The Urethane Blog
April 23, 2026
Press release – Recticel Q1 2026 Trading Update – 22 April 2026 – 7:00 CET Page 1 of 2
TRADING UPDATE Q1 2026
Two Seasons In One Quarter
- Revenue in Q1 2026 is up 6.1% from EUR 158.4 million to EUR 168.1 million, entirely driven by
acquisitions - After a slow start, we saw a very strong organic volume and revenue acceleration in March
- Strategic investment initiatives on track
Stefaan Debusschere, Chief Executive Officer Recticel Group:
“The first quarter has been characterized by an exceptionally strong contrast between a slow, weather-
beaten start-up of the year in the first 6 weeks, and a very dynamic rebound from the end of February
onwards. Organic revenue was under pressure by historically low raw material costs and sales prices.
The dramatic cost increases of raw materials and energy costs in the wake of the geopolitical crisis in the
Middle East, which were translated into higher sales prices, have spurred customers to buy ahead,
especially in Insulation Boards. We expect prices in Insulated Panels and Insulation Boards, to be subject
to an exceptionally high increase in the second quarter, depending on the category. At the beginning of
April, we see healthy orderbooks and high run rates, pointing towards a clear acceleration of volume and
revenue growth in the quarter. We do, at this time, not experience shortages in key raw materials.
Our polyol recycling unit is starting up as we speak, and the construction of our Insulated Panels plant in
Tennessee (US) is on schedule for an early Q4 production start. Our operational excellence initiatives
both in operations and administration continue, and we increase the share of our higher margin sales in
downstream & high performance solutions.
We expect another year of growth, but given the uncertain geopolitical situation, Recticel Group, at this
stage does not provide a quantitative outlook for the year.”
https://files.webdisclosure.com/1403115/20260422_Q1_2026_Trading_Update_final.pdf
April 16, 2026
Stepan Company Announces Polyol Price Increase for North America effective May 15, 2026
Northfield, IL, April 15, 2026 – Effective May 15, 2026, or as contracts allow, Stepan will increase the price for
STEPANPOL ® Rigid Polyester Polyols used in the Americas by $0.06 per pound and TERATE® Rigid Polyester Polyols
used in the Americas by $.08 per pound. This increase is necessary due to the continued escalation in raw material
prices.
Please contact your Stepan Company sales representative to learn more about the price increase.
April 15, 2026
Cass data shows freight market tightened further in March
TL linehaul rate index up 15 straight months
· Tuesday, April 14, 2026
March data from Cass Information Systems showed freight shipment declines narrowed while rates continued to move higher.
Cass’ (NASDAQ: CASS) multimodal shipments index increased 3% sequentially in March (up 1% seasonally adjusted), building on a 10.4% increase in February (plus-4.3% seasonally adjusted). The index was down just 4.5% year over year in the recent month, the smallest y/y decline since June. On a two-year comparison, freight volumes tracked by Cass were off less than 10%.
| March 2026 | y/y | 2-year | m/m | m/m (SA) |
| Shipments | -4.5% | -9.5% | 3.0% | 1.0% |
| Expenditures | 4.2% | 2.1% | 4.9% | 2.4% |
| TL Linehaul Index | 1.8% | 3.4% | -0.5% | NM |
Table: Cass Information Systems (SA – seasonally adjusted)
The dataset has lagged other indicators, which are showing a more upbeat demand environment.
Cass data includes a significant mix of less-than-truckload transactions. Less-than-truckload demand is weighted to the industrial economy, which has been under pressure for the majority of the past three years. However, an LTL inflection may be nearing as the Purchasing Managers’ Index for manufacturing has signaled growth in the first three months of the year.
The Tuesday report said the shipments index is “starting to catch up with other indicators” as “tightness in dry van truckload (TL) conditions is starting to radiate to other markets.” The index is expected to be off 5% y/y in April, assuming normal seasonal patterns hold, moving into positive territory in the back half of the year (plus-1.5% is the current forecast).
Even with the volume headwind, Cass’ expenditures index, which measures total freight spend including fuel, increased 4.9% from February (up 2.4% seasonally adjusted). A 4.2% y/y increase during the month coupled with the 4.5% decline in volumes implies actual freight rates were roughly 9% higher in the month. However, changes in freight mix can alter the implied rate assumption.
The report said a recent survey of midsize and large fleets showed some tightening in driver availability as new non-domicile CDL rules took effect in the month.
“Driver availability is a key component of capacity in the market, and additional scarcity seems likely, supporting higher freight rates,” the report said.
Cass’ TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, increased 1.8% y/y in March, marking 15 consecutive y/y increases. A modest 0.5% step down from February was the first sequential decline in seven months. (The dataset includes for-hire spot and contract rates.)
Higher diesel fuel prices, which pushed some operators to the sidelines, offset incremental capacity availability as carrier networks recovered from severe winter storms, the report said.
“Considerable increases in contract rates are likely for the truckload market. After a four-year bottoming phase of the for-hire cycle, we believe we’ve moved to the early cycle phase where capacity becomes short and rates rise.”
Data used in the indexes comes from freight bills paid by Cass, a provider of payment management solutions. Cass processes $37 billion in freight payables annually on behalf of customers.
