Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
lorenzo63
Age quod Agis
..Benzene..
Il benzene è salito nelle consegne febbraio in Europa.. (un rimbalzonzolo..) è a circa 390 $ tonn (1180$ maggio 2008).. serve per fare il Pet (bottiglie film etc.etc.) polimeri, vernici, prodotti i sintesi in generale.. la stranezza è che è l' unico in mezzo a contratti che nn sii chiudono oppure in ribasso...
Il benzene è salito nelle consegne febbraio in Europa.. (un rimbalzonzolo..) è a circa 390 $ tonn (1180$ maggio 2008).. serve per fare il Pet (bottiglie film etc.etc.) polimeri, vernici, prodotti i sintesi in generale.. la stranezza è che è l' unico in mezzo a contratti che nn sii chiudono oppure in ribasso...
Ultima modifica:
Imark
Forumer storico
Fra le aziende USA del comparto, oltre a Dow Chemical e a DuPont de Nemours, un'altra che dovrebbe guadare la crisi senza troppi danni è la PPG Industries, chimica delle specialità, che ha anche, ho scoperto oggi, un bondino (300 mln) in euro con cedolino un po' pistola, ma rendimento discreto, oltre a numerosi bond in USD ...
Quello in euro lo lascio qui...
Il rating resta elevato a quota A- secondo Fitch, con outlook negativo. interessante l'analisi sintetica, più accurata del solito, che ha accompagnato la rating action.
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=12394407
Fitch Affirms PPG Industries' IDR at 'A-'; Outlook to Negative
29 Jan 2009 11:21 AM (EST)
Fitch Ratings-Chicago-29 January 2009: Fitch Ratings has affirmed its ratings on PPG Industries, Inc. (NYSE: PPG) as follows:
--Long-Term Issuer Default Rating (IDR) at 'A-';
--Senior unsecured debt at 'A-';
--Short-Term IDR at 'F2';
--Commercial paper at 'F2'.
The Rating Outlook has been revised to Negative from Stable.
The rating affirmations reflect a geographically well-balanced company with a heightened focus on its coatings and optical businesses, consistent strong earnings, and excellent cash flow.
Risk factors include a higher leverage profile, the cyclicality of certain of PPG's end-markets, often volatile raw materials and energy costs, and the company's exposure to asbestos litigation.
The Negative Outlook reflects the impact of weakening global economies on PPG's end-markets, particularly construction and the auto industry. The company experienced significant volume declines in several of its industrial end-use markets in the fourth quarter of 2008 due to the deterioration in the overall global economy.
These conditions are likely to persist at least through the first half of 2009 as global demand remains weak. PPG will likely not be able to fully offset lower revenues in 2009 with the combination of overhead reduction, materials cost relief and decreased energy costs, to the detriment of profitability.
PPG generates significant cash flow from operations - over $850 million in each of the past nine fiscal years. For the full year of 2008, the company had $1.4 billion of cash flow from operations.
The company has a strong liquidity position, ending the year with about $1 billion of cash on the balance sheet.
The company has been consistent in prioritizing the uses of its cash and cash flow: - to prudently fund its business, pay dividends, manage its debt (including its pension and asbestos liabilities), and fund acquisitions and stock repurchases. In 2008, share repurchases were minimal as the company focused on conserving its cash position amid the global credit turmoil.
Over the past decade, PPG has revamped its business portfolio to achieve faster growth, less cyclical growth, and lower capital intensity. The acquisition of SigmaKalon and the company's completed asset divestitures further reflect PPG's transformation into primarily a coatings and specialty products company. Fitch expects management to remain disciplined in its growth strategy and continue to make selective acquisitions, largely to grow its coatings and optical businesses.
PPG's leverage increased in 2008 as a result of the SigmaKalon acquisition. The company had a debt to capitalization ratio of 47.5% at Sept. 30, 2008, compared with 41.3% at the end of 2007 and 27.7% at the conclusion of 2006. The company has a target gross debt-to-cap ratio range of 30%-40%.
