Company News
April 18, 2023
Wanhua Q1 Results
Wanhua Chemical’s operating income at 41.939 billion Yuan and net profit at 4.053 billion Yuan in Q1 2023 Save Print 
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| On April 14, Wanhua Chemical (600309) released the first quarter report of 2023, which showed that the operating income in the first quarter of 2023 was 41939325956.05 yuan, an increase of 0.37% over the same period of last year. The net profit belonging to shareholders of listed companies was 4053161512.31 yuan, down 24.58% on the year. The net cash flow generated by operating activities during the reporting period was 4166884642.68 yuan and the total assets were 237793786466.24 yuan. During the reporting period, the company’s operating income in the first quarter of 2023 was 41939325956.05 yuan, an increase of 0.37% over the same period of last year; the net profit belonging to shareholders of listed companies was 4053161512.31 yuan, down 24.58% year on year, mainly due to the decline in product prices and the reduction of gross profit. Wanhua Chemical is mainly engaged in polyurethane business, petrochemical business and fine chemicals and new materials business. |
https://www.ccfgroup.com/newscenter/newsview.php?Class_ID=600000&Info_ID=2023041830002
April 18, 2023
Huntsman Opens CSR and more Hub in Costa Rica
On February 24, 2023, Huntsman held a ribbon-cutting ceremony.
“…It’s the best investment you could possibly make.” – Peter Huntsman
“We are excited to open our newest location in Costa Rica. We welcome talent, experience, and fresh ideas from employees at all stages of their careers, from interns to seasoned professionals. In return, we offer you the opportunity to become an integral part of a dynamic, industry-leading company, where safety and ethics always come first.”
“..Service-oriented jobs in accounting, human resources, purchasing, automation, continuous improvement, financial planning and analysis, treasury, credit and communications…” – Costa Rica site leader, Mauricio Gonzalez
April 16, 2023
Deindustrialization Concerns
Business deindustrialization
Covestro boss calls for master plan for Germany
As of: 12:59 a.m | Reading time: 2 minutes
Quelle: Getty Images
High energy prices are a burden for chemical companies. Covestro boss Markus Steilemann, who is also president of the chemical industry, sees the industry as being unduly burdened. He is worried about job cuts in the manufacturing industry.
Dhe boss of the chemical company Covestro, Markus Steilemann, warns of Germany’s economic decline. “De-industrialization has already started,” Steilemann told WELT AM SONNTAG in an interview.
Steilemann, who is also President of the industry association VCI, cited the high energy prices as the main reason. “We need a master plan for Germany, and we need it urgently,” he demands. As a possible measure, Steilemann named a cheaper electricity price for industry.
Germany is still a leader in many research fields such as biotechnology. “But we are in the process of losing this lead to the USA, Great Britain and China.” The main culprits are the high energy prices, but also a real “law tsunami” with which the government is really slowing down companies.
There is no way around the government’s planned conversion to a climate-neutral future. “But instead of setting the right incentives for a country that is poor in raw materials but hungry for energy, the federal government loses itself in regulation mania,” says Steilemann.
At the same time, the industry is being unduly burdened by electricity prices, which are very high by international standards. “This puts Germany’s business model, as one of the leading export nations, at risk. There are already first signs: I’m watching with concern how massive jobs are currently being cut in Germany – and not just in the manufacturing industry,” he said.
Despite the difficult outlook this year, the CEO ruled out redundancies for Covestro: “Since we have made long-term provisions, we don’t need any quick-fix measures. I have made it clear that we will rule out redundancies for operational reasons, and that’s how it’s going to stay.”
April 14, 2023
Total to Sell PolyBD Business
TotalEnergies’ Cray Valley Affiliate Sells Three Product Lines to Pacific Avenue Capital Partners
Published: April 11, 2023 at 6:00 a.m. ET
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines (Wingtack(R), PolyBD(R) and Dymalink(R)) developed by Cray Valley, its resin production and sales affiliate. The transaction includes four production sites in the United States, the Cray Valley Italy affiliate and the portfolio of customers.
The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses which will continue to be developed by TotalEnergies. Production of the Ricon(R), Krasol(R) and Cleartack(R) resins will continue at Carling (France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (US) and Kralupy (Czech Republic).
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About Cray Valley
TotalEnergies’ Cray Valley affiliate is a global supplier of specialty chemical additives, hydrocarbon specialty chemicals, and liquid or solid tackifying resins used to make adhesives, rubbers, polymers, coatings and other materials. As a pioneer in the development of these advanced technologies, Cray Valley has already brought hundreds of performance-enhancing products to market for demanding applications in a range of sectors (energy, printing, packaging, construction, tires, electronics, etc.). Cray Valley’s European headquarters, at the Carling Saint-Avold platform, is home to its customer service, a research and development center, and production units. For more information, visit www.crayvalley.com.
For more information, visit www.crayvalley.com
April 14, 2023
Covestro Releases Preliminary Results
Covestro AG: Preliminary results for the first quarter 2023
04/13/2023 | 12:48pm EDT
Covestro AG: Preliminary results for the first quarter 2023 13-Apr-2023 / 18:47 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. In the course of preparing Covestro’s group accounts for the first quarter 2023, preliminary financial figures deviate from capital market expectations, based on the average values of latest consensus estimates of financial analysts, published by Vara Research on April 13, 2023. Therefore, Covestro provides already today the following preliminary key financial data for the first quarter 2023: Preliminary sales amount to EUR 3,743 million. The consensus expects EUR 3,942 million. Preliminary EBITDA amounts to EUR 286 million. The previous guidance expected EBITDA to be between EUR 100 million and EUR 150 million. The consensus expects EUR 158 million. Preliminary net income amounts to around EUR -30 million. The consensus expects EUR -77 million. Preliminary free operating cash flow (FOCF) amounts to around EUR -140 million. The interim statement of the first quarter 2023 will be published on April 28, 2023. |
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