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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.

Wednesday, January 29, 2020

Retread tire market growing with a CAGR of 4.9 percent through 2027 - click to expand

Global automated handling market forecast to reach $60 billion by 2025 - click to expand

Cimcorp appoints Jarkko Hakkarainen as general manager of its newly established office in Madrid - click to expand

Specialty Silicone Products adds capacity with second mill and EMI extruder - click to expand

Michelin named top tire manufacturer among world’s most admired companies - click to expand

Tuesday, January 28, 2020

Cooper Tire completes acquisition of Mexico joint venture plant - click to expand

Global industrial robotics market likely to surpass $24 billion by 2025 - click to expand

GM invests $2.2 billion in first assembly plant completely devoted to electric vehicles - click to expand

Eastman experts to discuss increased performance, efficiency in tire production - click to expand

Global personal protection equipment market forecast at $73 billion by 2026 - click to expand

Monday, January 27, 2020

Toyo Tire releases videos on its tire development technologies co-produced with Discovery Channel - click to expand

Denka develops acrylic elastomer with heat resistance up to 190 degrees Celsius - click to expand

R.D. Abbott and Alpha Technologies offer one-day course on rheology applications - click to expand

Global polychloroprene market projected to grow at a CAGR of 4.1 percent through 2025 - click to expand

NPE2021 and ChinaPlas correct scheduling conflict - click to expand

India issues quality control orders on various steel imports - click to expand

Friday, January 24, 2020

Michelin announces PennyForAFreeRide scholarship winner - click to expand

Disposable medical gloves market forecast a $10.9 billion by 2026 - click to expand

Book of the day: Thermoplastic Elastomers - click to expand

New ASTM International standard supports flame retardants in plastics - click to expand

IRSG expects world demand for rubber to grow 2.6 percent in 2020 - click to expand

Thursday, January 23, 2020

Global advanced tires industry expected to hit $1.34 billion by 2030 - click to expand

Trinseo to announce fourth quarter and full year 2019 financial results - click to expand

Former Ameritex latex factory to reopen in Alabama under new owners - click to expand

Toshiba Machine fights activist investor's hostile takeover - click to expand

CCSi announces new headquarters and updated website for 2020 - click to expand

Global conductive silicone market forecast at $3.8 billion by 2025 - click to expand

Wednesday, January 22, 2020

Cooper Standard advances diversification strategy; announces three Fortrex technology development agreements - click to expand

Upcoming Rubber Division, ACS, courses announced - click to expand

Cooper Tire scores 100 percent on 2020 Corporate Equality Index - click to expand

Emergence of advanced tire technologies influencing tire cords and tire fabrics production - click to expand

Freudenberg Sealing Technologies’ new method shows how static seals actually age - click to expand

Global tire pressure monitoring system market to surpass $8 billion by 2026 - click to expand

Market Reports

Medical disposable market is anticipated to reach over $365.1 billion by 2026 - click to expand

Global isoprene rubber latex market forecast with a CAGR of 7.19 percent through 2025 - click to expand

Retread tire market growing with a CAGR of 4.9 percent through 2027 - click to expand

Global automated handling market forecast to reach $60 billion by 2025 - click to expand

Global industrial robotics market is lkely to surpass $24 billion by 2025 - click to expand

Global personal protection equipment market forecast at $73 billion by 2026 - click to expand

Global advanced tires industry is expected to hit $1.34 billion by 2030 - click to expand

Global neoprene market is projected to grow at a CAGR of 4.1% through 2025 - click to expand

Disposable medical gloves market forecast a $10.9 billion by 2026 - click to expand

Global conductive silicone market forecast at $3.8 billion by 2025 - click to expand

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