– The United Steelworkers (USW) said that the union has reached a tentative agreement with Bridgestone on a new master contract covering roughly 4,000 workers at the company’s facilities in Des Moines, Iowa; Akron, Ohio; Bloomington, Ill.; Russellville, Ark.; La Vergne and Warren County, Tenn.Read more
LyondellBasell Industries announced net income for the second quarter 2022 of $1.6 billion, or $4.98 per share. The company recognized a $69 million non-cash impairment charge during the quarter related to the exit from our Australian polypropylene business that impacted earnings by $0.21 per share. Second quarter 2022 EBITDA was $2.4 billion, or $2.5 billion excluding LCM and impairment. Second quarter 2022 EBITDA was further impacted by a $94 million non-cash pension settlement charge.Read more
Sales were $644 million, up 19 percent versus the prior-year period. Each of the company’s reportable segments achieved double-digit sales growth compared to the prior year. Demand remains strong across the company’s resilient end markets. The year-over-year sales growth was driven primarily by disciplined pricing leading to cost recovery in a high-inflation environment and improved product mix. Foreign currency negatively impacted sales $26 million, or five percent.Read more
WACKER will be premiering its novel ELASTOSIL® LR 3078 product series at K 2022 International Trade Fair for Plastics and Rubber. These self-adhesive liquid silicone rubber grades cure extremely fast and establish a firm bond with the thermoplastic polycarbonate without the need to pretreat its surface. ELASTOSIL® LR 3078 was designed for two-component injection molding and enables cost-effective large-scale production of multicomponent parts, such as those needed in medical technology and the automotive industry. This year’s K show will take place in Düsseldorf, Germany, from October 19 to 26Read more
BASF reported sales growth of 16.3 percent to €23.0 billion and EBIT before special items of €2.3 billion on the level of prior-year quarter along with net income of €2.1 billion up 26.3 percent over prior-year quarter. Cash flows from operating activities of €1.2 billion below prior-year quarter (Q2 2021: €2.5 billion).Read more
– Arkema reported second quarter sales of €3.2 billion, up by 32.9% compared with Q2’21 along with EBITDA up by a strong 47.5% compared with Q2’21 to €705 million, and a record EBITDA margin of 22.1%: Very significant 41.8% growth in Specialty Materials’ EBITDA to €600 million (€423 million in Q2’21), supported by each of the three segments, Adhesive Solutions, Advanced Materials and Coating Solutions.
Intermediates’ EBITDA at €129 million (€81 million in Q2’21), benefiting notably from more favorable market conditions overall and from initiatives taken by the Group.
Malaysia’s natural rubber (NR) production decreased by 6.3% to 21,073 tons in May 2022 compared with 22,498 tons in April, said the Department of Statistics Malaysia (DoSM).Read more
Klaus Jell will take over the global management of KraussMaffei’s Digital & Service Solutions (DSS) division as Executive Vice President on 1st August. The 56-year-old trained engineer will thus also join KraussMaffei’s Executive Committee replacing Nadine Despineux who will leave the company at her own request on July 31st.Read more
. The Munich-based chemical company generated sales of €2,174.2 million in the reporting quarter (Q2 2021: €1,501.0 million), up by 45 percent year over year. Relative to the preceding quarter (€2,076.2 million), sales were up by 5 percent, benefiting from product-mix and volume effects, as well as from the year-over-year rise in the US dollar. All four business divisions contributed to this sales growth. Polysilicon performed particularly well, with sales increasing by 68 percent year over year, due to higher prices. The two chemical divisions – WACKER SILICONES and WACKER POLYMERS – each grew by more than 40 percent and demand was particularly strong, for example, for products used in adhesives and industrial coatings. Business in biotechnological products and fine chemicals also showed solid growth, with sales up by 16 percent.Read more
The Silicone Market is estimated at USD 17.8 Bn in 2022 & strengthening the market value to USD 31.2 Bn by 2030, at Compound Annual Growth of 7.47% according to Market Data Centre. The Silicone Market is projected to grow at a solid pace during the forecast period. The presence of key players in the ecosystem has led to a competitive and diverse market. The advancement of digital transformation initiatives across multiple industries is expected to drive the worldwide Silicone Market during the study period.Read more