Trinseo elected Donald Misheff to its Board of Directors

MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex and rubber formerly known as Styron, has announced Donald T. Misheff has been elected to its Board of Directors, effective February 19, 2015, reported the producer on its site.

He also joined the Audit Committee and the Environmental, Health, Safety and Public Policy Committee of the board. With these changes, Trinseo has a fully independent three person Audit Committee.

Misheff is the former Northeast Ohio Managing Partner at the public accounting firm Ernst & Young LLP, where he advised companies on financial and corporate governance issues. He began his career with Ernst & Young in 1978 as part of the audit staff and later joined the tax practice, specializing in accounting/financial reporting for income taxes, purchase accounting and mergers and acquisitions. Misheff retired from Ernst & Young in 2011.

"Don’s tremendous experience in finance and corporate governance will be a valuable addition to our board of directors," said Chris Pappas, president and CEO of Trinseo. "He has more than 30 years of experience advising a wide range of public companies and boards."

As MRC wrote before, Styron, the global materials company and manufacturer of plastics, latex and rubber, announced it had changed its name to Trinseo, effective February 1, 2015.

Trinseo is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Trinseo had approximately USD5.3 billion in revenue in 2013, with 19 manufacturing sites around the world, and approximately 2,100 employees.
MRC

HDPE imports to Ukraine fell by 29% in January 2015

MOSCOW (MRC) -- Last month's overall imports of high density polyethylene (HDPE) into Ukraine decreased by 29% year on year. Weaker demand and issues with the foreign currency purchasing in the country were the reasons for lower imports, according to MRC DataScope report.


January HDPE imports to Ukraine fell to its lowest in the past few years and totalled 5,300 tonnes, while in January and December 2014 this figure was 7,500 tonnes and 11,800 tonnes, respectively. The fall in demand for HDPE was dictated by both the slowdown in the economy and problems with the foreign currency purchasing for procurement of polyethylene (PE) in foreign markets.

The supply structure by HDPE processing technologies looks the following way over the stated period.


January imports of film grade HDPE to the Ukrainian market slumped to 2,700 tonnes from 4,000 tonnes in January 2014 and 6,200 tonnes in December 2014. PE from Saudi Arabia accounted for the main decline in imports.

January imports of pipe grade HDPE decreased even more significantly and totalled 350 tonnes (1,800 tonnes and 1,300 tonnes in January and December 2014, respectively). Shipments were reduced from all countries.

Last month's imports of blow moulding HDPE to Ukraine totalled 900 tonnes versus 1,200 tonnes in January 2014 and 2,300 tonnes in December 2014. Shipments from Europe and Saudi Arabia fell significantly, whereas imports of this PE grade from Russia were completely stopped.

January imports of injection moulding HDPE reached 1,300 tonnes versus 428 tonnes in January 2014 and 1,600 tonnes in December. Many Ukrainian companies have shifted to purchasing this HDPE grade in Saudi Arabia and Asian countries in recent months because of several reasons.

MRC

Plastik (Uzlovaya) to increase EPS prices by Rb3,000-4,000/tonne

MOSCOW (MRC) - Plastik (Uzlovaya) will raise the price of expandable polystyrene (EPS) for March delivery by roubles (Rb) 3,000-4,000/tonne, including VAT, according to ICIS-MRC Price Report.

The reason for the rise in prices was more expensive offers from other analogues material in the market. At the same time a week earlier price offer for Chinese EPS were heard in the range of Rb115,000-120,000/tonne CPT Moscow.

Traders expect an increase in demand for EPS in the early March on the back of a seasonal factor and the beginning of activity in the construction sector.

At the end of 2013, Plastik (Uzlovaya) was sold to a group of SIBUR.

JSC Plastik (Uzlovaya), based in Tula region, is a producer of ABS-plastics and polystyrene (PS). The company has large capacity of injection moulding, pressing and extrusion of plastics and is the largest supplier of polymers. The site includes production of styrene - 60,000 tonnes/year, EPS - 11,300 tonnes/year, separators and phenoplasts - 6,380 tonnes/year. Annual production of ABS plastics at the site is 23,000 tonnes. The plant also produces automotive components.
MRC

Bayer names new chairman for MaterialScience business

MOSCOW (MRC) -- Germany's Bayer named Richard Pott as supervisory board chairman of its plastics unit MaterialScience, which it plans to float on the stock market as a separate company, as per Reuters.

"Within the context of the planned stock market listing, Bayer MaterialScience will be operating autonomously with a strategy that is distinct from Bayer's," Bayer Chief Executive Marijn Dekkers said in a statement on Wednesday.

Pott, 61, who oversaw personnel matters on Bayer's management board from 2002 to 2013, will assume his new office on March 26, it said. He will replace Bayer management board member Werner Baumann as chairman of MaterialScience.

As mRC wrote before, Bayer AG said it plans to increase its dividend for 2014, in a statement ahead of fourth-quarter results. The drugs and chemicals company said it will propose a dividend of EUR2.25 per share for 2014, up from the EUR2.10 a share dividend paid for 2013. With 826.9 million shares entitled to the dividend, the total dividend payment will come to around 1.86 billion euro, up 7.1% from the payout for 2013.

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer’s products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power.
MRC

Mexichem reports Q4 and full year 2014 results

MOSCOW (MRC) -- Mexichem today announced its unaudited results for the fourth quarter and full year ended December 31, 2014, said the company in its press release.

Fourth Quarter 2014 financial and operating highlights: revenues increased 7% to USD1.4 bn, reflecting organic and acquisition growth. EBITDA was USD157 mln, a decline of 14%; EBITDA without Venezuela and PMV was USD167 mln, an increase of 3%.

Net loss was USD27 mln. Booked charge of USD15m in 4Q14 related to regulator-mandated change in effective exchange rate for Venezuelan operations; charge corresponds to results for 2014.

Full year 2014 financial and operating highlights: revenues increased 8% to USD5.6 bn; EBITDA was USD818 mln, down 9%; excluding Venezuela and PMV, EBITDA was USD784 mln, down 2%. Net income increased to USD125 mln.
Net Debt to EBITDA proforma ratio was 2.0x at year-end. Operating cash flow was USD699 mln, mln by working capital management. Completed specialty acquisitions with combined revenues of over USD214 mln during the consolidated period.

As MRC wrote before, Mexichem completed the acquisition of Vestolit GmbH on 1 December 2014. Mexichem completed the acquisition after receiving all relevant regulatory approvals. Vestolit was acquired from funds managed by Strategic Value Partners LLC for a total purchase price of EUR219 million in cash and assumed liabilities.

Mexichem, of Tlalnepantla, an industrial municipality close to Mexico City, is Latin AmericaпїЅs largest manufacturer of PVC pipe, vinyl resins and compounds. The company has annual revenues of more than USD5 billion and has been listed on the Mexican Stock Exchange for more than 30 years.
MRC