The Urethane Blog
Everchem Updates
VOLUME XXI
September 14, 2023
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November 3, 2020
Huntsman Appoints Univar Solutions as Distributor of Polyurethane Additives Portfolio in the Americas
News provided by Univar Solutions Inc.
Nov 02, 2020, 16:30 ET
DOWNERS GROVE, Ill., Nov. 2, 2020 /PRNewswire/ — Univar Solutions Inc. (NYSE: UNVR) (“Univar Solutions” or “the Company”), a global chemical and ingredient distributor and provider of value-added services, announced today that it has been appointed distributor of Huntsman’s Performance Products division’s portfolio of polyurethane additives into the Americas polyurethane market. These specialty lines include the JEFFADD® Aldehyde Scavenger and JEFFCAT® Catalyst product brands, which are used extensively in the production of polyurethane foams, coatings, adhesives, elastomers and high-modulus castings for the automotive, refrigeration, furniture and bedding, as well as building and construction markets.
“We’re very excited to represent Huntsman’s portfolio of polyurethane additives throughout the Americas as our network, digital technology, technical expertise, and market knowledge is expected to help customers’ efforts with developing low emission polyurethane systems for better sustainability profiles,” said Nick Powell, President, Specialty Chemicals and Ingredients for Univar Solutions.
With a high-level focus on reducing aldehyde, fogging, odor and volatile organic compound emissions, Huntsman Performance Products’ specialized JEFFADD® Aldehyde Scavenger and JEFFCAT® Catalyst technologies help meet some of the most stringent emission specifications in the polyurethane industry. And Univar Solutions features polyurethane centers of excellence through a global network of solutions centers with resources dedicated to its new Industrial Solutions vertical market approach for the coatings, adhesives, sealants and elastomers segments.
David Ming, vice president of Huntsman’s Performance Products Americas business, said, “We are excited to build on our existing partnership with Univar Solutions Inc. which will bring a first class experience to our customers and help enable their success.”
November 2, 2020
Tosoh Reports Its Consolidated Results for Fiscal 2020
October 30, 2020 –
Tokyo, Japan—Tosoh Corporation is pleased to announce its consolidated results for the first half of fiscal 2021, from April 1, 2020, to September 30, 2020.
The company’s consolidated net sales amounted to ¥328.5 billion (US$3.1 billion), down ¥67.9 billion, or 17.1%, from the same period a year earlier. The decrease was attributable to a contraction in global demand caused by the spread of the coronavirus and to the resulting decline in overseas market conditions for naphtha and other products.
Operating income also decreased, ¥22.8 billion, or 56.3%, over the same period the preceding year, to ¥17.6 billion (US$164.6 million). Lower sales volumes, worsening trade conditions as declining sales prices exceeding the impact of lower raw material and fuel prices, and a deterioration in the difference between product receipt and payment contributed to the decrease in operating income.
Ordinary income was ¥18.0 billion (US$168.4 million), a decrease of ¥23.9 billion, or 57.1%, compared with the first half of fiscal 2020. Profit attributable to owners of the parent company totaled ¥11.7 billion ((US$109.4 million), a decrease of ¥15.1 billion, or 56.3%, over the same term the previous year.
During the period under review, the spread of the coronavirus brought about restrictions on economic and social activities and rapid declines in demand domestically and abroad. These conditions led to a rapid decline in both Japanese and global economies. As for the global economy, China, which resumed economic activity early, is experiencing an economic recovery. However, the number of infections continues to rise in Europe, the United States, and emerging countries. And the pace of recovery in demand varies by region, due to the different timing and extent of easing of restrictions on economic activity, as well as to regional economic measures. Given this, prolonged economic stagnation remains a concern.
Results by Business Segment
Chlor-alkali Group
The Chlor-alkali Group’s net sales decreased ¥28.4 billion, or 19.3%, to ¥119.0 billion (US$1.1 billion). Its operating income likewise fell, ¥10.3 billion, or 91.6%, to ¥0.9 billion (US$8.4 million), on account of the decline in sales prices exceeding the impact of lower raw material and fuel prices, as well as decreased shipments of urethane raw materials and polyvinyl chloride (PVC) resin.
An increase in production volume led to an increase in shipments of caustic soda, primarily for export. And product prices fell, reflecting the deterioration in overseas market conditions. Shipments of vinyl chloride monomer (VCM) rose in line with an increase in production volume, and worsening market conditions abroad and falling naphtha prices exerted downward pressure on product prices. The spread of coronavirus infection suppressed demand for PVC resin both domestically and overseas, leading to a decrease in shipments. And worsening market conditions abroad caused product prices to fall.
