The Urethane Blog
July 25, 2023
Serta Simmons Bedding Announces Leadership Transition
Industry Veteran Charlie Eitel Appointed Chief Executive Officer
Seasoned Marketing Leader Tim Oakhill Named Chief Marketing Officer
Established Private Equity Investor Mark Genender to be Named Executive Chairman of the Board of Directors and Former Stanley Black & Decker CEO James M. Loree Has Joined Board
July 25, 2023 08:30 AM Eastern Daylight Time
DORAVILLE, Ga.–(BUSINESS WIRE)–Serta Simmons Bedding, Inc. (SSB), a leading global sleep company, today announced that Charlie Eitel, current Board member and former Chairman and CEO of Simmons Bedding, has been appointed Chief Executive Officer (CEO) and Tim Oakhill, former Chief Marketing Officer (CMO) of Simmons Bedding, has been appointed CMO, both effective immediately. Eitel succeeds Shelley Huff and Oakhill succeeds Guy Longworth, who are both departing the company. In addition, SSB announced today that the Board intends to name Mark Genender as Executive Chairman of the Board, and that James M. Loree, the former President and CEO of Stanley Black & Decker, has been appointed to the Board.
“We have a clear vision of how to strengthen our market position. I look forward to working with the rest of the Board and leadership team at SSB to execute our strategy and deliver the innovative sleep products for which retailers and consumers have always trusted us.”Tweet this
“SSB has a strong foundation built on the company’s deep heritage in innovation and portfolio of leading brands,” said Genender. “To regain market leadership, our new Board believes we must build on that legacy by continuing to innovate and invest in our brands, enhancing retail partner relationships and providing industry leading quality and service. Charlie is an experienced industry leader with deep retailer and supplier relationships and an appreciation for the competitive environment, while Tim is a seasoned marketer with extensive experience building brands and driving product development in the bedding industry. The Board is confident that Charlie and Tim, in addition to the existing senior team, are the right leaders to position SSB for the future.”
“We thank Shelley for leading SSB through its restructuring and positioning the company for its next phase of growth. We wish her well in her future endeavors,” Genender added.
“It is a privilege to join Serta Simmons Bedding during this important moment at the company,” said Eitel. “We have a clear vision of how to strengthen our market position. I look forward to working with the rest of the Board and leadership team at SSB to execute our strategy and deliver the innovative sleep products for which retailers and consumers have always trusted us.”
Eitel and Oakhill join the company’s experienced leadership team including:
- John Linker, Chief Financial and Operations Officer;
- Dominick Azevedo, Chief Sales Officer;
- Kristen McGuffey, Chief Legal Officer;
- Esther Ni, Chief Human Resources Officer;
- Heather Decker, Chief Strategy Officer; and
- Brian Dengler, Chief Innovation Officer.
Loree brings extensive experience to the Board driving operational excellence and business transformation and will play an important role helping the company continue to evolve. In addition to Eitel, Genender and Loree, SSB’s Board is comprised of business leaders with relevant experience in manufacturing, consumer durables and retail, including Jim Fogarty (CEO, FULLBEAUTY Brands), Alan Shaw (Former President and CEO, North America, Electrolux) and Brandi Thomas (Group Vice President and Chief Audit Executive, General Electric).
About Charlie Eitel
Charlie Eitel previously served as CEO of Simmons Bedding from 2000 to 2008 during which time Simmons experienced unprecedented growth and established its position as a global sleep solutions pioneer. He also served as Vice Chairman of the Simmons Bedding Board from 2008 to 2010. More recently, Eitel served on the Boards of both Mattress Firm and City Mattress, a leading retail innovator. He also previously served as Chairman and CEO of WS Packaging Group. Eitel received a B.S. from Oklahoma State University.
About Tim Oakhill
Tim Oakhill previously held various marketing roles including Chief Marketing Officer at Simmons Bedding. In these roles, Oakhill drove significant growth of the product and brand platforms that built on the company’s legacy. More recently, he founded one of the industry’s first direct-to-consumer brands, Yogabed. He served as Worldwide Chief Marketing Strategist for IBM and as EVP at Mattress Firm. Oakhill received an M.B.A. from the University of Virginia, and a B.S. and B.A. from the University of South Carolina.
