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Mardia declared bankrupt
F O C US 28% share of the national market for paints and pigments, said to be worth €120 M. Last year, Kober reported gross profits at €4.0 M (up 27%) and sales revenue at €34 M (up 14%). Of total sales, the household/consumer sector accounts for 62%, the industrial sector for 32% and exports (mainly to Hungary and Moldova) for 3%. Kober’s main manufacturing sites are at Turturesti-Neamt and Vadul CheuBicaz.
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product process gas from its three carbon black plants. Phillips currently employees 600 people and it is expanding its carbon black plants at Durgapur and Baroda. For the year to end-September 2004, its sales revenue target is Rup 8.0 bn, compared against Rup 5.6 bn last year. The company declared post-tax profit at Rup 186 M last year. Business Line, 8 Jun 2004, 11 (159), 2
European Paint and Resin News, Mar 2004, 42 (3), 11
Platinum Equity buys DyStar New sales agent for Lansco Lansco Colors has appointed P.T.Hutchins Inc as its sales agent for the territory covered by Arkansas, Colorado, Louisiana, New Mexico, Oklahoma, Texas, and Utah. Chemical Week, 5 May 2004, 166 (15)
Mardia declared bankrupt Mardia Chemicals (headquartered in Ahmedabad) has been declared bankrupt and the Official Receiver appointed by the Mumbai High Court has now taken over running Mardia’s factories for the manufacture of dyes and intermediates, as well as basic chemicals, including caustic soda. The company owes more than Rup 14.5 bn to 22 creditors, but the total value of the company’s plants, buildings, inventories and machinery is estimated at only just over Rup 10 bn. Business Line, 29 May 2004, 11 (149), 4
Phillips warns that profits will suffer because of high oil prices Phillips Carbon Black, one of the leading Indian carbon black suppliers, has warned that its profits this year will be adversely affected by the prevailing high price of crude oil on world markets. To produce 1 tonne of carbon black typically requires 1.8 tonnes of feedstock oil (which is derived from crude oil) and the feedstock oil input typically accounts for 65% of carbon black manufacturing costs. While costs have been rising, Phillips has found it difficult to raise prices for its own carbon black products. The company will get some benefit from selling power generated by using the by-
JULY 2004
Ownership of DyStar GmbH & Co KG, the world’s largest textile colorants supplier, has changed hands. The company had been owned 35% by Bayer, 35% by Aventis (inheriting Hoechst’s interest) and 30% by BASF. The new owner is Platinum Equity (a private equity fund, based in Los Angeles, CA). The value of the transaction was not disclosed, but business analysts believe it should have been around €560 M, equivalent to 70% of DyStar’s total sales revenue – €800 M – last year. The transaction should be finally concluded by September 2004. Platinum Equity currently has a portfolio of about 19 companies, with a combined workforce of 32,000 employees and turnover of about $5.5 bn, of which about $1 bn consist of chemical industry assets. DyStar was originally established as a 50:50 joint venture between Bayer and Hoechst in the mid-1990s. BASF joined the venture in 2000. DyStar continues to face intense competition from Chinese suppliers and in 2003 DyStar’s worldwide sales were 13% lower, partly because of low prices and partly because of lower sales volumes. DyStar currently has 3900 employees and recorded turnover at €912 M for the year to end-December 2002 and at €800 M for 2003. DyStar declared earnings before interest and tax (EBIT) at €50 M in 2002, before restructuring costs. It was aiming for an EBIT margin of 8% in 2003. About half of DyStar’s current workforce are German employees, while another 33% are employed in Asia. The Asian markets account for about 35% of DyStar’s total sales and the company has manufacturing facilities at Cilegon and Gabus (Indonesia), Ohmuta (Japan) and Wuxi (China).
DyStar had already closed several production sites, reducing the total number from 16 to 10. It had also reduced its workforce by 15%, before taking account of the influx of new resources accruing from the acquisition of Yorkshire Chemicals’ businesses in North and South America. Several of DyStar’s plants at Ludwigshafen were badly damaged by fire last September and the IGBCE trade union hopes that the new owners will make a prompt commitment to repairing and rebuilding these facilities. DyStar remains the largest textile colorants supplier in the world, with a global market share of around 25% – well ahead of Ciba and Clariant. Neue Zuercher Zeitung, 29 May 2004, 225 (123), 16 & Handelsblatt Wirtschafts- und Finanzzeitung, 1 Jun 2004, 23 (104), 18 (in German) & European Chemical News, 7 Jun 2004, 80 (2103), 7
Poddar’s profits nearly halved Poddar Pigments Ltd, one of India’s leading plastics masterbatch producers, suffered a sharp downturn in profitability last year. Net profit was only Rup 11.672 M on sales of Rup 731.153 M for the year to end-March 2004. That compares against Rup 20.226 M on sales of Rup 679.43 M for the previous year. Business Line, 30 May 2004, 11 (150), 3
Tosaf takes control of Colloids Tosaf Chemicals (of Israel) has acquired control of Colloids Ltd, one of the UK’s leading suppliers of plastics masterbatch. A few years ago, Colloids was the subject of a leveraged management buy-out, with the Ravago group taking a 25% financial interest. Colloids then installed a new 20,000 tonnes/y plastics masterbatch plant at Knowsley (near Liverpool) in mid2001. (See ‘Focus on Pigments’, Jul 2003, 6). Recently the management team sold its entire 75% shareholding to Tosaf. Control of Colloids brings Tosaf’s total masterbatch capacity to more than 90,000 tonnes/y. Tosaf continues to pursue an ambitious growth strategy in Europe and it expects to generate European sales of about €100 M in 2004. Plastics and Rubber Weekly, 23 Apr 2004
