- 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.
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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
October 26, 2018
Considering action on Construction Chemicals business
Isocyanate Margins “normalize”
https://seekingalpha.com/article/4214815-basf-se-adr-2018-q3-results-earnings-call-slides
October 26, 2018
Considering action on Construction Chemicals business
Isocyanate Margins “normalize”
https://seekingalpha.com/article/4214815-basf-se-adr-2018-q3-results-earnings-call-slides
October 25, 2018
Covestro to cut 900 jobs in 350 million euros efficiency push
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 900 jobs in 350 million euros efficiency push
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
US opens anti-dumping probe on Chinese mattresses after complaints
Reuters
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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