The Urethane Blog
August 31, 2020
Dow reports no major damage from Hurricane Laura
Fri August 28, 2020 9:30 AM|Business Wire|About: DOW
MIDLAND, Mich.–(BUSINESS WIRE)– Dow (NYSE: DOW) today issued a statement that its sites along the U.S. Gulf Coast reported no major damage from Hurricane Laura. The safety of Dow employees is our first priority and the vast majority of employees have been accounted for and are safe. We are offering recovery assistance for employees and impacted communities.
Dow has robust weather preparedness plans and began implementing them as Hurricane Laura approached. Due to the projected intensity and path of the storm, our manufacturing site in Freeport, Texas, continued operating, as did our facilities across Louisiana. Dow’s sites in Sabine, Beaumont, Deer Park, La Porte, Bayport and Texas City safely shut down operations prior to Laura making landfall.
Once it was safe to do so, inspection crews at the sites began assessing the impact of the storm. At this time, we have not identified any significant structural damage or flooding at any of the facilities.
We are beginning the process of restarting our sites and expect that Deer Park, La Porte, Bayport and Texas City will be fully operational on Tuesday. While our sites in Sabine and Beaumont experienced very minor damage, startup of these assets will progress as external infrastructure allows. While Dow experienced very limited logistics impacts due to the storm, we continue to assess impacts to infrastructure in the region.
Dow’s thoughts are with the Gulf Coast region. We are working closely with our Dow families and local partners to help support our colleagues and communities recover from any damages as a result of the storm.
https://seekingalpha.com/pr/17987523-dow-reports-no-major-damage-from-hurricane-laura
August 31, 2020
Dow reports no major damage from Hurricane Laura
Fri August 28, 2020 9:30 AM|Business Wire|About: DOW
MIDLAND, Mich.–(BUSINESS WIRE)– Dow (NYSE: DOW) today issued a statement that its sites along the U.S. Gulf Coast reported no major damage from Hurricane Laura. The safety of Dow employees is our first priority and the vast majority of employees have been accounted for and are safe. We are offering recovery assistance for employees and impacted communities.
Dow has robust weather preparedness plans and began implementing them as Hurricane Laura approached. Due to the projected intensity and path of the storm, our manufacturing site in Freeport, Texas, continued operating, as did our facilities across Louisiana. Dow’s sites in Sabine, Beaumont, Deer Park, La Porte, Bayport and Texas City safely shut down operations prior to Laura making landfall.
Once it was safe to do so, inspection crews at the sites began assessing the impact of the storm. At this time, we have not identified any significant structural damage or flooding at any of the facilities.
We are beginning the process of restarting our sites and expect that Deer Park, La Porte, Bayport and Texas City will be fully operational on Tuesday. While our sites in Sabine and Beaumont experienced very minor damage, startup of these assets will progress as external infrastructure allows. While Dow experienced very limited logistics impacts due to the storm, we continue to assess impacts to infrastructure in the region.
Dow’s thoughts are with the Gulf Coast region. We are working closely with our Dow families and local partners to help support our colleagues and communities recover from any damages as a result of the storm.
https://seekingalpha.com/pr/17987523-dow-reports-no-major-damage-from-hurricane-laura
August 28, 2020
Hurricane Laura may cause up to $12bn in losses – analytical firm
Author: Al Greenwood
2020/08/28
HOUSTON (ICIS)–Hurricane Laura likely caused $8bn-12bn in insurable losses to property in Louisiana and Texas, a real-estate information provider said on Friday.
Out of the damages, 1/3 could be residential and 2/3 could be commercial, said David Smith, senior leader of science and analytics at CoreLogic. He made his comments during a presentation held by the company.
This split accounts for the office buildings, casinos and petrochemical plants in and around Lake Charles, Louisiana, which is about 50 miles (80 km) from where Hurricane Laura made landfall, Smith said.
Louisiana suffered most of the damage, he said.
CoreLogic is still developing models for any damage to offshore oil and gas platforms, Smith said. So far, it does not expect any significant damage. Because Laura strengthened so rapidly, it did not have time to form large waves that could cause a lot of damage to platforms.
Insured storm-surge losses contributed less than $500m of the total, CoreLogic said.
Meanwhile, more than 626,000 homes were exposed to tropical-force winds or higher, CoreLogic said.
Construction is an important end market for several chemicals and polymers.
The white pigment titanium dioxide (TiO2) is used in paints.
Solvents used in paints and coatings include butyl acetate (butac), butyl acrylate (butyl-A), ethyl acetate (etac), glycol ethers, methyl ethyl ketone (MEK) and isopropnaol (IPA).
Blends of aliphatic and aromatic solvents are also used to make paints and coatings.
For polymers, expandable polystyrene (EPS) and polyurethane (PUR) foam are used in insulation.
Polyurethanes are made of methylene diphenyl diisocycanate (MDI), toluene diisocyanate (TDI) and polyols.
