The Urethane Blog
Everchem Updates
VOLUME XXI
September 14, 2023
Everchem’s exclusive Closers Only Club is reserved for only the highest caliber brass-baller salesmen in the chemical industry. Watch the hype video and be introduced to the top of the league: — read more
January 21, 2024
2023 Was The Worst Year On Record For Existing Home Sales
by Tyler Durden
Friday, Jan 19, 2024 – 10:35 AM
Existing Home Sales fell 1.0% MoM in December, worse than the +0.3% expected, leaving sales down
Source: Bloomberg
Total Existing Home Sales in December 2023 were 3.78mm – the lowest SAAR since 2010…
Source: Bloomberg
But, on an annual basis, this is the worst year on record (back to at least 1995)..
Source: Bloomberg
“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”
Existing Home Sales were flat in the Northeast, lower in the MidWest and the South, and up marginally in the West (driven by single-family-home sales as condo sales declined)…
Source: Bloomberg
Last month, the number of previously owned homes for sale dropped to 1 million, the lowest since March.
At the current sales pace, selling all the properties on the market would take 3.2 months.
Realtors see anything below five months of supply as indicative of a tight resale market.
That lack of inventory is helping to keep prices elevated.
The median selling price climbed 4.4% to $382,600 in December from a year ago, reflecting increases in all four regions. Prices hit a record of $389,800 in 2023.
Source: Bloomberg
But, with mortgage rates having tumbled (and given the lagged responses), are sales about to start rising again?
Source: Bloomberg
https://www.zerohedge.com/markets/2023-was-worst-year-record-existing-home-sales
January 19, 2024
BASF Group releases preliminary figures for full year 2023
- Sales and EBIT before special items below the ranges forecasted by BASF and slightly below the respective analyst consensus
- EBIT and net income considerably below the respective analyst consensus due to non-cash-effective impairments
- Cash flows from operating activities above prior year
Ludwigshafen – January 19, 2024 – Expected BASF Group sales for the full year 2023 of €68,902 million are below the range of €73 billion to €76 billion forecasted by BASF and below average analyst estimates for 2023 (Vara: €70,579 million). Sales in 2022 amounted to €87,327 million.
Expected income from operations (EBIT) before special items of €3,806 million in 2023 is below the range of €4.0 billion to €4.4 billion forecasted by BASF and below the level of average analyst estimates for 2023 (Vara: €3,934 million). EBIT before special items in 2022 amounted to €6,878 million. The decrease compared with the prior year is due to sales-related lower margins, which could not be offset by the achieved fixed cost reduction.
The average analyst estimates for EBIT before special items of the segments are slightly exceeded in 2023 by Industrial Solutions, Materials and Agricultural Solutions. In the Chemicals segment, EBIT before special items in 2023 falls considerably short of average analyst estimates, among other things due to unplanned plant shutdowns. In the Surface Technologies and Nutrition & Care segments, EBIT before special items in 2023 remains slightly below the respective analyst consensus. In Other, EBIT before special items in 2023 is slightly weaker than expected by analysts on average.
The BASF Group’s expected EBIT in 2023 amounts to €2,240 million; this is below analyst consensus for 2023 (Vara: €3,691 million) and below the figure for the prior year (2022: €6,548 million). This is primarily attributable to non-cash-effective impairments in the amount of €1.1 billion. These mainly relate to the Surface Technologies, Agricultural Solutions and Materials segments.
Net income of BASF Group is expected to amount to €225 million in 2023. This is an improvement of €852 million compared with the prior-year figure (2022: minus €627 million), which included non-cash-effective impairments on Russia-related assets of Wintershall Dea in the amount of €6.5 billion. Analyst consensus for net income in 2023 (Vara: €2,247 million) is, however, not achieved.
Cash flows from operating activities are expected to reach €8.1 billion in 2023 and are thus above the prior-year figure of €7,709 million. Free cash flow is expected to amount to €2.7 billion (2022: €3,333 million).
