Epoxy
May 18, 2022
Master Terrazzo Acquired by MTT Investment
PRESS RELEASE – FOR IMMEDIATE RELEASE
Levittown PA – MTT Investment Group LLC, a private investment group managed by Michael F. Blackburn (“MTT
Investment Group”) is pleased to announce the acquisition of Master Terrazzo Technologies and related
companies.
Master Terrazzo is a leading, Pennsylvania-based manufacturer and distributor of terrazzo products including Morricite™
Thin-Set Epoxy Terrazzo and other components for terrazzo flooring, utilized in commercial construction applications. The
Morricite™ brand has an over 60-year history. Master Terrazzo provides support to architects and designers, and partners
with qualified terrazzo installers throughout the USA and other parts of the world. The terms of the transaction have not
been disclosed.
Jim Guy, President and CEO of Master Terrazzo, commented,
I would like to thank all of you who have helped us to grow the name of Master Terrazzo Technologies. First of all, I would
like to thank the great employees that we have had over the years. There should be no question, we have been a great
family. I would also like to thank our customers, the best contractors in the world. We are grateful for your trust in us, and
we thank you for your expertise. We are grateful for the vendors who have done so much for us, especially those who have
taken a special interest in us and have gone above and beyond to keep us supplied with the products we need. But, most
of all, I am indebted to my LORD who has guided my life and helped me through it all. I am happy and excited to introduce
MTT Investment Group as the new owners of Master Terrazzo Technologies. In a different category, I thank my wife Monica
who was always with me in the good and bad. And to my children, all who have worked with me in my early days, and who
still laugh with me about the times that we worked together.
Michael Blackburn, President of MTT Investment Group commented,
After more than 15 years at Master Terrazzo, I could not be more enthusiastic about this opportunity to continue the growth
and mission of this fine company. The legacy of Master Terrazzo can be seen in the millions of square feet of projects
completed throughout the nation and in other parts of the world, which is a direct result of providing the finest terrazzo
system available to our certified installer network, which is second to none.
Above all else, my goal will be to provide the premier terrazzo system to the finest terrazzo installers, and to offer
outstanding customer service and support to our architectural and design clients, and to our terrazzo installers. Selecting
terrazzo should always be gratifying experience for architects, designers and building owners; there is no finer floor finish.
About Master Terrazzo Technologies
Throughout several transitions since the 1960’s, Master Terrazzo Technologies has been perfecting the science of the
design and installation of terrazzo.
In 1960, the MacNaughton-Brooks Company formulated and introduced Morricite™ to the terrazzo industry. Morricite™ was
named after Port Morris Tile and Marble, in respect for their valued contribution in the early product development.
Master Builders Technologies, worldwide leaders in admixture technology, purchased the MacNaugton-Brooks Company in
1978, and Master Terrazzo Technologies, LLC purchased the Morricite™ product line in 1997, with a commitment to provide
innovation and leadership through a total commitment of resources to the terrazzo industry.
In 2008, Master Terrazzo Technologies was purchased by Consolidated Coatings, Inc. This acquisition resulted from CCI’s
long-term interest in the terrazzo business. Following the acquisition, Michael H. Blackburn (father of Michael F Blackburn),
a prior owner of MTT with over 20 years of experience in the terrazzo industry, remained with MTT as National Sales
Manager.
Master Terrazzo Technologies has provided materials for many millions of square feet of quality terrazzo installations
throughout the world. The foundation of any epoxy terrazzo manufacturer is the terrazzo matrix that binds the aggregate
and bonds the terrazzo to the concrete substrate. Our flagship Morricite™ System has a rich history of performance and
value dating back for over 60 years.
Learn More: https://masterterrazzo.com/
About MTT Investment Group
MTT investment Group includes longtime members of the Terrazzo community including Michael F. Blackburn (President),
Joseph Wenzke, (Plant Manager) and Louis Giannini (Founder of ProTerrazzo Systems, Inc). The Team is looking forward
bringing Master Terrazzo to its full potential of success.
Michael F. Blackburn has worked up the ranks at Master Terrazzo from Customer Service Representative to National Sales
Manager. Michael’s leadership is based on extensive technical knowledge and practical experience in the industry.