High density polyethylene (HDPE) is used in pipe. Polyvinyl chloride (PVC) is used to make cladding, window frames, wires and cables, flooring and roofing membranes.
Unsaturated polyester resins (UPR) are used to make coatings and composites.
Vinyl acetate monomer (VAM) is used to make paints and adhesives.
For VAM, while the do-it-yourself (DIY) segment for home construction has kept domestic demand up for end-use paints and coatings, prolonged lockdowns in the western hemisphere due to the coronavirus impeded a more substantial growth for the material’s many end uses.
As more countries come out of lockdown, demand for the product is seen slowly returning.
Hurricane Laura made landfall early on Thursday in Louisiana near the border with Texas. It was a category 4 storm with maximum sustained wind speeds of 150 miles/hour (240 km/hour).
Laura has since weakened into a tropical depression, with maximum sustained wind speeds of 30 miles/hour (45 km/hour), the National Hurricane Center said in its last update on the storm. As of 400 hours Central time (900 hours GMT) on Friday, Laura was 95 miles (155 km) west-northwest of Memphis, Tennessee.
A few tornadoes could form later in the day, the centre said. On Saturday, the storm should produce 1-2 inches (2.5-5 cm) of rain.
Now that the storm has passed, several chemical plants have begun to restart operations.
COMPARISON WITH RITA
Laura followed a similar path as Hurricane Rita, which made landfall in 2005, said Smith of CoreLogic. Laura was slightly east, so that affected which areas suffered the most damage.
Rita was a category 3 storm with maximum sustained winds of 115 miles/hour, Smith said.
At the time, Rita was a $6.4bn insured loss, he said. If it happened today, the total would be $13bn.
Additional reporting by Anna Matherne
August 28, 2020
Hurricane Laura may cause up to $12bn in losses – analytical firm
Author: Al Greenwood
2020/08/28
HOUSTON (ICIS)–Hurricane Laura likely caused $8bn-12bn in insurable losses to property in Louisiana and Texas, a real-estate information provider said on Friday.
Out of the damages, 1/3 could be residential and 2/3 could be commercial, said David Smith, senior leader of science and analytics at CoreLogic. He made his comments during a presentation held by the company.
This split accounts for the office buildings, casinos and petrochemical plants in and around Lake Charles, Louisiana, which is about 50 miles (80 km) from where Hurricane Laura made landfall, Smith said.
Louisiana suffered most of the damage, he said.
CoreLogic is still developing models for any damage to offshore oil and gas platforms, Smith said. So far, it does not expect any significant damage. Because Laura strengthened so rapidly, it did not have time to form large waves that could cause a lot of damage to platforms.
Insured storm-surge losses contributed less than $500m of the total, CoreLogic said.
Meanwhile, more than 626,000 homes were exposed to tropical-force winds or higher, CoreLogic said.
Construction is an important end market for several chemicals and polymers.
The white pigment titanium dioxide (TiO2) is used in paints.
Solvents used in paints and coatings include butyl acetate (butac), butyl acrylate (butyl-A), ethyl acetate (etac), glycol ethers, methyl ethyl ketone (MEK) and isopropnaol (IPA).
Blends of aliphatic and aromatic solvents are also used to make paints and coatings.
For polymers, expandable polystyrene (EPS) and polyurethane (PUR) foam are used in insulation.
Polyurethanes are made of methylene diphenyl diisocycanate (MDI), toluene diisocyanate (TDI) and polyols.
High density polyethylene (HDPE) is used in pipe. Polyvinyl chloride (PVC) is used to make cladding, window frames, wires and cables, flooring and roofing membranes.
Unsaturated polyester resins (UPR) are used to make coatings and composites.
Vinyl acetate monomer (VAM) is used to make paints and adhesives.
For VAM, while the do-it-yourself (DIY) segment for home construction has kept domestic demand up for end-use paints and coatings, prolonged lockdowns in the western hemisphere due to the coronavirus impeded a more substantial growth for the material’s many end uses.
As more countries come out of lockdown, demand for the product is seen slowly returning.
Hurricane Laura made landfall early on Thursday in Louisiana near the border with Texas. It was a category 4 storm with maximum sustained wind speeds of 150 miles/hour (240 km/hour).
Laura has since weakened into a tropical depression, with maximum sustained wind speeds of 30 miles/hour (45 km/hour), the National Hurricane Center said in its last update on the storm. As of 400 hours Central time (900 hours GMT) on Friday, Laura was 95 miles (155 km) west-northwest of Memphis, Tennessee.
A few tornadoes could form later in the day, the centre said. On Saturday, the storm should produce 1-2 inches (2.5-5 cm) of rain.
Now that the storm has passed, several chemical plants have begun to restart operations.
COMPARISON WITH RITA
Laura followed a similar path as Hurricane Rita, which made landfall in 2005, said Smith of CoreLogic. Laura was slightly east, so that affected which areas suffered the most damage.
Rita was a category 3 storm with maximum sustained winds of 115 miles/hour, Smith said.