About Mark Genender
Mark Genender is currently a Managing Partner at Bristol Growth Capital, LLC, a growth and early-stage investor in the consumer/retail and media and technology sectors. Genender previously served in senior investment roles at Eldridge Industries and in the same role at the predecessor entity to Eldridge Industries, Guggenheim Partners. Prior to joining Guggenheim, Genender was a Partner and Portfolio Manager at Red Mountain Capital, co-founded Star Avenue Capital, a consumer growth equity vehicle, and served as a Managing Director/Partner at Fenway Partners. While at Fenway Partners, Genender served as a Director on the Simmons Bedding Board. Genender received his A.B. from Princeton University and received his M.B.A. from INSEAD.
About James M. Loree
James M. Loree is the former President and Chief Executive Officer of Stanley Black & Decker, Inc. Prior to serving as Stanley Black & Decker’s CEO, he served as its Chief Operating Officer. Before that, he served as Chief Financial Officer of The Stanley Works prior to its merger with Black & Decker. Earlier in his career, Loree served in various operating and fiscal management positions of increasing responsibility at General Electric Company. Loree holds a bachelor’s degree from Union College, where he serves as a trustee. Loree currently also serves on the Board of The Whirlpool Corporation where he has served since 2017.
About Serta Simmons Bedding
Serta Simmons Bedding (SSB) is one of the leading global sleep companies. With a 150-year heritage in delivering industry-leading sleep solutions and a mission to help people sleep better so they can live healthier lives, the company is headquartered in Doraville, GA, and owns top brands such as Serta®, which has five other independent licensees, Beautyrest®, Tuft & Needle® and Simmons®. For more information about SSB and its brands, visit www.sertasimmons.com.
July 23, 2023
Everchem Acquires Specialty Products International
Everchem, LLC, a successful and expanding North American specialty chemical supplier providing formulated solutions and raw materials for the urethane and epoxy markets, has acquired Specialty Products International (SPI).
SPI has an extensive product catalog in the urethane specialty additives market. The official announcement from Everchem, LLC was made on July 24 at 8AM EDST. The move to acquire Specialty Products International first started in September 2022 as both company principles – David Patten, CEO / CFO Everchem and Ed Galla, President of Specialty Products International – realized that SPI’s unique product line of solution-based catalyst and additive technologies aligned well with Everchem’s commercial strategies.
Ed Galla expressed: “Never did I realize when SPI started up 30 years ago, with our objectives of improving customers’ operations and helping customers capitalize on opportunities, that SPI would be as large and successful as it is today. Based on SPI’s positions in polyurethane additives and specialty chemicals, Everchem is a natural partner to continue and expand on the ‘SPI . . . Dedicated to our Customers’ tradition under the Everchem name. Everchem will be supplying the same products, technologies, and services that SPI’s customers have been accustomed to for decades.”
The Everchem strategy for growth continues to build momentum with our customer centric specialty chemical supplier model. “The acquisition of the SPI business is part of our larger goals bringing highly valued, solutions based chemical technology to the vast polyurethane markets,” as detailed by Del Felter, Vice President Market and Business Development. “The SPI additive technologies product line coupled with their unique applications expands the Everchem customer base and provides additional product placement opportunities for our existing customers.”
The deal was signed June 26 as both companies strive to make a seamless transfer of assets during the next 60 days. Details regarding the deal’s specifics were not provided to the media.
July 20, 2023
STOCKMEIER Urethanes Unveils Exciting Website Relaunch
STOCKMEIER Urethanes is thrilled to announce the highly anticipated relaunch of its website, demonstrating a significant milestone in delivering an enhanced user experience. The revamped website showcases the company’s commitment to being the most trusted polyurethane systems house and aims to provide visitors with a seamless, and intuitive journey through its innovative technologies, products and services. With a fresh design, improved navigation and optimized functionality, the new website offers a broad platform for users to explore.
With a more visually appealing and user-friendly format, the redesigned website allows visitors to easily access information and resources for company information and products. Users can effortlessly navigate through various webpages to explore diverse offerings and gain insights into the latest developments. The upgraded search functionality enables users to quickly find the information they need.
