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Haldor Topsoe builds catalyst plant in Brazil
F O C U S 3.8% to sales volume growth. Segment gross margin of 37.5% was unchanged compared with 1H 2013. Adjusted EBIT of $277.4 M increased 2.7% compared with 1H 2013. Total corporate costs were $22.7 M for 2Q 2014, a decrease of $1.0 M compared with 2Q 2013. Interest expense and related financing costs were $11.1 M in 2Q 2014 compared with $10.M for 2Q 2013. Non-cash interest accretion on the deferred payment obligations was $13.6 M or $0.11/diluted share. The weighted average cash interest rate was 3.3%. Income taxes on adjusted pre-tax income were recorded at a global effective tax rate of approximately 34.5%. Income taxes paid in cash, net of refunds, were $16.4 M during 1H 2014, or approximately 8% of income before income taxes. Net cash used for operating activities in 1H 2014 was $1.19 bn compared with $170 M in 1H 2013. Adjusted free cash flow was $178.2 M compared with $157.0 M in 1H 2013. In 2Q 2014, Grace spent $173 M to repurchase approximately 1.8 M shares at an average price of $94.29. Through 30 Jun 2014, Grace spent $234 M to repurchase approximately 2.4 M shares under its $500 M share repurchase authorization. As of 23 Jul 2014, Grace expects 2014 adjusted EBIT to be in the range of $620-640 M, an increase of 12-17% compared with 2013 adjusted EBIT of $550.8 M. The company expects adjusted EBITDA to be in the range of $760-780 M. Original Source: WR Grace & Co, website: http://www.grace.com (23 Jul 2014) © WR Grace & Co – Conn 2014
Grace reports 2Q 2014 adjusted EPS of $1.22: Grace Catalysts Technologies The 2Q 2014 sales for Grace Catalysts Technologies operating segment of WR Grace & Co, which includes speciality catalysts and additives for refinery, plastics and other chemical process applications, were $313.2 M, an increase of 7.7% compared with 2Q 2013. The increase primarily was due to higher sales volumes (+8.6%) and favourable currency translation (+1.7%), partially offset by lower pricing (-2.6%). The UNIPOL acquisition contributed 10.2% to sales volume growth. Sales of refinery catalysts decreased 2.0% SEPTEMBER 2014
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as lower pricing more than offset improved sales volumes and favourable currency translation. Sales of speciality catalysts increased 36.7% due to higher sales volumes (including polypropylene licensing and catalyst sales), improved pricing, and favourable currency translation. Segment gross margin was 43.6% compared with 42.0% in 2Q 2013. Segment operating income was $97.5 M compared with $93.8 M in 2Q 2013. Original Source: WR Grace & Co, website: http://www.grace.com (23 Jul 2014) © WR Grace & Co – Conn 2014
NEW PLANTS Haldor Topsoe builds catalyst plant in Brazil Haldor Topsoe is constructing its new facility in Joinville, Brazil. The facility will produce catalysts that will reduce NOx emissions from trucks and buses that use diesel. The company expects strong growth for catalyst demand in Brazil. In 2013, 225,000 trucks were produced in Brazil. Original Source: Chemical and Engineering News, 7 Jul 2014, 92 (27), 17 (Website: http://www.cenonline.org) © American Chemical Society 2014
Topsoe expands in Texas with new sulfuric acid catalyst plant Haldor Topsoe A/S recently opened a new plant at its production site in Bayport, Texas, US, which is currently the company’s second largest in the world. The new plant is devoted to producing Topsoe’s VK portfolio of extruded catalysts that are used for the production of sulfuric acid. The decision to build a new plant was made by Topsoe’s board of directors in 2012 because the company was not capable of meeting growing demand. Construction began during the spring of 2013 and production was successfully started in May 2014. Original Source: Haldor Topsoe, website: http://www.topsoe.com/ (4 Jul 2014) © HaldorTopsoe A/S 2014
BASF inaugurates production plant for mobile emissions catalysts in Poland On 18 Jul 2014, BASF inaugurated its new production plant for mobile
emissions catalysts in Sroda Slaska, a Special Economic Zone near Wroclaw, Poland. Construction of the new 40,000 sq m manufacturing facility – BASF’s largest emissions catalysts plant in Europe – began in late 2012, supported by an initial €90 M investment. The plant began production trials in Apr 2014, and in Jun 2014 started up two emissions catalysts manufacturing lines, with an initial employee base of 100. Additional expansions will follow, raising the total investment for the plant to approximately €150 M. Once all ten planned light duty and heavy duty catalysts production lines are operating at full capacity by 2016, BASF expects to employ more than 400 people at the Sroda Slaska site. The emissions catalysts produced in Sroda Slaska will be used by manufacturers of light duty gasoline vehicles and light and heavy duty diesel vehicles to meet more stringent Euro 6/VI emissions regulations. Among the advanced technologies that will be produced at the Sroda Slaska facility are Selective Catalytic Reduction (SCR) systems, cuttingedge SCR on Filter (SCRoF) solutions as well as PremAir-branded ozone destruction catalysts for automotive applications. Original Source: BASF, website: http://www.basf.com/ (18 Jul 2014) © BASF 2014
