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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
April 14, 2023
TotalEnergies’ Cray Valley Affiliate Sells Three Product Lines to Pacific Avenue Capital Partners
Published: April 11, 2023 at 6:00 a.m. ET
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has accepted an offer from Pacific Avenue Capital Partners for the acquisition of three product lines (Wingtack(R), PolyBD(R) and Dymalink(R)) developed by Cray Valley, its resin production and sales affiliate. The transaction includes four production sites in the United States, the Cray Valley Italy affiliate and the portfolio of customers.
The transaction will allow Cray Valley to focus on its global specialty C4 and pure-monomer resin businesses which will continue to be developed by TotalEnergies. Production of the Ricon(R), Krasol(R) and Cleartack(R) resins will continue at Carling (France), in accordance with the commitments made when the site was restructured in 2013, Grand Junction (US) and Kralupy (Czech Republic).
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About Cray Valley
TotalEnergies’ Cray Valley affiliate is a global supplier of specialty chemical additives, hydrocarbon specialty chemicals, and liquid or solid tackifying resins used to make adhesives, rubbers, polymers, coatings and other materials. As a pioneer in the development of these advanced technologies, Cray Valley has already brought hundreds of performance-enhancing products to market for demanding applications in a range of sectors (energy, printing, packaging, construction, tires, electronics, etc.). Cray Valley’s European headquarters, at the Carling Saint-Avold platform, is home to its customer service, a research and development center, and production units. For more information, visit www.crayvalley.com.
For more information, visit www.crayvalley.com
April 14, 2023
Covestro AG: Preliminary results for the first quarter 2023
04/13/2023 | 12:48pm EDT
Covestro AG: Preliminary results for the first quarter 2023 13-Apr-2023 / 18:47 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. In the course of preparing Covestro’s group accounts for the first quarter 2023, preliminary financial figures deviate from capital market expectations, based on the average values of latest consensus estimates of financial analysts, published by Vara Research on April 13, 2023. Therefore, Covestro provides already today the following preliminary key financial data for the first quarter 2023: Preliminary sales amount to EUR 3,743 million. The consensus expects EUR 3,942 million. Preliminary EBITDA amounts to EUR 286 million. The previous guidance expected EBITDA to be between EUR 100 million and EUR 150 million. The consensus expects EUR 158 million. Preliminary net income amounts to around EUR -30 million. The consensus expects EUR -77 million. Preliminary free operating cash flow (FOCF) amounts to around EUR -140 million. The interim statement of the first quarter 2023 will be published on April 28, 2023. |
April 12, 2023
BASF Group releases preliminary figures for first quarter of 2023
- EBIT before special items, EBIT and net income in Q1 2023 considerably above respective average analyst estimates
- Sales in Q1 2023 considerably below analyst consensus
Ludwigshafen – April 12, 2023 – BASF has released preliminary figures for the first quarter of 2023. Sales declined by 13.4% in the first quarter of 2023 to €19,991 million (Q1 2022: €23,083 million). This was mainly driven by considerably lower volumes. Sales were considerably lower than average analyst estimates for the first quarter of 2023 (Vara: €21,819 million).
EBIT before special items of BASF Groupamounted to an expected €1,931 million in the first quarter of 2023, a decline of 31.5% compared with the prior-year quarter (Q1 2022: €2,818 million) but considerably above the analyst consensus for the first quarter of 2023 (Vara: €1,599 million). In particular, EBIT before special items in the Agricultural Solutions segment considerably exceeded average analyst estimates. Chemicals, Materials and Surface Technologies were also considerably above the respective average analyst estimates for EBIT before special items in the first quarter of 2023. In the Industrial Solutions and Nutrition & Care segments, EBIT before special items missed average analyst estimates slightly and considerably, respectively. In Other, EBIT before special items was weaker than expected by analysts on average.
The BASF Group’s EBIT amounted to an expected €1,867 million in the first quarter of 2023, considerably below the figure for the prior-year quarter (Q1 2022: €2,785 million) but considerably above the analyst consensus (Vara: €1,533 million).
Net income reached €1,562 million, considerably above the figure in the prior-year quarter (Q1 2022: €1,221 million) and considerably above average analyst estimates for the first quarter of 2023 (Vara: €1,081 million). In the prior-year quarter, impairments on the participation in Wintershall Dea had burdened net income of BASF Group.
