The Urethane Blog
April 18, 2023
On February 24, 2023, Huntsman held a ribbon-cutting ceremony.
“…It’s the best investment you could possibly make.” – Peter Huntsman
“We are excited to open our newest location in Costa Rica. We welcome talent, experience, and fresh ideas from employees at all stages of their careers, from interns to seasoned professionals. In return, we offer you the opportunity to become an integral part of a dynamic, industry-leading company, where safety and ethics always come first.”
“..Service-oriented jobs in accounting, human resources, purchasing, automation, continuous improvement, financial planning and analysis, treasury, credit and communications…” – Costa Rica site leader, Mauricio Gonzalez
April 16, 2023
Business deindustrialization
Covestro boss calls for master plan for Germany
As of: 12:59 a.m | Reading time: 2 minutes
Quelle: Getty Images
High energy prices are a burden for chemical companies. Covestro boss Markus Steilemann, who is also president of the chemical industry, sees the industry as being unduly burdened. He is worried about job cuts in the manufacturing industry.
Dhe boss of the chemical company Covestro, Markus Steilemann, warns of Germany’s economic decline. “De-industrialization has already started,” Steilemann told WELT AM SONNTAG in an interview.
Steilemann, who is also President of the industry association VCI, cited the high energy prices as the main reason. “We need a master plan for Germany, and we need it urgently,” he demands. As a possible measure, Steilemann named a cheaper electricity price for industry.
Germany is still a leader in many research fields such as biotechnology. “But we are in the process of losing this lead to the USA, Great Britain and China.” The main culprits are the high energy prices, but also a real “law tsunami” with which the government is really slowing down companies.
There is no way around the government’s planned conversion to a climate-neutral future. “But instead of setting the right incentives for a country that is poor in raw materials but hungry for energy, the federal government loses itself in regulation mania,” says Steilemann.
At the same time, the industry is being unduly burdened by electricity prices, which are very high by international standards. “This puts Germany’s business model, as one of the leading export nations, at risk. There are already first signs: I’m watching with concern how massive jobs are currently being cut in Germany – and not just in the manufacturing industry,” he said.
Despite the difficult outlook this year, the CEO ruled out redundancies for Covestro: “Since we have made long-term provisions, we don’t need any quick-fix measures. I have made it clear that we will rule out redundancies for operational reasons, and that’s how it’s going to stay.”
April 14, 2023
TotalEnergies’ Cray Valley Affiliate Sells Three Product Lines to Pacific Avenue Capital Partners
Published: April 11, 2023 at 6:00 a.m. ET
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines (Wingtack(R), PolyBD(R) and Dymalink(R)) developed by Cray Valley, its resin production and sales affiliate. The transaction includes four production sites in the United States, the Cray Valley Italy affiliate and the portfolio of customers.
The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses which will continue to be developed by TotalEnergies. Production of the Ricon(R), Krasol(R) and Cleartack(R) resins will continue at Carling (France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (US) and Kralupy (Czech Republic).
***
About Cray Valley
TotalEnergies’ Cray Valley affiliate is a global supplier of specialty chemical additives, hydrocarbon specialty chemicals, and liquid or solid tackifying resins used to make adhesives, rubbers, polymers, coatings and other materials. As a pioneer in the development of these advanced technologies, Cray Valley has already brought hundreds of performance-enhancing products to market for demanding applications in a range of sectors (energy, printing, packaging, construction, tires, electronics, etc.). Cray Valley’s European headquarters, at the Carling Saint-Avold platform, is home to its customer service, a research and development center, and production units. For more information, visit www.crayvalley.com.
For more information, visit www.crayvalley.com
April 14, 2023
Covestro AG: Preliminary results for the first quarter 2023
04/13/2023 | 12:48pm EDT
Covestro AG: Preliminary results for the first quarter 2023 13-Apr-2023 / 18:47 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. In the course of preparing Covestro’s group accounts for the first quarter 2023, preliminary financial figures deviate from capital market expectations, based on the average values of latest consensus estimates of financial analysts, published by Vara Research on April 13, 2023. Therefore, Covestro provides already today the following preliminary key financial data for the first quarter 2023: Preliminary sales amount to EUR 3,743 million. The consensus expects EUR 3,942 million. Preliminary EBITDA amounts to EUR 286 million. The previous guidance expected EBITDA to be between EUR 100 million and EUR 150 million. The consensus expects EUR 158 million. Preliminary net income amounts to around EUR -30 million. The consensus expects EUR -77 million. Preliminary free operating cash flow (FOCF) amounts to around EUR -140 million. The interim statement of the first quarter 2023 will be published on April 28, 2023. |
April 12, 2023
BASF Group releases preliminary figures for first quarter of 2023
- EBIT before special items, EBIT and net income in Q1 2023 considerably above respective average analyst estimates
- Sales in Q1 2023 considerably below analyst consensus
Ludwigshafen – April 12, 2023 – BASF has released preliminary figures for the first quarter of 2023. Sales declined by 13.4% in the first quarter of 2023 to €19,991 million (Q1 2022: €23,083 million). This was mainly driven by considerably lower volumes. Sales were considerably lower than average analyst estimates for the first quarter of 2023 (Vara: €21,819 million).
EBIT before special items of BASF Groupamounted to an expected €1,931 million in the first quarter of 2023, a decline of 31.5% compared with the prior-year quarter (Q1 2022: €2,818 million) but considerably above the analyst consensus for the first quarter of 2023 (Vara: €1,599 million). In particular, EBIT before special items in the Agricultural Solutions segment considerably exceeded average analyst estimates. Chemicals, Materials and Surface Technologies were also considerably above the respective average analyst estimates for EBIT before special items in the first quarter of 2023. In the Industrial Solutions and Nutrition & Care segments, EBIT before special items missed average analyst estimates slightly and considerably, respectively. In Other, EBIT before special items was weaker than expected by analysts on average.
The BASF Group’s EBIT amounted to an expected €1,867 million in the first quarter of 2023, considerably below the figure for the prior-year quarter (Q1 2022: €2,785 million) but considerably above the analyst consensus (Vara: €1,533 million).
Net income reached €1,562 million, considerably above the figure in the prior-year quarter (Q1 2022: €1,221 million) and considerably above average analyst estimates for the first quarter of 2023 (Vara: €1,081 million). In the prior-year quarter, impairments on the participation in Wintershall Dea had burdened net income of BASF Group.
Further information
The overview of analyst estimates, which is compiled monthly by Vara Research on behalf of BASF, can be found at: www.basf.com/analysts-estimates.
BASF will publish the Quarterly Statement Q1 2023 on Thursday, April 27, 2023, at 7:00 a.m. CEST and will comment on the figures at the conference call for analysts and investors (from 8:00 a.m. CEST).
https://www.basf.com/global/en/media/news-releases/2023/04/p-23-182.html
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