Epoxy
February 4, 2022
Driver Pay Increases
Driver pay hikes continue to roll in
Midwest Carriers, CFI latest to raise pay
Todd MaidenThursday, February 3, 2022 2 minutes read
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High demand and a lack of qualified drivers has pushed truckload carriers to raise pay substantially over the past year and a half. Wage increases have helped fleets maintain size through the pandemic, but few have been able to grow organically. Following a round of large pay increases in 2021, it appears the industry will continue to push pay rates higher to address a labor shortfall.
Two more fleets announced pay hikes this week.
Kaukauna, Wisconsin-based Midwest Carriers announced a 9% pay increase for over-the-road drivers. The pay bump takes average annual pay to a range of $86,395 to $92,250. Average annual pay for the top half of the company’s over-the-road drivers increased to $97,550.
“As a driver-focused trucking company, we know that taking care of our drivers is job number one,” said President Eric Van Handel. “This increase is our way of showing how much we value their hard work and dedication.”
The company also announced a 9% reduction in health insurance premiums for 2022.
Midwest Carriers operates a fleet of 166 trucks and 455 trailers, hauling temperature-controlled and dry freight.
TFI International (NYSE: TFII) affiliate CFI announced Wednesday it increased driver pay in its truckload and temperature-controlled units by two cents per mile. Drivers will also be eligible for incentive bonuses tied to safety, productivity and years of service.
The Joplin-Missouri-based company said it plans to take delivery of 770 new Kenworth tractors and 250 new trailers in 2022, moving its average tractor age to less than 2 years. It also plans to invest $3.75 million in additional fleet upgrades during the year to attract drivers to the company.
“We continue to invest in our people with modern, fuel-efficient equipment, including options and accessories most in demand by professional drivers supporting safe operations and driver comfort,” said CFI President Greg Orr.
CFI employs nearly 3,000 drivers for its fleet of more than 3,900 tractors and 10,000 trailers. The company also utilizes capacity from an owner-operator network of 700.
“We recognize our professional drivers as the ‘captain of their ship’ who pick up and deliver on time and safely, as promised to our customers,” Orr said. “As such, we are implementing driver pay increases that align pay across our services with an attractive compensation package.”
February 3, 2022
Propylene Inventory Update
Fuel Report: Prices Spike Higher
February 2, 2022
From the Energy Information Administration
U.S. propane/propylene stocks decreased by 4.3 million barrels last week to 49.8 million barrels as of January 28, 2022, 7.0 million barrels (12.4%) less than the five-year (2017-2021) average inventory levels for this same time of year. East Coast inventories decreased by 2.0 million barrels, Midwest inventories decreased by 1.9 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels.
February 3, 2022
Propylene Inventory Update
Fuel Report: Prices Spike Higher
February 2, 2022
From the Energy Information Administration
U.S. propane/propylene stocks decreased by 4.3 million barrels last week to 49.8 million barrels as of January 28, 2022, 7.0 million barrels (12.4%) less than the five-year (2017-2021) average inventory levels for this same time of year. East Coast inventories decreased by 2.0 million barrels, Midwest inventories decreased by 1.9 million barrels, and Gulf Coast and Rocky Mountain/West Coast inventories each decreased by 0.2 million barrels.
February 2, 2022
Westlake Completes Epoxy Purchase of Hexion
Westlake completes acquisition of Hexion epoxy business February 02/2022 MOSCOW (MRC) — Westlake Chemical Corporation has announced that it has completed the acquisition of Hexion Inc.’s global epoxy business for approximately USD1.2 billion in an all-cash transaction, as per the company’s press release.
Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components.
“With this transaction, Westlake will significantly expand its integrated business by adding a leading downstream portfolio of coatings and composite products,” said Westlake President and Chief Executive Officer Albert Chao. “Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Westlake Epoxy are very attractive and the business is expected to be a synergistic addition to Westlake’s existing businesses. We welcome the epoxy employees to the Westlake family and look forward to realizing the tremendous opportunities to grow the combined businesses.”
Westlake Epoxy is a global leading producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites. Westlake Epoxy serves numerous industries, including adhesives; aerospace; automotive; civil engineering and construction; composite and wind energy; electronics; electrical laminates; as well as marine and protective coatings.
As MRC reported before, in 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company’s range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film.
http://www.mrcplast.com/news-news_open-398970.html
February 2, 2022
Westlake Completes Epoxy Purchase of Hexion
Westlake completes acquisition of Hexion epoxy business February 02/2022 MOSCOW (MRC) — Westlake Chemical Corporation has announced that it has completed the acquisition of Hexion Inc.’s global epoxy business for approximately USD1.2 billion in an all-cash transaction, as per the company’s press release.
Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components.
“With this transaction, Westlake will significantly expand its integrated business by adding a leading downstream portfolio of coatings and composite products,” said Westlake President and Chief Executive Officer Albert Chao. “Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Westlake Epoxy are very attractive and the business is expected to be a synergistic addition to Westlake’s existing businesses. We welcome the epoxy employees to the Westlake family and look forward to realizing the tremendous opportunities to grow the combined businesses.”
Westlake Epoxy is a global leading producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites. Westlake Epoxy serves numerous industries, including adhesives; aerospace; automotive; civil engineering and construction; composite and wind energy; electronics; electrical laminates; as well as marine and protective coatings.
As MRC reported before, in 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Hexion Inc., formerly Momentive Specialty Chemicals Inc., is a chemical company based in Columbus, Ohio. It manufactures thermosetting resins and related technologies and specialty products. Hexion has two divisions: the epoxy, phenolic and coating resins division and the forest products division.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company’s range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film.
http://www.mrcplast.com/news-news_open-398970.html
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