Additionally, Plant Manager Joseph Wenzke has worked in the terrazzo industry for over 20 years. His passion for terrazzo
and his high standards for quality control will continue the legacy of the Master Terrazzo brand.
Louis Giannini has worked in partnership with Master Terrazzo for 10 years representing MTT’s terrazzo products in the
Northeast. Lou is looking forward to support the growth of the company.
May 16, 2022
BASF Increasing NPG Prices
BASF to increase prices for select polyalcohols in North and South America
FLORHAM PARK, NJ, May 16, 2022 – Effective June 1, 2022, or as existing contracts permit, BASF will increase prices in North and South America for select polyalcohols.
| Product | Price Increase | |
| Neopentylglycol (NEOL®/NPG) | $0.05/lb | $110/mt |
| 1,6 Hexanediol Flake (HDO®) | $0.20/lb | $441/mt |
| 1,6 Hexanediol Molten (HDO®) | $0.20/lb | $441/mt |
| Polycaprolactone (Capromer®) | $0.20/lb | $441/mt |
| epsilon-Caprolactone (CLO) | $0.20/lb | $441/mt |
| 1,5-Pentanediol (PDO) | $0.20/lb | $441/mt |
Neopentylglycol (NPG) is a unique polyalcohol offering superior performance in many end-use applications. Due to its high chemical and thermal stability, NPG has proven itself in many applications, especially as a building block for the production of polyester and alkyd resins for various coatings and plastics. An essential field of NPG application is powder coatings, which prove particularly successful in the construction industry as well as in the coating of household appliances. Other areas of application for NPG include the manufacture of lubricants, plasticizers and pharmaceuticals: It is used as a building block in the synthesis of for example hormones, cardiovascular drugs and painkillers. BASF markets NPG under its NEOL® brand.
Hexanediol (HDO) is used to manufacture industrial coatings including lower volatile organic compound formulations, polyurethanes, adhesives, and cosmetics. HDO also serves as a reactive thinner in the formulation of epoxy systems, which for example are used for the efficient production of rotor blades for modern wind turbines, as well as construction components for automotive lightweight applications.
1,5-Pentanediol (PDO) is used as a linear diol to produce various resin types like polyester and polyurethane (polyester polyol and polycarbonate diol) resins. These resins are used for example in the production of adhesives and sealants. PDO is also used in the production of coatings where PDO contributes to a good balance between hardness and flexibility, adhesion, weatherability and hydrolysis resistance.
Capromer® polycaprolactone is a specialty polyol for high performance polyurethane applications for example thermoplastic elastomers used in technical applications and coatings.
NEOL®, HDO® and Capromer® are registered trademarks of BASF Corporation.
May 16, 2022
BASF Increasing NPG Prices
BASF to increase prices for select polyalcohols in North and South America
FLORHAM PARK, NJ, May 16, 2022 – Effective June 1, 2022, or as existing contracts permit, BASF will increase prices in North and South America for select polyalcohols.
| Product | Price Increase | |
| Neopentylglycol (NEOL®/NPG) | $0.05/lb | $110/mt |
| 1,6 Hexanediol Flake (HDO®) | $0.20/lb | $441/mt |
| 1,6 Hexanediol Molten (HDO®) | $0.20/lb | $441/mt |
| Polycaprolactone (Capromer®) | $0.20/lb | $441/mt |
| epsilon-Caprolactone (CLO) | $0.20/lb | $441/mt |
| 1,5-Pentanediol (PDO) | $0.20/lb | $441/mt |
Neopentylglycol (NPG) is a unique polyalcohol offering superior performance in many end-use applications. Due to its high chemical and thermal stability, NPG has proven itself in many applications, especially as a building block for the production of polyester and alkyd resins for various coatings and plastics. An essential field of NPG application is powder coatings, which prove particularly successful in the construction industry as well as in the coating of household appliances. Other areas of application for NPG include the manufacture of lubricants, plasticizers and pharmaceuticals: It is used as a building block in the synthesis of for example hormones, cardiovascular drugs and painkillers. BASF markets NPG under its NEOL® brand.
