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Albemarle reports 10% sales growth in 2Q 2008 boosted by polymer additives
FINANCIALS
Durastrength® acrylic impact modifiers, Plastistrength® processing aids and Clearstrength® MBS impact modifiers by up to 150/tonne. Price increases continue for titanium dioxide (TiO2) pigments. Cristal Global raised prices on all of its ultrafine and speciality TiO2 products sold in all markets by 12%/tonne effective on 1 August, and is further raising prices for all Tiona pigments in Latin America by $250 per tonne from 1 September. And DuPont Titanium Technologies raised Ti-Pure® prices in Latin America by $150/tonne for the second time in a matter of weeks from 15 July after the costs of energy and related goods and services rose by 10% in a single week. From 1 August, Huntsman Corp (www.huntsman.com) implemented energy-related surcharges on all Tioxide® pigments, on top of introducing regional price increases of 50/tonne in Europe, $0.06/lb in North America, $150/tonne in Africa, Latin America and the Middle East, and $150/tonne in the Asia Pacific. Tronox Inc (www.tronox.com) also further increased prices on all grades by 80/tonne in Europe from 1 August and US$150/tonne in Mexico and Latin America from 15 July. Elsewhere, TOR Minerals (www.torminerals.com) introduced a price increase of up to $0.05/lb for all grades of Hitox® TiO2 colour pigments sold in North America, effective 1 July. And Evonik (www. evonik.com) is increasing the price of its Aerosil® and Aeroxide® fumed silica, titanium dioxide and mixed oxide products worldwide by 8% on average from 1 September. The company also raised prices for carbon black pigments by up to 18% depending on the product group from 15 August. Finally, Americhem (www.americhem.com) has introduced price increases for its entire colour and additives product line in North America from 1 July.
FINANCIALS Albemarle reports 10% sales growth in 2Q 2008 boosted by polymer additives
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or the second quarter of 2008, Albemarle Corp posted net sales of US$620.8 million, up 10.1% from $563.8 million year on year. The
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result was boosted by record quarterly net sales by the Polymer Additives business segment. Net income for the period was $61.7 million, up 14.5% from $53.9 million in 2Q 2007, while operating income was up 4.7% to $77.8 million.
For the first half of 2008, net income was $124.9 million, up from $112.0 million for the first half of 2007. Excluding the 1Q 2008 charge related to severance in conjunction with personnel reductions at the company’s Richmond HQ and Singapore sales office, net income for 1H 2008 was $127.0 million. Net sales for 1H 2008 were $1.29 billion compared to $1.15 billion for the first half of 2007, a 12% increase. Polymer Additives delivered record net sales for 2Q 2008 of $260.5 million, a 16.3% increase versus 2Q 2007 and a 6.5% increase on the 1Q 2008 figure despite ‘prolonged weakness’ in the automotive and construction markets. Net sales of flame retardants increased primarily due to higher volumes and favourable foreign currency exchange rates. Higher volumes were also responsible for increased sales for Albemarle’s stabilizers and curatives portfolio. Income for the Polymer Additives segment declined 25% year on year to $26.5 million for 2Q 2008 due largely to higher raw material costs, partially offset by improved brominated flame retardant product volumes, pricing and mix, the company says. For 1H 2008, segment sales were up 15.2% to $505.1 million but segment operating profit fell some 20% to $57.6 million. Contact: Albemarle Corp, Baton Rouge, LA, USA. Tel: +1 225 388 7402, Web: www.albemarle.com
Cytec Industries achieves second quarter growth
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ew Jersey-based Cytec Industries Inc reported net earnings for the second quarter of 2008 of US$56.5 million on net sales of $1.006 billion. Excluding special items, net earnings were $58.5 million. Net earnings for 2Q 2007 were $54.8 million on net sales of $864 million.
