The Urethane Blog

Everchem Updates

VOLUME XXI

September 14, 2023

Everchem’s Closers Only Club

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

October 25, 2018

Covestro to Cut Jobs

Covestro to cut 900 jobs in 350 million euros efficiency push

2 Min Read

FRANKFURT (Reuters) – Germany’s Covestro (1COV.DE) plans to cut 900 jobs globally and reduce costs by 350 million euros (310 million pounds) per year from 2021, aiming to reign in an increase in expenses from an investment push to widen output capacity.

About 900 of globally 15,700 full-time positions will be reduced, including 400 in Germany, to be carried out in a “socially acceptable” manner that has already been agreed with the group’s German works council, the company said on Thursday.

Third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) were flat at 859 million euros, it added, coming in above the average forecast in a Reuters poll of analysts of 830 million.

Rapid earnings growth over the last two years, driven by supply shortages across the industry, has been levelling off.

“We are seeing increasingly challenging economic conditions and also experienced limited product availability in Europe and Asia in the past quarter. Nonetheless, we were able to keep volumes stable,” said finance chief Thomas Toepfer, who reiterated that 2018 EBITDA would be flat.

The former Bayer (BAYGn.DE) subsidiary is in the process of stepping up annual investment expenditures to reach as much as 1.2 billion euros over the next three years, up from 507 million in 2017.

The main driver will be a new 1.5 billion euros plant in Texas to produce chemicals for rigid insulation foams, taking up a challenge posed by rivals’ growth plans.

https://uk.reuters.com/article/uk-covestro-results/covestro-to-cut-900-jobs-in-350-million-euros-efficiency-push-idUKKCN1MZ0K2

October 25, 2018

Covestro to Cut Jobs

Covestro to cut 900 jobs in 350 million euros efficiency push

2 Min Read

FRANKFURT (Reuters) – Germany’s Covestro (1COV.DE) plans to cut 900 jobs globally and reduce costs by 350 million euros (310 million pounds) per year from 2021, aiming to reign in an increase in expenses from an investment push to widen output capacity.

About 900 of globally 15,700 full-time positions will be reduced, including 400 in Germany, to be carried out in a “socially acceptable” manner that has already been agreed with the group’s German works council, the company said on Thursday.

Third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) were flat at 859 million euros, it added, coming in above the average forecast in a Reuters poll of analysts of 830 million.

Rapid earnings growth over the last two years, driven by supply shortages across the industry, has been levelling off.

“We are seeing increasingly challenging economic conditions and also experienced limited product availability in Europe and Asia in the past quarter. Nonetheless, we were able to keep volumes stable,” said finance chief Thomas Toepfer, who reiterated that 2018 EBITDA would be flat.

The former Bayer (BAYGn.DE) subsidiary is in the process of stepping up annual investment expenditures to reach as much as 1.2 billion euros over the next three years, up from 507 million in 2017.

The main driver will be a new 1.5 billion euros plant in Texas to produce chemicals for rigid insulation foams, taking up a challenge posed by rivals’ growth plans.

https://uk.reuters.com/article/uk-covestro-results/covestro-to-cut-900-jobs-in-350-million-euros-efficiency-push-idUKKCN1MZ0K2

October 23, 2018

Mattress Anti-Dumping Investigation

US opens anti-dumping probe on Chinese mattresses after complaints

  • Shares of Tempur Sealy were up nearly 1.5 percent in late morning trade following the Commerce Department statement, while shares of Leggett & Platt up less than 1 percent.
  • Other privately held companies including Serta Simmons Bedding also signed the petition asking Commerce to investigate, the Commerce Department said.

Managers of Sleep Quarters at Clark's Pond in South Portland, relax on one of their Tempur-Pedic beds. 

Gordon Chibrosk | Portland Press Herald | Getty Images
Managers of Sleep Quarters at Clark’s Pond in South Portland, relax on one of their Tempur-Pedic beds.

The United States is investigating alleged dumping of China-made mattresses after complaints from several U.S. manufacturers, including Leggett & Platt, Tempur Sealy, and others, the Department of Commerce said on Friday.

Shares of Tempur Sealy were up nearly 1.5 percent in late morning trade following the Commerce statement, while shares of Leggett & Platt up less than 1 percent.

Other privately held companies – Corsicana Mattress Co, Elite Comfort Solutions, Future Foam Inc, FXI Inc, Innocor Inc, Kolcraft Enterprises Inc and Serta Simmons Bedding LLC – also signed the petition asking Commerce to investigate, the department said.

Mattresses from China were estimated to be worth about $436.5 million in 2017, according to the department.

