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
March 29, 2021
Sadara agrees with lenders to reprofile its debt
Ajel News 3 hrs ago 
Sadara Chemical Company (Sadara) has signed an agreement with agency creditors and commercial lenders to restructure Sadara’s debt. The restructured debt repayment has been better aligned to match Sadara’s expected future cash flow generation. This agreement became effective March 25, 2021.
Key provisions of the agreement include a debt maturity extension from 2029 to 2038; a principal grace period through 2026, and new guarantees issued by the Sadara’s sponsors; Saudi Arabian Oil Company’s (Saudi Aramco); and The Dow Chemical Company’s (Dow).
Global manufacturing cost curve
Following the successful reprofiling, Sadara will also benefit from longer-term structural operating and feedstock improvements; further enhancing its cracker’s flexibility and improving Sadara’s position on the global manufacturing cost curve.
Sadara has also received the agreement of its shareholders — Saudi Aramco and Dow — to start the transition of the marketing rights of Sadara’s finished products to levels more consistent with each partner’s equity ownership.
This transition is part of the partnership’s original plan and will gradually increase over the next five years.
The acceleration of the marketing rights of Saudi Aramco will be taken over by the Saudi Basic Industries Corporation (SABIC). All parties agreed on this and these rights will relate to several specific products; which include a range of polyethylene, chemicals and polyurethane.
“Sadara’s debt reprofiling is an essential move that positions us well for the long term in both local and global markets.
“The company marked many milestones and achievements in various areas as a world-class organization since it reached full operations, reflecting our continuous commitment to our shareholders and stakeholders,” said Dr. Faisal Al-Faqeer, Sadara’s chief executive officer.
He added: “The transition of our marketing rights to these global industry leaders is part of the shareholders’ actions to improve Sadara’s operating results, as the marketers will leverage their marketing and sales expertise to ensure that Sadara’s world-class assets, technologies and products reach their full potential.
“This will further benefit our shareholders and lenders as well as current customers.”
Sadara’s Chief Financial Officer Alejandro Farre noted, “This transaction is yet another critical milestone for Sadara and a demonstration of the strong support from shareholders and lenders to provide the company with the long-term sustainable capital structure to enable its continued success.”
https://www.msn.com/en-ae/money/news/sadara-agrees-with-lenders-to-reprofile-its-debt/ar-BB1f56Ee
Sadara markets in the Middle East today, and Dow in the rest of the world. Sadara will no longer market products, but they will be sold by Sabic. Aramco (Sabic parent) owns 65% of the JV and Dow owns 35% of the JV. This is the amount of volume that will be marketed by each of the two companies in the future, starting this summer.
March 29, 2021
Sadara agrees with lenders to reprofile its debt
Ajel News 3 hrs ago
Sadara Chemical Company (Sadara) has signed an agreement with agency creditors and commercial lenders to restructure Sadara’s debt. The restructured debt repayment has been better aligned to match Sadara’s expected future cash flow generation. This agreement became effective March 25, 2021.
Key provisions of the agreement include a debt maturity extension from 2029 to 2038; a principal grace period through 2026, and new guarantees issued by the Sadara’s sponsors; Saudi Arabian Oil Company’s (Saudi Aramco); and The Dow Chemical Company’s (Dow).
Global manufacturing cost curve
Following the successful reprofiling, Sadara will also benefit from longer-term structural operating and feedstock improvements; further enhancing its cracker’s flexibility and improving Sadara’s position on the global manufacturing cost curve.
Sadara has also received the agreement of its shareholders — Saudi Aramco and Dow — to start the transition of the marketing rights of Sadara’s finished products to levels more consistent with each partner’s equity ownership.
This transition is part of the partnership’s original plan and will gradually increase over the next five years.
The acceleration of the marketing rights of Saudi Aramco will be taken over by the Saudi Basic Industries Corporation (SABIC). All parties agreed on this and these rights will relate to several specific products; which include a range of polyethylene, chemicals and polyurethane.
“Sadara’s debt reprofiling is an essential move that positions us well for the long term in both local and global markets.
“The company marked many milestones and achievements in various areas as a world-class organization since it reached full operations, reflecting our continuous commitment to our shareholders and stakeholders,” said Dr. Faisal Al-Faqeer, Sadara’s chief executive officer.
He added: “The transition of our marketing rights to these global industry leaders is part of the shareholders’ actions to improve Sadara’s operating results, as the marketers will leverage their marketing and sales expertise to ensure that Sadara’s world-class assets, technologies and products reach their full potential.
