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MOSCOW (MRC) -- PolyOne Corporation reported USD1,038 million of revenue for the second quarter of 2013, a 37% increase compared to USD757 million in the second quarter of 2012, said PolyOne in its press-release.
Diluted earnings per share from continuing operations totaled USD0.39 in the second quarter of 2013, compared to USD0.20 in the second quarter of 2012; adjusted earnings per share grew 23% to USD0.37 for the second quarter of 2013 from USD0.30 in the second quarter of 2012.
Total earnings per share for the quarter including the gain from the sale of our non-core resin business was USD1.83 compared to USD0.27 in the same period last year.
"I am pleased to report another outstanding quarter for PolyOne as we not only delivered strong earnings growth but also completed the divestiture of our non-core resin business for a pre-tax gain of USD224 million," said Stephen D. Newlin, Chairman, President, and Chief Executive Officer.
"While each of our three strategic platforms improved operating income year over year, our specialty platform was once again our engine for growth."
Mr. Newlin went on to say, "Mix improvement continues to be at the heart of our transformation story as we offer increasingly innovative products and solutions in specialty markets. With the addition of Spartech, we have expanded our position in packaging, aerospace, security and other markets. During the second quarter, specialty contributed nearly two-thirds of our segment operating income."
As MRC wrote before, PolyOne sold its vinyl dispersion, blending and suspension resin assets to Mexico-based Mexichem. PolyOne received USD250 million in cash for this deal.
PolyOne Corporation is a global provider of specialized polymer materials, services, and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC
Revenue of PolyOne in Q2 up 37%
Exxon gave way to Apple once again
It is once again the world's most valuable company by market capitalization (share price times number of shares outstanding).
Apple's market cap was boosted by a USD56 (14%) surge in July, a gain that was softened by a stock repurchase plan that reduced its number of outstanding shares in fiscal Q3 by 23.5 million. Exxon was hurt by falling oil prices and a disappointing earnings report.
The two companies have changed leads many times before.
Apple Inc., formerly Apple Computer, Inc., is an American multinational corporation headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software and personal computers.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
MRC
Asahi Kasei, Mitsubishi launch studies on unification of Mizushima crackers
MOSCOW (MRC) -- Asahi Kasei Chemicals and Mitsubishi Chemical have agreed to begin studies aimed at unifying their respective naphtha crackers in Mizushima, Japan, on a single cracker, said Apic-online.
In 2011, the two companies established Nishi Nippon Ethylene LLP as a limited liability company for the purpose of integrating and unifying the management and operations of their respective crackers in Mizushima. Each company had 500,000 t/y of ethylene capacity at the site.
"The operating climate for petrochemical operations is expected to become increasingly severe with contracting domestic demand expanding supply capacity in the Middle East and China, and expanding supply capacity in the U.S. due to the shale gas revolution," they explained.
Asahi Kasei and Mitsubishi plan to finish the feasibility study by the end of March 2014, and anticipate unifying operations in the spring of 2016.
MRC
ALTANA to expand its additives portfolio with acquisition of rheology business of Rockwood
MOSCOW (MRC) -- The specialty chemicals group ALTANA has signed a definite agreement to acquire the global rheology business of Rockwood Holdings Inc., said ALTAN in its press-release.
The unit, currently part of Rockwood's "Performance Additives" segment, is one of the world's leading manufacturers of rheology additives that optimize the flow characteristics of various materials. With about 340 employees at four production sites in the U.S., the UK and Germany the rheology business generated sales of USD 191 million in 2012. After approval by the relevant antitrust authorities, ALTANA will integrate the business into its BYK Additives & Instruments division.
The purchase price amounts to USD 635 million. The closing of the transaction is expected to take place in the fourth quarter of 2013.
With the acquisition ALTANA is expanding its existing additives portfolio. "The acquisition of Rockwood's rheology business is fully in line with our focus on true specialty chemicals and opens up new growth opportunities," ALTANA CEO Dr. Matthias L. Wolfgruber said. Rheology additives are amongst others used in coatings, construction materials and personal care products. They can, for example, ensure that coatings have the right viscosity and that they can be applied without forming droplets or bubbles.
ALTANA develops and produces high-quality, innovative products in the specialty chemicals business. The ALTANA Group has four divisions: BYK Additives & Instruments, ECKART Effect Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. All of these divisions occupy a leading position in their target markets with respect to quality, product solution expertise, innovation and service.
BYK Additives & Instruments is one of the world's leading suppliers in the additives and measuring instruments sector. Approximately 87% of sales are generated by foreign countries. The major export markets are Europe, the United States, and the Far East.
Rockwood Holdings, Inc. is a leading global specialty chemicals and advanced materials company. Rockwood has a worldwide employee base of approximately 10,200 people and annual net sales of approximately USD3.5 billion in 2012. Rockwood focuses on global niche segments of the specialty chemicals, pigments and additives and advanced materials markets.
As MRC wrote before, Huntsman Corp, the U.S. chemicals producer founded by Jon Huntsman Sr., is considering an offer for Rockwood Holdings Inc. titanium-dioxide pigments business. Such a deal would create a titanium-dioxide maker with about 15% of global capacity, vying with Cristal Global as the world’s second-largest, after market leader DuPont Co.
MRC
PTA plant to be shut by Jiaxing Petrochemical for maintenance
MOSCOW (MRC) -- Jiaxing Petrochemical will be shutting its purified terephthalic acid (PTA) plant for maintenance turnaround, said Apic-online.
A source in China informed that the plant will be shut on August 15, 2013. It is likely to remain off-stream for around one month.
Located in Jiaxing, Zhejiang province, China, the plant has a production capacity of 1.5 million mt/year. The company started commercial production at the plant on September 2, 2012.
Jiaxing Petrochemical’s parent firm – Tongkun Group – runs six polyester yarn plants at Tongxiang in Zhejiang province, with a total capacity of 1.6m tonnes/year.
PTA is the primary feedstock of polyester production. A 1.5m tonne/year PTA plant can meet requirement for the production of 1.7m tonnes/year polyester products.
MRC