Company News
April 6, 2023
Recticel Update
Update regarding the divestment of Recticel Engineered Foams to Carpenter
Regulated information, Brussels, 06/04/2023 — 06:59 CET, 06.04.2023
Recticel reports that the closing of the Engineered Foams divestment to Carpenter Co. has not taken place at the end of March 2023.
Parties continue to work towards a closing to take place as soon as possible.
https://www.recticel.com/update-regarding-divestment-recticel-engineered-foams-carpenter.html
March 28, 2023
Mitsui Reducing TDI Capacity
Mitsui Chemicals : to Optimize TDI Production Capacity
03/28/2023 | 12:48am EDT
2023.03.28
Mitsui Chemicals, Inc.
Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) today announced plans to optimize the production capacity of its Omuta Works’ toluene diisocyanate (TDI) plant in July 2025. TDI is used as a raw material in the production of polyurethane.
1. Objectives and Background
Mitsui Chemicals currently manufactures and sells TDI (Production capacity 120,000 tons per annual) for use as a basic material in the isocyanate chain at the Omuta Works. However, given supply and demand trends in Japan and overseas, Mitsui Chemicals has decided that a reduced output of around 50,000 tons per year will be optimal going forward.
While maintaining a stable supply setup to meet domestic demand for TDI, the Omuta Works will contribute to expansion in growth domains as part of Mitsui Chemicals’ business portfolio transformation by bolstering competitiveness as the company’s principal center for the manufacture of high-performance products, including ophthalmic lens materials and agrochemical products. 【Overview of the TDI plant】
| Manufacturing facility | Mitsui Chemicals Omuta Works (https://jp.mitsuichemicals.com/en/corporate/ds/works.htm) |
| Production capacity | 120,000 tons/year (currently) → around 50,000 tons/year (following optimization) |
| Timing | Planned for July 2025 |
The TDI plant in Omuta Works 2. Future of the Polyurethane Business
As part of its VISION 2030 Long-Term Business Plan, Mitsui Chemicals positioned polyurethane as one of several businesses in the Basic & Green Materials Business Sector that would be subject to restructuring.
In addition to the forthcoming optimization of TDI production capacity, the restructure will encompass the development of high value-added products, including high-performance methylene diphenyl diisocyanate and high-performance polyols such as polypropylene glycol. Pursuing these efforts will allow Mitsui Chemicals to reduce earnings volatility, improve capital investment efficiency and lay the business foundations for generating stable earnings.
Mitsui Chemicals also intends to bring about a circular economy transformation by setting up a chemical recycling scheme for polyurethane foam and considering the use of ISCC PLUS-certified bio-based toluene produced at the Osaka Works to manufacture greener TDI.
March 27, 2023
Covestro Commissions Two Low Water Ships
Newest low-water ship now in operation
23.03.2023
HKG Shipping (Cologne) and materials manufacturer Covestro commissioned a new low-water vessel earlier this month. “Courage” is to supply Covestro’s customers with finished products from its sites in North Rhine-Westphalia with immediate effect.
The identically constructed sister ship “Curiosity” will be delivered in a few weeks’ time. At the beginning of May 2023, HGK Shipping and Covestro plan to celebrate the addition to the fleet with a double christening ceremony.
March 22, 2023
Pearl Commissions New Facility in Jeddah
Pearl Polyurethane Systems announces major
new Saudi Arabian production facility in Jeddah
Pearl Polyurethane Systems, the award-winning PU system house, has announced the commissioning
of a major new production facility in Jeddah, Saudi Arabia, further reinforcing the company’s industry-
leading position as the largest supplier of polyurethane formulations in the Middle East and Africa
region. Creating new job opportunities in Jeddah, the dedicated plant and office will accommodate
the company’s growing team while further expanding its presence in the Kingdom. With this new
facility, Pearl is accelerating the implementation of its PearlX2 growth plan set to double the
company’s size over the coming five-year period.
Jeddah was chosen as the site for the new Pearl production plant due to its proximity to the city’s
major international port, access to top talent, and excellent transport connections across the
Kingdom.
