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Kerr-McGee acquires remaining interest in titanium dioxide joint venture
Addltwes for Polymers
Kerr-McGee acquires remaining interest in titanium dioxide joint venture A German subsldlary of Kerr-McGee Chemical LLC, wholly owned by Kerr-McGee Corp, has acquired the 20% mmonty interest which Bayer AG held m Kerr-McGee’s titanium dioxide pigment plants m Uerdmgen, Germany, and Antwerp, Belgium Kerr-McGee says that acqmrmg the remammg interest m its European pigment faclhtles 1s part of its long-term strategy to grow this core buslness Through incremental expansions and strategic, value-enhancing acqulsltlons, the company says that it is gaming a cost, quality and technological advantage m the tltamum dioxide busmess Kerr-McGee acquired 80% of the Uerdmgen and Antwerp pigment faclhtles durmg March 1998, with an option to acquire the remammg 20% from Bayer These two plants have an annual production capacity of approximately 130 000 tonnes Contact Kerr-McGee Corp, Kerr-McGee Centel; Oklahoma Czty, OK 73125, USA, tel +I-405 270 1313, fax +l-405 270 3123
FINANCIALS A. Schulman reports first-quarter 2001 results
February 2001
amounted to US$3 9 m&on, which was m lme with its previously announced expectations The translation effect of the weak euro reduced net income by around US$l 4 mllhon After deducting a charge of US$4 6 m&on for costs of closmg the Akron faclhty, there was a net loss of US$O.7 mllhon for the first quarter of fiscal 2001 Net income for the first quarter of the previous financial year totalled US$ 11 9 m&on Durmg October 2000, A Schulman announced its plan to terminate manufacturmg at its Akron plant The company says production of compounds from this faclhty IS being transferred to its other manufacturmg faclhtles It claims that this closure will provide annual savings of approximately US$lO million Operating income m Europe was US$lO 6 mlllion, compared with US$l6 2 m&on which was posted for the equivalent penod a year earher The reduction m operating income was caused by the weak euro, and lower gross profit margins which declined to 16 6% from 19 3% a year earlier North Amenca incurred an operatmg loss of US$ 1 4 m&on for the quarter, compared with income of US$4 3 mllhon m 2000, mcludmg a one-time pre-tax gam of US$l 2 m&on from insurance The North Amencan volume declined by approximately 7% through weaker sales m the automotive markets and apparent reductions m mventones by customers Since the end of first quarter, automotive sales have weakened and the mdustry 1s reducing production schedules, says the company Energy prices are also increasing and there could be pressure on company’s raw matenal costs, at least for the next few months Furthermore, it says that demand from consumers 1s declmmg There are also mdlcatlons of further weakening m its European operations
For the first fiscal quarter of 2001, ended 30 November 2000, US company A Schulman Inc has reported sales of US$256 6 m&on This 1s about US$17 1 mllhon, or 6 2%, lower than sales of US$273 7 mllhon which 1s posted for the correspondmg quarter a year earlier The company, which 1s based m Akron, Ohio, says that sales declined because of the adverse translation effect of currencies - mainly the euro which reduced sales by US$29 6 mllhon This more than offset a 5 5% improvement m sales from higher prices, and a better product mix
A Schulman says that it hopes to see some margm improvement m the months ahead, and that there has been a 10% increase m the value of the euro over the past few months It says that these factors, coupled with its cost reductions, should result in some operating improvements
For the first quarter, earnings before the recognition of costs associated with closing the company’s manufacturmg faclhty m Akron, Ohlo,
Contact A Schulman Inc, 3550 West Market Street, Akron, OH 44333, USA, tel +I-330 666 37.51, fax +I-330 668 7204
4
02001 Elsevler Science
Kerr-McGee acquires remaining interest in titanium dioxide joint venture A German subsldlary of Kerr-McGee Chemical LLC, wholly owned by Kerr-McGee Corp, has acquired the 20% mmonty interest which Bayer AG held m Kerr-McGee’s titanium dioxide pigment plants m Uerdmgen, Germany, and Antwerp, Belgium Kerr-McGee says that acqmrmg the remammg interest m its European pigment faclhtles 1s part of its long-term strategy to grow this core buslness Through incremental expansions and strategic, value-enhancing acqulsltlons, the company says that it is gaming a cost, quality and technological advantage m the tltamum dioxide busmess Kerr-McGee acquired 80% of the Uerdmgen and Antwerp pigment faclhtles durmg March 1998, with an option to acquire the remammg 20% from Bayer These two plants have an annual production capacity of approximately 130 000 tonnes Contact Kerr-McGee Corp, Kerr-McGee Centel; Oklahoma Czty, OK 73125, USA, tel +I-405 270 1313, fax +l-405 270 3123
FINANCIALS A. Schulman reports first-quarter 2001 results
February 2001
amounted to US$3 9 m&on, which was m lme with its previously announced expectations The translation effect of the weak euro reduced net income by around US$l 4 mllhon After deducting a charge of US$4 6 m&on for costs of closmg the Akron faclhty, there was a net loss of US$O.7 mllhon for the first quarter of fiscal 2001 Net income for the first quarter of the previous financial year totalled US$ 11 9 m&on Durmg October 2000, A Schulman announced its plan to terminate manufacturmg at its Akron plant The company says production of compounds from this faclhty IS being transferred to its other manufacturmg faclhtles It claims that this closure will provide annual savings of approximately US$lO million Operating income m Europe was US$lO 6 mlllion, compared with US$l6 2 m&on which was posted for the equivalent penod a year earher The reduction m operating income was caused by the weak euro, and lower gross profit margins which declined to 16 6% from 19 3% a year earlier North Amenca incurred an operatmg loss of US$ 1 4 m&on for the quarter, compared with income of US$4 3 mllhon m 2000, mcludmg a one-time pre-tax gam of US$l 2 m&on from insurance The North Amencan volume declined by approximately 7% through weaker sales m the automotive markets and apparent reductions m mventones by customers Since the end of first quarter, automotive sales have weakened and the mdustry 1s reducing production schedules, says the company Energy prices are also increasing and there could be pressure on company’s raw matenal costs, at least for the next few months Furthermore, it says that demand from consumers 1s declmmg There are also mdlcatlons of further weakening m its European operations
For the first fiscal quarter of 2001, ended 30 November 2000, US company A Schulman Inc has reported sales of US$256 6 m&on This 1s about US$17 1 mllhon, or 6 2%, lower than sales of US$273 7 mllhon which 1s posted for the correspondmg quarter a year earlier The company, which 1s based m Akron, Ohio, says that sales declined because of the adverse translation effect of currencies - mainly the euro which reduced sales by US$29 6 mllhon This more than offset a 5 5% improvement m sales from higher prices, and a better product mix
A Schulman says that it hopes to see some margm improvement m the months ahead, and that there has been a 10% increase m the value of the euro over the past few months It says that these factors, coupled with its cost reductions, should result in some operating improvements
For the first quarter, earnings before the recognition of costs associated with closing the company’s manufacturmg faclhty m Akron, Ohlo,
Contact A Schulman Inc, 3550 West Market Street, Akron, OH 44333, USA, tel +I-330 666 37.51, fax +I-330 668 7204
4
02001 Elsevler Science