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Zochem emerges from Chapter 11 bankruptcy protection
FOCUS carbon black plant at Malmö in southern Sweden. The exact increase in capacity has not been revealed. Orion simply indicated that debottlenecking of a production line here will provide additional quantities of speciality grades to supply growing demand in the fibres, wire & cable, adhesives and sealants markets. Mr Jack Clem (CEO) commented: "The expansion at Malmö is one more step in the rapid realignment of our portfolio towards higher value-added speciality and technical rubber applications. Products from Malmö will primarily support our customers in Europe, the Middle East and Asia-Pacific.'' Original Source: Ink World, 24 Feb 2017 (Website: http://www.inkworldmagazine.com) © Rodman Media 2017.
Ukraine: Sumykhimprom – TiO2 The 50,000 tonnes/y sulfate-route TiO2 pigment plant at Sumy (340 km east of Kiev) remains shut following the collapse of the roof and some of the walls of the main plant building at about 13:30 on Sunday 9 October 2016. Preliminary investigations indicate that recent heavy rainfall and strong winds may have been factors causing the roof and walls to collapse. Inadequate structural maintenance checks may have been factors too. Sumykhimprom, the operating company, had reported output for the first eight months of 2016 at 27,000 tonnes, representing capacity utilisation of just over 80% and a 17% increase on the 23,000 tonnes reported for January/ August 2015. Continued supplies of ilmenite feedstock had been secured by the signing of a contract for the delivery of 140,000 tonnes from the Irshansk mine (490 km west of Sumy) during the 12 months to end-August 2017. Because of the plant closure and because of an embezzlement lawsuit involving Mr Igor Lazakovych (Executive Chairman of Sumykhimprom), the Ukrainian Government has put into abeyance plan to include the company on the list of State-owned assets to be privatised. Original Source: TiO2 Worldwide Update, Feb 2017, 24 (2), 37-38 (Website: http://www. artikol.com) © Artikol 2017.
US: Badger – colour concentrates Badger Color Concentrates was named by AMI as "compounder of the month'' in December 2016. The company
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produces about 4500 tonnes/y of colour concentrates and liquid colours at two plants, located at: Mukwanago, WI (50 km southwest of Milwaukee) and Kings Mountain, NC (about 50 km west of Charlotte). It has 175 employees and reported sales revenue at $32 M for 2015. Badger focuses on vinyl and polyolefin applications in the rigid packaging and cosmetic sectors. Original Source: Compounding World, Dec 2016, 90 (Website: http://www.amiplastics. com/mags) © Applied Market Information Ltd 2016.
US: ID Additives – liquid colorants for plastics ID Additives Inc (headquartered at LaGrange, IL, 25 km southwest of Chicago) plans to build a new liquid colorants plant at Flint, TX (170 km southeast of Dallas). The operating company for the new plant will be ID Liquid Systems, headed by Mr Brian Cochran (formerly Founder & President of Polytech Color & Compounding Inc). ID Additives already supplies customers in the plastics industry with foaming agents, ultra-violet stabiliser systems, purging compounds and additives. Mr Nick Sotos (President) said: "Expanding into liquid colorants made sense for our company at this time. Virtually any plastics moulder who needs colour change in their products can benefit greatly from liquid colour. Unlike coloured pellets or powders, liquid colour can be metered and dosed much more effectively into the plastic melt-stream, allowing for better dispersion of the colour and better quality finished parts.'' Original Source: Plastics Today News, 31 Oct 2016, (Website: http://www.plasticstoday.com) © UBM Canon 2016.
