and specialty polymer products.
Recticel, a Belgian company with origins tracing back to 1778, comprises people, offices and production facilities in Europe, Asia, Africa and North America. The transaction allows Carpenter to expand its geographic footprint, explore new product lines and add new capabilities to the industry leader.
Brad Beauchamp, CEO of Carpenter Co., expressed, “We are very excited to welcome the employees of Recticel, Foam Partner and Otto Bock into Carpenter. We believe that combining these great businesses with ours will result in the best flexible foam company throughout all market segments and geographic locations. We believe that this acquisition will bring additional innovations in polyurethane foam beyond our industry leading materials like Serene® foam, Hybrid TheraGel™ memory foam and others. Recticel is also known for their leadership in sustainability and recycling of foam materials and we expect that to pair very well with our own developments on those issues that are facing the industry.”
Both Carpenter and Recticel have demonstrated a commitment to innovation, sustainability and continuous improvement. United together, the combined organization will work towards a shared purpose: to enhance the quality of life for everyone through its products and services.
June 14, 2023
Recticel Completes Sale of Engineered Foams to Carpenter
Recticel becomes a pure insulation player after completing the divestment of its Engineered Foams activities on 12 and 13 June 2023
Regulated information, Brussels, 14/06/2023 — 06:59 CET, 14.06.2023
- Changes in transaction perimeter: Recticel keeps The Soundcoat Company Inc. (USA – acoustic and thermal insulation) and its 33% participation in Orsa Foam S.p.A. (Italy)
- Recticel Ltd. (UK Comfort Foams) sold to GIL Investments Ltd.
- Revised Enterprise Value of EUR 454.1 million
- Cash proceeds of EUR 427.0 million
- Reduction of IFRS16 lease debt by EUR 23.9 million, and reduction of other provisions and liabilities by EUR 30.6 million
- The transaction represents a 7.5 x multiple on the average 2021 and 2022 Adjusted EBITDA pertaining to the divested perimeter
Recticel signed a binding agreement (see press release dd. 07 December 2021) to sell its Engineered Foams activities to US-based Carpenter Co., subject to customary closing conditions, including anti-trust clearance. Carpenter and Recticel received such clearance from the UK Competition & Markets Authority (CMA) on 12 April 2023, and have subsequently signed the divestment of the two UK Comfort foam facilities (remedies meeting CMA requirements) to GIL Investments Ltd. on 17 April 2023 (see press release dd. 28 April 2023). All conditions precedent being met, Carpenter Co. and Recticel could progress to closing the main transaction.
June 13, 2023
Lanxess Increases Benzyl Alcohol Capacity
LANXESS doubles capacity for high-purity benzyl alcohol in North America
MOSCOW (MRC) — LANXESS has doubled its production capacity for benzyl alcohol at its site in Kalama, WA, US, to support the growth of its established customer base in the Americas, said the company.
The capacity expansion is the result of various technical upgrades. LANXESS also produces benzyl alcohol at its sites in Krefeld-Uerdingen (Germany), Botlek (Netherlands), and Nagda (India).
The LANXESS business unit Flavors & Fragrances develops and produces one of the world’s broadest portfolio of fragrances and flavours, preservatives, and animal nutrition products. Its substances are found in various everyday consumables, such as cosmetics and personal care products, detergents and cleaning agents, beverages, baked goods, candles, oils, and animal feed.
The portfolio also includes speciality chemicals for industrial applications, including pharmaceuticals, agrochemicals or the construction industry. The business unit operates production sites in five locations on three continents. The sites are “ISCC Plus” certified. Through the use of green electricity and sustainable raw materials, these sites will produce mass balance certified renewable alternatives for the entire product portfolio by end-2023, reflecting the business unit’s strong commitment to sustainability. The business unit has around 750 employees and is part of LANXESS’ Consumer Protection segment which generated sales of about EUR 2.4 bn in 2022.
We remind, LANXESS will be at the Battery Show Europe showcasing its portfolio for batteries for electric and hybrid vehicles, said the company. The event in Stuttgart is Europe’s largest trade fair for cutting-edge technologies and production processes in this fast-growing segment.
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