So far, the company is ahead of its debt reduction target. PPG has committed to reduce debt by more than $600 million by the end of 2009. PPG has paid down debt by about $532 million since the first quarter of 2008. The company has $116 million of debt maturing in 2009 and no other long-term debt maturities until 2012. (The company had about $200 million of commercial paper and $550 million of short-term debt outstanding at the end of 2008.)
Given the company's strong liquidity position, PPG may become more aggressive in reducing its debt this year if the credit markets ease or if there are signs of stability in the company's global end-markets.
Fitch's rating takes into account the cyclicality of many of PPG's end-markets. Construction and automotive OEM account for between 30%-40% of its end-markets' sales. Fitch estimates North American light vehicle sales to decline about 10.7% in 2009. Fitch also forecasts total housing starts to decline approximately 22%, while private non-residential construction spending is projected to fall about 5% in 2009.
Fitch expects that PPG's strong liquidity and continued focus on cost reduction will allow the company to navigate through a more challenging economic environment in 2009.
Two important categories of cost to PPG are coatings raw materials and energy (largely for natural gas). Coatings raw material costs increased significantly in 2004, 2005, and 2006. In 2008, the industry experienced further escalation in such costs, increasing by approximately 9% during the year. PPG reported that its raw material costs increased roughly 6% during the third quarter and slightly above 6% during the fourth quarter of 2008.
On the energy side, the average natural gas costs in 2008 were approximately 22% higher versus 2007. For all of 2008, cost inflation for energy, freight, and raw material costs totaled about $465 million, all of which were offset by selling price increases. In 2009, PPG should benefit from lower coatings raw material and energy costs. Given the drop in oil prices, combined with the expected lower global demand for commodities, PPG should see continued abatement in raw materials pricing. PPG has also hedged one-half of its first-quarter 2009 natural gas purchases at a price of $8.50 per million BTU.
The company has been a defendant in lawsuits involving asbestos claims for over 30 years, mostly related to its 50% ownership of Pittsburgh Corning Corporation (PC), a 50-50 venture owned by PPG and Corning Incorporated. In May 2002, PPG agreed to a $2.7 billion settlement agreement of outstanding asbestos claims against PPG and PC.
Under the settlement agreement, PPG would make aggregate cash payments of approximately $998 million (payable according to a fixed payment schedule over 21 years), contribute 1.4 million shares of its stock, and convey the stock it owns in PC to a trust. PPG's participating historical insurance carriers would make cash payments to the trust of approximately $1.7 billion. In December 2006, the U.S. Bankruptcy Court for the Western District of Pennsylvania issued a decision denying confirmation of the most recent amended PC plan of reorganization. Management is currently analyzing its options, which may include plan modifications. Founded in 1883, PPG is a global supplier of coatings, glass, fiberglass, and chemicals. The company has manufacturing facilities and equity affiliates in more than 20 countries. PPG is the world's largest producer of transportation coatings and a leading maker of industrial and packaging coatings, architectural coatings, aircraft transparencies, flat and fabricated glass, continuous-strand fiberglass, and chlor-alkali and specialty chemicals.
Quello in euro lo lascio qui...
Il rating resta elevato a quota A- secondo Fitch, con outlook negativo. interessante l'analisi sintetica, più accurata del solito, che ha accompagnato la rating action.
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=12394407
Fitch Affirms PPG Industries' IDR at 'A-'; Outlook to Negative
29 Jan 2009 11:21 AM (EST)
Fitch Ratings-Chicago-29 January 2009: Fitch Ratings has affirmed its ratings on PPG Industries, Inc. (NYSE: PPG) as follows:
--Long-Term Issuer Default Rating (IDR) at 'A-';
--Senior unsecured debt at 'A-';
--Short-Term IDR at 'F2';
--Commercial paper at 'F2'.
The Rating Outlook has been revised to Negative from Stable.
The rating affirmations reflect a geographically well-balanced company with a heightened focus on its coatings and optical businesses, consistent strong earnings, and excellent cash flow.
Risk factors include a higher leverage profile, the cyclicality of certain of PPG's end-markets, often volatile raw materials and energy costs, and the company's exposure to asbestos litigation.