Domestic shipments of cement decreased due to sluggish demand.
Domestic and export shipments of methylene diphenyl diisocyanate (MDI) fell due to the impact of the coronavirus. Moreover, product prices fell, reflecting the decline in overseas markets. Shipments in Japan and abroad of hexamethylene diisocyanate (HDI) hardeners decreased as the spread of the coronavirus suppressed demand.
Specialty Group
Compared with the first half of the previous fiscal year, net sales by the Specialty Group decreased ¥7.5 billion, or 8.0%, to ¥86.7 billion (US$811.0 million). The group’s operating income also decreased, 26.5%, or ¥4.1 billion, to ¥11.3 billion (US$105.7 million). The decreases in net sales and operating income resulted from lower sales volume caused by the spread of the coronavirus.
The decline in demand brought about by the spread of the coronavirus led to a decrease in ethyleneamine domestic shipments.
Among the Specialty Group’s separation media-related products, shipments of packing materials for liquid chromatography, mostly to Europe and the United States, increased. Diagnostic-related product shipments, especially of in vitro diagnostic reagents bound for Europe, the United States, and China, fell due to sluggish demand attributable to the spread of the coronavirus.
Shipment of high-silica zeolites, mainly for automotive exhaust gas catalyst applications, decreased due to flagging demand caused by the coronavirus. Shipments of zirconia for decorative applications, however, increased. Shipments of quartz glass likewise increased, buoyed by a robust semiconductor market.
November 2, 2020
Tosoh Reports Its Consolidated Results for Fiscal 2020
October 30, 2020 –
Tokyo, Japan—Tosoh Corporation is pleased to announce its consolidated results for the first half of fiscal 2021, from April 1, 2020, to September 30, 2020.
The company’s consolidated net sales amounted to ¥328.5 billion (US$3.1 billion), down ¥67.9 billion, or 17.1%, from the same period a year earlier. The decrease was attributable to a contraction in global demand caused by the spread of the coronavirus and to the resulting decline in overseas market conditions for naphtha and other products.
Operating income also decreased, ¥22.8 billion, or 56.3%, over the same period the preceding year, to ¥17.6 billion (US$164.6 million). Lower sales volumes, worsening trade conditions as declining sales prices exceeding the impact of lower raw material and fuel prices, and a deterioration in the difference between product receipt and payment contributed to the decrease in operating income.
Ordinary income was ¥18.0 billion (US$168.4 million), a decrease of ¥23.9 billion, or 57.1%, compared with the first half of fiscal 2020. Profit attributable to owners of the parent company totaled ¥11.7 billion ((US$109.4 million), a decrease of ¥15.1 billion, or 56.3%, over the same term the previous year.
During the period under review, the spread of the coronavirus brought about restrictions on economic and social activities and rapid declines in demand domestically and abroad. These conditions led to a rapid decline in both Japanese and global economies. As for the global economy, China, which resumed economic activity early, is experiencing an economic recovery. However, the number of infections continues to rise in Europe, the United States, and emerging countries. And the pace of recovery in demand varies by region, due to the different timing and extent of easing of restrictions on economic activity, as well as to regional economic measures. Given this, prolonged economic stagnation remains a concern.
Results by Business Segment
Chlor-alkali Group
The Chlor-alkali Group’s net sales decreased ¥28.4 billion, or 19.3%, to ¥119.0 billion (US$1.1 billion). Its operating income likewise fell, ¥10.3 billion, or 91.6%, to ¥0.9 billion (US$8.4 million), on account of the decline in sales prices exceeding the impact of lower raw material and fuel prices, as well as decreased shipments of urethane raw materials and polyvinyl chloride (PVC) resin.
An increase in production volume led to an increase in shipments of caustic soda, primarily for export. And product prices fell, reflecting the deterioration in overseas market conditions. Shipments of vinyl chloride monomer (VCM) rose in line with an increase in production volume, and worsening market conditions abroad and falling naphtha prices exerted downward pressure on product prices. The spread of coronavirus infection suppressed demand for PVC resin both domestically and overseas, leading to a decrease in shipments. And worsening market conditions abroad caused product prices to fall.
Domestic shipments of cement decreased due to sluggish demand.
Domestic and export shipments of methylene diphenyl diisocyanate (MDI) fell due to the impact of the coronavirus. Moreover, product prices fell, reflecting the decline in overseas markets. Shipments in Japan and abroad of hexamethylene diisocyanate (HDI) hardeners decreased as the spread of the coronavirus suppressed demand.