Hexanediol (HDO) is used to manufacture industrial coatings including lower volatile organic compound formulations, polyurethanes, adhesives, and cosmetics. HDO also serves as a reactive thinner in the formulation of epoxy systems, which for example are used for the efficient production of rotor blades for modern wind turbines, as well as construction components for automotive lightweight applications.
1,5-Pentanediol (PDO) is used as a linear diol to produce various resin types like polyester and polyurethane (polyester polyol and polycarbonate diol) resins. These resins are used for example in the production of adhesives and sealants. PDO is also used in the production of coatings where PDO contributes to a good balance between hardness and flexibility, adhesion, weatherability and hydrolysis resistance.
Capromer® polycaprolactone is a specialty polyol for high performance polyurethane applications for example thermoplastic elastomers used in technical applications and coatings.
NEOL®, HDO® and Capromer® are registered trademarks of BASF Corporation.
May 14, 2022
Tosoh Results
Tosoh Reports Its Consolidated Results for Fiscal 2022
May 12, 2022 – Tokyo, Japan—Tosoh presents its full-year consolidated results for its 2022 fiscal year, from April 1, 2021, to March 31, 2022. The company’s consolidated net sales were ¥918.6 billion (US$8.2 billion), up ¥185.7 billion, or 25.3%, from fiscal 2021. The increase resulted from higher sales prices on the back of increased prices for raw materials and fuels such as naphtha, and of improved trade conditions overseas.
Operating income for fiscal 2022 was ¥144.0 billion (US$1.3 billion), an increase of ¥56.2 billion, or 64.0%. This increase was primarily due to improved international trade conditions as higher selling prices exceeded the impact of higher raw material and fuel prices. Ordinary income rose ¥65.4 billion, or 68.7%, to ¥160.5 billion (US$1.4 billion), while profit attributable to owners of the parent was up ¥44.6 billion, or 70.6%, to ¥107.9 billion (US$960.0 million).
During the period under review, the Japanese economy continued to recover from the lingering effects of the COVID-19 pandemic, driven by progress in vaccination and recovery in overseas demand. The situation remained unstable, though, as restrictions on social and economic activities were repeatedly imposed and eased as the number of infections oscillated. Concerning the global economy, while demand is on the road to recovery as restrictions on economic activities are being eased—particularly in developed countries—the outlook remains unclear, given the current downward pressures resulting from Russia’s invasion of Ukraine and the lockdown in Shanghai, China. Other economic slowdown factors such as the continued intermittent spread of COVID-19, surging resource prices, rising and prolonged inflation pressures, and disruptions in global supply chains are contributing to the uncertainty.
Results by business segment
Petrochemical Group
Petrochemical Group net sales rose ¥45.8 billion, or 34.9%, to ¥177.2 billion (US$1.6 billion), compared with fiscal 2021. The group’s operating income likewise increased, ¥8.0 billion, or 103.2%, to ¥15.7 billion (US$139.7 million). The increases were attributable to increased shipments of a broad range of products and to rising prices for raw materials and fuels such as naphtha which positively impacted the difference between product receipts and payments.
Shipments of propylene and cumene increased on the back of a recovery in demand and elevated production volumes. Moreover, higher prices for raw materials and fuels such as naphtha and improved conditions in markets overseas led to an increase in product prices.
Shipments of polyethylene resin increased both in Japan and exports as demand rebounded. In addition, polyethylene resin prices rose, reflecting higher naphtha prices and overseas market conditions. Shipment of chloroprene rubber increased in both domestic and export markets due to recovery in demand. And product prices rose, bolstered by firm overseas demand.
Chlor-alkali Group
The Chlor-alkali Group’s net sales rose ¥86.8 billion, or 31.6%, to ¥361.6 billion (US$3.2 billion), and operating income was up ¥28.0 billion yen, or 67.4%, to ¥69.5 billion (US$618.3 million) due to improved terms of trade for polyvinyl chloride (PVC) products and urethane raw materials.
Shipment of caustic soda decreased, mainly in exports, but product prices rose to reflect higher overseas market prices. Vinyl chloride monomer and vinyl chloride resin shipments both decreased as production volume declined, but vinyl chloride product prices rose, reflecting higher naphtha prices and improved terms of trade overseas.
Domestic and overseas shipments of cement remained strong.