The Negative Outlook reflects the impact of weakening global economies on PPG's end-markets, particularly construction and the auto industry. The company experienced significant volume declines in several of its industrial end-use markets in the fourth quarter of 2008 due to the deterioration in the overall global economy.
These conditions are likely to persist at least through the first half of 2009 as global demand remains weak. PPG will likely not be able to fully offset lower revenues in 2009 with the combination of overhead reduction, materials cost relief and decreased energy costs, to the detriment of profitability.
PPG generates significant cash flow from operations - over $850 million in each of the past nine fiscal years. For the full year of 2008, the company had $1.4 billion of cash flow from operations.
The company has a strong liquidity position, ending the year with about $1 billion of cash on the balance sheet.
The company has been consistent in prioritizing the uses of its cash and cash flow: - to prudently fund its business, pay dividends, manage its debt (including its pension and asbestos liabilities), and fund acquisitions and stock repurchases. In 2008, share repurchases were minimal as the company focused on conserving its cash position amid the global credit turmoil.
Over the past decade, PPG has revamped its business portfolio to achieve faster growth, less cyclical growth, and lower capital intensity. The acquisition of SigmaKalon and the company's completed asset divestitures further reflect PPG's transformation into primarily a coatings and specialty products company. Fitch expects management to remain disciplined in its growth strategy and continue to make selective acquisitions, largely to grow its coatings and optical businesses.
PPG's leverage increased in 2008 as a result of the SigmaKalon acquisition. The company had a debt to capitalization ratio of 47.5% at Sept. 30, 2008, compared with 41.3% at the end of 2007 and 27.7% at the conclusion of 2006. The company has a target gross debt-to-cap ratio range of 30%-40%.
So far, the company is ahead of its debt reduction target. PPG has committed to reduce debt by more than $600 million by the end of 2009. PPG has paid down debt by about $532 million since the first quarter of 2008. The company has $116 million of debt maturing in 2009 and no other long-term debt maturities until 2012. (The company had about $200 million of commercial paper and $550 million of short-term debt outstanding at the end of 2008.)
Given the company's strong liquidity position, PPG may become more aggressive in reducing its debt this year if the credit markets ease or if there are signs of stability in the company's global end-markets.
Fitch's rating takes into account the cyclicality of many of PPG's end-markets. Construction and automotive OEM account for between 30%-40% of its end-markets' sales. Fitch estimates North American light vehicle sales to decline about 10.7% in 2009. Fitch also forecasts total housing starts to decline approximately 22%, while private non-residential construction spending is projected to fall about 5% in 2009.
Fitch expects that PPG's strong liquidity and continued focus on cost reduction will allow the company to navigate through a more challenging economic environment in 2009.
Two important categories of cost to PPG are coatings raw materials and energy (largely for natural gas). Coatings raw material costs increased significantly in 2004, 2005, and 2006. In 2008, the industry experienced further escalation in such costs, increasing by approximately 9% during the year. PPG reported that its raw material costs increased roughly 6% during the third quarter and slightly above 6% during the fourth quarter of 2008.
On the energy side, the average natural gas costs in 2008 were approximately 22% higher versus 2007. For all of 2008, cost inflation for energy, freight, and raw material costs totaled about $465 million, all of which were offset by selling price increases. In 2009, PPG should benefit from lower coatings raw material and energy costs. Given the drop in oil prices, combined with the expected lower global demand for commodities, PPG should see continued abatement in raw materials pricing. PPG has also hedged one-half of its first-quarter 2009 natural gas purchases at a price of $8.50 per million BTU.
The company has been a defendant in lawsuits involving asbestos claims for over 30 years, mostly related to its 50% ownership of Pittsburgh Corning Corporation (PC), a 50-50 venture owned by PPG and Corning Incorporated. In May 2002, PPG agreed to a $2.7 billion settlement agreement of outstanding asbestos claims against PPG and PC.
