Moodys raises Kronos outlook to stable on TiO2 recovery

MOSCOW (MRC) -- Moody's Investors Service raised its outlook for US-based Kronos Worldwide to stable from negative following the recovery of prices for titanium dioxide (TiO2), said the ratings agency in its press release.

It also upgraded Kronos' speculative grade liquidity rating to SGL-2 from SGL-3, Moody's said.

Moody's also affirmed its B1 corporate family rating for Kronos.

Moody's raised its outlook for the company because it expects that Kronos' credit metrics will remain solid for a company rated B1. A B1 rating is speculative grade.

Moody's based its confidence on the cyclical recovery in the TiO2 industry. Prices have recovered after falling for several quarters.

As TiO2 prices recovered, Kronos' credit profile has improved.

As MRC informed before, TiO2 imports into the Russian market decreased in 2016 by 33% year on year, totalling 43,400 tonnes. Kronos' last year share was 16% or 6,900 tonnes of the total imports.
MRC

MOSCOW (MRC) -- By taking over the coatings and pressroom chemicals operations in the EMEA region of its strategic partner Fujifilm Europe BV, Heidelberger Druckmaschinen AG (Heidelberg) is expanding into the attractive growth segment for consumables, said Heidelberg.

This transaction is another step in pursuing the company’s growth strategy of developing a fully comprehensive cross-sector portfolio that is geared toward specific customer requirements. Fujifilm will continue to focus on supplying total pressroom solutions to plate customers.

At the start of the new financial year 2017/18, as previously announced, Heidelberg adapted the company’s structure to its digital future. This move saw the Heidelberg Digital Technology (HDT) and Heidelberg Digital Business & Services (HDB) segments established on April 1, 2017. HDT combines operations in sheetfed offset, label printing, and postpress and is responsible for developing, producing, and marketing the appropriate technologies and products for new business models. HDB, meanwhile, is where Heidelberg will manage its operations in services, consumables, remarketed equipment, digital printing technology, and solutions throughout the value-added chain. The expansion the company is pursuing in consumables and the design and implementation of new business models are helping to extend this value creation for customers.

"We are systematically gearing our portfolio towards profitable growth," says Rainer Hundsdorfer, CEO of Heidelberg. "Taking over the coatings and pressroom chemicals operations of Fujifilm in EMEA is helping us become a digital company and enabling us to offer our customers a fully comprehensive portfolio ranging from technology to consumables and service."

MRC

MOSCOW (MRC) -- Evonik Resource Efficiency GmbH announces a price increase for the Epoxy Curing Agents business, said the producer on its press-release.

The increase will be effective from July 1, 2017. All existing contracts will be honored. Prices will be increased as follows:

• Polyamides up to 3%
• Other Curing Agents and Additives up to 5%
The increase is necessary to offset the on-going escalation of key raw materials.

Evonik’s Epoxy Curing Agents Business Line appreciates your business and we remain focused on providing you with the very best technology and service that we can provide.

Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Profitable growth and a sustained increase in the value of the company form the heart of Evonik’s corporate strategy. Evonik benefits specifically from its innovative prowess and integrated technology platforms.

Evonik is active in over 100 countries around the world with more than 35,000 employees. In fiscal 2016 the enterprise generated sales of around EUR12,7 billion.

Evonik Industries has been producing specialty chemical products in the Greater China region (Mainland China, Hong Kong and Taiwan) since the late 1970’s; with wide-ranging trading relations already in place prior to this in the region. Evonik regards Greater China as one of the driving forces of the global economy and we consequently endeavor to grow our business in the region. The company now has around 3,000 employees in the Greater China region, the regional sales reached about EUR1.3 billion in 2016.
MRC

MOSCOW (MRC) -- Wison Engineering announced that its non-wholly owned subsidiary, Wison Engineering (China) Limited, was awarded a contract by Zhejiang Petrochemical Co., Ltd to deliver nine ethylene cracking furnaces for a 40 MMtpy refining and chemical integrated complex (Phase I), said Hydrocarbonprocessing.

The 9 ethylene cracking furnaces will be in modularized fabrication and scheduled to be delivered in modular by early 2018.

Zhejiang Petrochemical refining and chemical integrated complex (Phase I) will produce 1.4 MMtpy of ethylene. With a capacity of 200 Mtpy for a single furnace, it becomes the largest cracking furnace equipment in terms of production capacity in China to date.

It is also the world's largest single cracking furnace that will be transported and delivered in a whole. As a leader in the domestic ethylene cracking furnace industry, Wison Engineering owns a track record of over 170 sets of ethylene cracking furnaces.

"We are very grateful to the trust given to us by Zhejiang Petrochemical. The cracking furnace has always been one of the strongest areas of Wison Engineering,” said Zhou Hongliang, Senior Vice President of Wison Engineering. “In spite of all challenges caused by the tight delivery timeline of the large-scale project, Wison Engineering will actively mobilize the company’s resources in the implementation of modular construction and overall transportation strategy to ensure the successful delivery of the project."
MRC

MOSCOW (MRC) — MRC Global Inc. announced that it has extended its worldwide master contract with Chevron Corporation for seven more years, said Hydrocarbonprocessing.

The contract allows them to provide pipe, valve and fitting (PVF) products and services to Chevron Corporation's global operations and project work.

"Our relationship with Chevron has grown significantly over time, and we are grateful that they continue to allow us to be part of their long-term, supply chain planning for PVF," President & CEO, Andrew R. Lane, said. "In 1955 we first began supporting Chevron at their Richmond, CA facility. Now, after more than 60 years of working together, MRC Global is proud to provide strategic supply chain solutions to Chevron's global operations in its upstream, midstream, refining and chemical sectors."
MRC