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March 4, 2024

Evonik Says Economic Recovery Unlikely in 2024, Plans 2,000 Job Cuts

March 4 (Reuters) – German chemicals group Evonik Industries said on Monday it did not expect an economic recovery in 2024 and announced up to 2,000 job cuts worldwide by 2026. The job cuts are expected to reduce costs by 400 million euros ($434.04 million) annually, the company said, adding that the majority – some 1,500 – would be in Germany. Chemical companies have been under pressure for more than a year, forced to reduce inventories on lower demand from industrial clients as energy prices soared.

“We will have to be prepared for the economic storm to continue in the global economy,” said CEO Christian Kullmann on a conference call, adding that the company hopes customers will be in a position to benefit from the more recent fall in energy prices. Evonik, whose products are used in items from animal feed and diapers to Pfizer/BioNTech’s COVID-19 vaccine, expects 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of 1.7 billion to 2.0 billion euros ($1.84 billion-$2.17 billion).

This compares with a 2023 result of 1.66 billion euros which fell short of the 1.7 billion expected by analysts. The 2024 guidance is close to consensus and should reassure investors, JP Morgan said in a note. Evonik, a market leader in the production of amino acids used in poultry feeds, said on Monday it would sell its superabsorbents business to the International Chemical Investors Group (ICIG) for a price in the low triple-digit million-euro range.

The Essen-based company also said it would buy back shares worth up to 113.8 million euros including transaction costs. The group will propose an annual dividend of 1.17 euros per share, unchanged from the last year. Its 2023 sales fell 17% to 15.3 billion euros. Sales at its performance materials division, which accounted for around 13% of the total, fell by 22% to 2.55 billion euros after the company sold a production site in Luelsdorf in June.

https://www.reuters.com/business/evonik-says-recovery-unlikely-2024-plans-2000-job-cuts-2024-03-04/

February 19, 2024

A Familiar Name in Urethanes Now New CEO of Olin

Olin taps LyondellBasell executive Lane as new President/CEO, succeeding Sutton

Feb. 19, 2024 8:14 PM ETOlin Corporation (OLN) StockLYBBy: Carl Surran, SA News Editor

Olin Corporate office is shown in Freeport, TX, USA.
JHVEPhoto/iStock Editorial via Getty Images

Olin (NYSE:OLN) said Monday it named LyondellBaseel (LYB) executive Kenneth Lane as its new President and CEO effective March 18, when Scott Sutton will step down from those positions; no explanation was given for Sutton’s departure.

Lane was Executive VP of Global Olefins and Polyolefins at LyondellBasell (LYB), which he joined in 2019 after serving BASF for 13 years and holding executive positions across a wide range of businesses including Polyurethanes, Monomers and Catalysts; previously, he had spent time at BP Chemicals and Amoco Chemical.

Kim Foley will assume Lane’s previous role at LyondellBasell (LYB) after serving as Senior VP of Global Engineering, Turnarounds and Health, Safety and Environment.

https://seekingalpha.com/news/4068620-olin-taps-lyondellbasell-executive-lane-as-new-presidentceo-succeeding-sutton?mailingid=34401560&messageid=2900&serial=34401560.4482

February 1, 2024

Sad News

Zachary covered polyurethanes for ICIS, among other markets . . .

Zachary Taylor Moore

Zachary Taylor Moore obituary, Houston, TX

Obituary

18

Guest Book

Zachary Moore Obituary

Published by Legacy Remembers on Jan. 30, 2024.

Zachary Taylor Moore, 43, of Houston, Texas, departed this life on January 25, 2024 at his residence. Zachary was born in Greensboro, North Carolina to Taylor Melville Moore III and Patricia “Trish” Hinton Moore. Zachary graduated from Calhoun High School in Calhoun, Georgia. He completed a Bachelor of Business Administration degree from Georgia State University, majoring in Economics with minors in Accounting and Finance. He was also a research intern at the CATO Institute. Zachary completed a master’s degree from the University of North Carolina Greensboro, with a concentration in Medieval European History and a minor in Asian History.

After achieving his master’s degree, Zachary lived abroad for over a decade. He was based in Istanbul, Turkey for most of this time and spent a year in Kuala Lumpur, Malaysia. Zachary returned to the States and resided in Houston, Texas where he quickly grew to love the city and became a dedicated Houston Rockets fan.

Zachary worked for more than sixteen years in the petrochemical and energy industries. He specialized in market intelligence for ChemOrbis (Istanbul, Turkey) and later become an editor for the global information provider ICIS (Houston, Texas).

Zachary was known for his thirst for knowledge and was an avid reader. He loved basketball, history, games, hiking, and travel. His passions took him around the world, visiting more than 50 countries, and brought him friends from every walk of life.

Zachary was preceded in death by his father and is survived by his mother, sister Ashley (William) Goble, and nieces Molly and June Goble.

A private service will be held at a later date. In lieu of flowers, the family asks that donations be made to Christ Church Cathedral in Houston where Zachary was an active member.
https://www.christchurchcathedral.org/give/

https://www.legacy.com/us/obituaries/legacyremembers/zachary-moore-obituary?id=54246710

December 20, 2023

BASF Names New CEO

BASF picks company veteran Kamieth to become CEO amid challenges

Story by By Ludwig Burger and Patricia Weiss  •  7h

By Ludwig Burger and Patricia Weiss

FRANKFURT (Reuters) -BASF appointed company veteran Markus Kamieth on Wednesday to become CEO next year, amid an organisational overhaul of the chemicals giant, grappling with falling earnings and sluggish economic growth in its European home markets.