January 19, 2024
Huntsman Updates Fourth Quarter 2023 Outlook; To Discuss Fourth Quarter 2023 Results on February 22, 2024; Results to be Released After Market Close on February 21, 2024
Download as PDFJanuary 19, 2024 7:00am EST
THE WOODLANDS, Texas, Jan. 19, 2024 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) now expects fourth quarter 2023 adjusted EBITDA to be in the range of $40 million to $45 million compared to our original guidance range of $65 million to $90 million as communicated on October 31, 2023. The lower range compared to prior guidance is primarily due to continued pressure in our Polyurethanes segment, including lower equity earnings and the negative impact of an unplanned outage during the quarter at the Rotterdam, Netherlands facility, which has now been resolved. These are preliminary results and are subject to completion of the corporation’s annual audit process.
Huntsman Corporation will hold a conference call on Thursday, February 22, 2024, at 10:00 a.m. ET to discuss its fourth quarter 2023 financial results. Following some opening remarks, the call will move into a question and answer session.
The earnings press release, including financial statements and segment information, will be distributed after the market closes on Wednesday, February 21, 2024. The earnings slide presentation and prepared remarks will be available at www.huntsman.com/investors after the market closes on Wednesday, February 21, 2024.
Webcast link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=4YckWj4j
| Participant dial-in numbers: | |
| Domestic callers: | (877) 402-8037 |
| International callers: | (201) 378-4913 |
The conference call will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.
January 17, 2024
Euro bedding giant Aquinos to tag a million mattresses by 2027, starting next year
January 17, 2024
US materials science and digital identification company Avery Dennison is working with European mattress manufacturer Aquinos Group to tag bedding products from 2024 with radio frequency identification (RFID) technology so fewer go to waste, and the company plays an active role in the circular economy, according to a press statement. The project will make Aquinos the first company in its sector to comply with new European Union (EU) Digital Product Passport (DPP) rules.
Avery Dennison makes labeling materials, bonding solutions, and tagging solutions for industrial, medical, and retail applications. It has engaged RFID specialist TripleR on the project. Aquinos Group is one of Europe’s largest mattress manufacturers and operates 20 European factories. It sells products under the BEKA, Lattoflex, Schlaraffia, Sembella, Superba, and Swissflex mattress brands. It forecasts RFID tags will be used in one million of its mattresses by 2027, and “usher in a new era of transparency and circularity” for the firm.
Data from the RFID tags will connect to Avery Dennison’s atma.io platform via RFID readers as they are scanned, creating a digital twin of their whereabouts and history. Data will show information about the origins and materials used in the production of the mattresses. They will also be scanned at recycling centres so that “product dismantlers” can separate materials from the mattresses more efficiently for recycling, and reuse. Consumers will also be able to scan QR codes with smartphones to access product information before and after purchase.
The EU’s new DPP rules will deliver information about products’ environmental sustainability, accessible by scanning a data carrier. Data will include attributes such as the durability and reparability, the recycled content or the availability of spare parts of a product. The DPP scheme is due to come into force for mattresses in 2027. By then, it will have already shipped a million tagged units, it reckons. DPP rules for mattresses will be active sooner in certain European markets, such as Belgium (by 2025), where Aquinos is based.
Aquinos said it will be the “first producer to comply with the DPP scheme at a pan-EU scale”. Aquinos and TripleR are in alliance with the Belgian industry association Valumat as part of a collaboration that also includes product dismantlers.
Benjamin Marien, international commercial director for bedding at Aquinos, said: “DPP sets the next important step in circularity. By being the first in the industry to begin compliance, we want to lead by example to inspire the markets, our industry partners, and the bedding sector to advance environmentally responsible practices…. We will use the power of [our] brands to raise external awareness of the importance of DPPs… We are moving bedding sustainability beyond niche implementation to mainstream. This will be crucial to put an end to bedding materials going to waste.”
Michael Goller, senior director for atma.io at Avery Dennison, said: “We are proud to be working on this project with Aquinos and TripleR. Mattresses are complex and bulky products that require a highly sophisticated sorting and dismantling process. To date, it has proven difficult to do this in a cost-efficient manner – leading to millions of mattresses going to landfill each year. This is precisely why DPPs have been established and we are excited to push boundaries with our partners towards greater traceability, efficiency, and circularity.”
