BASF isocyanates, precursors VP named as Euro Chlor chairman

MOSCOW (MRC) -- The Euro Chlor General Assembly has chosen Dr. Thomas Wehlage (BASF) as new Chairman of the Management Committee for a two year period, said the company in its press release.

Dr. Wehlage holds a Degree and PhD in chemistry from the University of Hamburg and did a Postdoc at Harvard University, Cambridge/USA. He started his career in BASF Aktiengesellschaft, R&D Specialty Chemicals in 1993. After having had different functions in Europe and Asia in the areas of technical Polymers, vitamins and animal nutrition, Dr Wehlage became Senior Vice President Strategic Planning in 2007 and Senior Vice President Inorganic Chemicals Europe in 2010. Today, he is Senior Vice President Isocyanates and Precursors Europe.

Wehlage joined BASF in 1993 in the specialty chemicals research and development division. He became senior vice president of strategic planning in 2007, and senior vice president for inorganic chemicals Europe in 2010, before assuming his current position at the ocmpmay.

As MRC informed before, in September 2014, BASF announced the start-up of a new butadiene extraction plant at its Verbund site in Antwerp, Belgium. The plant has an annual production capacity of 155,000 metric tons.

Colorcon is a world leader in the development, supply and technical support of formulated film coating systems, modified release technologies, and functional excipients for the pharmaceutical industry.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.

MRC

MOSCOW (MRC) -- Westlake Chemical is investing USD330 million to expand its ethylene capacity in Lake Charles, Louisiana, the company announced late Thursday.

The expansion is expected to be completed in late 2015 or early 2016 and will increase ethane-based ethylene capacity by approximately 250 million lb/year (113,000 tpy).

In addition to the 480 employee and 115 core contractor jobs that will be retained at the site, Westlake says it will add an additional 25 new direct jobs.

This expansion is expected to create an estimated 1,000 construction jobs at peak activity.

"Westlake Chemical has enjoyed a long and rewarding relationship with Louisiana since our inception in Lake Charles in 1986," said Albert Chao, CEO of Westlake.

"Since then, we have seen our footprint grow substantially," he added. "Our Louisiana operations are a vital hub for the enterprise and we look forward to a continued beneficial partnership in the future."

As MRC reproted earlier, in October 2012, Westlake had announced an expansion of the existing PVC plant in Calvert City, Kentucky, and the plans to convert the feedstock for its Calvert City ethylene plant from propane to ethane along with increasing ethylene capacity from 450 million pounds per year to 630 million pounds per year.

Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe and specialty components, windows and fence.
MRC

MOSCOW (MRC) -- Saudi Arabia's Yanbu National Petrochemical Co (Yansab) reported a 20.1% drop in third-quarter net profit on Monday, in line with analysts' estimates, as sales volumes declined, said Reuters.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 691.3 million riyals (USD184 million) in the three months to Sept. 30, down from 864.8 million riyals in the same period of 2013, a statement to the Saudi bourse said.

It was the company's fourth straight quarterly profit decline, Reuters data showed.

Nine analysts polled by Reuters on average had forecast Yansab's quarterly profit would be 699.2 million riyals.

The firm blamed lower sales volumes for the profit drop.

As MRC wrote before, Yansab announced in its interim financial results for the first quarter of 2013 that its net income was SR 667.07 million compared to SR 720.27 million for the same quarter last year with a decrease of 7.4%, and compared to SR 640.77 million for the previous quarter with an increase of 4.1%.

Yansab produces 400,000 tonnes/year each of high density PE (HDPE), linear low density PE (LLDPE) and polypropylene (PP).

Yansab, a joint-stock company, is 51%-owned by petrochemical giant Saudi Basic Industries Corp (SABIC).

MRC

MOSCOW (MRC) -- US-based compounder A Schulmanreported net income for the fourth quarter of USD15.2 million or USD0.52 per share, compared to a net loss of USD2.7 million or USD0.09 per share for the year-ago quarter, said the company.

Earnings from continuing operations for the fourth quarter was USD0.51 per share, compared to a loss from continued operations of USD0.04 per share in the prior year quarter.

Excluding items, adjusted earnings for the fourth quarter were USD0.66 per share, compared to USD0.55 per share last year.

Analysts polled by Thomson Reuters expected the company to earn USD0.64 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter rose 16.8% to USD627.4 million from USD537.3 million a year ago.

For the fiscal year 2015, the company forecasts adjusted earnings of USD2.60 to USD2.65 per share. Analysts currently expect the company to earn USD2.60 per share for the fiscal year 2015.

As MRC wrote before, Schulman, Inc. has announced that it has purchased the Perrite Group, a thermoplastics manufacturing business with operations in Malaysia, the United Kingdom and France, for approximately USD52 million. Perrite was part of the Vita Group portfolio of companies.

A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. The company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The company employs approximately 3,300 people and has 34 manufacturing facilities globally.
MRC

MOSCOW (MRC) -- PPG Industries said it reached an agreement to buy Westmoreland Supply, an independent paint distributor with 12 stores that will further boost PPG’s regional retail footprint, said the company in its press release.

Financial terms were not disclosed. The stores -- 11 in Western Pennsylvania and one in West Virginia -- will be rebranded under the PPG Paints store name.

Most of Westmoreland Supply’s 40-plus employees will likely work for PPG when the sale closes, PPG said. Downtown-based PPG expects the deal to be finalized before the end of the year.

PPG has more than 900 company-owned stores in North America.

In June, PPG said it was acquiring 13 stores from Masterwork. Those stores are in Pennsylvania, Ohio, and New York.

As MRC wrote before, PPG Industries Inc. PPG said its third-quarter earnings rose 64% amid broad sales growth across its main business segments. The Pittsburgh company has turned to acquisitions as part of its efforts to transform itself into a company focused more on paints and coatings.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum coils; marine and aircraft equipment; automotive original equipment; and other industrial and consumer products. The Optical and Specialty Materials segment consist of the optical products and silicas businesses. PPG is a producer and supplier of basic chemicals. Glass segment produces flat glass and continuous-strand fiber glass. In July 2014, PPG acquired Masterwork Paint Co. In July 2014, the Company announced that its North American architectural coatings business has completed acquisition of The Homax Group, Inc., supplier of decorative wall and ceiling texture repair products, from Olympus Partners.
MRC