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AirBoss announces third quarter financial results and dividend

  11/8/2019 - Newmarket, Ontario, Canada - During the third quarter of 2019, AirBoss’ core Rubber Solutions segment continued to grow volumes with a 5.5 percent increase in pounds shipped, although net sales (in dollars) dropped slightly (3.5 percent) due to the increase in tolling versus non-tolling sales. The slight drop in net sales in Rubber Solutions was partially offset by a 1.7 percent increase in net sales in the Engineered Products segment. To support longer-term growth, AirBoss is investing in a series of key strategic initiatives across the business in 2019. Capital expenditures for 2019 are expected to fall in the range of $18 to $20 million dollars before decreasing to levels closer to depreciation in 2020. Capital expenditures through September 30, 2019, were $13.0 million. For the Rubber Solutions segment, areas of investment include new mixing lines in Kitchener, Ontario, Canada, and Scotland Neck, NC, that, in addition to increasing annual capacity by 20 and 50 million pounds, respectively, will support production of a broader array of compounded products (white and color), as well as provide enhanced flexibility in attracting and fulfilling new business. The company also recently acquired a new “tilt” mixer, which should support the production of increasingly specialized, higher margin compounds. In Kitchener, AirBoss has finished upgrading its office and laboratory facilities to support enhanced collaboration with customers and better reflect the company’s focus on innovative research and development, and proprietary technical solutions. In the Engineered Products segment, AirBoss is piloting new presses for the anti-vibration business that are intended to reduce cycle times and lower labor costs, which is expected to support improved margins. More broadly, the company is also investing in developing new anti-noise, vibration and harshness products, as well as the next generation of the low-burden mask marketed by the defense business. Within the Engineered Products segment, the defense business remains focused on fulfilling the key contracts secured in 2018 and 2019, including the recent MALO contract award from the U.S. Department of Defense. Management in the anti-vibration business is continuing to work to address key challenges directly, with the near-term focus remaining on driving margins through better cost management and improved pricing strategies. In addition, the recently strengthened sales and marketing team is working to both increase penetration with existing customers, as well as target new ones, including major automakers and Tier I and II parts suppliers. Over the medium and longer-term, the team is focused on launching new products that diversify initially into opportunities adjacent to the automotive space, such as trucking, buses, construction and motorcycles/ATVs, but increasingly across a range of sectors where anti-noise, vibration and harshness solutions are required, including renewable energy, marine, rail and appliances. In May 2019, AirBoss announced a transaction to create AirBoss Defense Group through the merger of the AirBoss defense business with privately-owned Critical Solutions International. While management believes there are numerous synergies associated with transaction, most important is the creation of a strong platform with the scale, capabilities and flexibility to act on an array of growth opportunities, both organic and transactional. AirBoss’ defense business continues to identify and submit to tenders internationally, cumulatively valued at hundreds of millions of dollars. In the third quarter AirBoss received approval from the Committee on Foreign Investment in the United States to proceed with the transaction, which is expected to close by January 1, 2020. The board of directors of the company has approved a quarterly dividend of $0.07 per common share, to be paid on January 15, 2020, to shareholders of record at December 31, 2019.

Tuesday, November 12, 2019

Global butyl rubber market forecast with a CAGR of 4.7 percent through 2024 - click to expand

Bridgestone wins trademark infringement lawsuit against Chinese tire manufacturer - click to expand

Solvay to raise Tecnoflon fluoroelastomer FKM capacity in Italy by 30 percent - click to expand

Mississippi Lime attains ISO certification - click to expand

Safic-Alca publishes sustainability report - click to expand

Geon Performance Solutions appoints Tracy Garrison chief executive officer - click to expand

Monday, November 11, 2019

Lubrizol expands halogen-free Estane ZHF TPU portfolio - click to expand

United Soft Plastics opens TPE facility in Houston - click to expand

West Pharmaceutical Services launches two elastomer product innovations at CPhI Worldwide - click to expand

Trinseo reports third quarter 2019 financial results - click to expand

Global silicone market forecast at $91.4 billion by 2026 - click to expand

Global latex-saturated paper market forecast at $3.67 billion by 2026 - click to expand

Friday, November 8, 2019

Book of the Day - Rubber Extrusion Technology Short Course Notes - click to expand

Global rubber molding market projected to reach $51.42 billion by 2026 - click to expand

Borealis and Borouge launch custom compounding service - click to expand

Apollo Tyres collaborates with GARC to establish first tire test track in India - click to expand

AirBoss announces third quarter financial results and dividend - click to expand

Tire Industry Association partners with retreading authority and releases two training programs - click to expand

Thursday, November 7, 2019

Winter tires market remains hotly contested as a $43 billion opportunity is in the offing - click to expand

Silicone gel market size to grow with a CAGR of 8.2 percent through 2025 - click to expand

MidAtlantic Rubber and Plastics Group holds educational symposium at Lehigh University - click to expand

Arlanxeo to close Keltan production unit in Orange, Texas - click to expand

Hexpol announces the departure of president Tracy Garrison - click to expand

Yokohama Tire sweeps SEMA Show’s Best New Tire awards - click to expand

Wednesday, November 6, 2019

Global Rubber Conference 2019 to be held in Hainan, China, December 12-14 - click to expand

Ontario Rubber Group meets November 19 - click to expand

ACE Products & Consulting announces CubeOne Robot - click to expand

Apollo Tyre reports second quarter financial results - click to expand

Specialty carbon black market forecast with a CAGR of 8.1 percent through 2025 - click to expand

Tuesday, November 5, 2019

Europe Rubber & Latex Expo 2020 to be held May 6-7 in Budapest, Hungary - click to expand

Goodyear accepting nominations for annual Highway Hero Award - click to expand

Cooper Tire plans to acquire 100 percent of its Mexico joint venture manufacturing facility - click to expand

Falken Wildpeak A/T Trail 01A chosen as original equipment for the 2020 Toyota RAV4 - click to expand

Global fluorosilicone rubber market forecast with a CAGR of 5.51 percent through 2025 - click to expand

Silicone adhesives market forecast with a CAGR of 8.2 percent through 2025 - click to expand

Market Reports

Global Butyl rubber market forecast with a CAGR of 4.7% through 2024 - click to expand

Global silicone market forecast at $91.4 billion by 2026 - click to expand

Silicone Oil market worldwide is projected to grow by $805.5 million - click to expand

Global latex-saturated paper market forecast at $3.67 billion by 2026 - click to expand

Global rubber molding market projected to reach $51.42 billion by 2026 - click to expand

Winter tires market remains hotly contested as a $43 billion opportunity is in the offing - click to expand

Silicone gel market size to grow with a CAGR of 8.2% through 2025 - click to expand

Specialty carbon black market forecast with a CAGR of 8.1% through 2025 - click to expand

Silicone adhesives market forecast with a CAGR of 8.2% through 2025 - click to expand

Rubber bonded abrasives market forecast with a CAGR of 4.2% through 2025 - click to expand

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