The Urethane Blog
September 6, 2022
- 05 September, 2022
- Anna Larionova
Evonik opens new Innovation Hub in Pennsylvania
MOSCOW (MRC) — Evonik, one of the world’s leading specialty chemicals companies, has opened a new Innovation Hub at its Allentown, Pa., site, said the company.
The Hub consists of several state-of-the-art testing and processing labs as well as a pilot plant. It also features a newly designed collaboration space to support a hybrid and creative work environment. The expansion will create 50 highly paid jobs for scientists, engineers, and lab technicians in the Lehigh Valley region around Allentown.
The Innovation Hub is part of a broader globalization strategy for Research, Development & Innovation (RD&I) at the Germany-based company. “We are strengthening regional RD&I hubs in Asia and North America to benefit from innovative ideas outside of Europe and be closer to our customers in those regions,” said Evonik Chief Financial Officer Ute Wolf at the Ribbon Cutting Ceremony for the Allentown Innovation Hub. “The new Hub will transform the Allentown site into our premier center for research, business, and innovation in North America.”
By 2030, Evonik aims to invest more than USD3 billion in Next Generation Solutions – products with superior sustainability benefits. Evonik will invest an additional USD700 million in Next Generation Technologies to optimize production processes and infrastructure and avoid CO2 emissions.
North America is an essential growth market for Evonik. The region contributed roughly a quarter (23%) to Evonik’s annual sales in 2021, making it the second-largest revenue source after Europe (EMEA). Evonik has invested several billion dollars in North America since 2017, when the company acquired the specialty additives business of Allentown-based industrial gas producer Air Products.
Evonik currently employs 300 people at the Allentown site, which is close to Philadelphia, New York City, and many premier research institutions.
Evonik’s new High Performance Polymers lab in Allentown allows the processing and testing of plastics for 3D printing, medical implants, or performance foams in airplanes or cars. Another lab enables the formulation and testing of additives for industrial coatings. Allentown’s best-in-class polyurethane spray foam testing and emission chamber helps Evonik customers meet environmental and emission standards.
The Innovation Hub also features a flexible collaboration space to support and enhance a hybrid work environment. The uniquely designed space offers open areas for employees to work onsite without needing individual offices. Employees have access to cutting-edge technology like digital whiteboards or tools for video conferencing.
The continued expansion of the Allentown site underscores Evonik’s commitment to the Lehigh Valley community, which goes beyond creating job opportunities. Evonik has recently donated $100,000 to support the Women in Science & Engineering (WISE) initiative of the Da Vinci Science Center, Allentown’s award-winning science museum. WISE was established as part of the Science Center’s broader commitment to supporting women and girls in STEM (Science, Technology, Engineering, and Math). The donation highlights Evonik’s ongoing support of education and diversity in STEM fields.
We remind, Evonik Coating Additives business expands production capacity in Taiwan. MOSCOW (MRC) — Business line Coating Additives of Evonik Industries AG (Essen, Germany) is expanding production capacity of ACEMATT precipitated matting agents at its Taiwan manufacturing facility. The significant capacity increase will help meet growing demand for matting agents in Asia, with the capacity expansion expected to be completed by the second half of 2023.
https://www.mrchub.com/news/403907-evonik-opens-new-innovation-hub-in-pennsylvania
September 6, 2022
- 05 September, 2022
- Anna Larionova
Evonik opens new Innovation Hub in Pennsylvania
MOSCOW (MRC) — Evonik, one of the world’s leading specialty chemicals companies, has opened a new Innovation Hub at its Allentown, Pa., site, said the company.
The Hub consists of several state-of-the-art testing and processing labs as well as a pilot plant. It also features a newly designed collaboration space to support a hybrid and creative work environment. The expansion will create 50 highly paid jobs for scientists, engineers, and lab technicians in the Lehigh Valley region around Allentown.
The Innovation Hub is part of a broader globalization strategy for Research, Development & Innovation (RD&I) at the Germany-based company. “We are strengthening regional RD&I hubs in Asia and North America to benefit from innovative ideas outside of Europe and be closer to our customers in those regions,” said Evonik Chief Financial Officer Ute Wolf at the Ribbon Cutting Ceremony for the Allentown Innovation Hub. “The new Hub will transform the Allentown site into our premier center for research, business, and innovation in North America.”
