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Cognis first nine-months 2008: Care Chemicals
F O C US period of 2007), with Surface Chemistry accounting for €622 M (€583 M); EBITDA of €599 M (€608 M), EBIT of €439 M (€434 M), capital expenditure of €176 M (€146 M), and headcount of 11,070 (10,965). Within Surface Chemistry, revenue increased by 9% compared with 3Q 2007, driven primarily by price increases. Demand for surfactants in all regions was at a good level during the quarter, but the business was negatively impacted by two hurricanes that hit the Gulf Coast of the US. Gustav shut down key raw material suppliers, forcing the business to declare force majeure in certain product segments, while the Houston plant was later hit by Ike and was down for nine days. Nevertheless, operating performance improved significantly. The Alco and Personal Care businesses were operating slightly below the 3Q 2007 performance. Press release from: AkzoNobel, Strawinskylaan 2555, PO Box 75730, 1070 AS Amsterdam, the Netherlands, tel: +31 20 502 7555, fax: +31 20 502 7666, website: http://www.akzonobel.com (29 Oct 2008)
Rhodia 3Q 2008: Novecare For its 3Q 2008 (period ends 30 Sep 2008), the Novecare segment of Rhodia SA has reported net sales of €260 M (€227 M for its 3Q 2007), recurring EBITDA of €43 M (€25 M), and operating profit of €14 M (€31 M). For the first nine months of 2008, this segment has reported net sales of €735 M (€717 M for the same period of 2007), recurring EBITDA of €101 M (€88 M), and operating profit of €71 M (€60 M). Rhodia Novecare nearly doubled its 3Q EBITDA yearon-year. This record quarter reflects the enterprise’s reinforced pricing power and a strong growth momentum in the oilfield and agro markets. Rhodia Novecare provides high-performance products and solutions, including cationic, anionic, nonionic and amphoteric surfactants, to a wide range of industries including cosmetics, detergents, agrochemicals and oil, as well as industrial applications. Press release from: Rhodia SA, Immeuble Coeur Defense, Tour A, 110 esplanade Charles de Gaulle, 92400 Courbevoie, France, tel: +33 1 53 56 64 64, fax: +33 1 53 56 64 59, website: http://www.rhodia.com (6 Nov 2008)
JANUARY 2009
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Cash-generative Croda has an air of beauty Speciality chemicals group Croda has reported consensus-busting numbers, saying pre-tax profits for 3Q 2008 were up 73% to £24.6 M and it was confident about the rest of 2008 and 2009 as well. The group supplies most of the world’s major cosmetics companies with ingredients for products such as shampoos, soaps and beauty products. The Independent, 5 Nov 2008, (Website: http://www.independent.co.uk)
Cognis first nine-months 2008: Care Chemicals For the first nine months of 2008, the Care Chemicals segment of Cognis GmbH has reported sales of €1294 M (€1180 M for the same period of 2007). Organic sales growth of 13.2% was primarily driven by volume growth and selling price increases of speciality and innovative products and the good growth in the primary surfactants business reflecting higher selling prices which over compensated for lower volumes. Cognis also reports that the sale of its stake in Cognis Oleochemicals has successfully closed.
COMPANY NEWS Henkel to sell Ecolab stake German detergents and adhesives specialist Henkel will sell the majority of its 29.4% stake (72.7 M shares) in US cleaning chemicals producer Ecolab, via a public offering. Revenues before tax and secondary costs are expected to be €1.6 bn (c $2 bn). Ecolab will directly buy back at least $300 M (€240 M) worth of its own shares from Henkel. If a bank consortium exercises its multiallocation option for the acquisition of the 5.6 M Ecolab shares still held by Henkel, Henkel would get a further $170 M. The company announced plans to withdraw from the sector in Feb 2008 [Focus on Surfactants, May 2008]. Henkel will use the proceeds to pay back debts that have arisen through the acquisition of the National Starch adhesives business, which cost the company €3.7 bn. Henkel’s debts rose to €5.3 bn as of 30 Sep 2008 as a result. ICIS Chemical Business, 17 Nov 2008, (Website: http://icischemicalbusiness.com), Chimie Pharma Hebdo, 18 Nov 2008, (444), 12 (in French) & Handelsblatt Wirtschafts- und Finanzzeitung, 14 Nov 2008, (222), 22 (in German)
Press release from: Cognis GmbH, Postfach 130164, D-40551, Düsseldorf, Germany, website: http://www.cognis.com (25 Nov 2008)
Rhodia opens its Shanghai centre
Henkel’s boss, Kasper Rorsted, wants to make his company more effective and profitable in the next four years. Sales are to rise 3-5%/y to 2012; operating margins are to reach 14%. One analyst sees these as fairly ambitious goals. Sales in 3Q 2008 were up 12% at €3.76 bn, boosted by the acquisition of National Starch (adhesives). EBIT was down 46.8% at €191 M; the company took a restructuring charge of €181 M due to the acquisition. Adjusted net profits were up 2.4% at €251 M. Sales of the Detergents/Cleaners division were up 1.4% at €1.068 bn. The Cosmetics/ Toiletries division was up 0.3% at €770 M.
