June 28, 2021

RPM Acquires Dudick, Fortifies Performance Coatings Group

Contributor Zacks Equity Research Zacks Published Jun 8, 2021 10:35AM EDT

RPM International Inc.’s RPM subsidiary — Carboline — has acquired Dudick Inc., a high-performance coating, flooring systems and tank linings provider. However, the terms of the transaction have been kept under wraps.

This buyout of Dudick will enable Carboline to fortify its position in the secondary containment linings market with a well-recognized product. This deal will also expand its footprint worldwide.

Dudick, with annual revenues of $10 million, makes high-performance linings and secondary containment coatings. It provides solutions for corrosion resistance and chemical containment systems across a wide range of applications comprising food processing, steel production, chemical processing, pulp and paper, electronics, power as well as biological research labs.

Frank C. Sullivan, RPM chairman and CEO said, “Dudick will be a natural fit in our Performance Coatings Group, bringing with them a strong reputation for high-quality products and excellent service built under the leadership of Tom Dudick.”

Acquisitions to Drive Growth

Acquisitions have been an important part of RPM’s growth strategy. The company increased cash usage for investment activities by $53.8 million to $217.9 million in third-quarter fiscal 2021 from $164.1 million in the prior-year period. This upside was largely attributable to the significant acquisitions made by RPM during the first nine months of fiscal 2021. Notably, the company completed two acquisitions in March, shifting its focus on driving the top line.

The company made three buyouts in fiscal 2020, five in fiscal 2019 and seven in fiscal 2018. Acquisitions added 1.1% to net sales in fiscal 2020 and 1.4% in fiscal 2019. For the first nine months of fiscal 2021, acquisitions contributed 1.6% to sales.

https://www.nasdaq.com/articles/rpm-acquires-dudick-fortifies-performance-coatings-group-2021-06-08

June 25, 2021

Chemical Grade Propylene Settles Up 4c/lb

June CGP is $0.725/lb

June 25, 2021

Chemical Grade Propylene Settles Up 4c/lb

June CGP is $0.725/lb

June 25, 2021

Urethane Forecast in the Middle East

Middle East’s petchems largely face oversupply, sluggish demand

Author: Felicia Loo

2021/06/25

SINGAPORE (ICIS)–Middle East’s petrochemicals are broadly facing a similar trend of ample supply and thin demand, and this is likely to persist through the summer season.

The markets are largely blighted by weak sentiment; this is primarily due to excess supply as well as a slowdown in demand in the summer months.

Sizzling red-hot temperatures are archetypal during summer in the Middle East, so there is reason for a summer lull and supply is expected to increase as production slowly normalizes after months of shortages due to tight feedstock availability.

In addition, there are hopes of a nuclear deal with Iran that is leading to expectations that Iran exports will increase in the coming months.

Middle East Group I base oils show ample cargo availability, with Group I Iran supply expected to increase in the coming weeks.

There are minimal known maintenance shutdowns so far among base oils producers located in the Middle East through the second half of the year.

There was some talk in the market of an Iranian producer due to undergo maintenance shutdown, but it could not be immediately confirmed.

Meanwhile, spot supply for Group I and Group II are improving, albeit slowly.

Concerning polymeric methylene diphenyl diisocyanate (PMDI) and toluene diisocyanate (TDI), demand in the Middle East is expected to remain tepid through the summer season.

A similar picture is painted when it comes to polyether polyols in the Middle East, where demand remains tepid amid vessel shortages and increasing freight costs from northeast Asia to the Middle East.