IHS Chemical Week
FINANCE

Itochu to raise finance for Persian Gulf Petrochemical

December 6, 2016 | Natasha Alperowicz

Trading group Itochu (Tokyo, Japan) has agreed with Persian Gulf Petrochemical Industries Co. (PGPIC; Tehran, Iran), a petrochemical company, to raise €320 million ($345 million) for PGPIC’s investments. The loan is part of the Iranian...

Air Products spin-off Versum reports strong YOY gains in sales and income

December 1, 2016 | Clay Boswell

Versum Materials (Tempe, Arizona) has reported financial results for the fourth quarter ending 30 September, the company's last quarter as a wholly-owned subsidiary of Air Products and Chemicals. Net income totaled $45 million, up 5% year-over-year (YOY) on improved operating results. Sales totaled $248 million, up 7% YOY on higher volumes in the delivery systems & services (DS&S) segment and of advanced materials. The gains were offset by capacity constraints and lower volumes in some process materials product lines within the materials segment, says Versum. Adjusted EBITDA increased 12% YOY to $78 million....

Fitch: Chemical prices to rise in 2017

December 1, 2016 | Vincent Valk

Modest price increases in the energy sector are expected to result in higher prices for petrochemicals, plastics and other chemicals, according to a new report from Fitch Ratings (Chicago)....

Celanese completes acquisition of thermoplastics compounder Softer

December 1, 2016 | CW

Celanese has completed its purchase of Softer Group (Forli, Italy), a compounder of engineering thermoplastics and thermoplastic elastomers. The deal includes Softer’s manufacturing, technology and commercial facilities and customer agreements. Terms...

Tianqi exercises option for stake in Albemarle's Rockwood Lithium GmbH

November 30, 2016 | Vincent Valk

China’s Tianqi Lithium has exercised its option to acquire a 20% indirect ownership interest in Albemarle subsidiary Rockwood Lithium GmbH, the companies say. Rockwood Lithium GmbH is a European lithium business owned by Ablemarle, including...

Berry Plastics earnings up 60% YOY on Avintiv acqusition, beats estimates

November 29, 2016 | Clay Boswell

Berry Plastics Group (Evansville, Indiana) reports net income for the fourth quarter ended 1 October of $77 million, up 60.4% year-over-year (YOY), on sales of $1.618 billion, up 35.3% YOY. Both increases mainly reflected the acquisition of Avintiv on 1 October 2015. Adjusted earnings of $0.73/share beat the consensus estimate of $0.59/share....

GPCA: Industry remains buoyant despite market volatility

November 27, 2016 | Natasha Alperowicz in Dubai

The petrochemical and chemical industry in the Gulf Cooperation Council states will remain buoyant in the face of challenging economic conditions, according to the latest report by the Gulf Petrochemical and Chemical Association (GPCA), issued to coincide with the annual GPCA forum under way in Dubai....

Higher lithium prices boost SQM's third-quarter results

November 24, 2016 | Francinia Protti-Alvarez

Sociedad Quimica y Minera de Chile (SQM: Santiago) says that its third-quarter net income totaled $55.8 million, a big increase from the $13.7 million one year earlier. SQM's year-over-year (YOY) third quarter net income comparison benefited from a write-off related to stopping the operations of the company's nitrates and iodine facilities at Pedro de Valdivia, Chile, which resulted in a one-time pretax charge of $56.3 million of net income in 2015....

ICL reports third-quarter loss following termination of Ethiopia potash, worldwide ERP projects

November 23, 2016 | Francinia Protti-Alvarez

Israel Chemicals Ltd. (ICL; Tel Aviv) reports an operating loss of $331 million in the third quarter. The result includes write-offs totaling $489 million resulting from the previously disclosed termination of projects. The write-offs include $282 million...

Borealis posts higher profit, in talks with propylene offtakers from PDH plant

November 22, 2016 | Natasha Alperowicz

Borealis reports an 18% rise in third-quarter net profit, to €304 million ($323.7 million) on 6% lower sales of €1.75 billion and says 2016 will be another good year....

Frutarom net income up on acquisitions, reorganization

November 22, 2016 | Francinia Protti-Alvarez

Frutarom's (Herzliya, Israel) third-quarter net income grew 13.8% year-over-year (YOY), to $35.1 million, and EBITDA was up 25.2% YOY, to $59.6 million.Third-quarter sales rose 28%, to $300.1 million, reflecting YOY constant currency growth of 4.3% in...

Dialog Group net profit rises on tank terminal activities

November 22, 2016 | Francinia Protti-Alvarez

Dialog Group (Selangor, Malaysia), a technical service provider to the oil and petrochemical industry, reports a net profit of 81.3 million Malaysian ringgit ($18.4 million) in the company's fiscal first quarter ended 30 September 2016, a 30% year-over-year...

OCI reports higher production volumes, Natgasoline to be ready in second half 2017

November 21, 2016 | Natasha Alperowicz

OCI (Amsterdam, Netherlands), a producer of fertilizers and methanol, in its trading update Friday says it achieved significantly higher production volumes during the third quarter. Own-produced fertilizer and chemical product volumes increased 41.8%, to 1.6...

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