The Urethane Blog

Everchem Updates

VOLUME XXI

September 14, 2023

Everchem’s Closers Only Club

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

Carlisle Cos. inks agreement for $1.6B California acquisition

Carlisle Cos. Inc. headquarters in east Phoenix, on the edge of Scottsdale.

In This Article

By Brandon Brown  –  Reporter, Phoenix Business Journal Jul 19, 2021, 6:30pm EDT

Global manufacturing firm Carlisle Cos. Inc. (NYSE: CSL) announced Monday that it has entered into an agreement to acquire a building envelope systems (BES) provider for $1.575 billion.

Carlisle will purchase El Segundo, California-based Henry Co. from private equity firm American Securities LLC. BES products help keep the weather on the outside of the building and the conditioned environment inside — everything from the roof and walls to underground waterproofing measures. Henry, which was founded more than 80 years ago, provides products that control the flow of water, vapor, air and energy in commercial and residential buildings.

Henry employs more than 600 people and has 15 manufacturing facilities across the U.S. and Canada. Carlisle said it will keep Henry’s current leadership in place after the acquisition is finalized.

Henry will now be part of Carlisle’s construction materials (CCM) portfolio of businesses. Carlisle already manufactures dozens of building envelope solutions products.

The deal is expected to close in the third quarter of 2021.

Headquartered in Phoenix along the western edge of Scottsdale since 2016 after relocating from Charlotte, North Carolina, Carlisle manufactures all sorts of products at 180 different sites across the globe. In 2020, the company generated $4.2 billion in revenue.

That transaction was done in cash and represented more than 10-times Henry’s adjusted EBITDA for the twelve-month period of June 1, 2020, to May 31, 2021.

The Henry acquisition plays a few roles in Carlisle’s larger goals, Chairman, President and CEO Chris Koch said in a statement. Carlisle wants to get achieve $8 billion in annual revenue and $15 of earnings per share by 2025. Carlisle plans on achieving that goal through a process of strategic and synergistic acquisitions.

Koch also said this acquisition helps with Carlisle’s ambitious environmental, social and governance – or ESG – goals.

“More than half of Henry’s revenue is derived from products that improve energy efficiency, elevating Carlisle’s existing ESG narrative,” Koch said in a statement. “By acquiring Henry and leveraging the Carlisle Experience across the business, I am confident that we will create significant value for all our stakeholders.”

Despite the global selloff that struck Wall Street due to concerns over the spread of Covid-19 variants amid worries about gaps in vaccination coverage, Carlisle shares were relatively unscathed Monday on the news of the acquisition, losing $2.25 or 1.1% to close at $191.33. The stock was trending slightly higher in early after-hours trading. Track the stock here.

https://www.bizjournals.com/phoenix/news/2021/07/19/carlisle-cos-makes-1-6b-acquisition.html

July 16, 2021

Purple Expands in GA

Georgia Governor Kemp Announces Purple Innovation — Creator of the Purple® Mattress — To More Than Double Company Workforce In Mcdonough, Ga., Creating 500 Jobs

July 9, 2021

ATLANTA — July 7, 2021 — Today, Governor Brian P. Kemp announced Purple Innovation Inc., a comfort technology company known for creating the Purple® Mattress, will expand its operations in McDonough, Ga., and create an additional 500 jobs across production, fulfillment, customer care, and other areas of the business. This comes on the heels of the company’s commitment last year to create more than 360 jobs in Henry County. Once the expansion is complete, the company will employ more than 800 Georgians.

“After recently being admitted to the Georgia Made program, it’s great to see this company already thriving and expanding here in Georgia,” said Governor Kemp. “I want to thank Purple for their commitment to creating an additional 500 jobs for hardworking Georgians and for making the Peach State a key player in their all-American success story.”

Purple’s mission is to help people feel better through innovative comfort products like mattresses, pillows, and seat cushions. Purple’s cushion products are designed, manufactured, and assembled in the United States, and the company is further expanding its manufacturing operations to meet consumer demand.