COMPANIES Horsehead/Zochem emerges from Chapter 11 bankruptcy protection Horsehead Holding LLC (headquartered in Pittsburgh) emerged from Chapter 11 bankruptcy protection at the end of October 2016 and appointed a new management team in mid-January 2017. Mr Wayne Isaacs (formerly with BHP Billiton) has been appointed Chairman and Interim CEO, replacing Mr James Hensler (the former CEO). Mr
Michael Griffin, who had been working as a consultant for Horsehead, was appointed as Chief Operating Officer. Heidrick & Struggles (an executive recruitment firm) has been engaged to help recruit a permanent CEO. Mr Steve Rowlan (formerly with Nucor) and Mr Barry Hamilton (former President of Zinc Oxide LLC) have been appointed as independent directors on the Horsehead Board. Horsehead is the parent company of Zochem Inc, which operates a 65,000 tonnes/y zinc oxide plant at Brampton (70 km west of Toronto, Canada). Zochem also has a warehouse and distribution centre at Rotterdam. (See 'Focus on Pigments', Jan 2016, 4). Horesehead's own 110,000 tonnes/y zinc oxide plant at Monaca (40 km northwest of Pittsburgh) was closed in July 2010 following a fatal explosion. Horsehead is also the parent company of International Metals Reclamation Co (Inmetco), which runs a recycling facility at Ellwood City (55 km northwest of Pittsburgh) and is one of the leading reprocessors of spent nickel/cadmium batteries in the US. Zochem reported record quarterly zinc oxide production of 15,700 tonnes in 2Q 2016 and it reported worldwide zinc oxide sales at 32,000 tonnes for the first six months of 2016. Emergence from Chapter 11 entailed implementing a plan approved by the US Bankruptcy Court for the District of Delaware, whereby nearly $205 M of secured debt was converted into equity in the restructured Horsehead Holding, which has changed its status to a limited liability company instead of a Delaware-registered corporation. Major investors in Horsehead now include: Greywolf Capital Management LP (of Purchase, NY); Lantern Capital Partners LP (of Dallas, TX); and MAK Capital One LLC (of New York). The rescue plan enabled Horsehead to fully repay its debtor-in-possession credit facility, to fully repay creditors of its Zochem subsidiary and to distribute cash, equity and share warrants to other creditors. The three new investors have also guaranteed to inject additional equity capital in order to support the repair and restart of Horsehead's 155,000 tonnes/y zinc refinery at Mooresboro, NC (85 km west of Charlotte). Original Source: Rubber and Plastics News, 31 Oct 2016, 46 (7), 15 (Website: http://www. rubbernews.com) © Crain Communications Inc 2016. Original Source: Horsehead Holding LLC, 30 Sep 2016 & 17 Jan 2017 (Suite 405, 4955 Steubenville Pike, Pittsburgh, PA 15205, USA, Website: http://www.horseheadcorp.com) © Horsehead 2016/2017.
March 2017
Ukraine: Sumykhimprom – TiO2 The 50,000 tonnes/y sulfate-route TiO2 pigment plant at Sumy (340 km east of Kiev) remains shut following the collapse of the roof and some of the walls of the main plant building at about 13:30 on Sunday 9 October 2016. Preliminary investigations indicate that recent heavy rainfall and strong winds may have been factors causing the roof and walls to collapse. Inadequate structural maintenance checks may have been factors too. Sumykhimprom, the operating company, had reported output for the first eight months of 2016 at 27,000 tonnes, representing capacity utilisation of just over 80% and a 17% increase on the 23,000 tonnes reported for January/ August 2015. Continued supplies of ilmenite feedstock had been secured by the signing of a contract for the delivery of 140,000 tonnes from the Irshansk mine (490 km west of Sumy) during the 12 months to end-August 2017. Because of the plant closure and because of an embezzlement lawsuit involving Mr Igor Lazakovych (Executive Chairman of Sumykhimprom), the Ukrainian Government has put into abeyance plan to include the company on the list of State-owned assets to be privatised. Original Source: TiO2 Worldwide Update, Feb 2017, 24 (2), 37-38 (Website: http://www. artikol.com) © Artikol 2017.
US: Badger – colour concentrates Badger Color Concentrates was named by AMI as "compounder of the month'' in December 2016. The company
4
ON
PIGMENTS
produces about 4500 tonnes/y of colour concentrates and liquid colours at two plants, located at: Mukwanago, WI (50 km southwest of Milwaukee) and Kings Mountain, NC (about 50 km west of Charlotte). It has 175 employees and reported sales revenue at $32 M for 2015. Badger focuses on vinyl and polyolefin applications in the rigid packaging and cosmetic sectors. Original Source: Compounding World, Dec 2016, 90 (Website: http://www.amiplastics. com/mags) © Applied Market Information Ltd 2016.
