- Email: [email protected]
Stockholders approve Lanxess spin-off
Additives for Polymers
technology into the business and thereby open up direct access to one of the largest markets in Asia outside of Japan. It also allows for synergies to be realized in the Coating Effects business in Korea, and to build on Daihan Swiss' existing considerable market share in pigments. Ciba is pursuing a strategy to strengthen its business in Asia. Contact: Ciba Specialty Chemicals, Klybeckstrasse 141, CH-4002 Basel, Switzerland; tel: +41-61-636-4444; fax: +4161-636-3019; URL: www.cibasc.com
Stockholders approve Lanxess spin-off The stockholders of Bayer AG voted by a majority of 99.66% in favour of the proposed spin-off of Lanxess AG [ADPO, May & August 2004]. Following this decision, Lanxess can now be placed on the stock market as an independent company. For every ten shares held in Bayer, each stockholder will receive one Lanxess share in addition. It is intended to list Lanxess shares on the stock market in early 2005. It is expected to rank sixth among Europe's listed chemical companies. The Lanxess unit, which has been operating as an independent Bayer subgroup since July, comprises most of Bayer's chemicals activities and about one third of its polymers business. The decision to spin off these activities was taken in November 2003. Bayer will now concentrate on the primarily innovation- and technology-driven core businesses of health care, nutrition and high-tech materials. Lanxess, headed up by Dr Axel C. Heitmann, has 17 business units grouped in four segments – Performance Rubber, Engineering Plastics, Chemical Intermediates and Performance Chemicals - each segment already reporting annual sales of more than 1 billion. Polymer additives are included in the Performance Chemicals segment. For the first nine months of 2004, sales by Lanxess businesses grew 4.5% from the previous year to 5.0 billion while the EBITDA margin increased to 7.6%. An EBITDA margin of around 7% is expected for full year 2004 and this is expected to rise to 9–10% in 2006. Competitiveness, earnings power and alliances are at the core of the new company's strategy. No acquisitions are planned at present.
8
January 2005
Contact: Lanxess Headquarters, Bld K10, D51368 Leverkusen, Germany; tel: +49-21430-1; URL: www.lanxess.com
Production begins at Eastman's Chinese jv plant Eastman Chemical reports that Qilu Eastman Specialty Chemical Ltd (QESCL), located in Zibo, Shandong Province, People's Republic of China, began operations in November. QESCL is a joint venture between Sinopec Qilu Petrochemical Co and Eastman Chemical Ltd, a wholly owned subsidiary of Eastman Chemical Co. The new plant produces Texanol ester alcohol and TXIB plasticizer. The plant is able to meet the total demand of Eastman's current customers for these products in China. Construction of the plant began in September 2003. TXIB plasticizer is a primary plasticizer for vinyl, urethanes and other polymers for the production of consumer goods such as flooring, wallpaper, artificial leather and disposable medical examination gloves. Texanol ester alcohol is a coalescing aid used in premium quality architectural paints. The company expects healthy growth in its market segment for these products, with the synergy established with Sinopec Qilu providing longterm business growth opportunities in China and the Asia Pacific region in general, and a stable and efficient supply of raw material. According to Brian Yoon, general manager, QESCL, the plant is identical in both design and operation process to Eastman's plant in Singapore, ensuring that customers will get “the same consistent, high-quality products that they have come to expect from Eastman”. In related news, the Chinese government has awarded Eastman the certificate of Environmental Labelling Type II for Texanol ester alcohol and TXIB plasticizer. Known in China as the “Green Label,” the certificate is official recognition of certified products as healthy, safe and environmentally friendly. Contact: Eastman Chemical Co, 100 North Eastman Road, PO Box 511, Kingsport, TN 37662-5075, USA; tel: +1-423-229-2000; URL: www.eastman.com
technology into the business and thereby open up direct access to one of the largest markets in Asia outside of Japan. It also allows for synergies to be realized in the Coating Effects business in Korea, and to build on Daihan Swiss' existing considerable market share in pigments. Ciba is pursuing a strategy to strengthen its business in Asia. Contact: Ciba Specialty Chemicals, Klybeckstrasse 141, CH-4002 Basel, Switzerland; tel: +41-61-636-4444; fax: +4161-636-3019; URL: www.cibasc.com
Stockholders approve Lanxess spin-off The stockholders of Bayer AG voted by a majority of 99.66% in favour of the proposed spin-off of Lanxess AG [ADPO, May & August 2004]. Following this decision, Lanxess can now be placed on the stock market as an independent company. For every ten shares held in Bayer, each stockholder will receive one Lanxess share in addition. It is intended to list Lanxess shares on the stock market in early 2005. It is expected to rank sixth among Europe's listed chemical companies. The Lanxess unit, which has been operating as an independent Bayer subgroup since July, comprises most of Bayer's chemicals activities and about one third of its polymers business. The decision to spin off these activities was taken in November 2003. Bayer will now concentrate on the primarily innovation- and technology-driven core businesses of health care, nutrition and high-tech materials. Lanxess, headed up by Dr Axel C. Heitmann, has 17 business units grouped in four segments – Performance Rubber, Engineering Plastics, Chemical Intermediates and Performance Chemicals - each segment already reporting annual sales of more than 1 billion. Polymer additives are included in the Performance Chemicals segment. For the first nine months of 2004, sales by Lanxess businesses grew 4.5% from the previous year to 5.0 billion while the EBITDA margin increased to 7.6%. An EBITDA margin of around 7% is expected for full year 2004 and this is expected to rise to 9–10% in 2006. Competitiveness, earnings power and alliances are at the core of the new company's strategy. No acquisitions are planned at present.
8
January 2005
Contact: Lanxess Headquarters, Bld K10, D51368 Leverkusen, Germany; tel: +49-21430-1; URL: www.lanxess.com
Production begins at Eastman's Chinese jv plant Eastman Chemical reports that Qilu Eastman Specialty Chemical Ltd (QESCL), located in Zibo, Shandong Province, People's Republic of China, began operations in November. QESCL is a joint venture between Sinopec Qilu Petrochemical Co and Eastman Chemical Ltd, a wholly owned subsidiary of Eastman Chemical Co. The new plant produces Texanol ester alcohol and TXIB plasticizer. The plant is able to meet the total demand of Eastman's current customers for these products in China. Construction of the plant began in September 2003. TXIB plasticizer is a primary plasticizer for vinyl, urethanes and other polymers for the production of consumer goods such as flooring, wallpaper, artificial leather and disposable medical examination gloves. Texanol ester alcohol is a coalescing aid used in premium quality architectural paints. The company expects healthy growth in its market segment for these products, with the synergy established with Sinopec Qilu providing longterm business growth opportunities in China and the Asia Pacific region in general, and a stable and efficient supply of raw material. According to Brian Yoon, general manager, QESCL, the plant is identical in both design and operation process to Eastman's plant in Singapore, ensuring that customers will get “the same consistent, high-quality products that they have come to expect from Eastman”. In related news, the Chinese government has awarded Eastman the certificate of Environmental Labelling Type II for Texanol ester alcohol and TXIB plasticizer. Known in China as the “Green Label,” the certificate is official recognition of certified products as healthy, safe and environmentally friendly. Contact: Eastman Chemical Co, 100 North Eastman Road, PO Box 511, Kingsport, TN 37662-5075, USA; tel: +1-423-229-2000; URL: www.eastman.com