“Purple is thrilled to expand our footprint across the country to better serve our customers and create jobs in Henry County,” said Purple CEO Joe Megibow. “We know that Georgia is the right place to add these important roles as we build on the incredible foundation we’ve established with Governor Kemp and Henry County.”

The expansion of the company’s current facility will be utilized as a customer care center, slated to open in the spring of 2022. This will also allow Purple to expand production with additional Mattress Max™ Machines — Purple’s proprietary production machinery — and assembly equipment. New positions created will include customer care representatives, training and content specialists, and quality assurance analysts. Individuals interested in career opportunities with Purple can visit purple.com/careers for additional information.

“A year ago, we welcomed the news that Purple Innovation chose Henry County for its first production facility outside of its home state of Utah,” said Henry County Board of Commissioners Chair Carlotta Harrell. “We are honored that they have not only chosen to expand their manufacturing facility, but will add one of their other business units in the new customer care center to the Henry County campus.”

“We take a lot of pride when one of our established industries expands in Henry County,” said Chairman of the Henry County Development Authority Pierre Clements. “Purple Innovation doubling their manufacturing footprint and adding a customer care center to their Henry County campus proves that our efforts in leveraging our strong supply chain position to grow our advanced manufacturing and professional services sectors are working. We want to thank Purple for their continued investments with us.”

The Georgia Department of Economic Development (GDEcD) was represented in this competitive project by Senior Project Manager Amanda Fields in partnership with the Henry County Development Authority, the Metro Atlanta Chamber, Georgia Quick Start, and Georgia Power.

“Within a year of announcing their first location, it is exciting to share the news that Purple is expanding again,” said GDEcD Commissioner Pat Wilson. “This innovative, Georgia Made company will continue to impact lives across the country from right here in McDonough, and I know this is just the beginning of the success and good news we will hear from Purple. Many thanks to our economic development partners in Henry County for the support they provide to our manufacturing and distribution industries.”

Purple was recently admitted to the state’s premier Georgia Made program. The program was created in 2019 to celebrate the people and industries that manufacture a wide variety of products across the state. Companies accepted into the cost-free program join a roster of distinguished manufacturers that continue to shape Georgia jobs and the global supply chain.

Posted July 9, 2021

Source: Georgia Office of the Governor

www.textileworld.com/textile-world/2021/07/gov-kemp-announces-purple-innovation-creator-of-the-purple-mattress-to-more-than-double-company-workforce-in-mcdonough-georgia-creating-500-jobs/

July 16, 2021

Purple Expands in GA

Georgia Governor Kemp Announces Purple Innovation — Creator of the Purple® Mattress — To More Than Double Company Workforce In Mcdonough, Ga., Creating 500 Jobs

July 9, 2021

ATLANTA — July 7, 2021 — Today, Governor Brian P. Kemp announced Purple Innovation Inc., a comfort technology company known for creating the Purple® Mattress, will expand its operations in McDonough, Ga., and create an additional 500 jobs across production, fulfillment, customer care, and other areas of the business. This comes on the heels of the company’s commitment last year to create more than 360 jobs in Henry County. Once the expansion is complete, the company will employ more than 800 Georgians.

“After recently being admitted to the Georgia Made program, it’s great to see this company already thriving and expanding here in Georgia,” said Governor Kemp. “I want to thank Purple for their commitment to creating an additional 500 jobs for hardworking Georgians and for making the Peach State a key player in their all-American success story.”

Purple’s mission is to help people feel better through innovative comfort products like mattresses, pillows, and seat cushions. Purple’s cushion products are designed, manufactured, and assembled in the United States, and the company is further expanding its manufacturing operations to meet consumer demand.

“Purple is thrilled to expand our footprint across the country to better serve our customers and create jobs in Henry County,” said Purple CEO Joe Megibow. “We know that Georgia is the right place to add these important roles as we build on the incredible foundation we’ve established with Governor Kemp and Henry County.”