By 2030, Evonik aims to invest more than USD3 billion in Next Generation Solutions – products with superior sustainability benefits. Evonik will invest an additional USD700 million in Next Generation Technologies to optimize production processes and infrastructure and avoid CO2 emissions.
North America is an essential growth market for Evonik. The region contributed roughly a quarter (23%) to Evonik’s annual sales in 2021, making it the second-largest revenue source after Europe (EMEA). Evonik has invested several billion dollars in North America since 2017, when the company acquired the specialty additives business of Allentown-based industrial gas producer Air Products.
Evonik currently employs 300 people at the Allentown site, which is close to Philadelphia, New York City, and many premier research institutions.
Evonik’s new High Performance Polymers lab in Allentown allows the processing and testing of plastics for 3D printing, medical implants, or performance foams in airplanes or cars. Another lab enables the formulation and testing of additives for industrial coatings. Allentown’s best-in-class polyurethane spray foam testing and emission chamber helps Evonik customers meet environmental and emission standards.
The Innovation Hub also features a flexible collaboration space to support and enhance a hybrid work environment. The uniquely designed space offers open areas for employees to work onsite without needing individual offices. Employees have access to cutting-edge technology like digital whiteboards or tools for video conferencing.
The continued expansion of the Allentown site underscores Evonik’s commitment to the Lehigh Valley community, which goes beyond creating job opportunities. Evonik has recently donated $100,000 to support the Women in Science & Engineering (WISE) initiative of the Da Vinci Science Center, Allentown’s award-winning science museum. WISE was established as part of the Science Center’s broader commitment to supporting women and girls in STEM (Science, Technology, Engineering, and Math). The donation highlights Evonik’s ongoing support of education and diversity in STEM fields.
We remind, Evonik Coating Additives business expands production capacity in Taiwan. MOSCOW (MRC) — Business line Coating Additives of Evonik Industries AG (Essen, Germany) is expanding production capacity of ACEMATT precipitated matting agents at its Taiwan manufacturing facility. The significant capacity increase will help meet growing demand for matting agents in Asia, with the capacity expansion expected to be completed by the second half of 2023.
https://www.mrchub.com/news/403907-evonik-opens-new-innovation-hub-in-pennsylvania
September 6, 2022
Tecum stakes foam fabricator in Derry
By Patty Tascarella – Senior Reporter, Pittsburgh Business Times Sep 6, 2022
One of Pittsburgh’s biggest private equity firms has invested in a 39-year-old firm that fabricates custom foam products for multiple industries.
Tecum Capital of Wexford teamed with Valley Ridge Investment Partners to acquire the former Keystone Foam Corp., based in Derry. Tecum and Valley Ridge partnered with Centerfield Capital Partners and Petra Capital Partners. Financial terms were not disclosed but Tecum said its investment was in the middle of its target range of $8 million to $25 million.
The investors’ stake augments the Quinn family, Keystone’s founders and senior management team, in pursuing strategic growth opportunities.
Now known as Keystone Foam PA LLC, the company does not disclose sales. It employs 120 and is led by CEO Brian Quinn and COO Gerald “Jeep” Quinn, sons of the founder. The new money is growth capital for expansion to meet customer demand and to increase product offerings. Keystone’s customized foam solutions serve industry sectors including medical, packaging and furniture. It uses conventional polyurethane, polyethylene, viscoelastic foams, latex and other components
“The infusion of capital will allow us to continue our family’s focus of re-investment into our valued people, our equipment and facilities,” Jeep Quinn said in a prepared statement. “With our third generation of Quinn family members entering the business in leadership roles, the investment of capital creates a wonderful opportunity to build upon our heritage here in western Pennsylvania.”
There are opportunities for add-ons, Stephen Gurgovits Jr., Tecum managing partner, said.
“But for now, there is a nice organic growth opportunity,” he said.
