Chemical Industry Weekly News Round-Up, Jan. 20
3:27 PM MST | January 20, 2012 | By VINCENT VALK
This Week on CW:
PPG and H.B. Fuller both reported earnings increases, mostly due to higher sales. PPG’s fourth-quarter net income rose 5% to $216 million, while H.B. Fuller’s rose 20.5%, to $26.4 million.
Celanese, however, cut its 2011 adjusted earnings outlook to $4.45/share, down 15 cts-25 cts from previous guidance. The cut implies fourth-quarter adjusted earnings of 56 cts/share, 31% lower than the Wall Street consensus before the cut.
Ecolab will cut 500 jobs in an effort to reduce operating costs by $250 million/year by 2014. The moves are related to the acquisition of Nalco, which is expected to generate $75 million in cost savings for 2012.
BASF is building a 300,00 m.t./year toluene diisocyanate (TDI) plant at Ludwigshafen. Production is expected to start by the end of 2014.
The European Union is planning to update regulations on biocides, with rules that close a loophole for treated products and require tougher safety checks.
Around the Web:
TriplePundit has a good take on President Obama’s decision to nix, at least for now, the Keystone XL pipeline. ACC’s Cal Dooley called the decision “puzzling.”
China recently announced rare earth export quotas for 2012, and Molycorp CEO Mark Smith says coverage of the quotas misses some important points.