Methylene diphenyl diisocyanate (MDI) increased both in Japan and overseas due to the steady operation of a production subsidiary in China, which had suspended operations in the previous fiscal year due to the spread of COVID-19, and a rebound in demand. In addition, product prices rose, reflecting improvement in overseas market conditions.
Specialty Group
Net sales by the Specialty Group increased ¥45.6 billion, or 25.3% to ¥226.2 billion (US$2.0 billion). Operating income was up ¥20.0 billion, or 85.0%, to ¥43.5 billion (US$387.0 million), primarily due to the recovery in demand driving an increase in sales volume.
Domestic and overseas ethyleneamines product shipments increased as demand recovered. And product prices increased due to improved overseas market conditions.
Separation-related products saw an increase in shipments of packing materials for liquid chromatography, to Europe, the United States, and China. Domestic in vitro diagnostic reagent shipments, as well as those to Europe, the United States, and Asia, rose on the back of the recovery in demand.
Shipments of high-silica zeolite increased both in Japan and overseas, primarily for automotive exhaust gas catalysts, as demand recovered. Increased demand also pushed export shipments of zirconia for dental applications upward. Silica glass shipments were up, buoyed by a strong semiconductor market. Shipments of electrolytic manganese dioxide for dry cell and rechargeable battery applications increased on the back of stronger demand.
Engineering Group
Engineering Group net sales increased ¥10.1 billion, or 9.5%, to ¥116.3 billion (US$1.0 billion). Operating income rose ¥0.3 billion yen, or 2.4%, to ¥12.3 billion (US$109.4 million).
The water treatment business saw increased sales attributable to steady progress in construction of large-scale projects in Japan and overseas, for which orders were received primarily in the electronics industry.
Sales in the Engineering Group’s construction subsidiaries increased.
Ancillary
Ancillary net sales decreased ¥2.5 billion, or 6.4% to ¥37.3 billion (US$331.9 million). Operating income likewise decreased ¥17 million, or 0.6%, to ¥3.1 billion (US$27.6 million).
Sales of other operating companies such as trading companies decreased.
Overview of Tosoh’s financial position for the period under review
Total assets increased ¥104.9 billion, to ¥1,087.7 billion yen (US$9.7 billion), primarily due to an increase in contract assets.
Because of an increase in notes and accounts payable, total liabilities rose ¥6.8 billion yen, to ¥327.9 billion yen (US$2.9 billion).
Net assets increased ¥98.0 billion, to ¥759.7 billion (US$6.8 billion). The increase owed itself to the recording of current net profit attributable to owners of the parent company.
Overview of Tosoh’s cash flow for the period under review
Cash and cash equivalents were up ¥12.4 billion, to ¥160.8 billion (US$1.4 billion).
Net cash provided by operating activities amounted to ¥108.6 billion (US$966.1 million), up ¥13.5 billion from a year earlier. This increase was due to an increase in income before income taxes.
Net cash used in investing activities was ¥43.5 billion (US$387.0 million), a decrease of ¥2.8 billion caused by decreased expenditures used in the acquisition of fixed assets.
As a result, free cash flow rose ¥16.3 billion, to ¥65.1 billion (US$579.2 million).
Net cash used in financing activities was ¥57.9 billion (US$515.1 million), an increase of ¥59.4 billion yen from a year earlier because of a net increase in short-term loans payable.
Outlook for the fiscal year ending March 31, 2023
Social and economic activities that have been constrained by the impact of COVID-19 are expected to begin normalizing in many of the world’s major regions, backed by progress in vaccination. However, Russia’s invasion of Ukraine and prolonged economic sanctions have amplified downside risks to the global economy through soaring resource prices and other factors. As such, uncertainty in the outlook for economic conditions domestically and abroad is expected to persist.
Under these circumstances, the Group will remain vigilant with regard to business risks and changes in the business environment, such as the situation in Ukraine and the status of normalization of the pandemic in Japan and overseas. Other factors include the deterioration of the supply-demand environment due to various uncertainties, volatility in raw material and fuel prices and trade conditions abroad, exchange rates fluctuations, and supply chain disruptions. Tosoh will strive to secure earnings by responding quickly and flexibly as situations evolve.