Specialty Group
Compared with the first half of the previous fiscal year, net sales by the Specialty Group decreased ¥7.5 billion, or 8.0%, to ¥86.7 billion (US$811.0 million). The group’s operating income also decreased, 26.5%, or ¥4.1 billion, to ¥11.3 billion (US$105.7 million). The decreases in net sales and operating income resulted from lower sales volume caused by the spread of the coronavirus.
The decline in demand brought about by the spread of the coronavirus led to a decrease in ethyleneamine domestic shipments.
Among the Specialty Group’s separation media-related products, shipments of packing materials for liquid chromatography, mostly to Europe and the United States, increased. Diagnostic-related product shipments, especially of in vitro diagnostic reagents bound for Europe, the United States, and China, fell due to sluggish demand attributable to the spread of the coronavirus.
Shipment of high-silica zeolites, mainly for automotive exhaust gas catalyst applications, decreased due to flagging demand caused by the coronavirus. Shipments of zirconia for decorative applications, however, increased. Shipments of quartz glass likewise increased, buoyed by a robust semiconductor market.
October 30, 2020
Press Release of Recticel – 30 October 2020 Trading update 3rd quarter 2020
Solid recovery following the COVID-19 crisis in first half-year 2020 Net sales 3Q2020: from EUR 212.0 million in 3Q2019 to EUR 217.4 million (+2.5%), including a -0.5% currency effect Year-to-date September 2020 net sales: from EUR 665.8 million in 9M2019 to EUR 591.6 million (-11.1%), including a -0.2% currency effect Net financial debt: EUR 9.3 million (including EUR 52.9 million IFRS 16 lease obligations) Olivier Chapelle (CEO): “After a sales decline of 32.3% in the 2nd quarter of 2020 due to COVID-19, our top-line confirms its recovery with a 2.5% growth in the 3rd quarter versus 2019. The positive sales momentum developed month after month within the quarter, with July, August and September at respectively -4.0%, +3.2% and +8.1% versus 2019. Moreover, a strong net cash flow of more than EUR 30.0 million led to a further improved net cash position on our balance sheet. The strength of the recovery, coupled with severe production issues at our raw material suppliers – including several force majeure situations –, has created critical supply issues as from September, which our suppliers have used to increase raw material prices at an historically high speed. As in past instances, our commercial teams are committed to fully neutralize these raw material price increases with selling price increases. After the divestments of the 50% participation in the Eurofoam joint venture and of 51% of the Automotive Interiors division, the Group is adapting its organizational set-up and is actively working at the re-deployment of its resources to further develop its highest value added segments.”
OUTLOOK Subject to there being no further severe COVID-19 impacts, the dynamics of the recovery observed during the second and third quarter lead the Group to confirm the 2H2020 consolidated net sales and Adjusted EBITDA of its retained business to be at the level of 2H2019.
October 30, 2020
Press Release of Recticel – 30 October 2020 Trading update 3rd quarter 2020
Solid recovery following the COVID-19 crisis in first half-year 2020 Net sales 3Q2020: from EUR 212.0 million in 3Q2019 to EUR 217.4 million (+2.5%), including a -0.5% currency effect Year-to-date September 2020 net sales: from EUR 665.8 million in 9M2019 to EUR 591.6 million (-11.1%), including a -0.2% currency effect Net financial debt: EUR 9.3 million (including EUR 52.9 million IFRS 16 lease obligations) Olivier Chapelle (CEO): “After a sales decline of 32.3% in the 2nd quarter of 2020 due to COVID-19, our top-line confirms its recovery with a 2.5% growth in the 3rd quarter versus 2019. The positive sales momentum developed month after month within the quarter, with July, August and September at respectively -4.0%, +3.2% and +8.1% versus 2019. Moreover, a strong net cash flow of more than EUR 30.0 million led to a further improved net cash position on our balance sheet. The strength of the recovery, coupled with severe production issues at our raw material suppliers – including several force majeure situations –, has created critical supply issues as from September, which our suppliers have used to increase raw material prices at an historically high speed. As in past instances, our commercial teams are committed to fully neutralize these raw material price increases with selling price increases. After the divestments of the 50% participation in the Eurofoam joint venture and of 51% of the Automotive Interiors division, the Group is adapting its organizational set-up and is actively working at the re-deployment of its resources to further develop its highest value added segments.”
OUTLOOK Subject to there being no further severe COVID-19 impacts, the dynamics of the recovery observed during the second and third quarter lead the Group to confirm the 2H2020 consolidated net sales and Adjusted EBITDA of its retained business to be at the level of 2H2019.
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