Epoxy
September 15, 2022
EVERCHEM UPDATE: VOL. 01 – China zero-COVID and EU Gas Crisis
The Everchem Update is a new biweekly publication of under-reported polyurethane industry news – insider views and conversation about the polyurethane market.
September 15, 2022
Railroad Update
Railroads And Unions Reach “Tentative Agreement” To Avert Rail Strike
by Tyler Durden
Thursday, Sep 15, 2022 – 06:31 AM
Update (0751ET):
WSJ noted the White House didn’t provide details of the tentative agreement between freight rail companies and unions.
The latest headlines show the tentative agreement goes back to unions for a vote:
- RAIL PARTIES AGREE TO COOLING OFF PERIOD AS PART OF DEAL, A STANDARD PART OF RATIFICATION PROCESS IN CASE VOTE FAILS IN ORDER TO AVERT ANY SHUTDOWN -SOURCE
- TENTATIVE U.S. RAIL DEAL GOES BACK TO UNIONS FOR A VOTE -SOURCE FAMILIAR WITH THE SITUATION
Some more good news is Amtrak “is working quickly to restore canceled long-distance trains” following the announcement of the tentative deal this morning, avoiding a rail strike Friday.
* * *
A rail stoppage that threatened to unleash widespread economic damage by snarling critical supply chains appears to have been averted after freight rail companies and union leaders reached a tentative agreement.
“Following 20 consecutive hours of negotiations at the Department of Labor, rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy,” according to a Labor Department statement Thursday morning.
It was a “hard-fought, mutually beneficial deal,” the statement said. “Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers, and families across the country.”
President Biden commented on the agreement between railroads and unions:
“The tentative agreement reached tonight is an important win for our economy and the American people.”
A White House statement said:
“These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned. The agreement is also a victory for railway companies who will be able to retain and recruit more workers for an industry that will continue to be part of the backbone of the American economy for decades to come.”
The breakthrough tentative agreement was announced one day before more than 100,000 rail workers were set to strike. Even though most rail unions already agreed on labor contracts, multiple unions holding out represented a large swath of rail workers. Such a disruption would’ve cost the US economy $2 billion per day, shuttering about 30% of domestic freight traffic and stoking inflationary pressures.
Railroad companies are moving higher premarket on the news.
Norfolk Southern is up 1.5%, with shares in Union Pacific surging nearly 5%. CSX is up about 2%.
https://www.zerohedge.com/markets/railroads-and-unions-reach-tentative-agreement-avert-rail-strike
September 15, 2022
Railroad Update
Railroads And Unions Reach “Tentative Agreement” To Avert Rail Strike
by Tyler Durden
Thursday, Sep 15, 2022 – 06:31 AM
Update (0751ET):
WSJ noted the White House didn’t provide details of the tentative agreement between freight rail companies and unions.
The latest headlines show the tentative agreement goes back to unions for a vote:
- RAIL PARTIES AGREE TO COOLING OFF PERIOD AS PART OF DEAL, A STANDARD PART OF RATIFICATION PROCESS IN CASE VOTE FAILS IN ORDER TO AVERT ANY SHUTDOWN -SOURCE
- TENTATIVE U.S. RAIL DEAL GOES BACK TO UNIONS FOR A VOTE -SOURCE FAMILIAR WITH THE SITUATION
Some more good news is Amtrak “is working quickly to restore canceled long-distance trains” following the announcement of the tentative deal this morning, avoiding a rail strike Friday.
* * *
A rail stoppage that threatened to unleash widespread economic damage by snarling critical supply chains appears to have been averted after freight rail companies and union leaders reached a tentative agreement.
“Following 20 consecutive hours of negotiations at the Department of Labor, rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy,” according to a Labor Department statement Thursday morning.
It was a “hard-fought, mutually beneficial deal,” the statement said. “Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers, and families across the country.”
President Biden commented on the agreement between railroads and unions:
“The tentative agreement reached tonight is an important win for our economy and the American people.”
A White House statement said:
“These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned. The agreement is also a victory for railway companies who will be able to retain and recruit more workers for an industry that will continue to be part of the backbone of the American economy for decades to come.”
The breakthrough tentative agreement was announced one day before more than 100,000 rail workers were set to strike. Even though most rail unions already agreed on labor contracts, multiple unions holding out represented a large swath of rail workers. Such a disruption would’ve cost the US economy $2 billion per day, shuttering about 30% of domestic freight traffic and stoking inflationary pressures.
Railroad companies are moving higher premarket on the news.
Norfolk Southern is up 1.5%, with shares in Union Pacific surging nearly 5%. CSX is up about 2%.
https://www.zerohedge.com/markets/railroads-and-unions-reach-tentative-agreement-avert-rail-strike
September 13, 2022
Arsenal Flips Meridian Adhesives to American Securities
American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners New York, NY, September 1, 2022 – American Securities LLC (“American Securities”) and Arsenal Capital Partners (“Arsenal”) today announced that an affiliate of American Securities has acquired Meridian Adhesives Group (“Meridian” or the “Company”), in partnership with the management team and funds affiliated with Arsenal. Financial terms of the transaction were not disclosed.