The new facility will contribute to strengthening Saudi Arabia’s position as a growing manufacturing
hub, with Pearl’s new plant producing polyurethane formulations and high-performance
polyurethane foams widely used in building insulation products, manufacturing processes, and a
range of other everyday applications. Furthermore, the new production facility will leverage Jeddah’s
strong position as an export hub catering to further demand from across the wider region.
Investment into Pearl’s new Jeddah production plant also marks a significant step for the company in
reaffirming its commitment to its existing Saudi-based clients and their vision for the Kingdom to
become a world-class business and tourism destination. Through its clients, Pearl has been working
on multiple projects in Saudi Arabia over the recent years in various fields, including infrastructure,
retail, hospitality, architecture, and the built environment.
Pearl’s expansion in Saudi Arabia is also closely aligned with Vision 2030 national transformation
program objectives, which aim to diversify the Kingdom’s economy and promote private sector
growth. Considering the superior insulation capabilities of rigid polyurethane foams, Pearl’s local
production plant in Jeddah will strongly support the objectives of becoming CO2-neutral by 2060.
“Our roots in Saudi Arabia run deep. Pearl has been servicing clients in the Kingdom for decades and
we are excited about this new production facility commissioning dedicated to providing our Saudi-
based clients with the very best delivery options possible and industry-leading innovation, while
ensuring supply chain resilience. The new Jeddah facility, coupled with investment and growth in our
other offices and facilities across the MENA region, will enable Pearl to maintain world-class service
delivery standards and respond to evolving customer demands across several product areas,” said
Martin Kruczinna, CEO of Pearl Polyurethane Systems. “We are thrilled to offer our Saudi clients the
benefit of dedicated production and warehousing facilities in the Kingdom as well as the type of
personalised, customer-centric service that our international clients have become accustomed to over
the past 35 years.
“This investment represents another tremendous show of confidence in the growing strength and
significance of the Saudi Arabian economy and our company’s close alignment with Vision 2030 goals.
Focusing on building and infrastructure insulation solutions, as well as consumer goods such as
appliances and footwear together with a range of other products, our new production facility ensures
that we continue to offer best-in-class PU solutions to our current and new Saudi-based clients,
supporting further manufacturing sector growth in the Kingdom,” concluded Kruczinna.
Pearl’s R&D team won the Innovative Insulation Project of the Year 2021 award for the first R&D
initiative of its type launched in the Middle East, and again in 2022 for launching its new, more
sustainable low lambda insulation product as part of its EcoPearl range, achieving an overall
improvement of up to 20 per cent in insulation performance over comparable products.
Operating since 1989, the company has supplied polyurethane insulation foam systems for several
trailblazing projects in the Gulf region, including Palm Jumeirah, Downtown Dubai, Ski Dubai, and,
more recently, the Germany Pavilion at Dubai Expo 2020 Bustanica, the world’s largest vertical farm
for Emirates Airlines flight catering in Dubai, and Noon’s fulfilment center in Saudi Arabia.
Pearl Polyurethane offers a comprehensive range of polyurethane formulations and prepolymers for
the production of high-performance polyurethane foams and elastomers.
March 21, 2023
Olin Closing Epoxy Facilities
Olin Announces Epoxy Facility Closures as Part of On-Going Restructuring Program
Mar. 21, 2023 4:05 PM ETOlin Corporation (OLN)
CLAYTON, Mo., March 21, 2023 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced today that it has made the decision to cease operations at its Cumene facility in Terneuzen, Netherlands and solid epoxy resin production at its facilities in Gumi, South Korea and Guaruja, Brazil. Olin’s first quarter 2023 results are forecast to include approximately $57 million of restructuring charges associated with these plans of which approximately $15 million of these restructuring charges represent non-cash asset impairment charges. The cash component of these charges is expected to be paid over the next three years.
“This is another step to right-size our global Epoxy asset footprint to the most cost-effective asset base to support our strategic operating model,” remarked Scott Sutton, Chairman, President, and Chief Executive Officer. “Our Epoxy business continues to experience weak global epoxy demand and excess supply availability. This action reinforces our commitment to lift our Epoxy business earnings to a more sustainable level. We will continue to evaluate and execute additional actions that right-size the business to achieve reinvestment economics across our Epoxy portfolio.”
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