The Urethane Blog
January 11, 2019
PUdaily, Shanghai– 1. China’s TDI imports and exports in 2018
According to China Customs, China’s TDI imports totalled 52,457 tons for the January-October period. The volume of TDI imports for the full year is estimated to reach 62,949 tons, increasing by 20,122 tons from last year, or 47%. South Korea and Saudi Arabia make the biggest contribution to the growth. For the January-October period, China’s TDI exports amounted to 73,391 tons. The volume of TDI exports for the full year is estimated to reach 88,068 tons, decreasing by 36,097 tons from prior year, or 29%. The decrease is mainly due to the manufacturers’ limited willingness to export their products thanks to the high domestic prices.
2. Imports from main import sources in 2017 and 2018
South Korea remained the biggest source for China’s TDI imports, accounting for around 58% of its total TDI imports. With the start-up of Sadara’s facilities, China’s imports from Saudi Arabia rose to 14,000 tons. The figure is likely to continue rising in 2019. In 2018, Saudi Arabia accounted for about 23% of China’s TDI total imports.
3. Exports from China’s TDI exporters in 2017 and 2018
Covestro remained China’s biggest TDI exporter. Its export volume for 2018 is estimated to reach around 62,000 tons, down by 37.7% and accounting for about 70% of China’s total TDI exports. At the same time, thanks to the high domestic prices, other manufacturers also saw moderate volume of exports. They exported a total of 261.7 million tons in 2018, up by 1,463 tons, or 6%.
http://www.pudaily.com/News/NewsView.aspx?nid=75613
January 11, 2019
PUdaily, Shanghai– 1. China’s TDI imports and exports in 2018
According to China Customs, China’s TDI imports totalled 52,457 tons for the January-October period. The volume of TDI imports for the full year is estimated to reach 62,949 tons, increasing by 20,122 tons from last year, or 47%. South Korea and Saudi Arabia make the biggest contribution to the growth. For the January-October period, China’s TDI exports amounted to 73,391 tons. The volume of TDI exports for the full year is estimated to reach 88,068 tons, decreasing by 36,097 tons from prior year, or 29%. The decrease is mainly due to the manufacturers’ limited willingness to export their products thanks to the high domestic prices.
2. Imports from main import sources in 2017 and 2018
South Korea remained the biggest source for China’s TDI imports, accounting for around 58% of its total TDI imports. With the start-up of Sadara’s facilities, China’s imports from Saudi Arabia rose to 14,000 tons. The figure is likely to continue rising in 2019. In 2018, Saudi Arabia accounted for about 23% of China’s TDI total imports.
3. Exports from China’s TDI exporters in 2017 and 2018
Covestro remained China’s biggest TDI exporter. Its export volume for 2018 is estimated to reach around 62,000 tons, down by 37.7% and accounting for about 70% of China’s total TDI exports. At the same time, thanks to the high domestic prices, other manufacturers also saw moderate volume of exports. They exported a total of 261.7 million tons in 2018, up by 1,463 tons, or 6%.
http://www.pudaily.com/News/NewsView.aspx?nid=75613
January 11, 2019
Magna acquires Spanish company Viza Geca
Magna has agreed to acquire Viza Geca SL of Spain, which operates four production facilities and had sales of EUR 125 million in 2017. The acquisition is expected to close by the end of the first quarter 2019, pending regulatory approval.
Magna will take over Viza’s four facilities and more than 1,100 employees (Source: Magna)
Viza, with current customers including VW, PSA and Renault Nissan, brings seat-structure expertise and a portfolio of products including patented floor-latch systems and foldable seats. The company’s 73 years of expertise is expected to help Magna further develop reconfigurable seating solutions in the new mobility landscape.
“We have been strategic and deliberate in growing our seating business, especially with our structural products, which require higher levels of capital investment,” said Mike Bisson, President Magna Seating. “Viza’s deep expertise and footprint give us added support to grow, especially in Europe, and strengthen our competitive position.”