April 14, 2026
Dow Chair and CEO Jim Fitterling to Become Executive Chair; Karen S. Carter Appointed Chief Executive Officer
MIDLAND, Mich., April 14, 2026 /PRNewswire/ — Dow (NYSE: DOW) today announced that Jim Fitterling, Chair and Chief Executive Officer, will become Executive Chair of the Board, effective July 1, 2026. The Dow Board of Directors has appointed Karen S. Carter, currently Chief Operating Officer, as Chief Executive Officer, effective July 1, 2026. Carter will also join Dow’s Board of Directors at that time. Richard Davis will continue to serve as Dow’s Independent Lead Director.
Today’s announcement reflects the culmination of a multi-year, thoughtful succession planning process and supports continuity as Dow continues to advance its strategy as a world leading materials science company.
“On behalf of the Board, I want to thank Jim for his exceptional leadership and continued contributions to Dow,” said Davis. “Jim has led the company through a period of significant transformation while strengthening Dow’s strategy, culture and long-term positioning. We are equally pleased to congratulate Karen on her appointment as CEO. She is a disciplined, highly respected leader with a deep understanding of Dow’s businesses and customers. This appointment reflects our confidence in her ability to lead Dow forward into its next chapter of growth and value creation for customers, employees and shareholders.”
A Legacy of Transformation and Value Creation
During his tenure as CEO, Jim Fitterling has played a pivotal role in reshaping Dow into a more focused, resilient and innovation-driven enterprise, with an emphasis on higher-growth, consumer demand-led markets. Since becoming CEO in 2018 and Board Chair in 2020, he has guided Dow through its spin-out from DowDuPont, navigated the enterprise through macroeconomic and geopolitical challenges, and transformed Dow by advancing its sustainability ambitions and reinforcing a culture centered on safety, performance and inclusion.
“Serving as CEO of Dow has been the privilege of a lifetime,” said Fitterling. “Together with our employees and leadership team, we have transformed Dow into a stronger, more focused company with the right strategy, capabilities and culture for the future. I look forward to continuing to support Dow as Executive Chair and working closely with Karen to help ensure continuity and strong execution.”
In his new role, Fitterling will continue to chair the Board and focus on long-term strategy, governance, and key external relationships, while supporting continuity in leadership and execution.
A Proven Leader to Lead Dow Forward
Karen S. Carter brings more than three decades of experience at Dow, with deep operational expertise and a strong track record of delivering results across the enterprise. As Chief Operating Officer, she has overseen business and operational performance company-wide, with responsibility for Dow’s operating segments and key functional organizations, while strengthening customer engagement and accelerating innovation.
Previously, Carter served as President of Dow’s Packaging & Specialty Plastics, the company’s largest operating segment, where she led value growth through asset upgrades, capacity expansions and improved reliability, while advancing circular economy solutions in close partnership with customers and brand owners. She has also held senior leadership roles across business, commercial, and corporate functions, giving her a uniquely holistic perspective on Dow’s operations.
“I am deeply honored to assume the role of CEO and lead Dow into our next chapter,” said Carter. “Dow has extraordinary people, world-class assets and leading positions in the markets we serve. Our focus remains unwavering: delivering reliable and innovative solutions for our customers, and long-term value for our employees and our shareholders, while accelerating our transformation to set a new competitive standard for best-in-class performance. I look forward to continuing my partnership with Jim in his new role as Executive Chair, and to working with the Board and all of Team Dow to advance our strategy and deliver on our priorities.”
April 13, 2026
Somnigroup to buy Leggett & Platt in ~$2.5B all-stock deal
Apr 13, 2026, 6:40 AM ETSomnigroup International Inc. (SGI) Stock, LEG StockBy: Preeti Singh, SA News Editor
Somnigroup International (SGI) has agreed to acquire Leggett & Platt (LEG) in an all-stock transaction worth ~$2.5B, based on Somnigroup’s April 10 closing price.
Under the terms of the agreement, Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they own.
As a result, Leggett & Platt’s shareholders will own ~9% of the combined company on a fully diluted basis. The agreement has been unanimously approved by the boards of directors of both companies.
The transaction is currently anticipated to close by year-end 2026, subject to the satisfaction of customary closing conditions, including approval by Leggett & Platt’s shareholders and receipt of applicable regulatory approvals.
Upon closing, Leggett & Platt is expected to operate as a separate business unit within Somnigroup, similar to Tempur Sealy, Mattress Firm, and Dreams, and to maintain its offices in Carthage, Missouri.
Leggett & Platt’s chairman and CEO, Karl Glassman, will continue to lead Leggett & Platt following the closing date and will assist with a seamless transition to a new CEO of the Leggett & Platt business unit within twelve months of the closing date.
Somnigroup and Leggett & Platt have collaborated for nearly 50 years to drive innovation in the bedding market. After giving effect to the transaction, including elimination of intercompany sales, the combined company generated 2025 net sales of around $11.2B, ~$1.7B of adjusted EBITDA, and $1.1B of operating cash flow.
The combination is expected to be accretive to adjusted EPS before synergies in the first year post close and presents cost synergy opportunities with an expected net positive impact on adjusted EBITDA of $50M on a fully implemented annual run-rate basis.
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