Under the settlement agreement, PPG would make aggregate cash payments of approximately $998 million (payable according to a fixed payment schedule over 21 years), contribute 1.4 million shares of its stock, and convey the stock it owns in PC to a trust. PPG's participating historical insurance carriers would make cash payments to the trust of approximately $1.7 billion. In December 2006, the U.S. Bankruptcy Court for the Western District of Pennsylvania issued a decision denying confirmation of the most recent amended PC plan of reorganization. Management is currently analyzing its options, which may include plan modifications. Founded in 1883, PPG is a global supplier of coatings, glass, fiberglass, and chemicals. The company has manufacturing facilities and equity affiliates in more than 20 countries. PPG is the world's largest producer of transportation coatings and a leading maker of industrial and packaging coatings, architectural coatings, aircraft transparencies, flat and fabricated glass, continuous-strand fiberglass, and chlor-alkali and specialty chemicals.
lorenzo63
Age quod Agis
..A proposito di PPG..
Così mi potrai dire "..le sai proprio tutte.."
PPG è una società che è attiva in specialità di nicchia che ho avuto modo di utilizzare e di far utilizzare fin dal (lontano?) 2002.
Penso ad esempio (ma non solo) a particolari tipi di silici in grado di modificare l' aspetto superficiale di polimeri, polimeri vernicianti etc.
Insomma hanno dei bei business che rendono bene.. anche se ... si devono guardare dall' avvento delle nanotecnologie: perchè partito un po' meglio questo PPG (o meglio alcune produzioni di) diventano ..like commodity...
" La mi porti un bacione a Firenze.."
Così mi potrai dire "..le sai proprio tutte.."
PPG è una società che è attiva in specialità di nicchia che ho avuto modo di utilizzare e di far utilizzare fin dal (lontano?) 2002.
Penso ad esempio (ma non solo) a particolari tipi di silici in grado di modificare l' aspetto superficiale di polimeri, polimeri vernicianti etc.
Insomma hanno dei bei business che rendono bene.. anche se ... si devono guardare dall' avvento delle nanotecnologie: perchè partito un po' meglio questo PPG (o meglio alcune produzioni di) diventano ..like commodity...
" La mi porti un bacione a Firenze.."
Imark
Forumer storico
Così mi potrai dire "..le sai proprio tutte.."
PPG è una società che è attiva in specialità di nicchia che ho avuto modo di utilizzare e di far utilizzare fin dal (lontano?) 2002.
Penso ad esempio (ma non solo) a particolari tipi di silici in grado di modificare l' aspetto superficiale di polimeri, polimeri vernicianti etc.
Insomma hanno dei bei business che rendono bene.. anche se ... si devono guardare dall' avvento delle nanotecnologie: perchè partito un po' meglio questo PPG (o meglio alcune produzioni di) diventano ..like commodity...
" La mi porti un bacione a Firenze.."
Ma allora... le sai proprio, ma proprio tutte !
(d'altronde... sei nel tuo ... ) PS: vedo che hanno acquistato SigmaKalon nel 2008, senza peraltro incrementare esageratamente il leverage e che sono impegnati a ridurre il l'indebitamento con una certa attenzione... cosa fa Sigmakalon, in poche battute ?
lorenzo63
Age quod Agis
Ma allora... le sai proprio, ma proprio tutte !
PS: vedo che hanno acquistato SigmaKalon nel 2008, senza peraltro incrementare esageratamente il leverage e che sono impegnati a ridurre il l'indebitamento con una certa attenzione... cosa fa Sigmakalon, in poche battute ?
Coatings.Ovvero chi abitualmente utilizza (anche) i loro pordotti. Una buona sinergia e verticalizzazione del market.
In altre parole hanno tolto di mezzo il gain del cliente e lo hanno fatto loro.
(more or less).
Imark
Forumer storico
Coatings.Ovvero chi abitualmente utilizza (anche) i loro pordotti. Una buona sinergia e verticalizzazione del market.
In altre parole hanno tolto di mezzo il gain del cliente e lo hanno fatto loro.
(more or less).
Thx
Imark
Forumer storico
Altro produttore della chimica delle specialità ed emittente obbligazionario in difficoltà, serio candidato a fare il fallen angel già nei prossimi mesi (ossia a scivolare dall'IG all'HY) è la svizzera Clariant.
