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Everchem Updates
VOLUME XXI
September 14, 2023
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March 27, 2020
NACD Welcomes Three-Month CFATS Extension, but Urges Long-Term Reauthorization
Today, National Association of Chemical Distributors (NACD) President and CEO Eric R. Byer issued the following statement on the passage of legislation that would extend for an additional three months the Chemical Facility Anti-Terrorism Standards (CFATS) program ahead of its expiration on April 18, 2020.
“CFATS is vital to ensuring the chemical industry and regulators work together to keep our nation’s chemical facilities secured against potential acts of terrorism, and its continuation is a critical component of the broader U.S. national security strategy. While NACD welcomes a CFATS extension of three months and five days to get us beyond the April 18 program deadline, our industry needs a much longer program authorization to ensure both regulators and industry leaders alike have the certainty needed to administer this program.
“While we understand the intense political pressure placed upon Congress right now because of COVID-19, they cannot allow this program to sunset. It must be a priority for elected officials to reauthorize this program for the long-term to ensure that chemical facilities and communities are protected from potential acts of terrorism. We therefore urge the passage of long-term reauthorization legislation that would keep CFATS in place for many years to come, and certainly in place beyond July. Leaders in Congress on both sides of the aisle should prioritize CFATS reauthorization so this program can continue running strong.”
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NACD and its nearly 430 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party-verified management practice. For more information, visit www.NACD.com.
https://www.nacd.com/media-center/press-releases/three-month-cfats-extension/
March 27, 2020
Tempur Sealy Market Update
– Elected to Access $200 Million on its Revolving Senior Secured Credit Facility
– Withdraws 2020 Financial Guidance
– Adopts Limited Duration Shareholder Rights Plan
– Scott Thompson, Chairman and CEO, Extends Employment Contract
PR NewswireLEXINGTON, Ky., March 27, 2020 /PRNewswire/ — At Tempur Sealy International, Inc. (TPX) the health and safety of employees, customers, and all business partners is the utmost concern. The Company has taken and continues to take precautionary measures to mitigate health risks during the evolving situation resulting from the novel coronavirus (“COVID-19”).
Scott Thompson, Tempur Sealy International Inc. Chairman and CEO said, “We have implemented measures to protect the health and safety of our employees, including restricting travel and face-to-face meetings, allowing individuals to work from home where possible, and adopting all region-specific public health protocols applicable to our operations around the world. While providing a healthy and safe work environment is our top priority during these unprecedented times, our entire organization is also focused on our commitments to our customers, suppliers, and shareholders. We are also working with various government and healthcare organizations to provide products and services in this time of crisis. For more than a decade, Tempur Sealy has donated tens of thousands of mattresses annually to charities and organizations in need across the country. For the immediate future, we are focusing all of the power of our philanthropic efforts on getting our products to governments, healthcare organizations and charities that have a need related to the pandemic.”
“Prior to the global COVID-19 health concerns, our iconic brands and products had been performing very well throughout the world. We had been experiencing growth in all markets and especially strong growth in North America, with over 30 percent growth compared to the first quarter of 2019. Most recent trends have shown very weak demand in the U.S. and Europe, with orders down over 50 percent versus the same period in the prior year. Following the slowdown in activity from the COVID-19, we have recently been experiencing improving trends in Asian markets with year-over-year growth in Korea, Japan, and Singapore and improving sequential growth in China. Based on the most current trends and current information, we are estimating the consolidated first quarter 2020 net sales to increase approximately 15 to 20 percent year-over-year.”
“Our business model has a highly variable cost structure, is broadly distributed geographically and is supported by an omni-channel approach. We will carry our strong operating momentum going into this downturn. We expect near-term profits to be significantly impacted but see our long-term competitive position strengthening through the downturn,” continued Thompson.
The Company also announced the actions to mitigate the near-term impact of the material slowdown in business activity while positioning the Company for the recovery period. The Company ceased all share repurchase activity once U.S. orders became negative as compared to the prior year, delayed certain capital projects, and canceled or suspended non-critical projects. Due to the rapidly-changing nature of this environment, the Company is withdrawing its previously-issued full-year financial guidance and will not provide updated full-year financial guidance until the operating environment becomes clear.