As for fiscal year 2023, the deteriorating situation in Ukraine will greatly intensify the volatility of prices of major raw materials and fuels such as naphtha and coal, which will significantly impact trade conditions and the difference between inventory receipts and payments, as well as the rapid depreciation of the yen against other currencies.
Since there are many uncertainties at this time and it is difficult to present a reasonable earnings forecast, Tosoh will release its forecast as soon as it deems the situation has stabilized sufficiently.
May 14, 2022
Tosoh Results
Tosoh Reports Its Consolidated Results for Fiscal 2022
May 12, 2022 – Tokyo, Japan—Tosoh presents its full-year consolidated results for its 2022 fiscal year, from April 1, 2021, to March 31, 2022. The company’s consolidated net sales were ¥918.6 billion (US$8.2 billion), up ¥185.7 billion, or 25.3%, from fiscal 2021. The increase resulted from higher sales prices on the back of increased prices for raw materials and fuels such as naphtha, and of improved trade conditions overseas.
Operating income for fiscal 2022 was ¥144.0 billion (US$1.3 billion), an increase of ¥56.2 billion, or 64.0%. This increase was primarily due to improved international trade conditions as higher selling prices exceeded the impact of higher raw material and fuel prices. Ordinary income rose ¥65.4 billion, or 68.7%, to ¥160.5 billion (US$1.4 billion), while profit attributable to owners of the parent was up ¥44.6 billion, or 70.6%, to ¥107.9 billion (US$960.0 million).
During the period under review, the Japanese economy continued to recover from the lingering effects of the COVID-19 pandemic, driven by progress in vaccination and recovery in overseas demand. The situation remained unstable, though, as restrictions on social and economic activities were repeatedly imposed and eased as the number of infections oscillated. Concerning the global economy, while demand is on the road to recovery as restrictions on economic activities are being eased—particularly in developed countries—the outlook remains unclear, given the current downward pressures resulting from Russia’s invasion of Ukraine and the lockdown in Shanghai, China. Other economic slowdown factors such as the continued intermittent spread of COVID-19, surging resource prices, rising and prolonged inflation pressures, and disruptions in global supply chains are contributing to the uncertainty.
Results by business segment
Petrochemical Group
Petrochemical Group net sales rose ¥45.8 billion, or 34.9%, to ¥177.2 billion (US$1.6 billion), compared with fiscal 2021. The group’s operating income likewise increased, ¥8.0 billion, or 103.2%, to ¥15.7 billion (US$139.7 million). The increases were attributable to increased shipments of a broad range of products and to rising prices for raw materials and fuels such as naphtha which positively impacted the difference between product receipts and payments.
Shipments of propylene and cumene increased on the back of a recovery in demand and elevated production volumes. Moreover, higher prices for raw materials and fuels such as naphtha and improved conditions in markets overseas led to an increase in product prices.
Shipments of polyethylene resin increased both in Japan and exports as demand rebounded. In addition, polyethylene resin prices rose, reflecting higher naphtha prices and overseas market conditions. Shipment of chloroprene rubber increased in both domestic and export markets due to recovery in demand. And product prices rose, bolstered by firm overseas demand.
Chlor-alkali Group
The Chlor-alkali Group’s net sales rose ¥86.8 billion, or 31.6%, to ¥361.6 billion (US$3.2 billion), and operating income was up ¥28.0 billion yen, or 67.4%, to ¥69.5 billion (US$618.3 million) due to improved terms of trade for polyvinyl chloride (PVC) products and urethane raw materials.
Shipment of caustic soda decreased, mainly in exports, but product prices rose to reflect higher overseas market prices. Vinyl chloride monomer and vinyl chloride resin shipments both decreased as production volume declined, but vinyl chloride product prices rose, reflecting higher naphtha prices and improved terms of trade overseas.
Domestic and overseas shipments of cement remained strong.
Methylene diphenyl diisocyanate (MDI) increased both in Japan and overseas due to the steady operation of a production subsidiary in China, which had suspended operations in the previous fiscal year due to the spread of COVID-19, and a rebound in demand. In addition, product prices rose, reflecting improvement in overseas market conditions.