US: ID Additives – liquid colorants for plastics ID Additives Inc (headquartered at LaGrange, IL, 25 km southwest of Chicago) plans to build a new liquid colorants plant at Flint, TX (170 km southeast of Dallas). The operating company for the new plant will be ID Liquid Systems, headed by Mr Brian Cochran (formerly Founder & President of Polytech Color & Compounding Inc). ID Additives already supplies customers in the plastics industry with foaming agents, ultra-violet stabiliser systems, purging compounds and additives. Mr Nick Sotos (President) said: "Expanding into liquid colorants made sense for our company at this time. Virtually any plastics moulder who needs colour change in their products can benefit greatly from liquid colour. Unlike coloured pellets or powders, liquid colour can be metered and dosed much more effectively into the plastic melt-stream, allowing for better dispersion of the colour and better quality finished parts.'' Original Source: Plastics Today News, 31 Oct 2016, (Website: http://www.plasticstoday.com) © UBM Canon 2016.
COMPANIES Horsehead/Zochem emerges from Chapter 11 bankruptcy protection Horsehead Holding LLC (headquartered in Pittsburgh) emerged from Chapter 11 bankruptcy protection at the end of October 2016 and appointed a new management team in mid-January 2017. Mr Wayne Isaacs (formerly with BHP Billiton) has been appointed Chairman and Interim CEO, replacing Mr James Hensler (the former CEO). Mr
Michael Griffin, who had been working as a consultant for Horsehead, was appointed as Chief Operating Officer. Heidrick & Struggles (an executive recruitment firm) has been engaged to help recruit a permanent CEO. Mr Steve Rowlan (formerly with Nucor) and Mr Barry Hamilton (former President of Zinc Oxide LLC) have been appointed as independent directors on the Horsehead Board. Horsehead is the parent company of Zochem Inc, which operates a 65,000 tonnes/y zinc oxide plant at Brampton (70 km west of Toronto, Canada). Zochem also has a warehouse and distribution centre at Rotterdam. (See 'Focus on Pigments', Jan 2016, 4). Horesehead's own 110,000 tonnes/y zinc oxide plant at Monaca (40 km northwest of Pittsburgh) was closed in July 2010 following a fatal explosion. Horsehead is also the parent company of International Metals Reclamation Co (Inmetco), which runs a recycling facility at Ellwood City (55 km northwest of Pittsburgh) and is one of the leading reprocessors of spent nickel/cadmium batteries in the US. Zochem reported record quarterly zinc oxide production of 15,700 tonnes in 2Q 2016 and it reported worldwide zinc oxide sales at 32,000 tonnes for the first six months of 2016. Emergence from Chapter 11 entailed implementing a plan approved by the US Bankruptcy Court for the District of Delaware, whereby nearly $205 M of secured debt was converted into equity in the restructured Horsehead Holding, which has changed its status to a limited liability company instead of a Delaware-registered corporation. Major investors in Horsehead now include: Greywolf Capital Management LP (of Purchase, NY); Lantern Capital Partners LP (of Dallas, TX); and MAK Capital One LLC (of New York). The rescue plan enabled Horsehead to fully repay its debtor-in-possession credit facility, to fully repay creditors of its Zochem subsidiary and to distribute cash, equity and share warrants to other creditors. The three new investors have also guaranteed to inject additional equity capital in order to support the repair and restart of Horsehead's 155,000 tonnes/y zinc refinery at Mooresboro, NC (85 km west of Charlotte). Original Source: Rubber and Plastics News, 31 Oct 2016, 46 (7), 15 (Website: http://www. rubbernews.com) © Crain Communications Inc 2016. Original Source: Horsehead Holding LLC, 30 Sep 2016 & 17 Jan 2017 (Suite 405, 4955 Steubenville Pike, Pittsburgh, PA 15205, USA, Website: http://www.horseheadcorp.com) © Horsehead 2016/2017.
March 2017