Additionally, to provide greater financial flexibility in response to the continued impact of COVID-19, the Company elected to hold $200 million of cash by borrowing on its revolving senior secured credit facility. Total remaining availability under that facility is at least $100 million and is drawable. The Company has no major loan maturities until 2023 and its senior secured credit facility matures in 2024.
https://seekingalpha.com/pr/17821143-tempur-sealy-market-update
March 27, 2020
Tempur Sealy Market Update
– Elected to Access $200 Million on its Revolving Senior Secured Credit Facility
– Withdraws 2020 Financial Guidance
– Adopts Limited Duration Shareholder Rights Plan
– Scott Thompson, Chairman and CEO, Extends Employment Contract
PR NewswireLEXINGTON, Ky., March 27, 2020 /PRNewswire/ — At Tempur Sealy International, Inc. (TPX) the health and safety of employees, customers, and all business partners is the utmost concern. The Company has taken and continues to take precautionary measures to mitigate health risks during the evolving situation resulting from the novel coronavirus (“COVID-19”).
Scott Thompson, Tempur Sealy International Inc. Chairman and CEO said, “We have implemented measures to protect the health and safety of our employees, including restricting travel and face-to-face meetings, allowing individuals to work from home where possible, and adopting all region-specific public health protocols applicable to our operations around the world. While providing a healthy and safe work environment is our top priority during these unprecedented times, our entire organization is also focused on our commitments to our customers, suppliers, and shareholders. We are also working with various government and healthcare organizations to provide products and services in this time of crisis. For more than a decade, Tempur Sealy has donated tens of thousands of mattresses annually to charities and organizations in need across the country. For the immediate future, we are focusing all of the power of our philanthropic efforts on getting our products to governments, healthcare organizations and charities that have a need related to the pandemic.”
“Prior to the global COVID-19 health concerns, our iconic brands and products had been performing very well throughout the world. We had been experiencing growth in all markets and especially strong growth in North America, with over 30 percent growth compared to the first quarter of 2019. Most recent trends have shown very weak demand in the U.S. and Europe, with orders down over 50 percent versus the same period in the prior year. Following the slowdown in activity from the COVID-19, we have recently been experiencing improving trends in Asian markets with year-over-year growth in Korea, Japan, and Singapore and improving sequential growth in China. Based on the most current trends and current information, we are estimating the consolidated first quarter 2020 net sales to increase approximately 15 to 20 percent year-over-year.”
“Our business model has a highly variable cost structure, is broadly distributed geographically and is supported by an omni-channel approach. We will carry our strong operating momentum going into this downturn. We expect near-term profits to be significantly impacted but see our long-term competitive position strengthening through the downturn,” continued Thompson.
The Company also announced the actions to mitigate the near-term impact of the material slowdown in business activity while positioning the Company for the recovery period. The Company ceased all share repurchase activity once U.S. orders became negative as compared to the prior year, delayed certain capital projects, and canceled or suspended non-critical projects. Due to the rapidly-changing nature of this environment, the Company is withdrawing its previously-issued full-year financial guidance and will not provide updated full-year financial guidance until the operating environment becomes clear.
Additionally, to provide greater financial flexibility in response to the continued impact of COVID-19, the Company elected to hold $200 million of cash by borrowing on its revolving senior secured credit facility. Total remaining availability under that facility is at least $100 million and is drawable. The Company has no major loan maturities until 2023 and its senior secured credit facility matures in 2024.
https://seekingalpha.com/pr/17821143-tempur-sealy-market-update
March 27, 2020
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| Press Release of Recticel – 27 March 2020 |
| Priority given to ensuring safe working conditions and preserving Group liquidity In response to the COVID-19 outbreak our first concern has been to take all necessary precautionary measures to keep our employees healthy and ensuring a safe workplace. Recticel has implemented strict behavioral and precautionary measures, in line with the recommendations issued by the governments of the countries in which it operates and by the World Health Organization, in order to minimize contamination risks.