The expansion of the company’s current facility will be utilized as a customer care center, slated to open in the spring of 2022. This will also allow Purple to expand production with additional Mattress Max™ Machines — Purple’s proprietary production machinery — and assembly equipment. New positions created will include customer care representatives, training and content specialists, and quality assurance analysts. Individuals interested in career opportunities with Purple can visit purple.com/careers for additional information.

“A year ago, we welcomed the news that Purple Innovation chose Henry County for its first production facility outside of its home state of Utah,” said Henry County Board of Commissioners Chair Carlotta Harrell. “We are honored that they have not only chosen to expand their manufacturing facility, but will add one of their other business units in the new customer care center to the Henry County campus.”

“We take a lot of pride when one of our established industries expands in Henry County,” said Chairman of the Henry County Development Authority Pierre Clements. “Purple Innovation doubling their manufacturing footprint and adding a customer care center to their Henry County campus proves that our efforts in leveraging our strong supply chain position to grow our advanced manufacturing and professional services sectors are working. We want to thank Purple for their continued investments with us.”

The Georgia Department of Economic Development (GDEcD) was represented in this competitive project by Senior Project Manager Amanda Fields in partnership with the Henry County Development Authority, the Metro Atlanta Chamber, Georgia Quick Start, and Georgia Power.

“Within a year of announcing their first location, it is exciting to share the news that Purple is expanding again,” said GDEcD Commissioner Pat Wilson. “This innovative, Georgia Made company will continue to impact lives across the country from right here in McDonough, and I know this is just the beginning of the success and good news we will hear from Purple. Many thanks to our economic development partners in Henry County for the support they provide to our manufacturing and distribution industries.”

Purple was recently admitted to the state’s premier Georgia Made program. The program was created in 2019 to celebrate the people and industries that manufacture a wide variety of products across the state. Companies accepted into the cost-free program join a roster of distinguished manufacturers that continue to shape Georgia jobs and the global supply chain.

Posted July 9, 2021

Source: Georgia Office of the Governor

www.textileworld.com/textile-world/2021/07/gov-kemp-announces-purple-innovation-creator-of-the-purple-mattress-to-more-than-double-company-workforce-in-mcdonough-georgia-creating-500-jobs/

July 16, 2021

More Congestion

Union Pacific Halts Shipments From West Coast To Chicago To Ease “Significant Congestion”

by Tyler DurdenFriday, Jul 16, 2021 – 12:17 PM

Brace for even more shortages.

Union Pacific is temporarily suspending eastbound service from West Coast port terminals to its Global IV intermodal facility in Chicago to help ease “significant congestion” at inland terminals, especially Chicago, and at the ports, Freight Waves reports. The suspension is aimed at helping ocean carriers reduce backlogs.Union Pacific plans to temporarily suspend eastbound service from West Coast ports to its Global IV intermodal facility in Chicago. (Photo: Jim Allen/FreightWaves)

UP hopes this suspension, which will start on Sunday and last for about seven days, will not only help relieve port backlogs for Chicago-bound container traffic but also ultimately help address backlogs for containers destined to other markets. The suspension applies to UP-served terminals at the ports of Los Angeles, Long Beach and Oakland, California, and Tacoma, Washington. 

FreightWaves has been told that the suspension reportedly entails customers shipping IPI 20-foot or 40-foot equipment, not customers using domestic 53-foot equipment.

“This week we reached out to the ocean carriers to take more positive steps to improve fluidity and throughput in the Los Angeles Basin and our Global IV facility in Chicago. … We believe this change will allow the transportation supply chain to begin working off the backlog of Global IV-destined trains while freeing up railcar assets to support import loading needs on the West Coast,” UP said in an advisory provided to FreightWaves.

“We are working closely with the ocean carriers and collaborating wherever possible to improve the health of the supply chain.”

UP, along with other supply chain partners including Class I railroads, have been grappling with congestion at the West Coast ports as the economic recovery and robust e-commerce activity have kept U.S. import levels brisk. 

Container processing at Southern California port terminals has increased while UP’s rail shipments to and from the ports “are near record highs,” UP said.