Sales by Cytec’s Performance Chemicals segment (which includes the company’s polymer
September 2008
08/09/2008 15:14:24
Durastrength® acrylic impact modifiers, Plastistrength® processing aids and Clearstrength® MBS impact modifiers by up to 150/tonne. Price increases continue for titanium dioxide (TiO2) pigments. Cristal Global raised prices on all of its ultrafine and speciality TiO2 products sold in all markets by 12%/tonne effective on 1 August, and is further raising prices for all Tiona pigments in Latin America by $250 per tonne from 1 September. And DuPont Titanium Technologies raised Ti-Pure® prices in Latin America by $150/tonne for the second time in a matter of weeks from 15 July after the costs of energy and related goods and services rose by 10% in a single week. From 1 August, Huntsman Corp (www.huntsman.com) implemented energy-related surcharges on all Tioxide® pigments, on top of introducing regional price increases of 50/tonne in Europe, $0.06/lb in North America, $150/tonne in Africa, Latin America and the Middle East, and $150/tonne in the Asia Pacific. Tronox Inc (www.tronox.com) also further increased prices on all grades by 80/tonne in Europe from 1 August and US$150/tonne in Mexico and Latin America from 15 July. Elsewhere, TOR Minerals (www.torminerals.com) introduced a price increase of up to $0.05/lb for all grades of Hitox® TiO2 colour pigments sold in North America, effective 1 July. And Evonik (www. evonik.com) is increasing the price of its Aerosil® and Aeroxide® fumed silica, titanium dioxide and mixed oxide products worldwide by 8% on average from 1 September. The company also raised prices for carbon black pigments by up to 18% depending on the product group from 15 August. Finally, Americhem (www.americhem.com) has introduced price increases for its entire colour and additives product line in North America from 1 July.
FINANCIALS Albemarle reports 10% sales growth in 2Q 2008 boosted by polymer additives
F
or the second quarter of 2008, Albemarle Corp posted net sales of US$620.8 million, up 10.1% from $563.8 million year on year. The
10
Additives for Polymers
adpo_sept08.indd 10
result was boosted by record quarterly net sales by the Polymer Additives business segment. Net income for the period was $61.7 million, up 14.5% from $53.9 million in 2Q 2007, while operating income was up 4.7% to $77.8 million.
For the first half of 2008, net income was $124.9 million, up from $112.0 million for the first half of 2007. Excluding the 1Q 2008 charge related to severance in conjunction with personnel reductions at the company’s Richmond HQ and Singapore sales office, net income for 1H 2008 was $127.0 million. Net sales for 1H 2008 were $1.29 billion compared to $1.15 billion for the first half of 2007, a 12% increase. Polymer Additives delivered record net sales for 2Q 2008 of $260.5 million, a 16.3% increase versus 2Q 2007 and a 6.5% increase on the 1Q 2008 figure despite ‘prolonged weakness’ in the automotive and construction markets. Net sales of flame retardants increased primarily due to higher volumes and favourable foreign currency exchange rates. Higher volumes were also responsible for increased sales for Albemarle’s stabilizers and curatives portfolio. Income for the Polymer Additives segment declined 25% year on year to $26.5 million for 2Q 2008 due largely to higher raw material costs, partially offset by improved brominated flame retardant product volumes, pricing and mix, the company says. For 1H 2008, segment sales were up 15.2% to $505.1 million but segment operating profit fell some 20% to $57.6 million. Contact: Albemarle Corp, Baton Rouge, LA, USA. Tel: +1 225 388 7402, Web: www.albemarle.com
Cytec Industries achieves second quarter growth
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ew Jersey-based Cytec Industries Inc reported net earnings for the second quarter of 2008 of US$56.5 million on net sales of $1.006 billion. Excluding special items, net earnings were $58.5 million. Net earnings for 2Q 2007 were $54.8 million on net sales of $864 million.
Sales by Cytec’s Performance Chemicals segment (which includes the company’s polymer
September 2008
08/09/2008 15:14:24