AkzoNobel completes expansion of its largest powder coatings plant

A major capacity expansion has been completed at AkzoNobel’s Powder Coatings site in Como, Italy, which will help secure supply to customers across Europe, Middle East and Africa (EMEA), said the company.

Four new manufacturing lines are now operational following the €21 million project – two of them dedicated to automotive primers and two to architectural coatings. New bonding equipment lines have also been added, ensuring that the products meet and exceed industry standards.

“Increasing our capabilities in Como is a significant milestone which supports our ambition to create safety of supply for our customers,” explains Sanal Limoncuoglu, Commercial Director of AkzoNobel’s Powder Coatings business in South and East Europe (S&EE) and Middle East Africa (MEA). “We’re now well equipped to serve all our customers in the EMEA region with highly efficient lines that are state-of-the-art in terms of consistency and quality.”

The extra capacity in Como has been installed in a renovated building where powder coatings were originally made – a sustainable reuse of an existing part of the site, which was established in 1992. The new lines also use recycled energy and are focused on meeting the highest standards in sustainable production, supporting the company’s ambition to reduce its carbon emissions by 50% by 2030.

We remind, мore than 82 companies, businesses and social organizations – including AkzoNobel – are involved in a major Dutch research program focused on developing new technologies that will help solve some of today’s societal challenges. Seven broad consortia have been established as part of the government-funded “Perspectief” program, with AkzoNobel set to play a leading role in the SusInkCoat project, which will explore how to make inks and coatings more sustainable.

AkzoNobel’s Como site is the company’s largest plant for producing powder coatings. It supplies products for seven main market segments: home appliances; architecture; automotive; agriculture and construction machinery; trade coaters; furniture; and general industry.

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ConocoPhillips reported fourth-quarter 2023 earnings of USD3.0 billion, or USD2.52 per share, compared with fourth-quarter 2022 earnings of USD3.2 billion, or USD2.61 per share, said the company.

Excluding special items, fourth-quarter 2023 adjusted earnings were USD2.9 billion, or USD2.40 per share, compared with fourth-quarter 2022 adjusted earnings of USD3.4 billion, or USD2.71 per share. Special items for the current quarter were comprised of a benefit related to the reversal of a tax reserve, partially offset by a loss on foreign exchange contracts.

Full-year 2023 earnings were USD11.0 billion, or USD9.06 per share, compared with full-year 2022 earnings of USD18.7 billion, or USD14.57 per share. Excluding special items, full-year 2023 adjusted earnings were USD10.6 billion or USD8.77 per share, compared with full-year 2022 adjusted earnings of USD17.3 billion, or USD13.52 per share.

“During 2023, ConocoPhillips continued to demonstrate strong financial and operational performance, executing on our returns-focused value proposition,” said Ryan Lance, chairman and chief executive officer. “We achieved record production, reached several key milestones across our global operations and returned $11 billion to shareholders. We also continued to enhance our portfolio by opportunistically acquiring the remaining 50% of Surmont, reaching a final investment decision on the Willow project in Alaska and further progressing our global LNG strategy. We remain committed to our Triple Mandate of responsibly and reliably meeting energy transition pathway demand, delivering competitive returns on and of capital, and achieving our net-zero operational emissions ambition. Our deep, durable, and diversified portfolio continues to generate robust cash flow, enabling us to start the year with a $9 billion return of capital target.”

We remind, ConocoPhillips had 3Q 2023 earnings of $2.8 bn, a decrease from $4.5 bn in 3Q 2022, said the company.
Excluding special items, 3Q 2023 adjusted earnings were $2.6 bn, compared with 3Q 2022 adjusted earnings of $4.6 bn. Special items in the current quarter mainly consisted of a tax reserve reversal benefit and a gain associated with the divestiture of a Lower 48 equity investment. The operator detailed a 14% increase in its quarterly dividend due to higher-than-expected earnings for the quarter.

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AkzoNobel NV publishes results for 4Q and full-year 2023. Revenue stood at EUR 2606 M and EUR 2529 M for 4Q 2022 and 4Q 2023, respectively, a change of (3%), said the company.

Operating income stood at EUR 103 M and EUR214 M for 4Q 2022 and 4Q 2023, respectively, a change of 108%. Adjusted operating income stood at EUR126 M and EUR221 M for 4Q 2022 and 4Q 2023, respectively, a change of 75%. ROS stood at 4.8% and 8.7% for 4Q 2022 and 4Q 2023, respectively.

Revenue stood at EUR10,846 M and EUR10,668 M for FY 2022 and FY 2023, respectively, a change of (2%). Operating income stood at EUR 708 M and EUR1029 M for FY 2022 and FY 2023, respectively, a change of 45%. Adjusted operating income stood at EUR789 M and EUR 1074 M for FY 2022 and FY 2023, respectively, a change of 36%. ROS stood at 7.3% and 10.1% for FY 2022 and FY 2023, respectively.

We remind, More than 82 companies, businesses and social organizations – including AkzoNobel – are involved in a major Dutch research program focused on developing new technologies that will help solve some of today’s societal challenges. Seven broad consortia have been established as part of the government-funded “Perspectief” program, with AkzoNobel set to play a leading role in the SusInkCoat project, which will explore how to make inks and coatings more sustainable.

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Chemours will delay the release of its Q4 earnings by two weeks as its audit committee completes an internal review, said the company.

"The company is evaluating its internal control over financial reporting as of December 31, 2023, with respect to maintaining effective controls related to information and communications," Chemours said.

The internal review by the audit committee is related to that evaluation, Chemours said. The company did not provide more details. Chemours shares fell by 4.89% in afterhours trading.

The new release date for Chemours's Q4 results is February 28 after the markets close. It will hold its earnings conference call on February 29. Chemours makes titanium dioxide (TiO2) as well as fluorochemicals and fluoropolymers.

We remind, Chemours Company, DuPont de Nemours, Inc. and Corteva, Inc. announced their continued support for the June 30, 2023 agreement to comprehensively resolve PFAS1-related drinking water claims of a defined class2 of public water systems.

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Shell, opens new tab said on Tuesday it will not proceed with the Nebras petrochemical project in southern Iraq as part of its review of its operations in the sector that has seen a sharp drop in profits in recent years, said Reuters.

"After in-depth evaluation on the feasibility of the Nebras integrated petrochemicals complex with our government partners, Shell has decided not to proceed with the project," a spokesperson said in a statement.

Shell is seeking buyers for its oil refining and petrochemicals plant in Singapore.

"Shell will continue to play a vital role in Iraq's energy landscape through our partnership in the Basra Gas Company (BGC) joint venture as the main gas processing entity in Iraq," the company said.

We remind, in early February, Royal Dutch Shell, a prominent Anglo-Dutch oil and gas company, declared force majeure concerning the supply of butadiene to its facility in Norco, Louisiana, USA. Market reports have confirmed the shutdown of a line with a substantial capacity of 265,000 tonnes of butadiene annually. This operational halt is anticipated to persist at least until the conclusion of February, with the precise cause of the disruption remaining undisclosed.

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