Qui c'è il bond in euro emesso (penso che sarà il caso di indicarli per ogni emittente, chissà che qualche interessato non volesse un giorno raccoglierli in un file di monitoraggio del comparto...).
Il bond sconta nei prezzi qualche seria difficoltà ulteriore ...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=14130846
Ed infatti anche le agenzie di rating lasciano presagire che ci siano altre cattive notizie all'orizzonte, ed in tempi piuttosto ravvicinati.
S&P passa l'outlook a negativo, in considerazione di un forte calo dei volumi delle vendite nel Q4/2008 e della prospettiva che il calo continui nel Q1/2009, determinando nel trimestre una perdita operativa non scontata nei rating attuali.
Ove il calo delle vendite dovesse procedere anche nella seconda metà del 2009, la profittevolezza di Clariant ne risentirebbe significativamente, nonostante le misure già assunte di riduzione della forza lavoro le quali, se nel medio termine aiutano a contenere i costi, nel breve ne generano di ulteriori. Clariant ha nel mentre azzerato il dividendo azionario così da recuperare flessibilità finanzia per la ristrutturazione.
Il rating corrente è a rischio per S&P ove il rapporto fra cash flow operativo e debito cali al di sotto del 30%.
Clariant AG Outlook Revised To Negative On Severe Volume Decline; 'BBB-/A-3' Ratings Affirmed
FRANKFURT (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings
Services said today it revised its outlook on Switzerland-based specialty
chemicals producer Clariant AG to negative from stable. The 'BBB-' long-term and 'A-3' short-term corporate credit ratings were affirmed.
The outlook revision reflects the weak prospects for the chemicals industry as a whole and the significant deterioration in volumes sold by Clariant in fourth-quarter 2008.
"We expect volumes to continue to decline significantly in the first quarter of 2009 and, should the operating environment continue to be weak in the second half of 2009, there is a risk that the company's profitability could decline considerably," said Standard & Poor's credit analyst Tobias Mock. "Such a rapid volume decline could even result in an operating loss in the first quarter of this year, which would negatively affect Clariant's credit ratios and balance sheet to an extent not factored into our current ratings."
In reaction to the weak economic environment, Clariant has announced a
further reduction of its total workforce by about 1,000 people. These
restructuring measures are costly and will come at a time when the company's operating profits could already decline materially. However, Clariant has also said it will cut its dividend to zero to support the financing of the enhanced restructuring.
We previously estimated Clariant's volumes would drop by about 5% in 2009 in the downturn. However, we now see a high risk for a higher volume decline for the full year. We expect to have more visibility on this development after Clariant reports its annual results on Feb. 17 and as economic developments unfold in 2009.
"We believe that Clariant's initiated restructuring measures will need
more than 12 months to make an impact on profitability and will therefore not prevent a deterioration in the credit metrics in 2009 to levels significantly weaker than our assumptions," said Mr. Mock. "For the 'BBB-' rating we would expect the company to maintain funds from operations to debt of about 30% through the cycle, which we expect it to have largely achieved for full-year 2008."
Qui c'è il bond in euro emesso (penso che sarà il caso di indicarli per ogni emittente, chissà che qualche interessato non volesse un giorno raccoglierli in un file di monitoraggio del comparto...
). Il bond sconta nei prezzi qualche seria difficoltà ulteriore ...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=14130846
Ed infatti anche le agenzie di rating lasciano presagire che ci siano altre cattive notizie all'orizzonte, ed in tempi piuttosto ravvicinati.
S&P passa l'outlook a negativo, in considerazione di un forte calo dei volumi delle vendite nel Q4/2008 e della prospettiva che il calo continui nel Q1/2009, determinando nel trimestre una perdita operativa non scontata nei rating attuali.
Ove il calo delle vendite dovesse procedere anche nella seconda metà del 2009, la profittevolezza di Clariant ne risentirebbe significativamente, nonostante le misure già assunte di riduzione della forza lavoro le quali, se nel medio termine aiutano a contenere i costi, nel breve ne generano di ulteriori. Clariant ha nel mentre azzerato il dividendo azionario così da recuperare flessibilità finanzia per la ristrutturazione.