Stefaan Cognie, co-founder at TripleR, commented: “This project is an important milestone and sets a benchmark for how the DPP scheme will operate across Europe to enable sustainability and circularity. We have already developed a digital Identification standard in the bedding industry in Belgium and are engaging with extended producer responsibility (EPR) bodies and mattress associations in different European countries, as well as with the overarching European Mattress Association EBIA to bring DPP compliance to fruition.”
January 16, 2024
HOLCIM BUILDING ENVELOPE INTRODUCES ENVERGE SPRAY FOAM
PR Newswire
Tue, January 16, 2024 at 10:07 AM EST·3 min read
Gaco SprayFoam and SES Foam brands have merged under the new Enverge Spray Foam brand name and identity.
NASHVILLE, Tenn., Jan. 16, 2024 /PRNewswire/ — Today, Holcim Building Envelope announces the launch of Enverge®, an innovative, sustainability-focused spray foam insulation brand with a mission of changing the way the world insulates, creating more energy-efficient buildings and healthier living environments.
Enverge unites two market-leading spray foam brands, Gaco™ SprayFoam and SES™ Foam, bringing together over 40 years of experience in providing high-performance spray foam insulation, technical support, building science expertise, and training to the market.
“Enverge has the products, resources, people, expertise, and conviction to become the market leader in the spray foam industry,” says Charles Valentine, President of Enverge Spray Foam. “As the previous owner of the legacy SES Foam brand, it’s rewarding to see Holcim’s commitment to this vision under the Enverge brand. We believe that our customers’ success is our success, and we are committed to serving them with products they can trust, expert guidance they can rely on, and a partnership invested in their success.”
Foundational Beliefs
The new Enverge brand is built on three foundational beliefs:
- Spray foam is one of the best insulating materials due to its superior performance properties, not only because of its high thermal efficiency but also its ability to be a highly effective air, moisture, and vapor barrier. For this reason, Enverge is on a mission to change the way the world insulates, growing spray foam share within the residential and commercial insulation industries.
- The success of Enverge depends on our customers’ success. We lift them up through extraordinary support, collaboration, and training by sharing our knowledge and expertise.
- The Enverge team has top experts in R&D and building science, creating innovative, sustainable products and solutions for our partners.
“We are proud to continue the legacy of excellence of Gaco SprayFoam and SES Foam under the Enverge brand name,” said Jamie Gentoso, President, Holcim Building Envelope and Global Head, Holcim Solutions & Products. “Alongside the portfolio of Holcim Building Envelope brands, Enverge provides high-performance insulating solutions to support Holcim’s mission of building progress for people and the planet. Enverge is a critical piece of our portfolio, providing the construction community with the premier insulating material, tools, and training to build more energy-efficient buildings.”
For more information, please visit www.envergesprayfoam.com.
Note: Only the Gaco SprayFoam name will transition to Enverge Spray Foam. The Gaco portfolio of roof foam and coatings, decking, and waterproofing solutions will remain unchanged, and Gaco will continue to lead and expand in the commercial construction space.
About Holcim Building Envelope
Holcim Building Envelope delivers high-performance solutions that make the entire building envelope more sustainable for customers around the world. We are committed to raising the standards of building solutions by delivering superior quality and innovation while addressing industry needs. Our offerings cover a comprehensive range of residential and commercial roofing, wall and lining systems, insulation, and waterproofing solutions for a variety of industries from construction to marine and aerospace. Our powerful portfolio of brands includes Enverge, Gaco, GenFlex, Malarkey Roofing Products, Duro-Last, and Elevate, the new name for Firestone roofing, wall and lining systems. Visit HolcimBE.com to learn more.
About Holcim
Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure and improving living standards around the world. With sustainability at the core of its strategy, Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving circular construction as a world leader in recycling to build more with less.
https://finance.yahoo.com/news/holcim-building-envelope-introduces-enverge-150700582.html
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