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product process gas from its three carbon black plants. Phillips currently employees 600 people and it is expanding its carbon black plants at Durgapur and Baroda. For the year to end-September 2004, its sales revenue target is Rup 8.0 bn, compared against Rup 5.6 bn last year. The company declared post-tax profit at Rup 186 M last year. Business Line, 8 Jun 2004, 11 (159), 2
European Paint and Resin News, Mar 2004, 42 (3), 11
Platinum Equity buys DyStar New sales agent for Lansco Lansco Colors has appointed P.T.Hutchins Inc as its sales agent for the territory covered by Arkansas, Colorado, Louisiana, New Mexico, Oklahoma, Texas, and Utah. Chemical Week, 5 May 2004, 166 (15)
Mardia declared bankrupt Mardia Chemicals (headquartered in Ahmedabad) has been declared bankrupt and the Official Receiver appointed by the Mumbai High Court has now taken over running Mardia’s factories for the manufacture of dyes and intermediates, as well as basic chemicals, including caustic soda. The company owes more than Rup 14.5 bn to 22 creditors, but the total value of the company’s plants, buildings, inventories and machinery is estimated at only just over Rup 10 bn. Business Line, 29 May 2004, 11 (149), 4
Phillips warns that profits will suffer because of high oil prices Phillips Carbon Black, one of the leading Indian carbon black suppliers, has warned that its profits this year will be adversely affected by the prevailing high price of crude oil on world markets. To produce 1 tonne of carbon black typically requires 1.8 tonnes of feedstock oil (which is derived from crude oil) and the feedstock oil input typically accounts for 65% of carbon black manufacturing costs. While costs have been rising, Phillips has found it difficult to raise prices for its own carbon black products. The company will get some benefit from selling power generated by using the by-
JULY 2004
Ownership of DyStar GmbH & Co KG, the world’s largest textile colorants supplier, has changed hands. The company had been owned 35% by Bayer, 35% by Aventis (inheriting Hoechst’s interest) and 30% by BASF. The new owner is Platinum Equity (a private equity fund, based in Los Angeles, CA). The value of the transaction was not disclosed, but business analysts believe it should have been around €560 M, equivalent to 70% of DyStar’s total sales revenue – €800 M – last year. The transaction should be finally concluded by September 2004. Platinum Equity currently has a portfolio of about 19 companies, with a combined workforce of 32,000 employees and turnover of about $5.5 bn, of which about $1 bn consist of chemical industry assets. DyStar was originally established as a 50:50 joint venture between Bayer and Hoechst in the mid-1990s. BASF joined the venture in 2000. DyStar continues to face intense competition from Chinese suppliers and in 2003 DyStar’s worldwide sales were 13% lower, partly because of low prices and partly because of lower sales volumes. DyStar currently has 3900 employees and recorded turnover at €912 M for the year to end-December 2002 and at €800 M for 2003. DyStar declared earnings before interest and tax (EBIT) at €50 M in 2002, before restructuring costs. It was aiming for an EBIT margin of 8% in 2003. About half of DyStar’s current workforce are German employees, while another 33% are employed in Asia. The Asian markets account for about 35% of DyStar’s total sales and the company has manufacturing facilities at Cilegon and Gabus (Indonesia), Ohmuta (Japan) and Wuxi (China).
DyStar had already closed several production sites, reducing the total number from 16 to 10. It had also reduced its workforce by 15%, before taking account of the influx of new resources accruing from the acquisition of Yorkshire Chemicals’ businesses in North and South America. Several of DyStar’s plants at Ludwigshafen were badly damaged by fire last September and the IGBCE trade union hopes that the new owners will make a prompt commitment to repairing and rebuilding these facilities. DyStar remains the largest textile colorants supplier in the world, with a global market share of around 25% – well ahead of Ciba and Clariant. Neue Zuercher Zeitung, 29 May 2004, 225 (123), 16 & Handelsblatt Wirtschafts- und Finanzzeitung, 1 Jun 2004, 23 (104), 18 (in German) & European Chemical News, 7 Jun 2004, 80 (2103), 7
Poddar’s profits nearly halved Poddar Pigments Ltd, one of India’s leading plastics masterbatch producers, suffered a sharp downturn in profitability last year. Net profit was only Rup 11.672 M on sales of Rup 731.153 M for the year to end-March 2004. That compares against Rup 20.226 M on sales of Rup 679.43 M for the previous year. Business Line, 30 May 2004, 11 (150), 3
Tosaf takes control of Colloids Tosaf Chemicals (of Israel) has acquired control of Colloids Ltd, one of the UK’s leading suppliers of plastics masterbatch. A few years ago, Colloids was the subject of a leveraged management buy-out, with the Ravago group taking a 25% financial interest. Colloids then installed a new 20,000 tonnes/y plastics masterbatch plant at Knowsley (near Liverpool) in mid2001. (See ‘Focus on Pigments’, Jul 2003, 6). Recently the management team sold its entire 75% shareholding to Tosaf. Control of Colloids brings Tosaf’s total masterbatch capacity to more than 90,000 tonnes/y. Tosaf continues to pursue an ambitious growth strategy in Europe and it expects to generate European sales of about €100 M in 2004. Plastics and Rubber Weekly, 23 Apr 2004
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