Company News
April 12, 2023
BASF Releases Q1 Estimates
BASF Group releases preliminary figures for first quarter of 2023
- EBIT before special items, EBIT and net income in Q1 2023 considerably above respective average analyst estimates
- Sales in Q1 2023 considerably below analyst consensus
Ludwigshafen – April 12, 2023 – BASF has released preliminary figures for the first quarter of 2023. Sales declined by 13.4% in the first quarter of 2023 to €19,991 million (Q1 2022: €23,083 million). This was mainly driven by considerably lower volumes. Sales were considerably lower than average analyst estimates for the first quarter of 2023 (Vara: €21,819 million).
EBIT before special items of BASF Groupamounted to an expected €1,931 million in the first quarter of 2023, a decline of 31.5% compared with the prior-year quarter (Q1 2022: €2,818 million) but considerably above the analyst consensus for the first quarter of 2023 (Vara: €1,599 million). In particular, EBIT before special items in the Agricultural Solutions segment considerably exceeded average analyst estimates. Chemicals, Materials and Surface Technologies were also considerably above the respective average analyst estimates for EBIT before special items in the first quarter of 2023. In the Industrial Solutions and Nutrition & Care segments, EBIT before special items missed average analyst estimates slightly and considerably, respectively. In Other, EBIT before special items was weaker than expected by analysts on average.
The BASF Group’s EBIT amounted to an expected €1,867 million in the first quarter of 2023, considerably below the figure for the prior-year quarter (Q1 2022: €2,785 million) but considerably above the analyst consensus (Vara: €1,533 million).
Net income reached €1,562 million, considerably above the figure in the prior-year quarter (Q1 2022: €1,221 million) and considerably above average analyst estimates for the first quarter of 2023 (Vara: €1,081 million). In the prior-year quarter, impairments on the participation in Wintershall Dea had burdened net income of BASF Group.
Further information
The overview of analyst estimates, which is compiled monthly by Vara Research on behalf of BASF, can be found at: www.basf.com/analysts-estimates.
BASF will publish the Quarterly Statement Q1 2023 on Thursday, April 27, 2023, at 7:00 a.m. CEST and will comment on the figures at the conference call for analysts and investors (from 8:00 a.m. CEST).
https://www.basf.com/global/en/media/news-releases/2023/04/p-23-182.html
April 12, 2023
Analysts Getting Bullish on Chemical Stocks
Dow, chemical makers upgraded at Piper Sandler
Apr. 12, 2023 8:12 AM ETDow Inc. (DOW), EMN, LYB, WLK, CE, MEOH, ASIX, OLN, MX:CABy: Rob Williams NY, SA News Editor1 Comment
Dow (NYSE:DOW) and several other chemical makers late Tuesday were upgraded by analysts at Piper Sandler.
The U.S. chemical companies have a significant advantage over global rivals in setting the prices of their products because of lower costs of raw materials.
“These upgrades are not based on global economic recovery (which would only serve to amplify the outcome), but on shifting energy values and the ensuing supply adjustments that we see occurring,” Charles Nelvert, senior research analyst at Piper Sandler, said in the April 11 report. “We see a number of tailwinds developing that should create substantive benefits for chemical industry margins, primarily for North American production.”
| Piper Sandler ratings for chemical makers, April 11 | |||
| Current | Previous | ||
| Dow Inc. (DOW) | Overweight | Neutral | |
| Eastman Chemical Co. (NYSE:EMN) | Overweight | Neutral | |
| LyondellBasell Industries N.V. (NYSE:LYB) | Overweight | Neutral | |
| Westlake Corp. (NYSE:WLK) | Overweight | Neutral | |
| Celanese Corp. (NYSE:CE) | Neutral | Underweight | |
| Methanex Corp. (NASDAQ:MEOH) | Neutral | Underweight | |
| AdvanSix Inc. (NYSE:ASIX) | Overweight | – | |
| Olin Corp. (NYSE:OLN) | Overweight | – |
April 12, 2023
Wanhua TDI Acquisition Approved
Wanhua Chemical acquires Yantai Juli approved, TDI giant position consolidated further
On April 9, Wanhua Chemical issued an announcement that the company recently received approval from the operators of the State Administration of Market Supervision and Administration, agreeing that Wanhua Chemical intends to acquire shares in Yantai Juli Fine Chemical Co., Ltd.; at the same time, the State Administration of Market Supervision and Administration agrees to the additional restrictive conditions of operator concentration.
Wanhua’s acquisition of Juli antitrust was approved, and the competition pattern of TDI continued to be optimized
Wanhua Chemical plans to acquire a stake in Yantai Juli and take sole control of Yantai Juli, while Wanhua Chemical and Yantai Juli submit a restrictive commitment to the General Administration of Market Supervision. The General Administration of Market Supervision decided to attach restrictive conditions to approve the concentration, requiring both parties and entities after the concentration to fulfill their relevant obligations, including that the annual average price of supplying TDI to customers in China’s domestic market shall not be higher than the average price for the 24 months before the commitment date (March 30, 2023) after the completion of the transaction, maintain or expand the production of toluene diisocyanate in China, and continue R&D and innovation. Supply TDI to customers in the domestic market of China in accordance with the principles of fairness, reasonableness and non-discrimination. Customers in the domestic market in China shall not be forced to purchase TDI products exclusively or carry out tying unless there are legitimate reasons.