Rhodia is opening its new research and development site in Shanghai, China. This centre is one of the 5 big research centres worldwide for Rhodia. The Shanghai centre is to focus on products for sale in Asia. Fields of operation are chemical engineering, engineering plastics for the electrical, electronic and automobile industries, formulation of detergents, cosmetics and industrial chemicals, and the design of rare earth products for low-energy consumption lighting and for polishing electronic products. There is already a team of 70 research workers and 15 patents applications are being processed. There are to be 150 research workers by 2010, in the enlarged centre (6500 sq m).
Handelsblatt Wirtschafts- und Finanzzeitung, 7 Nov 2008, (217), 16 (in German)
Chimie Pharma Hebdo, 24 Nov 2008, (445), 10 (in French)
Henkel boss has ambitious targets
7
Rhodia 3Q 2008: Novecare For its 3Q 2008 (period ends 30 Sep 2008), the Novecare segment of Rhodia SA has reported net sales of €260 M (€227 M for its 3Q 2007), recurring EBITDA of €43 M (€25 M), and operating profit of €14 M (€31 M). For the first nine months of 2008, this segment has reported net sales of €735 M (€717 M for the same period of 2007), recurring EBITDA of €101 M (€88 M), and operating profit of €71 M (€60 M). Rhodia Novecare nearly doubled its 3Q EBITDA yearon-year. This record quarter reflects the enterprise’s reinforced pricing power and a strong growth momentum in the oilfield and agro markets. Rhodia Novecare provides high-performance products and solutions, including cationic, anionic, nonionic and amphoteric surfactants, to a wide range of industries including cosmetics, detergents, agrochemicals and oil, as well as industrial applications. Press release from: Rhodia SA, Immeuble Coeur Defense, Tour A, 110 esplanade Charles de Gaulle, 92400 Courbevoie, France, tel: +33 1 53 56 64 64, fax: +33 1 53 56 64 59, website: http://www.rhodia.com (6 Nov 2008)
JANUARY 2009
O N
S U R FAC TA N T S
Cash-generative Croda has an air of beauty Speciality chemicals group Croda has reported consensus-busting numbers, saying pre-tax profits for 3Q 2008 were up 73% to £24.6 M and it was confident about the rest of 2008 and 2009 as well. The group supplies most of the world’s major cosmetics companies with ingredients for products such as shampoos, soaps and beauty products. The Independent, 5 Nov 2008, (Website: http://www.independent.co.uk)
Cognis first nine-months 2008: Care Chemicals For the first nine months of 2008, the Care Chemicals segment of Cognis GmbH has reported sales of €1294 M (€1180 M for the same period of 2007). Organic sales growth of 13.2% was primarily driven by volume growth and selling price increases of speciality and innovative products and the good growth in the primary surfactants business reflecting higher selling prices which over compensated for lower volumes. Cognis also reports that the sale of its stake in Cognis Oleochemicals has successfully closed.
COMPANY NEWS Henkel to sell Ecolab stake German detergents and adhesives specialist Henkel will sell the majority of its 29.4% stake (72.7 M shares) in US cleaning chemicals producer Ecolab, via a public offering. Revenues before tax and secondary costs are expected to be €1.6 bn (c $2 bn). Ecolab will directly buy back at least $300 M (€240 M) worth of its own shares from Henkel. If a bank consortium exercises its multiallocation option for the acquisition of the 5.6 M Ecolab shares still held by Henkel, Henkel would get a further $170 M. The company announced plans to withdraw from the sector in Feb 2008 [Focus on Surfactants, May 2008]. Henkel will use the proceeds to pay back debts that have arisen through the acquisition of the National Starch adhesives business, which cost the company €3.7 bn. Henkel’s debts rose to €5.3 bn as of 30 Sep 2008 as a result. ICIS Chemical Business, 17 Nov 2008, (Website: http://icischemicalbusiness.com), Chimie Pharma Hebdo, 18 Nov 2008, (444), 12 (in French) & Handelsblatt Wirtschafts- und Finanzzeitung, 14 Nov 2008, (222), 22 (in German)
Press release from: Cognis GmbH, Postfach 130164, D-40551, Düsseldorf, Germany, website: http://www.cognis.com (25 Nov 2008)
Rhodia opens its Shanghai centre
Henkel’s boss, Kasper Rorsted, wants to make his company more effective and profitable in the next four years. Sales are to rise 3-5%/y to 2012; operating margins are to reach 14%. One analyst sees these as fairly ambitious goals. Sales in 3Q 2008 were up 12% at €3.76 bn, boosted by the acquisition of National Starch (adhesives). EBIT was down 46.8% at €191 M; the company took a restructuring charge of €181 M due to the acquisition. Adjusted net profits were up 2.4% at €251 M. Sales of the Detergents/Cleaners division were up 1.4% at €1.068 bn. The Cosmetics/ Toiletries division was up 0.3% at €770 M.
Rhodia is opening its new research and development site in Shanghai, China. This centre is one of the 5 big research centres worldwide for Rhodia. The Shanghai centre is to focus on products for sale in Asia. Fields of operation are chemical engineering, engineering plastics for the electrical, electronic and automobile industries, formulation of detergents, cosmetics and industrial chemicals, and the design of rare earth products for low-energy consumption lighting and for polishing electronic products. There is already a team of 70 research workers and 15 patents applications are being processed. There are to be 150 research workers by 2010, in the enlarged centre (6500 sq m).
Handelsblatt Wirtschafts- und Finanzzeitung, 7 Nov 2008, (217), 16 (in German)
Chimie Pharma Hebdo, 24 Nov 2008, (445), 10 (in French)
Henkel boss has ambitious targets
7