IHS Chemical Week

Dow Corning net income, sales down on polysilicon

April 29, 2016 | Jing Chen

Dow Corning (Midland, MI) reports net income of $112 million for the first quarter, down 40% year-over-year (YOY), mostly due to a large, one-time revenue gain in the first quarter of 2015 which masks the revenue gain this quarter. Sales fell 3% YOY to $1.3...

Arsenal Capital acquires Sasco Chemical

April 29, 2016 | Natasha Alperowicz

Private equity firm Arsenal Capital Partners (New York) on Thursday announced that its specialty polymers and additives platform, Polymer Solutions Group (PSG), has acquired Sasco Chemical Group (Albany, GA), a maker of specialty chemicals for the rubber...

Praxair income, sales down on currency

April 29, 2016 | Jing Chen

Praxair reports net income of $356 million for the first quarter, down 14.4% year-over-year (YOY). Sales decreased 9 % YOY to $2.5 billion primarily due to negative currency impacts and the pass-through of lower raw material costs. Adjusted earnings were...

Chemtura swings to loss on pension, sales fall on weaker demand

April 29, 2016 | Vincent Valk

Chemtura has reported a net loss of $96 million, compared with a profit of $29 million in the year-ago quarter, due to a pension settlement charge. Sales were down 5% year-on-year (YOY), to $414 million. Net earnings on a managed basis, excluding the pension...

Eastman beats expectations, but warns of challenging 2016

April 29, 2016 | Rebecca Coons

Eastman Chemical reports first-quarter net earnings of $251 million, 45.9% higher year-on-year, on higher volumes of premium products, such as Tritan copolyester, although weak demand in Asia and lower prices battered several of its businesses. Adjusted...

No damage to PMV chlor-alkali unit at Pajaritos following explosion, no apparent damage to cracker, VCM unit shut down—Mexichem

April 29, 2016 | Francinia Protti-Alvarez

There has been no damage to Petroquimica Mexicana de Vinilo's (PMV) chlor-alkali production following the explosion at the Pajaritos petrochemical complex at Coazalcoalcos, Mexico, on 20 April, Mexichem (Tlalnepantla, Mexico) said during its first-quarter...

Cambrex reports rise in profits, sales increase on higher volumes

April 29, 2016 | Deepti Ramesh

Cambrex (East Rutherford, NJ) reports an 82.4% rise in net profits for the first quarter of 2016 compared with the first quarter of 2015, to $14.58 million. First-quarter sales increased 20.1%, to $93.9 million. Foreign exchange unfavorably impacted reported...

Nova stops work on PE1 expansion after contractor dies in accident

April 28, 2016 | Clay Boswell

A contractor working on Nova Chemicals’ polyethylene 1 (PE1) expansion project in Joffre, AB, died shortly after an accident on 27 April. The contractor, who was working on a stationary crane, “came in contact with equipment resulting in severe trauma,” the company says....

PotashCorp earnings plummet on lower selling prices

April 28, 2016 | Vincent Valk

PotashCorp today reported first-quarter net earnings down 80% year-on-year (YOY), to $75 million, on sales down 28%, to $1.21 billion. Earnings totaled 9 cts/share, short of analysts’ consensus estimate of 16 cts/share, as reported by Thomson Reuters...

Vale plans to restart Rio Colorado potash project with lower production capacity

April 28, 2016 | Francinia Protti-Alvarez

Vale (Rio de Janeiro) is planning to restart the Rio Colorado Potash project in Argentina, according to a statement from the energy ministry of the province of Mendoza, Argentina. The project however would have a lower production target than originally...

Huntsman beats estimates on gains in polyurethanes, textile effects

April 28, 2016 | Clay Boswell

Huntsman reports net income of $56 million for the first quarter, up from $5 million in the year-ago period on gains in polyurethanes, textile effects, and advanced materials. Sales declined 9% year-over-year (YOY) to $2.355 million. Adjusted earnings of 37 cts/share beat the average analyst estimate of 27 cts/share....

Air Products' net income rises on higher volumes; sales fall on currency

April 28, 2016 | Jing Chen

Air Products reports adjusted net income from continuing operations of $397 million for the second quarter ended 31 March 2016, up 18% year-over-year (YOY). Sales decreased 6 % YOY to $2.3 billion on unfavorable currency and lower energy pass-through of 3%...

Axalta earnings dip on currency impact, volume declines

April 28, 2016 | Vincent Valk

Axalta today reported net income of $29.7 million, down 34.1% year-on-year (YOY), on sales down 3.0%, to $955.6 million. Earnings totaled 12 cts/share, short of analysts’ consensus estimate of 18 cts/share, as reported by Thomson Reuters. The company...

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