Yantai Juli and its wholly owned subsidiary Xinjiang Heshan Juli have a nominal production capacity of 230kt/year of TDI. Through this acquisition, the proportion of Wanhua Chemical TDI capacity in China will further increase from 35-40% to 45-50%, the main competitors in the domestic market will also change from 6 to 5, and the domestic TDI competition pattern will continue to be optimized. At the same time, if factoring into the 250kt/year TDI project under construction in Fujian, the company’s total nominal capacity will reach 1.03 million tons/year (including Juli’s TDI capacity), accounting for 28% of the world, ranking first in the world, with significant scale advantages.
https://www.ccfgroup.com/newscenter/newsview.php?Class_ID=600000&Info_ID=2023041230005
April 10, 2023
Job Swap
Personnel changes at BASF
MOSCOW (MRC) — The Board of Executive Directors of BASF SE has decided on the following personnel changes, said the company.
Tobias Dratt (50), President, North America, BASF Corporation, Florham Park, New Jersey, will assume responsibility for the Division Global Business Services, Ludwigshafen, Germany, effective May 1, 2023.
Marc Ehrhardt (54), President, Global Business Services, Ludwigshafen, will, at the same time, assume responsibility for the Division North America, BASF Corporation, Florham Park, New Jersey.
We remind, BASF will establish compounding capacities for its certified compostable biopolymer ecovio in Shanghai, China, said the company. Upon the successful completion of qualification trials, commercial material quantities will be available for customers throughout the region Asia-Pacific from mid-2023.
https://www.mrchub.com/news/407096-personnel-changes-at-basf
April 6, 2023
SSB Update
Serta Simmons Bedding, LLC
Case # 23-90020
Judge David R. Jones
Jurisdiction Texas – Southern District
Filed Jan 23 2023
Manufacturing
- Overview
- Dockets
- Claims
- Key Documents
- Adv. Proceedings
Case Information
On January 23, 2023, Serta Simmons Bedding, LLC and thirteen (13) U.S. affiliate companies (collectively, the “Debtors”) each filed petitions in the United States Bankruptcy Court for the Southern District of Texas seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors’ cases have been assigned to Judge David R. Jones. The Debtors cases are jointly administered for procedural purposes, meaning that all pleadings are maintained on the case docket for Serta Simmons Bedding, LLC, Case No. 23-90020 (the “Main Case Docket”). The Main Case Docket can be accessed through the website maintained by the United States Bankruptcy Court for the Southern District of Texas (https://www.txs.uscourts.gov). An unofficial version of the Main Case Docket is accessible by selecting the “Dockets” tab above.View Less
Case Actions
- Proof of Claim Form
- File a Claim
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Equity Transfer Procedure Documents
• Notice of Substantial Stock Ownership
• Notice of Intent to Purchase, Acquire or Otherwise Accumulate Dawn Stock
• Notice of Intent to Sell, Trade or Otherwise Transfer Dawn Stock
• Declaration of Intent to Claim a Worthless Stock DeductionView Less
Press Release
Restructuring Information
The company is operating as normal and is serving retail partners and sleepers as usual. SSB’s manufacturing facilities are fulfilling orders, and the company is continuing to work with suppliers and vendors in the ordinary course of business. SSB also has meaningful launches planned for this year from Serta and Beautyrest.
For information and inquiries about this matter, please call the numbers listed below. U.S.-based parties should use the toll free number below. International parties should use the non-U.S. number below.
Toll Free U.S. #: (877) 618-5414
Non U.S. #: +1 (503) 966-3043
Additional information regarding the court-supervised process is available on SSB’s restructuring website, www.SSBRestructuring.com.
Supplier Frequently Asked QuestionsView Less
Key Dates
23
JAN
10:02 PM CT
2023
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24
JAN
01:00 PM CT
2023
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27
JAN
03:30 PM CT
2023
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1
FEB
12:00 PM CT
2023
Continued Scheduling Conference
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1
MAR
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14
MAR
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MAR
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APR
01:45 PM CT
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MAY
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8
MAY
09:00 AM CT
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Confirmation Hearing; Final Hearing re: Cash Management Motion
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22
JUL
05:00 PM CT
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Section 341 Meeting of Creditors
Pursuant to Section 341 of the Bankruptcy Code, a meeting of creditors was held telephonically on March 14, 2023 at 10:00 a.m. (CT).
Notice of Chapter 11 Bankruptcy Case [Docket No. 187]
Debtors (14)
Lead Debtor 23-90020 Serta Simmons Bedding, LLC
Related Debtors
23-90019
Dawn Intermediate, LLC
23-90024
Dreamwell, Ltd.
23-90022
National Bedding Company L.L.C.
23-90021
Serta International Holdco, LLC
23-90027
Simmons Bedding Company, LLC
23-90025
SSB Hospitality, LLC
23-90026
SSB Logistics, LLC
23-90018
SSB Manufacturing Company
23-90030
SSB Retail, LLC
23-90023
The Simmons Manufacturing Co., LLC
23-90029
Tomorrow Sleep LLC
23-90028
Tuft & Needle, LLC
23-90031
World of Sleep Outlets, LLC
Dawn Holdings, Inc., Serta, Inc., Serta Canada Ltd., SSH Canada Holding Co., LLC, SSH Bedding Canada Co., and Simmons Caribbean Bedding, Inc. are not part of the filing.
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