The deal was the seventh platform investment out of Tecum’s $305 million SBIC fund and marked its second local deal. In February, Tecum led a syndicate of investors buying Automotive Systems Warehouse LLC, based in Hampton Township, in an eight-figure transaction.
But it also did transactions in the second half of 2021 from its prior fund, investing in JD Palatine LLC in Wexford and in DelGrosso Foods, near Altoona.
”We always prefer deals closer to home, but I believe our successful track record of working directly with family/founder owned businesses is a primary reason we get local opportunities,” Gurgovits said.
Tecum expects to finish its first full year of operations for the newest SBIC fund, its third, with close to $100 million invested. SBIC, short for Small Business Investment Company, means the U.S. Small Business Administration is matching the money raised up to the SBA’s cap of $175 million. Some 21 banks are investors in the fund.
“We are excited about the excellent start and pace of investment in Fund III so far,” Gurgovits said.
Tecum Capital Partners is Pittsburgh’s fourth-largest private equity firm according to capital under management, which is $750 million. The $28 million it invested in 2021 in local companies was the highest disclosed amount of any private equity or venture capital firm based in the 10-county Pittsburgh metro, according to The List published by the Business Times on April 22. Separate from the SBIC fund, Tecum is also doing deals with family offices.
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Tecum’s team for the Keystone deal consisted of Matt Harnett, Dave Bonvenuto, Paul Oris and Carter Henderson. Clearfield-based CNB Bank provided senior debt financing. McGuireWoods and Jones Day provided legal services to the investor group and CohnReznick LLP provided accounting, tax, and quality of earnings advice. Dinan Capital Advisors represented Keystone as its exclusive financial advisor and Williams Coulson provided legal counsel.
https://www.bizjournals.com/pittsburgh/news/2022/09/06/tecum-stakes-foam-firm-derry.html
September 6, 2022
Tecum stakes foam fabricator in Derry
By Patty Tascarella – Senior Reporter, Pittsburgh Business Times Sep 6, 2022
One of Pittsburgh’s biggest private equity firms has invested in a 39-year-old firm that fabricates custom foam products for multiple industries.
Tecum Capital of Wexford teamed with Valley Ridge Investment Partners to acquire the former Keystone Foam Corp., based in Derry. Tecum and Valley Ridge partnered with Centerfield Capital Partners and Petra Capital Partners. Financial terms were not disclosed but Tecum said its investment was in the middle of its target range of $8 million to $25 million.
The investors’ stake augments the Quinn family, Keystone’s founders and senior management team, in pursuing strategic growth opportunities.
Now known as Keystone Foam PA LLC, the company does not disclose sales. It employs 120 and is led by CEO Brian Quinn and COO Gerald “Jeep” Quinn, sons of the founder. The new money is growth capital for expansion to meet customer demand and to increase product offerings. Keystone’s customized foam solutions serve industry sectors including medical, packaging and furniture. It uses conventional polyurethane, polyethylene, viscoelastic foams, latex and other components
“The infusion of capital will allow us to continue our family’s focus of re-investment into our valued people, our equipment and facilities,” Jeep Quinn said in a prepared statement. “With our third generation of Quinn family members entering the business in leadership roles, the investment of capital creates a wonderful opportunity to build upon our heritage here in western Pennsylvania.”
There are opportunities for add-ons, Stephen Gurgovits Jr., Tecum managing partner, said.
“But for now, there is a nice organic growth opportunity,” he said.
The deal was the seventh platform investment out of Tecum’s $305 million SBIC fund and marked its second local deal. In February, Tecum led a syndicate of investors buying Automotive Systems Warehouse LLC, based in Hampton Township, in an eight-figure transaction.
But it also did transactions in the second half of 2021 from its prior fund, investing in JD Palatine LLC in Wexford and in DelGrosso Foods, near Altoona.
”We always prefer deals closer to home, but I believe our successful track record of working directly with family/founder owned businesses is a primary reason we get local opportunities,” Gurgovits said.
Tecum expects to finish its first full year of operations for the newest SBIC fund, its third, with close to $100 million invested. SBIC, short for Small Business Investment Company, means the U.S. Small Business Administration is matching the money raised up to the SBA’s cap of $175 million. Some 21 banks are investors in the fund.
