The Urethane Blog
September 15, 2022
EVERCHEM UPDATE: VOL. 01 – China zero-COVID and EU Gas Crisis
The Everchem Update is a new biweekly publication of under-reported polyurethane industry news – insider views and conversation about the polyurethane market.
September 15, 2022
Railroads And Unions Reach “Tentative Agreement” To Avert Rail Strike
by Tyler Durden
Thursday, Sep 15, 2022 – 06:31 AM
Update (0751ET):
WSJ noted the White House didn’t provide details of the tentative agreement between freight rail companies and unions.
The latest headlines show the tentative agreement goes back to unions for a vote:
- RAIL PARTIES AGREE TO COOLING OFF PERIOD AS PART OF DEAL, A STANDARD PART OF RATIFICATION PROCESS IN CASE VOTE FAILS IN ORDER TO AVERT ANY SHUTDOWN -SOURCE
- TENTATIVE U.S. RAIL DEAL GOES BACK TO UNIONS FOR A VOTE -SOURCE FAMILIAR WITH THE SITUATION
Some more good news is Amtrak “is working quickly to restore canceled long-distance trains” following the announcement of the tentative deal this morning, avoiding a rail strike Friday.
* * *
A rail stoppage that threatened to unleash widespread economic damage by snarling critical supply chains appears to have been averted after freight rail companies and union leaders reached a tentative agreement.
“Following 20 consecutive hours of negotiations at the Department of Labor, rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy,” according to a Labor Department statement Thursday morning.
It was a “hard-fought, mutually beneficial deal,” the statement said. “Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers, and families across the country.”
President Biden commented on the agreement between railroads and unions:
“The tentative agreement reached tonight is an important win for our economy and the American people.”
A White House statement said:
“These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned. The agreement is also a victory for railway companies who will be able to retain and recruit more workers for an industry that will continue to be part of the backbone of the American economy for decades to come.”
The breakthrough tentative agreement was announced one day before more than 100,000 rail workers were set to strike. Even though most rail unions already agreed on labor contracts, multiple unions holding out represented a large swath of rail workers. Such a disruption would’ve cost the US economy $2 billion per day, shuttering about 30% of domestic freight traffic and stoking inflationary pressures.
Railroad companies are moving higher premarket on the news.
Norfolk Southern is up 1.5%, with shares in Union Pacific surging nearly 5%. CSX is up about 2%.
https://www.zerohedge.com/markets/railroads-and-unions-reach-tentative-agreement-avert-rail-strike
September 15, 2022
Railroads And Unions Reach “Tentative Agreement” To Avert Rail Strike
by Tyler Durden
Thursday, Sep 15, 2022 – 06:31 AM
Update (0751ET):
WSJ noted the White House didn’t provide details of the tentative agreement between freight rail companies and unions.
The latest headlines show the tentative agreement goes back to unions for a vote:
- RAIL PARTIES AGREE TO COOLING OFF PERIOD AS PART OF DEAL, A STANDARD PART OF RATIFICATION PROCESS IN CASE VOTE FAILS IN ORDER TO AVERT ANY SHUTDOWN -SOURCE
- TENTATIVE U.S. RAIL DEAL GOES BACK TO UNIONS FOR A VOTE -SOURCE FAMILIAR WITH THE SITUATION
Some more good news is Amtrak “is working quickly to restore canceled long-distance trains” following the announcement of the tentative deal this morning, avoiding a rail strike Friday.
* * *
A rail stoppage that threatened to unleash widespread economic damage by snarling critical supply chains appears to have been averted after freight rail companies and union leaders reached a tentative agreement.
“Following 20 consecutive hours of negotiations at the Department of Labor, rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy,” according to a Labor Department statement Thursday morning.
It was a “hard-fought, mutually beneficial deal,” the statement said. “Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers, and families across the country.”
President Biden commented on the agreement between railroads and unions:
“The tentative agreement reached tonight is an important win for our economy and the American people.”