“This will further benefit our shareholders and lenders as well as current customers.”
Sadara’s Chief Financial Officer Alejandro Farre noted, “This transaction is yet another critical milestone for Sadara and a demonstration of the strong support from shareholders and lenders to provide the company with the long-term sustainable capital structure to enable its continued success.”
https://www.msn.com/en-ae/money/news/sadara-agrees-with-lenders-to-reprofile-its-debt/ar-BB1f56Ee
Sadara markets in the Middle East today, and Dow in the rest of the world. Sadara will no longer market products, but they will be sold by Sabic. Aramco (Sabic parent) owns 65% of the JV and Dow owns 35% of the JV. This is the amount of volume that will be marketed by each of the two companies in the future, starting this summer.
March 29, 2021
Trade News | March 18, 2021
BASF to increase prices for thermoplastic polyurethane systems in North America
WYANDOTTE, MI, March 18, 2021 – BASF will increase prices for all thermoplastic
polyurethane (TPU) products in North America by $0.22/lb for orders shipping on or after April 1, 2021, or as contracts allow.
March 29, 2021
Trade News | March 18, 2021
BASF to increase prices for thermoplastic polyurethane systems in North America
WYANDOTTE, MI, March 18, 2021 – BASF will increase prices for all thermoplastic
polyurethane (TPU) products in North America by $0.22/lb for orders shipping on or after April 1, 2021, or as contracts allow.
March 28, 2021
It is sad to report the passing of Vincent A. Panetta, one of the original founders of Everchem. Jimmy, as he was known, worked for about ten years with the other two founders, Bob Daniele and David Patten at ARCO Chemical.
Jim was a serial entrepreneur with experiences owning a deli, a restaurant, multiple health clubs, was a stockbroker, and even sold imported vacuum cleaners at local home shows. Think infomercials! I’m sure that’s only half of what he did. Early in his career, he had worked for Atlantic Richfield as a gas station sales rep, working out deals for ARCO franchisees in the Philadelphia area . Eventually, he came back to ARCO Chemical as a chemical sales representative.
Dave joined ARCO Chemical in 1987 as a sales trainee, and Bob joined when ARCO Chemical acquired Union Carbide’s polyol business in 1990 or so. It is tough to say because the FTC created an interim company called the ARCO Chemical West Virginia (ACWV) Company while they decided which assets could stay and which had to be spun off.
At any rate, Jim left ARCO Chemical during a restructuring (ARCO stood for Another Reorginization COming) in the mid 1990s. His last position had been selling side products from the polystyrene business to the secondary market. Things like floor sweeps, or other forms of off-spec polystyrene. We called him the Duke of Dylene, which was the trade name for the ARCO Chemical version of polystyrene. This business was eventually sold to Nova Chemical.
When Jim left ARCO Chemical, he used his knowledge to create his own company, Evercrest, focused on distressed products in both polystyrene and chemicals–products like glycol or glycol ether bottoms. Jim was always trying to get the best out of everyone, and his ultimate vision was scaling Mount Everest. That was how he came up with Evercrest, and he had also protected the name Everchem. He brought in his two sons, Robert and Jamie, and later his daughter Jen, to help with Evercrest.
Jim’s business did well and when Bob and Dave decided to form a urethane distributorship in 2002, Jim invested and helped establish credit lines for the fledgling company. He owned the name Everchem which seemed as good as anything and was chosen. He and his sons gave advice and room and board, to some extent. The first Everchem offices were down the hall from Evercrest in a small strip center in Broomall, PA. Maureen Moke, who worked for Evercrest, was reassigned to Everchem as our first employee. Those offices were $400/month and we had to cover our desks with a plastic tarp when we thought it might rain because the ceiling tiles would get saturated and fall on our computer stations. The first desks were small filing cabinets as a base and cheap kitchen countertops from Home Depot used as the desktop. The computer network was hard wired and taped to the floor so no one would trip. We made it a point to meet visitors at a local restaurant.
Eventually, Jim passed along his plastics business to his sons and after Everchem was firmly established, sold his shares. He continued to be an advisor and friend and until recently he would regularly stop by the Everchem offices for an afternoon espresso and dialogue.
This is just Jim’s business side of life. His gregarious personality and positive outlook inspired so many more people than I could list here. Rest in Peace, my friend Jimmy Panetta!
2004 Philly Half Marathon Finish
Everchem Updates Archive 
Sign Up for Email Updates