COVID-19 impact on Recticel operations While our Automotive activities in China are progressively returning to pre COVID-19 levels, our Automotive activities in Europe are temporarily shut down as most European OEMs have shut their assembly plants. In the other business segments, customer demand has been rapidly decreasing in line with the lockdowns declared in the countries where we operate. As a consequence, we have adapted our production levels to match demand, either by curtailing production or by temporarily shutting down production sites.
Temporary unemployment is being implemented to the maximum extent where applicable. Top management remuneration is temporarily reduced by 30% as a token of solidarity.
In response to this unprecedented environment, capital expenditure is reduced to the minimum, and all non-essential projects have been put on hold.
Liquidity The Group liquidity is ensured by the available credit facilities, with a headroom of more than EUR 150 million drawable at short notice under our Group Syndicated Credit Facility, our bilateral credit lines and our factoring program.
Withdrawal of full-year 2020 outlook provided on 28 February 2020 Given the highly uncertain and rapidly changing situation, and despite a performance in line with our previous guidance until mid-March 2020, we withdraw the guidance given on 28 February 2020 of a full year 2020 Adjusted EBITDA increase.
Recticel is monitoring the situation closely and will continue to respond as required to help safeguard its workers and employees, while adjusting its operations and preserving its cashflows.
Olivier Chapelle (CEO): “Our number one priority is the health and wellbeing of all our employees. As the pandemic is causing extra-ordinary challenges to all of us, we are taking all necessary precautionary measures to protect our employees and our business, and I remain confident that we shall overcome today’s crisis without compromising our long-term strategy of sustainable development. Finally, I want to express my deep respect and gratitude to our very dedicated employees as well as to everybody fighting the effects of this pandemic.”
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March 27, 2020
|
| Press Release of Recticel – 27 March 2020 |
| Priority given to ensuring safe working conditions and preserving Group liquidity In response to the COVID-19 outbreak our first concern has been to take all necessary precautionary measures to keep our employees healthy and ensuring a safe workplace. Recticel has implemented strict behavioral and precautionary measures, in line with the recommendations issued by the governments of the countries in which it operates and by the World Health Organization, in order to minimize contamination risks.
COVID-19 impact on Recticel operations While our Automotive activities in China are progressively returning to pre COVID-19 levels, our Automotive activities in Europe are temporarily shut down as most European OEMs have shut their assembly plants. In the other business segments, customer demand has been rapidly decreasing in line with the lockdowns declared in the countries where we operate. As a consequence, we have adapted our production levels to match demand, either by curtailing production or by temporarily shutting down production sites.
Temporary unemployment is being implemented to the maximum extent where applicable. Top management remuneration is temporarily reduced by 30% as a token of solidarity.
In response to this unprecedented environment, capital expenditure is reduced to the minimum, and all non-essential projects have been put on hold.
Liquidity The Group liquidity is ensured by the available credit facilities, with a headroom of more than EUR 150 million drawable at short notice under our Group Syndicated Credit Facility, our bilateral credit lines and our factoring program.
Withdrawal of full-year 2020 outlook provided on 28 February 2020 Given the highly uncertain and rapidly changing situation, and despite a performance in line with our previous guidance until mid-March 2020, we withdraw the guidance given on 28 February 2020 of a full year 2020 Adjusted EBITDA increase.
Recticel is monitoring the situation closely and will continue to respond as required to help safeguard its workers and employees, while adjusting its operations and preserving its cashflows.
Olivier Chapelle (CEO): “Our number one priority is the health and wellbeing of all our employees. As the pandemic is causing extra-ordinary challenges to all of us, we are taking all necessary precautionary measures to protect our employees and our business, and I remain confident that we shall overcome today’s crisis without compromising our long-term strategy of sustainable development. Finally, I want to express my deep respect and gratitude to our very dedicated employees as well as to everybody fighting the effects of this pandemic.”
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