A White House statement said:
“These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned. The agreement is also a victory for railway companies who will be able to retain and recruit more workers for an industry that will continue to be part of the backbone of the American economy for decades to come.”
The breakthrough tentative agreement was announced one day before more than 100,000 rail workers were set to strike. Even though most rail unions already agreed on labor contracts, multiple unions holding out represented a large swath of rail workers. Such a disruption would’ve cost the US economy $2 billion per day, shuttering about 30% of domestic freight traffic and stoking inflationary pressures.
Railroad companies are moving higher premarket on the news.
Norfolk Southern is up 1.5%, with shares in Union Pacific surging nearly 5%. CSX is up about 2%.
https://www.zerohedge.com/markets/railroads-and-unions-reach-tentative-agreement-avert-rail-strike
September 13, 2022
Purple Innovation Announces Acquisition of Intellibed
Sep 01, 2022 (PRNewswire via COMTEX) — PR Newswire
LEHI, Utah, Sept. 1, 2022
‘The Power of Gel Grid Expands’
The innovation and marketing power of Purple meets the luxury offering of Intellibed to bring retailers and wholesalers higher margin business and increased revenues by offering a complete range of beds for every comfort profile at every price point. The deal will unite Purple Innovations’ IP under the Purple brand and solidify its leadership of the Gel Grid category it created, taking advantage of increased consumer interest in Gel Grid technology, the best real innovation in sleep technology since memory foam.
LEHI, Utah, Sept. 1, 2022 /PRNewswire/ — Today, Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), the world’s leader in Gel Grid technology mattresses, announced the acquisition of Intellibed, a leading sleep health and wellness company. The acquisition will naturally extend Purple’s premium mattress range into the luxury category and harness the true power of Gel Grid technology under one brand. In a recent study, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year.
“Intellibed is an excellent fit for Purple,” said Rob DeMartini, Chief Executive Officer of Purple. “Intellibed has licensed certain aspects of Purple’s gel technologies for many years; therefore, this acquisition allows us to consolidate our IP under one roof and truly capitalize on the increased consumer interest and demand for Gel Grid technology. Additionally, Intellibed’s premium market position allows Purple to accelerate its product development schedule by several years and immediately address the more luxury, higher-margin segment of the sleep and wellness industry. We are excited about the combined potential of our two highly talented teams.”
In a recent consumer study by Keybanc, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year. The study also showed that Gel Grid technology had the highest conversion potential amongst consumers who are increasingly moving away from coils. (KBCM Consumer Survey, July 2022).
Under the terms of the acquisition, Purple will fold the Intellibed family of brands into a luxury Purple product line, tapping Purple’s significant brand power and creating a product range from premium mattresses starting at the $1,399 price point, up to the luxury prices over $7,000 per mattress. This means a wider range of choice for consumers, greater market presence for the brand, and higher margins and more revenue for the trade. The acquisition solidifies Purple Innovations’ leadership of the Gel Grid category and accelerates the category’s already rapid growth.
Purple will retain Intellibed employees and integrate operations where it improves customer and consumer experience, drives efficiencies in manufacturing and distribution, enables growth, and captures the benefits of scale.
“Intellibed is joining forces with one of the most respected sleep innovators in the industry. This merger provides Intellibed with a great opportunity to reach a much broader consumer audience through Purple’s larger, more diversified wholesale distribution network and growing footprint of company-owned showrooms. Additionally, we look forward to benefitting from the marketing prowess that has made Purple the fastest-growing premium sleep brand. We’re so pleased to align with a company that shares our vision for delivering the health benefits that our proven better-sleep products provide” said Colin House, CEO of Intellibed.
Purple’s new luxury line is expected to debut early next year, with the brand supporting and amplifying Intellibed sales during the transition. About Purple
Purple is the creator of and world’s leader in Gel Grid technology, the most innovative advancement in mattresses since the introduction of memory foam. Purple’s marketing engine has made the company a household name in premium mattresses to help people feel and live better through innovative comfort solutions. We design and manufacture a variety of innovative, premium, branded better-sleep products, including mattresses, pillows, cushions, bed frames, sheets and more. Our products are the result of over 30 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer(R), underpins many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors’ products. We market and sell our products through our direct-to-consumer channels, Purple.com and Purple Showrooms, and through retail partners. For more information on Purple, visit purple.com .