At the time, Rita was a $6.4bn insured loss, he said. If it happened today, the total would be $13bn.
Additional reporting by Anna Matherne
August 28, 2020
Remember when ICI convinced Huntsman to buy the TiO2 business and the Wilton cracker in order to obtain the urethanes business back in 1999? So this divestiture finalizes the total change of Huntsman from a commodity polystyrene business to today’s entity that is now about 60% urethanes . . . A throwback article from the original sale is attached at the bottom.
Huntsman Agrees to Sell its Remaining Interest in Venator Materials PLC
Download as PDF August 28, 2020 5:16pm EDT
THE WOODLANDS, Texas, Aug. 28, 2020 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) announced today that it has entered into a definitive agreement with funds advised by SK Capital Partners, LP to sell approximately 42.5 million of the shares it holds in Venator Materials PLC for a cash purchase price of approximately $100 million, including a 30-month option for the sale of the remaining approximate 9.5 million shares it holds at $2.15 per share. The transaction is subject to regulatory approvals and is expected to close near year-end.
Together with estimated cash tax savings of approximately $150 million anticipated by offsetting the capital loss on the sale of Venator shares against the capital gain realized on the sale of our chemical intermediates and surfactants businesses that closed this year in January, we expect to secure an aggregate total benefit of approximately $250 million in cash near year end.
Peter Huntsman, Chairman, President and CEO, further commented, “I am pleased to have reached an agreement to sell our remaining interest in Venator to SK Capital. We enjoy an ongoing relationship with SK Capital and their co-founder Barry Siadat. They are a great owner and operator of businesses and we are pleased for them to acquire Huntsman’s stake in Venator, a world class functional and specialty TiO2 business. The proceeds to be received will further bolster our balance sheet and only enhance our flexibility for further growth.“
News | May 4, 1999
ICI Divests Urethanes, Titanium Dioxide, Petrochemicals to Huntsman; Refinishing, Industrial Coatings to PPG
Imperial Chemical Industries (ICI, London, UK) continues to divest commodity chemicals in order to concentrate on specialty products. Its latest actions include the £1.7 billion sale of polyurethanes, titanium dioxide and selected petrochemicals businesses to Huntsman Chemical Corp. (Salt Lake City, UT). It will also sell most of its global automotive refinishing and industrial coatings units to PPG Industries Inc. (Pittsburgh, PA) for £425 million.
The first transaction includes polyurethanes, titanium dioxide, and paraxylene. It nearly doubles the size of Huntsman, North America’s largest privately owned chemical company, to more than $7.5 billion. The urethanes and titanium dioxide businesses both have solid technology positions and major global markets.
A German automotive refinisher repairs a car using a PPG waterborne system designed to reduce emissions to comply with increasingly stringent environmental regulations. The purchase of ICI’s global automotive refinish and industrial coatings operations augments PPG’s already-strong franchise in this field.
The deal suddenly makes Huntsman a major presence in 11 countries. It also increases Huntsman capacity by 8.7 billion lb/y, to more than 28 billion lb/y, and adds 7000 to its payroll, bringing it to 16,000. The companies expect to close the deal this summer. Huntsman also says it is interested in purchasing ICI’s acrylics business, which is also up for sale.
The purchase involves three segments:
- Polyurethane: ICI operates facilities in Wilton, UK; Rozenburg, the Netherlands; and Geismar, LA; with an aggregate net asset value of £523 million. Total capacity is just over 1 billion lb/y, mostly in MDI-based materials though ICI also manufactures some TDI-based materials as well as polyols. It has 50 sales/representative offices worldwide. In 1998, the business achieved a trading profit (after corporate charges) of £90 million on sales of £816 million.
- Titanium dioxide: ICI’s Tioxide titanium dioxide business has manufacturing sites in Canada, France, Italy, Spain, United Kingdom, and Malaysia, and joint ventures in South Africa and the United States. Its total nameplate capacity approaches 1.3 billion lb/yr with an asset value of £661 million. Trading profits were £58 million on sales of £574 million.
- Petrochemicals: Huntsman will purchase ICI’s aromatics business (primarily benzene and paraxylene, which is used in polyester and polyurethane production) and ICI’s share of olefins production (chiefly ethylene and propylene for polymers) from the cracker at Wilton, Teeside. The assets are valued at £96 million. The business lost £27 million on sales of £659 million in 1998.
Huntsman will acquire the businesses by forming a new company, Huntsman ICI Holdings (HICI) in partnership with ICI. HICI will include Huntsman’s US propylene oxide business, which earned $79 million on $339 million sales in 1998. ICI will retain a £300 million investment in the new business for a minimum of three years. It will use the remaining £1.4 billion from the transaction to reduce debt incurred with its £8 billion purchase of Unilever’s specialty chemical business in 1997.
https://www.chemicalonline.com/doc/ici-divests-urethanes-titanium-dioxide-petroc-0001
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