Il rating corrente è a rischio per S&P ove il rapporto fra cash flow operativo e debito cali al di sotto del 30%.
Clariant AG Outlook Revised To Negative On Severe Volume Decline; 'BBB-/A-3' Ratings Affirmed
FRANKFURT (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings
Services said today it revised its outlook on Switzerland-based specialty
chemicals producer Clariant AG to negative from stable. The 'BBB-' long-term and 'A-3' short-term corporate credit ratings were affirmed.
The outlook revision reflects the weak prospects for the chemicals industry as a whole and the significant deterioration in volumes sold by Clariant in fourth-quarter 2008.
"We expect volumes to continue to decline significantly in the first quarter of 2009 and, should the operating environment continue to be weak in the second half of 2009, there is a risk that the company's profitability could decline considerably," said Standard & Poor's credit analyst Tobias Mock. "Such a rapid volume decline could even result in an operating loss in the first quarter of this year, which would negatively affect Clariant's credit ratios and balance sheet to an extent not factored into our current ratings."
In reaction to the weak economic environment, Clariant has announced a
further reduction of its total workforce by about 1,000 people. These
restructuring measures are costly and will come at a time when the company's operating profits could already decline materially. However, Clariant has also said it will cut its dividend to zero to support the financing of the enhanced restructuring.
We previously estimated Clariant's volumes would drop by about 5% in 2009 in the downturn. However, we now see a high risk for a higher volume decline for the full year. We expect to have more visibility on this development after Clariant reports its annual results on Feb. 17 and as economic developments unfold in 2009.
"We believe that Clariant's initiated restructuring measures will need
more than 12 months to make an impact on profitability and will therefore not prevent a deterioration in the credit metrics in 2009 to levels significantly weaker than our assumptions," said Mr. Mock. "For the 'BBB-' rating we would expect the company to maintain funds from operations to debt of about 30% through the cycle, which we expect it to have largely achieved for full-year 2008."
Imark
Forumer storico
Intanto l'equity firm Permira, che aveva acquistato Cognis Deutschland insieme a Goldman Sachs Capital Partners e a Sv Life sciences tramite un LBO (Cognis è una ex divisione di Henkel, scorporata dal colosso tedesco) sarebbe interessata ad uscire dall'investimento, anche mediante una IPO ma la uscita da Cognis è rinviata a data da determinarsi, visto che la società - gravata dal debito contratto per l'acquisto - troverebbe difficilmente oggi acquirenti disponibili a pagarla un prezzo remunerativo per l'investimento fatto dal private equity.
Il bond emesso a suo tempo, marcatamente HY, scambia a prezzi molto bassi...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=10938865
Permira puts sale of Germany's Cognis on hold-paper
Fri Jan 30, 2009 9:33am GMT
FRANKFURT, Jan 30 (Reuters) - Buyout firm Permira will hold off on a sale of its stake in German specialty chemicals company Cognis [COGN.UL] until the economic crisis passes, the head of Permira's German operations was quoted saying in a newspaper published on Friday.
An initial public offering for Cognis, a former division of glues and detergents maker Henkel (HNKG_p.DE: Quote, Profile, Research), would be one of the exit options, Permira [PERM.UL] executive Joerg Rockenhaeuser told German daily Rheinische Post.
"We now have to steer Cognis successfully through the economic crisis. After that is the time to plan an exit at Cognis," Rockenhaeuser was quoted as saying.
Permira, together with co-owners Goldman Sachs Capital Partners (GS.N: Quote, Profile, Research) and SV Life Sciences, abandoned plans to sell Cognis in 2006.
Cognis finance chief Klaus Edelmann said in August a change in ownership was all but certain but it was unclear when Cognis' investors would sell.