Specialty Group
Net sales by the Specialty Group increased ¥45.6 billion, or 25.3% to ¥226.2 billion (US$2.0 billion). Operating income was up ¥20.0 billion, or 85.0%, to ¥43.5 billion (US$387.0 million), primarily due to the recovery in demand driving an increase in sales volume.
Domestic and overseas ethyleneamines product shipments increased as demand recovered. And product prices increased due to improved overseas market conditions.
Separation-related products saw an increase in shipments of packing materials for liquid chromatography, to Europe, the United States, and China. Domestic in vitro diagnostic reagent shipments, as well as those to Europe, the United States, and Asia, rose on the back of the recovery in demand.
Shipments of high-silica zeolite increased both in Japan and overseas, primarily for automotive exhaust gas catalysts, as demand recovered. Increased demand also pushed export shipments of zirconia for dental applications upward. Silica glass shipments were up, buoyed by a strong semiconductor market. Shipments of electrolytic manganese dioxide for dry cell and rechargeable battery applications increased on the back of stronger demand.
Engineering Group
Engineering Group net sales increased ¥10.1 billion, or 9.5%, to ¥116.3 billion (US$1.0 billion). Operating income rose ¥0.3 billion yen, or 2.4%, to ¥12.3 billion (US$109.4 million).
The water treatment business saw increased sales attributable to steady progress in construction of large-scale projects in Japan and overseas, for which orders were received primarily in the electronics industry.
Sales in the Engineering Group’s construction subsidiaries increased.
Ancillary
Ancillary net sales decreased ¥2.5 billion, or 6.4% to ¥37.3 billion (US$331.9 million). Operating income likewise decreased ¥17 million, or 0.6%, to ¥3.1 billion (US$27.6 million).
Sales of other operating companies such as trading companies decreased.
Overview of Tosoh’s financial position for the period under review
Total assets increased ¥104.9 billion, to ¥1,087.7 billion yen (US$9.7 billion), primarily due to an increase in contract assets.
Because of an increase in notes and accounts payable, total liabilities rose ¥6.8 billion yen, to ¥327.9 billion yen (US$2.9 billion).
Net assets increased ¥98.0 billion, to ¥759.7 billion (US$6.8 billion). The increase owed itself to the recording of current net profit attributable to owners of the parent company.
Overview of Tosoh’s cash flow for the period under review
Cash and cash equivalents were up ¥12.4 billion, to ¥160.8 billion (US$1.4 billion).
Net cash provided by operating activities amounted to ¥108.6 billion (US$966.1 million), up ¥13.5 billion from a year earlier. This increase was due to an increase in income before income taxes.
Net cash used in investing activities was ¥43.5 billion (US$387.0 million), a decrease of ¥2.8 billion caused by decreased expenditures used in the acquisition of fixed assets.
As a result, free cash flow rose ¥16.3 billion, to ¥65.1 billion (US$579.2 million).
Net cash used in financing activities was ¥57.9 billion (US$515.1 million), an increase of ¥59.4 billion yen from a year earlier because of a net increase in short-term loans payable.
Outlook for the fiscal year ending March 31, 2023
Social and economic activities that have been constrained by the impact of COVID-19 are expected to begin normalizing in many of the world’s major regions, backed by progress in vaccination. However, Russia’s invasion of Ukraine and prolonged economic sanctions have amplified downside risks to the global economy through soaring resource prices and other factors. As such, uncertainty in the outlook for economic conditions domestically and abroad is expected to persist.
Under these circumstances, the Group will remain vigilant with regard to business risks and changes in the business environment, such as the situation in Ukraine and the status of normalization of the pandemic in Japan and overseas. Other factors include the deterioration of the supply-demand environment due to various uncertainties, volatility in raw material and fuel prices and trade conditions abroad, exchange rates fluctuations, and supply chain disruptions. Tosoh will strive to secure earnings by responding quickly and flexibly as situations evolve.
As for fiscal year 2023, the deteriorating situation in Ukraine will greatly intensify the volatility of prices of major raw materials and fuels such as naphtha and coal, which will significantly impact trade conditions and the difference between inventory receipts and payments, as well as the rapid depreciation of the yen against other currencies.
Since there are many uncertainties at this time and it is difficult to present a reasonable earnings forecast, Tosoh will release its forecast as soon as it deems the situation has stabilized sufficiently.
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