In a statement, the German company said Kamieth would replace CEO Martin Brudermueller in April, with the latter having previously been appointed to become non-executive chairman of carmaker Mercedes-Benz .

Chief technology officer Melanie Maas-Brunner would not renew her current contract beyond Jan. 31, BASF added.

The board had considered both Kamieth and Maas-Brunner for the top job, sources familiar with the matter have told Reuters, though media reports had described Kamieth as frontrunner.

“A few months ago, I made the decision not to extend my board contract and to pursue a new professional direction,” Maas-Brunner said on the website LinkedIn.

The choice of CEO is in keeping with a BASF history of recruiting top executives from its own ranks.

The transition comes after BASF renewed its commitment to build a 10-billion-euro ($11-billion) chemical complex in southern China to tap into faster growth there and cut what it has called disproportionate reliance on subdued European home markets.

Sources have told Reuters that both Kamieth and Maas-Brunner have supported BASF’s investment focus on China, which runs counter to German government efforts to persuade companies to reduce their dependence on the country.

Arne Rautenberg, portfolio manager at mutual funds firm Union Investment, said the CEO pick had been overdue and Kamieth would have to tackle considerable challenges.

In October, BASF had mapped out further cost cuts in Europe, scaled-back investments and earnings projections, citing an “extremely uncertain” global economic outlook.

In addition, BASF is preparing to convert its agriculture, battery materials and coatings businesses into autonomous units.

Among BASF’s major growth initiatives, the China investment is rivalled only by a push to build a global manufacturing network of battery materials to cater to the fast-growing electric vehicles industry.

“BASF must transform itself to achieve regional cost leadership in basic chemicals and global leadership in specialty chemicals,” said Union’s Rautenberg.

https://www.msn.com/en-ca/money/topstories/basf-picks-company-veteran-kamieth-to-become-ceo-amid-challenges/ar-AA1lMDBH

October 3, 2023

PFA Names Gollnitz and Khalil to Hall of Fame

Mon, Oct 2, 4:40 PM (17 hours ago)
to me
A Special Event At PFA’s Fall Meeting New FPF Hall Of Fame Honorees
PFA is pleased to announce that the its Executive Committee has voted to induct two longtime industry professionals into the Flexible Polyurethane Foam Hall of Fame. The induction ceremony will take place during PFA’s General Business Meeting on the morning of Thursday, November 2.

Our honorees are Bill Gollnitz of Plastomer Corporation and Dr. Hamdy Khalil of The Woodbridge Group. Most of you know these two individuals, and many of you have worked with them (or have been mentored by them) in their decades of service.
Gollnitz has spent the past 20 years of his career as technical director at Plastomer Corporation, a family owned and operated business founded in 1954 by Walter Baughman, one of PFA’s founders and also a member of the Flexible Polyurethane Foam Hall of Fame.
Prior to Plastomer, Gollnitz spent seven years in business group management positions with ARCO Chemical and seven years with Olin Corporation. He began his career in the foam industry with Firestone Foam. He holds a B.A. in chemistry from Lipscomb University in Tennessee, and an MBA from Bryant University in Rhode Island.

He is a Past President of PFA and subsequently served on the Executive Committee.

Dr. Khalil is the Senior Global Director for Advanced Technologies Research and Product Development and Innovation for the Woodbridge Foam Corporation, a major manufacturer of flexible molded polyurethane foam for the global automotive industry. Dr. Khalil pioneered the introduction and commercialization of renewable materials into the polyurethane chemistry used in interior automotive parts manufacturing. Under his guidance, Woodbridge became one of the early adopters of green technologies using biobased polyols. Khalil also played a leading role in ongoing efforts to harmonize OEM specifications for VOC emissions from plastics in auto interiors.

Dr. Khalil served on the Board of Directors of Ontario Bio Auto Council, and the Center for Research and Innovation in the Bio Economy ( CRiBE). He acted as an advisor to the National Research Council of Canada on renewable and sustainable materials technology. Dr. Khalil received the Outstanding Leadership From the Center For the Polyurethane Industry (CPI), and the Technical Leadership Award from The Nano Division of the Technical Association for the Pulp and Paper Industry (TAPPI). He was selected to the Advisory Panel For Arbora Nano for the Advancement of Lignocellulosic Products. Dr. Khalil received the “Le Sueur Memorial Award” from the Society of Chemical Industry for Outstanding Industrial Contribution.
His passion is to mentor the new generation of scientists and engineers.

Prior to Woodbridge, Dr. Khalil held positions at Labatt’s in the pharmaceutical Division, for PolySar Corporation as analytical laboratory supervisor and as Senior Technical Manager for BFGoodrich.
He holds a BSc with majors in chemistry and physics from the University of Alexandria in Egypt, an MSc in Nutritional Biochemistry from Cairo University in Egypt and a PhD from Windsor University. He has long served on PFA’s Executive Committee and taken on other roles in the association. 

Please join us on Thursday morning to honor these two legends of our industry.
RSVP for Events And Register for Fall Meeting Here
Deadline To Make Hotel Reservations At PFA Preferred Rate: October 6
IMPORTANT: If you haven’t made your room reservations yet, please do so before October 6, when PFA’s room bloc (and special rate) expires. (Note: on the Omni website, room rates are in Canadian dollars.)
Meeting and Room Registration: https://www.pfa.org/2023-fall-meeting
PFA Fall Meeting Social/Networking Events
Be sure to RSVP for our networking events (free to meeting participants). Note: the Distillery Tour is limited to 30 people, so sign up soon.
RSVP for Events And Register for Fall Meeting Here