STOCKMEIER Urethanes is excited about the website relaunch and the opportunities it brings to engage with its global user base. As pioneers in the polyurethane industry, they remain dedicated to producing the highest quality products and outstanding commercial and technical service.
As Chairman of the Executive Committee – STOCKMEIER Urethanes Group, Christian Martinkat states, “I am thrilled to introduce our new website, which represents a significant milestone in our digital journey. With its sleek design and improved functionality, our website is a testament to our commitment to providing an exceptional online experience for our audience. Our team has worked tirelessly to bring this vision to life, and I couldn’t be prouder of their dedication!”
To experience the new website, please visit www.stockmeier-urethanes.com.
July 18, 2023
Adnoc Is Said to Increase Covestro Takeover Bid to €11 Billion
Aaron Kirchfeld, Dinesh Nair and Eyk Henning, Bloomberg News
Officials arrive for a tour of the ADNOC Ruwais refinery and petrochemical complex in Al Ruwais, United Arab Emirates. Photographer: Christophe Viseux/Bloomberg , Photographer: Christophe Viseux/Bloomberg
(Bloomberg) — Abu Dhabi National Oil Co. has increased its takeover offer for Covestro AG to about €11 billion ($12.4 billion) as it seeks to convince the German chemical producer to enter talks, people familiar with the matter said.
Adnoc’s latest proposal values Covestro at about €57 per share, up from its first informal bid of around €55, the people said, asking not to be identified because the information is private. The state-backed firm voiced confidence in Covestro’s strategy and management, according to the people.
Shares of Covestro jumped 5.6% in late Frankfurt trading to close at €50.30, the highest level since February 2022.
Last month, Leverkusen-based Covestro rejected Adnoc’s earlier proposal as too low, people familiar with the matter said at the time. Covestro also raised questions around Adnoc’s plans for its specialties operations.
Adnoc has tried to address Covestro’s concerns about its offer, including over how it would help the German company’s management develop the specialty chemical operations, according the people. If negotiations are entered, there could be scope for further increases in Adnoc’s bid.
Deliberations are ongoing, and it’s unclear how Covestro will respond to the latest proposal. Representatives for Adnoc and Covestro declined to comment.
Adnoc, which produces almost all the oil in the United Arab Emirates, plans to invest $150 billion to expand production capacity for crude, natural gas and chemicals.
It’s also in separate talks with Austria’s OMV AG about a potential merger of two petrochemical firms they back, Borouge Plc and Borealis AG.
July 15, 2023
Massive explosion at Dow chemical plant in Plaquemine near Baton Rouge
- Jul 14, 2023 Updated 15 hrs ago
PLAQUEMINE, La. — Emergency officials were on the scene of multiple explosions in Iberville Parish on Friday night.
Officials say the blast appears to be near the area of the Dow Chemical Plant.
No word yet on any injuries reported.
Iberville emergency preparedness sent out an alert (see below) advising residents to stay indoors and turn off their a/c units.
OFFICIAL STATEMENT:
THIS IS A MESSAGE FROM THE IBERVILLE PARISH OFFICE OF EMERGENCY PREPAREDNESS
OUR OFFICE WAS MADE AWARE OF AN INCIDENT AT DOW PLAQUEMINE (7/14). THE IBERVILLE PARISH COUNCIL OFFICE OF EMERGENCY PREPAREDNESS HAS ISSUED A HALF-MILE RADIUS SHELTER IN PLACE FOR RESIDENTS NEAR THE DOW CHEMICAL FACILITY IN PLAQUEMINE.
WE HAVE BEEN INFORMED BY DOW THAT ALL PERSONNEL HAS BEEN ACCOUNTED FOR. THE SHELTER-IN-PLACE HAS BEEN ISSUED OUT OF AN ABUNDANCE OF CAUTION UNTIL WE ARE CERTAIN THE PUBLIC IS NO LONGER IN DANGER.
DOW HAS ADVISED OUR OFFICE THEY ARE DOING AIR MONITORING AND ARE NOT PICKING UP ANY READINGS AT THIS TIME.
More links:
Fire, explosions at Dow Chemical in Plaquemine prompts shelter in place; all accounted for
- BY LARA NICHOLSON and DAVID J. MITCHELL| Staff writers
- Jul 14, 2023 Updated 6 hrs ago
1 of 2
File photo
Law enforcement officers block off the road about two miles from the entrance to the Dow Chemical complex near Plaquemine on Friday, July 14, 2023.