FreightWaves SONAR shows that intermodal outbound tender rejections, or outbound intermodal tender transactions rejected in the last seven days, grew in June after dipping to lows in March through mid-May.

Some shippers have expressed concern anecdotally about how the supply chain will handle fall peak, especially amid reports that containers have been waiting to move to multiple destinations for weeks, if not months. The reasons given for the congestion at the ports have ranged from chassis and labor shortages to railcar shortages. As a result of complete supply-chain collapse, container shipping rates have soared to record highs, and this last week hit a new all time high.

UP said it recently held a symposium with ocean carriers in order to determine how to gate out boxes at inland terminals more quickly. From those efforts, UP has capped its storage fees at the Global IV facility for loaded units that are stacked and awaiting out-gate to help ocean carriers and drayage companies, and UP has opened its Global III facility as an interim import container storage location.

“We believe these positive steps will alleviate some of the considerable challenges supply chain participants are facing,” UP said, much to the imminent fury of Chicago residents.

https://www.zerohedge.com/markets/union-pacific-halts-shipments-west-coast-chicago-ease-significant-congestion-and-carrier

July 16, 2021

More Congestion

Union Pacific Halts Shipments From West Coast To Chicago To Ease “Significant Congestion”

by Tyler DurdenFriday, Jul 16, 2021 – 12:17 PM

Brace for even more shortages.

Union Pacific is temporarily suspending eastbound service from West Coast port terminals to its Global IV intermodal facility in Chicago to help ease “significant congestion” at inland terminals, especially Chicago, and at the ports, Freight Waves reports. The suspension is aimed at helping ocean carriers reduce backlogs.Union Pacific plans to temporarily suspend eastbound service from West Coast ports to its Global IV intermodal facility in Chicago. (Photo: Jim Allen/FreightWaves)

UP hopes this suspension, which will start on Sunday and last for about seven days, will not only help relieve port backlogs for Chicago-bound container traffic but also ultimately help address backlogs for containers destined to other markets. The suspension applies to UP-served terminals at the ports of Los Angeles, Long Beach and Oakland, California, and Tacoma, Washington. 

FreightWaves has been told that the suspension reportedly entails customers shipping IPI 20-foot or 40-foot equipment, not customers using domestic 53-foot equipment.

“This week we reached out to the ocean carriers to take more positive steps to improve fluidity and throughput in the Los Angeles Basin and our Global IV facility in Chicago. … We believe this change will allow the transportation supply chain to begin working off the backlog of Global IV-destined trains while freeing up railcar assets to support import loading needs on the West Coast,” UP said in an advisory provided to FreightWaves.

“We are working closely with the ocean carriers and collaborating wherever possible to improve the health of the supply chain.”

UP, along with other supply chain partners including Class I railroads, have been grappling with congestion at the West Coast ports as the economic recovery and robust e-commerce activity have kept U.S. import levels brisk. 

Container processing at Southern California port terminals has increased while UP’s rail shipments to and from the ports “are near record highs,” UP said.

FreightWaves SONAR shows that intermodal outbound tender rejections, or outbound intermodal tender transactions rejected in the last seven days, grew in June after dipping to lows in March through mid-May.

Some shippers have expressed concern anecdotally about how the supply chain will handle fall peak, especially amid reports that containers have been waiting to move to multiple destinations for weeks, if not months. The reasons given for the congestion at the ports have ranged from chassis and labor shortages to railcar shortages. As a result of complete supply-chain collapse, container shipping rates have soared to record highs, and this last week hit a new all time high.

UP said it recently held a symposium with ocean carriers in order to determine how to gate out boxes at inland terminals more quickly. From those efforts, UP has capped its storage fees at the Global IV facility for loaded units that are stacked and awaiting out-gate to help ocean carriers and drayage companies, and UP has opened its Global III facility as an interim import container storage location.

“We believe these positive steps will alleviate some of the considerable challenges supply chain participants are facing,” UP said, much to the imminent fury of Chicago residents.

https://www.zerohedge.com/markets/union-pacific-halts-shipments-west-coast-chicago-ease-significant-congestion-and-carrier