Cognis, which hived off its plant oil and textile chemicals businesses last year to focus on ingredients for cosmetics and detergents, has said it expected an operating profit of 350 million euros ($457.8 million) for 2008, down 2.5 percent year-on-year. (Reporting by Ludwig Burger; Editing by David Holmes)
Il bond emesso a suo tempo, marcatamente HY, scambia a prezzi molto bassi...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=10938865
Permira puts sale of Germany's Cognis on hold-paper
Fri Jan 30, 2009 9:33am GMT
FRANKFURT, Jan 30 (Reuters) - Buyout firm Permira will hold off on a sale of its stake in German specialty chemicals company Cognis [COGN.UL] until the economic crisis passes, the head of Permira's German operations was quoted saying in a newspaper published on Friday.
An initial public offering for Cognis, a former division of glues and detergents maker Henkel (HNKG_p.DE: Quote, Profile, Research), would be one of the exit options, Permira [PERM.UL] executive Joerg Rockenhaeuser told German daily Rheinische Post.
"We now have to steer Cognis successfully through the economic crisis. After that is the time to plan an exit at Cognis," Rockenhaeuser was quoted as saying.
Permira, together with co-owners Goldman Sachs Capital Partners (GS.N: Quote, Profile, Research) and SV Life Sciences, abandoned plans to sell Cognis in 2006.
Cognis finance chief Klaus Edelmann said in August a change in ownership was all but certain but it was unclear when Cognis' investors would sell.
Cognis, which hived off its plant oil and textile chemicals businesses last year to focus on ingredients for cosmetics and detergents, has said it expected an operating profit of 350 million euros ($457.8 million) for 2008, down 2.5 percent year-on-year. (Reporting by Ludwig Burger; Editing by David Holmes)
Imark
Forumer storico
Intanto continuano ad arrivare indicazioni di varia natura dalle aziende del settore. La Henkel, sicuramente uno dei players più forti nel comparto per l'accesso al mercato del consumer retail con i propri prodotti, dai detergenti agli adesivi, per bocca del CFO indica vendite "abbastanza stabili" sui prodotti al consumo e dichiara di non attendersi un collasso del mercato nel corso del 2009. Dichiara inoltre di essere certa di conseguire un utile nel 2009.
In calo la domanda dalla clientela aziendale, ma per ora senza dettagli da parte di Henkel, stante una ridotta leggibilità del mercato nella fase attuale...
Aggiungiamoci i bond quotati sul retail... il perpetual
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=13206198
Ed il 4,25% Henkel 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=8517486
Henkel Consumer Sales ‘Relatively Stable,’ Finance Chief Says
By Richard Weiss and Holger Elfes
Jan. 26 (Bloomberg) -- Henkel AG & Co. KGaA, the German maker of Loctite glue and Right Guard deodorant, said consumer product sales have been “relatively stable” this month and doesn’t expect demand to collapse this year.
Henkel will make a profit in 2009 “for sure,” Chief Financial Officer Lothar Steinebach told Bloomberg Television in a Jan. 24 interview. Demand from industrial customers is declining, according to Steinebach, who declined to give a more precise outlook for the year as market visibility is “limited.”
Henkel, based in Dusseldorf, Germany, is scheduled to release fourth-quarter and full-year results on Feb. 25.
In calo la domanda dalla clientela aziendale, ma per ora senza dettagli da parte di Henkel, stante una ridotta leggibilità del mercato nella fase attuale...
Aggiungiamoci i bond quotati sul retail... il perpetual
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=13206198
Ed il 4,25% Henkel 2013
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=8517486
Henkel Consumer Sales ‘Relatively Stable,’ Finance Chief Says
By Richard Weiss and Holger Elfes
Jan. 26 (Bloomberg) -- Henkel AG & Co. KGaA, the German maker of Loctite glue and Right Guard deodorant, said consumer product sales have been “relatively stable” this month and doesn’t expect demand to collapse this year.
Henkel will make a profit in 2009 “for sure,” Chief Financial Officer Lothar Steinebach told Bloomberg Television in a Jan. 24 interview. Demand from industrial customers is declining, according to Steinebach, who declined to give a more precise outlook for the year as market visibility is “limited.”
Henkel, based in Dusseldorf, Germany, is scheduled to release fourth-quarter and full-year results on Feb. 25.
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