The massive Dow Chemical complex near Plaquemine caught fire late Friday night and experienced multiple explosions, forcing about 350 households nearby to shelter inside and for La. 1 to be shut down, state and local officials said.
West Baton Rouge Parish Sheriff’s Office spokesman Landon Groger said crews were still battling a fire on the premises as of 11 p.m. Friday, though no chemical leak had been detected from the Mississippi River facility.
The incident occurred in Dow’s Gylcol 2 Unit, which makes and handles the potent flammable and explosive chemical, ethylene oxide, parish officials said. It is a human carcinogen with years of exposure, federal authorities say.
But Clint Moore, Iberville homeland security director, said Dow officials have been conducting air monitoring throughout the incident and have not detected releases that would pose on offsite impact. Dow’s monitors are inside the complex and on its perimeter.
Moore said Dow is calling a third-party contractor to set up air monitors within the community as well as a precaution.
Greg Langley, spokesman for the state Department of Environmental Quality, said the agency was sending its own crews to conduct air monitoring as well.
“There is a fire. It is still burning, and La. 1 is shut down. That’s all have right now,” Langley said shortly after 10 p.m.
By 11:40 p.m., DEQ crews were close to starting their air monitoring, Langley said. He added that firefighters were still putting water on the blaze at that time.
He said that the prevailing winds then were blowing back into the plant and toward the river.
Shortly before 9:50 p.m. Friday, the Iberville Office of Emergency Preparedness advised residents to stay indoors and turn off air conditioning and ceiling fans due to the emergency at Dow.
The shelter-in-place order extends in a half-mile radius around the Dow plant, parish officials said in a Facebook post. Moore, the homeland security official, said the order is a precaution until officials are sure there isn’t a risk to the public.
Christian Reed, State Police Troop A spokesman, said La. 1 between Sid Richardson and Bayou Jacob roads has been closed.
Dow’s emergency operations center was managing the fire late Friday, company officials said on Facebook, and the company is working with local officials
“All people are accounted for,” the company added in the statement. A Dow spokeswoman didn’t immediately return an email for comment late Friday.
Videos circulating on social media show large fires at the chemical plant. Some show a large, fiery mushroom cloud bilowing from the Dow.
The fire comes about a year after a large leak of dangerous chlorine at Dow’s neighbor, Olin Chemical, which is inside the 1,500-acre complex north of Plaquemine.
DEQ and parish officials said later that the extent of the leak, which sent of huge plume of gas into the sky in April 2022, appeared to be underreported by Olin and Dow.
Can’t see the video below? Click here.
That leak sent 39 people to area hospitals with mostly mild symptoms, and DEQ inspectors later raised questions about the efficacy of the placement of Dow air monitors in the community near the plant and on its perimeter in relation to prevailing winds at the time and the gas plume.
The fire on Friday isn’t the first time the Glycol 2 Unit at Dow has encountered significant problems. In November 2019, a tank in the unit ruptured on a Sunday morning after a large power outage, sending a white steam cloud into the air and causing a large shock wave that rensonated in homes as far away as Zachary across the river.
The unit makes ethylene oxide, a sterilizing agent that is also used in anti-freeze and many other applications, but that federal authorities have said is far more dangerous to human health than previously understood.
The unit also makes derivative chemicals and had been expanding last year to add a new production line to make polyethylene glycol, state permit records say.
Ethylene oxide is a human carcinogen due to years of exposure but, in acute short-term exposure, it can cause headaches, dizziness, nausea, fatigue, respiratory problems and even vomiting, the U.S. Environmental Protection Agency says.
At 9:53 p.m. Friday, officials with DEQ hadn’t been notified about any incident at Dow Chemical but were investigating. DEQ officials had a report of the incident minutes later.
By then, though, parish officials had already notified the public near the facility.
The Dow site straddles Iberville and West Baton Rouge parishes. Located along a bend in the Mississippi River, Dow is one of Louisiana’s largest petrochemical facilities, with more than 3,000 company and contract employees and 12 production units.
Everchem Updates Archive 
Sign Up for Email Updates