It said the U.S. International Trade Commission (ITC) would make its initial decision by Nov. 2, followed by the Commerce Department by Feb. 27.

A final decision is scheduled for May 13, but could be later, it added.

If the department determines that China is selling mattresses in the United States at less than fair value, and is harming U.S. sellers, it would then impose duties, it said in its statement.

https://www.cnbc.com/2018/10/12/us-opens-anti-dumping-probe-on-chinese-mattresses-after-complaints.html

October 23, 2018

Mattress Anti-Dumping Investigation

US opens anti-dumping probe on Chinese mattresses after complaints

  • Shares of Tempur Sealy were up nearly 1.5 percent in late morning trade following the Commerce Department statement, while shares of Leggett & Platt up less than 1 percent.
  • Other privately held companies including Serta Simmons Bedding also signed the petition asking Commerce to investigate, the Commerce Department said.

Managers of Sleep Quarters at Clark's Pond in South Portland, relax on one of their Tempur-Pedic beds. 

Gordon Chibrosk | Portland Press Herald | Getty Images
Managers of Sleep Quarters at Clark’s Pond in South Portland, relax on one of their Tempur-Pedic beds.

The United States is investigating alleged dumping of China-made mattresses after complaints from several U.S. manufacturers, including Leggett & Platt, Tempur Sealy, and others, the Department of Commerce said on Friday.

Shares of Tempur Sealy were up nearly 1.5 percent in late morning trade following the Commerce statement, while shares of Leggett & Platt up less than 1 percent.

Other privately held companies – Corsicana Mattress Co, Elite Comfort Solutions, Future Foam Inc, FXI Inc, Innocor Inc, Kolcraft Enterprises Inc and Serta Simmons Bedding LLC – also signed the petition asking Commerce to investigate, the department said.

Mattresses from China were estimated to be worth about $436.5 million in 2017, according to the department.

It said the U.S. International Trade Commission (ITC) would make its initial decision by Nov. 2, followed by the Commerce Department by Feb. 27.

A final decision is scheduled for May 13, but could be later, it added.

If the department determines that China is selling mattresses in the United States at less than fair value, and is harming U.S. sellers, it would then impose duties, it said in its statement.

https://www.cnbc.com/2018/10/12/us-opens-anti-dumping-probe-on-chinese-mattresses-after-complaints.html

October 23, 2018

Chinese Investigation

China commits to enforcement action over CFC11 production reports

13 August, 2018 By Neil Merrett

Letter from the Chinese embassy in the UK has said 19 companies are being investigated over a possible manufacture of gas outlawed under the Montreal protocol

Chinese authorities have said that inspections are underway into the potential illegal production and use of the ozone depleting substance CFC11 in polyurethane (PU) foam insulation following recent media reports.

A recent joint inspection of 19 polyurethane foam producers by central and local government bodies in the country found no trace of the use or sale of CFC11 in 12 of the enterprises investigated, according to a representative from the Chinese embassy in the UK.

The same source said that enforcement action has so far been taken against one company that was found to have CFC11 in composite polyether materials, while six other groups were still under investigation.

Last month, a report by the Environmental Investigation Agency (EIA) campaign group said it had uncovered “widespread and pervasive” use of CFC11 for construction purposes in China.  The EIA’s findings were used to raise wider questions over the effectiveness of current monitoring mechanisms for global commitments to curb greenhouse gas use and emissions from functions such as cooling.

EIA is therefore pushing for an immediate clampdown of CFC11 use in China and a detailed review of all existing monitoring and enforcement from global partners.

A letter published in response to the EIA’s findings earlier this month in the Guardian Newspaper from Chinese embassy spokesperson Zeng Rong argued that the country’s government is committed to environmental conventions such as the Montreal protocol.  This agreement, first introduced in 1987, outlines required global action on phasing out gasses such as CFCs and HFCs.

China is committed to take action against use of any ozone depleting substances that are not permissible under the Montreal agreement, according to the spokesperson.

The embassy added that local authorities involved in its recent inspections had found two companies based in Liaoning and Henan province that were respectively producing CFC11 and CFC12.

The embassy spokesperson said, “The seized CFCs and raw materials have been confiscated and sealed up, and the local police have filed charges against the enterprises and are hunting down the suspects in the cases.”

“China will continue cracking down on illegal production and use of ODSs and strengthen regulation over relevant industries. Meanwhile, China is willing to further strengthen cooperation with other countries to ensure the effective and continuous implementation of the Montreal protocol.”

https://www.racplus.com/news/china-commits-to-enforcement-action-over-cfc11-production-reports/10034174.article