September 13, 2022
Purple Innovation Announces Acquisition of Intellibed
Sep 01, 2022 (PRNewswire via COMTEX) — PR Newswire
LEHI, Utah, Sept. 1, 2022
‘The Power of Gel Grid Expands’
The innovation and marketing power of Purple meets the luxury offering of Intellibed to bring retailers and wholesalers higher margin business and increased revenues by offering a complete range of beds for every comfort profile at every price point. The deal will unite Purple Innovations’ IP under the Purple brand and solidify its leadership of the Gel Grid category it created, taking advantage of increased consumer interest in Gel Grid technology, the best real innovation in sleep technology since memory foam.
LEHI, Utah, Sept. 1, 2022 /PRNewswire/ — Today, Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), the world’s leader in Gel Grid technology mattresses, announced the acquisition of Intellibed, a leading sleep health and wellness company. The acquisition will naturally extend Purple’s premium mattress range into the luxury category and harness the true power of Gel Grid technology under one brand. In a recent study, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year.
“Intellibed is an excellent fit for Purple,” said Rob DeMartini, Chief Executive Officer of Purple. “Intellibed has licensed certain aspects of Purple’s gel technologies for many years; therefore, this acquisition allows us to consolidate our IP under one roof and truly capitalize on the increased consumer interest and demand for Gel Grid technology. Additionally, Intellibed’s premium market position allows Purple to accelerate its product development schedule by several years and immediately address the more luxury, higher-margin segment of the sleep and wellness industry. We are excited about the combined potential of our two highly talented teams.”
In a recent consumer study by Keybanc, Purple was the only publicly traded brand to see an increase in consumer interest year-over-year. The study also showed that Gel Grid technology had the highest conversion potential amongst consumers who are increasingly moving away from coils. (KBCM Consumer Survey, July 2022).
Under the terms of the acquisition, Purple will fold the Intellibed family of brands into a luxury Purple product line, tapping Purple’s significant brand power and creating a product range from premium mattresses starting at the $1,399 price point, up to the luxury prices over $7,000 per mattress. This means a wider range of choice for consumers, greater market presence for the brand, and higher margins and more revenue for the trade. The acquisition solidifies Purple Innovations’ leadership of the Gel Grid category and accelerates the category’s already rapid growth.
Purple will retain Intellibed employees and integrate operations where it improves customer and consumer experience, drives efficiencies in manufacturing and distribution, enables growth, and captures the benefits of scale.
“Intellibed is joining forces with one of the most respected sleep innovators in the industry. This merger provides Intellibed with a great opportunity to reach a much broader consumer audience through Purple’s larger, more diversified wholesale distribution network and growing footprint of company-owned showrooms. Additionally, we look forward to benefitting from the marketing prowess that has made Purple the fastest-growing premium sleep brand. We’re so pleased to align with a company that shares our vision for delivering the health benefits that our proven better-sleep products provide” said Colin House, CEO of Intellibed.
Purple’s new luxury line is expected to debut early next year, with the brand supporting and amplifying Intellibed sales during the transition. About Purple
Purple is the creator of and world’s leader in Gel Grid technology, the most innovative advancement in mattresses since the introduction of memory foam. Purple’s marketing engine has made the company a household name in premium mattresses to help people feel and live better through innovative comfort solutions. We design and manufacture a variety of innovative, premium, branded better-sleep products, including mattresses, pillows, cushions, bed frames, sheets and more. Our products are the result of over 30 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer(R), underpins many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors’ products. We market and sell our products through our direct-to-consumer channels, Purple.com and Purple Showrooms, and through retail partners. For more information on Purple, visit purple.com .
Everchem Updates Archive 
Sign Up for Email Updates