CB&I and Clariant’s polypropylene catalyst partnership off to a successful start. CB&I and Clariant have announced a new Ziegler-Natta (ZN) polypropylene catalyst production plant in Louisville, KY, is on schedule to begin production in 2015. The plant is part of a longterm strategic partnership between Clariant’s Catalysts business unit and CB&I’s Lummus Novolen Technology business. Based at Clariant’s largest US production hub, the state-of-theart facility will combine innovative catalysts – jointly developed by both companies with high-capacity output to serve the fast growing polypropylene industry. The partnership strengthens both companies’ position in polypropylene catalyst and technology by leveraging Clariant’s catalyst research and development and production knowhow together with CB&I’s vast
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Grace reports 2Q 2014 adjusted EPS of $1.22: Grace Catalysts Technologies The 2Q 2014 sales for Grace Catalysts Technologies operating segment of WR Grace & Co, which includes speciality catalysts and additives for refinery, plastics and other chemical process applications, were $313.2 M, an increase of 7.7% compared with 2Q 2013. The increase primarily was due to higher sales volumes (+8.6%) and favourable currency translation (+1.7%), partially offset by lower pricing (-2.6%). The UNIPOL acquisition contributed 10.2% to sales volume growth. Sales of refinery catalysts decreased 2.0% SEPTEMBER 2014
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as lower pricing more than offset improved sales volumes and favourable currency translation. Sales of speciality catalysts increased 36.7% due to higher sales volumes (including polypropylene licensing and catalyst sales), improved pricing, and favourable currency translation. Segment gross margin was 43.6% compared with 42.0% in 2Q 2013. Segment operating income was $97.5 M compared with $93.8 M in 2Q 2013. Original Source: WR Grace & Co, website: http://www.grace.com (23 Jul 2014) © WR Grace & Co – Conn 2014
NEW PLANTS Haldor Topsoe builds catalyst plant in Brazil Haldor Topsoe is constructing its new facility in Joinville, Brazil. The facility will produce catalysts that will reduce NOx emissions from trucks and buses that use diesel. The company expects strong growth for catalyst demand in Brazil. In 2013, 225,000 trucks were produced in Brazil. Original Source: Chemical and Engineering News, 7 Jul 2014, 92 (27), 17 (Website: http://www.cenonline.org) © American Chemical Society 2014
Topsoe expands in Texas with new sulfuric acid catalyst plant Haldor Topsoe A/S recently opened a new plant at its production site in Bayport, Texas, US, which is currently the company’s second largest in the world. The new plant is devoted to producing Topsoe’s VK portfolio of extruded catalysts that are used for the production of sulfuric acid. The decision to build a new plant was made by Topsoe’s board of directors in 2012 because the company was not capable of meeting growing demand. Construction began during the spring of 2013 and production was successfully started in May 2014. Original Source: Haldor Topsoe, website: http://www.topsoe.com/ (4 Jul 2014) © HaldorTopsoe A/S 2014
BASF inaugurates production plant for mobile emissions catalysts in Poland On 18 Jul 2014, BASF inaugurated its new production plant for mobile
emissions catalysts in Sroda Slaska, a Special Economic Zone near Wroclaw, Poland. Construction of the new 40,000 sq m manufacturing facility – BASF’s largest emissions catalysts plant in Europe – began in late 2012, supported by an initial €90 M investment. The plant began production trials in Apr 2014, and in Jun 2014 started up two emissions catalysts manufacturing lines, with an initial employee base of 100. Additional expansions will follow, raising the total investment for the plant to approximately €150 M. Once all ten planned light duty and heavy duty catalysts production lines are operating at full capacity by 2016, BASF expects to employ more than 400 people at the Sroda Slaska site. The emissions catalysts produced in Sroda Slaska will be used by manufacturers of light duty gasoline vehicles and light and heavy duty diesel vehicles to meet more stringent Euro 6/VI emissions regulations. Among the advanced technologies that will be produced at the Sroda Slaska facility are Selective Catalytic Reduction (SCR) systems, cuttingedge SCR on Filter (SCRoF) solutions as well as PremAir-branded ozone destruction catalysts for automotive applications. Original Source: BASF, website: http://www.basf.com/ (18 Jul 2014) © BASF 2014
CB&I and Clariant’s polypropylene catalyst partnership off to a successful start. CB&I and Clariant have announced a new Ziegler-Natta (ZN) polypropylene catalyst production plant in Louisville, KY, is on schedule to begin production in 2015. The plant is part of a longterm strategic partnership between Clariant’s Catalysts business unit and CB&I’s Lummus Novolen Technology business. Based at Clariant’s largest US production hub, the state-of-theart facility will combine innovative catalysts – jointly developed by both companies with high-capacity output to serve the fast growing polypropylene industry. The partnership strengthens both companies’ position in polypropylene catalyst and technology by leveraging Clariant’s catalyst research and development and production knowhow together with CB&I’s vast
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