The acquisition of Viza will strengthen Magna’s seating capabilities (Source: Magna)
Once the deal is approved, Magna will take over Viza’s two facilities in Europe (Spain and Czech Republic), as well as one in each of Morocco and Mexico, and will welcome over 1,100 employees. Magna’s seating business currently includes six R&D centres and 50 manufacturing operations around the globe.
https://www.gupta-verlag.com/news/industry/22378/magna-acquires-spanish-company-viza-geca
January 11, 2019
Magna acquires Spanish company Viza Geca
Magna has agreed to acquire Viza Geca SL of Spain, which operates four production facilities and had sales of EUR 125 million in 2017. The acquisition is expected to close by the end of the first quarter 2019, pending regulatory approval.
Magna will take over Viza’s four facilities and more than 1,100 employees (Source: Magna)
Viza, with current customers including VW, PSA and Renault Nissan, brings seat-structure expertise and a portfolio of products including patented floor-latch systems and foldable seats. The company’s 73 years of expertise is expected to help Magna further develop reconfigurable seating solutions in the new mobility landscape.
“We have been strategic and deliberate in growing our seating business, especially with our structural products, which require higher levels of capital investment,” said Mike Bisson, President Magna Seating. “Viza’s deep expertise and footprint give us added support to grow, especially in Europe, and strengthen our competitive position.”
The acquisition of Viza will strengthen Magna’s seating capabilities (Source: Magna)
Once the deal is approved, Magna will take over Viza’s two facilities in Europe (Spain and Czech Republic), as well as one in each of Morocco and Mexico, and will welcome over 1,100 employees. Magna’s seating business currently includes six R&D centres and 50 manufacturing operations around the globe.
https://www.gupta-verlag.com/news/industry/22378/magna-acquires-spanish-company-viza-geca
January 11, 2019
Recticel divests from its Proseat Joint Venture in two steps
Recticel announced that it has entered into final agreements whereby it will first acquire the remaining 49 % in its Proseat automotive moulded seat foam joint venture from its Canadian partner Woodbridge Foam Corporation, and subsequently sell 75 % in Proseat to Japanese public company Sekisui Plastics Co., Ltd.
According to the company, the new joint venture between Sekisui (75 %) and Recticel (25 %) will allow Proseat to further expand its customer base and its product portfolio. The agreement between Recticel and Sekisui contains a call option for Sekisui Plastics Co., Ltd. to acquire the remaining 25 % in Proseat from Recticel as from 2019, and a put option for Recticel to sell its remaining 25 % in Proseat to Sekisui as from 2022, at pre-agreed price calculation formulae. Under the terms of these agreements, the Proseat Joint Venture has been valued at an enterprise value of 8.4x the average (2016 – 2018 F) EBITDA. Both transactions (i.e. Recticel/Woodbridge and Recticel/Sekisui Plastics Co. Ltd) are expected to be closed in the course of the first quarter of 2019, and are subject to customary closing conditions, including regulatory approvals.
Proseat was established in 1999 as a joint venture between Recticel (51 %) and Woodbridge (49 %) with the purpose to serve Tier 1 and OEM car manufacturers with moulded seat pads and head- & armrests in polyurethane. Later the joint venture developed complementary activities in lightweight EPP (expanded polypropylene) structural parts for the same automotive sector. The joint venture is active in Europe, headquartered in Mörfelden, Germany, and operates eight manufacturing sites located in the Czech Republic (1), France (1), Germany (2), Poland (2), Spain (1) and the United Kingdom (1) and employs approximately 2,100 people in total. Proseat realised sales of EUR 291 million in 2017.
www.recticel.com
www.sekisuiplastics.com
www.woodbridgegroup.com
https://www.gupta-verlag.com/news/industry/22377/recticel-divests-from-its-proseat-joint-venture-in-two-steps
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