Further information
The overview of analyst estimates, which is compiled monthly by Vara Research on behalf of BASF, can be found at: www.basf.com/analysts-estimates.
BASF will publish the Quarterly Statement Q1 2023 on Thursday, April 27, 2023, at 7:00 a.m. CEST and will comment on the figures at the conference call for analysts and investors (from 8:00 a.m. CEST).
https://www.basf.com/global/en/media/news-releases/2023/04/p-23-182.html
April 12, 2023
Dow, chemical makers upgraded at Piper Sandler
Apr. 12, 2023 8:12 AM ETDow Inc. (DOW), EMN, LYB, WLK, CE, MEOH, ASIX, OLN, MX:CABy: Rob Williams NY, SA News Editor1 Comment
Dow (NYSE:DOW) and several other chemical makers late Tuesday were upgraded by analysts at Piper Sandler.
The U.S. chemical companies have a significant advantage over global rivals in setting the prices of their products because of lower costs of raw materials.
“These upgrades are not based on global economic recovery (which would only serve to amplify the outcome), but on shifting energy values and the ensuing supply adjustments that we see occurring,” Charles Nelvert, senior research analyst at Piper Sandler, said in the April 11 report. “We see a number of tailwinds developing that should create substantive benefits for chemical industry margins, primarily for North American production.”
| Piper Sandler ratings for chemical makers, April 11 | |||
| Current | Previous | ||
| Dow Inc. (DOW) | Overweight | Neutral | |
| Eastman Chemical Co. (NYSE:EMN) | Overweight | Neutral | |
| LyondellBasell Industries N.V. (NYSE:LYB) | Overweight | Neutral | |
| Westlake Corp. (NYSE:WLK) | Overweight | Neutral | |
| Celanese Corp. (NYSE:CE) | Neutral | Underweight | |
| Methanex Corp. (NASDAQ:MEOH) | Neutral | Underweight | |
| AdvanSix Inc. (NYSE:ASIX) | Overweight | – | |
| Olin Corp. (NYSE:OLN) | Overweight | – |
April 12, 2023
Wanhua Chemical acquires Yantai Juli approved, TDI giant position consolidated further
On April 9, Wanhua Chemical issued an announcement that the company recently received approval from the operators of the State Administration of Market Supervision and Administration, agreeing that Wanhua Chemical intends to acquire shares in Yantai Juli Fine Chemical Co., Ltd.; at the same time, the State Administration of Market Supervision and Administration agrees to the additional restrictive conditions of operator concentration.
Wanhua’s acquisition of Juli antitrust was approved, and the competition pattern of TDI continued to be optimized
Wanhua Chemical plans to acquire a stake in Yantai Juli and take sole control of Yantai Juli, while Wanhua Chemical and Yantai Juli submit a restrictive commitment to the General Administration of Market Supervision. The General Administration of Market Supervision decided to attach restrictive conditions to approve the concentration, requiring both parties and entities after the concentration to fulfill their relevant obligations, including that the annual average price of supplying TDI to customers in China’s domestic market shall not be higher than the average price for the 24 months before the commitment date (March 30, 2023) after the completion of the transaction, maintain or expand the production of toluene diisocyanate in China, and continue R&D and innovation. Supply TDI to customers in the domestic market of China in accordance with the principles of fairness, reasonableness and non-discrimination. Customers in the domestic market in China shall not be forced to purchase TDI products exclusively or carry out tying unless there are legitimate reasons.
Yantai Juli and its wholly owned subsidiary Xinjiang Heshan Juli have a nominal production capacity of 230kt/year of TDI. Through this acquisition, the proportion of Wanhua Chemical TDI capacity in China will further increase from 35-40% to 45-50%, the main competitors in the domestic market will also change from 6 to 5, and the domestic TDI competition pattern will continue to be optimized. At the same time, if factoring into the 250kt/year TDI project under construction in Fujian, the company’s total nominal capacity will reach 1.03 million tons/year (including Juli’s TDI capacity), accounting for 28% of the world, ranking first in the world, with significant scale advantages.
https://www.ccfgroup.com/newscenter/newsview.php?Class_ID=600000&Info_ID=2023041230005
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