“We are excited about the excellent start and pace of investment in Fund III so far,” Gurgovits said.
Tecum Capital Partners is Pittsburgh’s fourth-largest private equity firm according to capital under management, which is $750 million. The $28 million it invested in 2021 in local companies was the highest disclosed amount of any private equity or venture capital firm based in the 10-county Pittsburgh metro, according to The List published by the Business Times on April 22. Separate from the SBIC fund, Tecum is also doing deals with family offices.
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Tecum’s team for the Keystone deal consisted of Matt Harnett, Dave Bonvenuto, Paul Oris and Carter Henderson. Clearfield-based CNB Bank provided senior debt financing. McGuireWoods and Jones Day provided legal services to the investor group and CohnReznick LLP provided accounting, tax, and quality of earnings advice. Dinan Capital Advisors represented Keystone as its exclusive financial advisor and Williams Coulson provided legal counsel.
https://www.bizjournals.com/pittsburgh/news/2022/09/06/tecum-stakes-foam-firm-derry.html
September 6, 2022
“Sell My Car” Search Trends Explode 222% To All Time High In September
by Tyler DurdenTuesday, Sep 06, 2022 – 03:05 PM
It looks as though the spike in used car prices that we endured through 2021, and that continued as a result of the devastating inflation we have had so far in 2022, may finally be coming to an unceremonious end.
That’s because search trends for the terms “sell my car” have exploded higher leading into September 2022, a new study from findthebestcarprice.com found this week.
The site performed an analysis of Google search data and found that “searches for ‘sell my car’ exploded to over three times the average volume in September, an unprecedented increase in people searching for ‘sell my car’”,
The terms ‘how to sell my car’ and ‘sell car’ also spiked higher, by 145% and 104%, respectively.
Between August 25 and September 1, searches for ‘sell my car’ rose by 177%, the report said. They rose another 15% on September 4 after the the U.S. Labor Department announced that the unemployment rate has risen from 3.5% to 3.7%, the study says.
“The U.S. has already dealt with rising bills over the past few months due to inflation and the soaring costs of gas,” a spokesperson for the site said.
“Now, as experts such as Stephen Roach are predicting that a recession is looming, consumers are having to make cutbacks in order to save money. Google Trends data reveals that more households are looking to sell their car to bring in some extra income. We will likely see this trend continue if the cost of living remains high and the U.S. continues negative growth into the fall.”
The top 10 states with the most search data on selling cars were:
- Michigan
- Arizona
- California
- Nevada
- South Carolina
- Oklahoma
- Florida
- Ohio
- Texas
- Colorado
We noted just days ago that used car pricing had plunged to a one year low.
The latest Manheim Used Vehicle Value Index that tracks what dealers pay for used cars at auction is at a one-year low of 211.6. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1564602105201152003&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsell-my-car-search-trends-explode-222-all-time-high-september&sessionId=1adbc83d97c59092b029e0f3743cc6c48df8b2c0&siteScreenName=zerohedge&theme=light&widgetsVersion=1bfeb5c3714e8%3A1661975971032&width=550px
The index declined 3.6% from July in the first 15 days of August but is still up 8.8% from August 2021. The monthly slump was the most significant drop since April 2020.
Cox Automotive analysts said sliding wholesale used-vehicle values should continue through August. SUVs and pickups saw the most declines in value at auctions while minivans fell less — likely a function of thin supply, according to analysts. They said compact cars saw auction prices stable, noting it was likely due to more demand because elevated fuel costs have pushed consumers to more efficient vehicles.
A metric called “days of inventory” – how long it would take dealers to sell out of cars at the current sales rate if they couldn’t acquire new stock – was eight days higher than a year ago as the nationwide supply of used vehicles (as of Aug. 15) was improving.
Cox analysts noted consumers’ views of buying conditions for vehicles declined in August due to elevated prices and soaring rising interest rates. They said the only prior time consumers felt this pessimistic about purchasing a car was when auto loan interest rates were sky high in the early 1980s.
https://www.zerohedge.com/markets/sell-my-car-search-trends-explode-222-all-time-high-september
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