Meridian is a leading producer of high-performance advanced adhesives for electronics, infrastructure, and industrial end markets. The Company sells a broad portfolio of chemistries and focuses on niche applications that require custom solutions and complex formulations. Meridian operates 25 facilities and serves over 5,000 customers in North America, Asia Pacific, and Europe. The Company is headquartered in Houston, TX and employs approximately 560 people globally.
“We are grateful for the support of Arsenal over the past four years as we established Meridian as the go-to solution provider in the industry,” said Dan Pelton, Chief Executive Officer of Meridian. “We are excited about Meridian’s next phase of growth and our new partnership with American Securities.”
“The time that we have spent evaluating and investing in companies in the adhesives space gives us immense appreciation for Meridian’s leadership positions in attractive and growing end markets and applications,” commented Scott Wolff, a Managing Director of American Securities. “We are excited to support the Company’s organic growth and M&A strategies, innovation, and continued operational excellence so that Meridian can continue to solve problems for its customers.”
“Meridian’s growth has been a result of focusing on positive long-term trends in technologies and end markets, coupled with hard work from a talented leadership team and employee base,” said Roy Seroussi, an Investment Partner of Arsenal. “We look forward to our continued partnership with the Company and American Securities as we build a leading, global adhesives company.”
Morgan Stanley & Co. LLC acted as financial advisors to American Securities and Weil, Gotshal & Manges LLP served as legal counsel. Citi and Moelis & Company LLC acted as financial advisors to Meridian and Benesch, Friedlander, Coplan & Aronoff LLP served as legal counsel with respect to the transaction.
About Meridian Adhesives Group Meridian Adhesives Group is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of dynamic solutions, Meridian serves the electronics, infrastructure, and industrial (flooring, packaging, and product assembly) markets. The group’s operations are located in the Americas, EMEA and Asia, with a multitude of sales/service offices worldwide that are positioned to serve Meridian’s global customer base. For more information, visit https://meridianadhesives.com.
About American Securities LLC Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $26 billion under management. For more information, visit www.american-securities.com.
About Arsenal Capital Partners Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 250 platform and add-on acquisitions, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For more information, visit www.arsenalcapital.com.
September 13, 2022
Arsenal Flips Meridian Adhesives to American Securities
American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners New York, NY, September 1, 2022 – American Securities LLC (“American Securities”) and Arsenal Capital Partners (“Arsenal”) today announced that an affiliate of American Securities has acquired Meridian Adhesives Group (“Meridian” or the “Company”), in partnership with the management team and funds affiliated with Arsenal. Financial terms of the transaction were not disclosed.
Meridian is a leading producer of high-performance advanced adhesives for electronics, infrastructure, and industrial end markets. The Company sells a broad portfolio of chemistries and focuses on niche applications that require custom solutions and complex formulations. Meridian operates 25 facilities and serves over 5,000 customers in North America, Asia Pacific, and Europe. The Company is headquartered in Houston, TX and employs approximately 560 people globally.
“We are grateful for the support of Arsenal over the past four years as we established Meridian as the go-to solution provider in the industry,” said Dan Pelton, Chief Executive Officer of Meridian. “We are excited about Meridian’s next phase of growth and our new partnership with American Securities.”
“The time that we have spent evaluating and investing in companies in the adhesives space gives us immense appreciation for Meridian’s leadership positions in attractive and growing end markets and applications,” commented Scott Wolff, a Managing Director of American Securities. “We are excited to support the Company’s organic growth and M&A strategies, innovation, and continued operational excellence so that Meridian can continue to solve problems for its customers.”
“Meridian’s growth has been a result of focusing on positive long-term trends in technologies and end markets, coupled with hard work from a talented leadership team and employee base,” said Roy Seroussi, an Investment Partner of Arsenal. “We look forward to our continued partnership with the Company and American Securities as we build a leading, global adhesives company.”
Morgan Stanley & Co. LLC acted as financial advisors to American Securities and Weil, Gotshal & Manges LLP served as legal counsel. Citi and Moelis & Company LLC acted as financial advisors to Meridian and Benesch, Friedlander, Coplan & Aronoff LLP served as legal counsel with respect to the transaction.
About Meridian Adhesives Group Meridian Adhesives Group is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of dynamic solutions, Meridian serves the electronics, infrastructure, and industrial (flooring, packaging, and product assembly) markets. The group’s operations are located in the Americas, EMEA and Asia, with a multitude of sales/service offices worldwide that are positioned to serve Meridian’s global customer base. For more information, visit https://meridianadhesives.com.
About American Securities LLC Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $26 billion under management. For more information, visit www.american-securities.com.
About Arsenal Capital Partners Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 250 platform and add-on acquisitions, and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For more information, visit www.arsenalcapital.com.
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