in this issue
Chemical Finance Digest, Nov. 7-11
11:26 AM MST | November 15, 2011 | By VINCENT VALK
Topping the headlines last week, the latest earnings reports continued to be mixed, though this time with more bad than good. Arkema’s net income fell 16%, while Momentive’s fell 66% and TPC Group’s fell 27%. Ashland recorded a loss on a pension charge, while Lanxess’ net income rose 31%.
In M&A news, Lanxess has acquired Verichem, a U.S. biocides firm with $10 million in sales last year. Ashland has sold its refrigerant lubricants business, which has about $50 million in annual revenues, to Monument Chemicals, while DuPont is reportedly considering a sale of its automotive coatings unit, which could fetch as much as $4 billion.
In equity news, Sinochem is planning 26.5 billion-share IPO to raise up to $5.5 billion to fund a refinery and petrochemicals project.
In debt news, Trinseo has announced a $450 million debt issue, the proceeds from which will repay a term loan. Moody’s has rated the unsecured debt ‘B3.’
The week ahead will see the release U.S. housing starts data for October. Consensus is for 605,000 annualized units, after a surprisingly buoyant September.FREE WEBCAST, Thursday, Dec. 1: How Private Equity Investors are Evolving to Stay Ahead of the Curve. REGISTER NOW!