Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
bulogna
Forumer storico
Guarda anche la Solvay 18
onvista direbbe nominale 250.000 € .....
pmpm
Nuovo forumer
come, non va bene come taglio???Troppo piccolo???
hahahaha, scherzo!!!!!
Si' Bulogna, dicevo a Lorenzo di verificare la percentuale cedolare impostata!
Imark
Forumer storico
Una rating action di Fitch su Lanxess piuttosto positiva. In realtà i dati sull'andamento del fatturato e sull'EBITDA margin sono decisamente brutti (del resto, la ciclicità del comparto nonostante tutto si fa sentire) e tali da portare la metrica finanziaria di Lanxess al di sotto degli standard previsti per la conservazione del rating nel 2009 e da tenercela per i prossimi 18-24 mesi.
A favore dell'emittente gioca invece la mancanza di scadenze debitorie prossime (con un bond emesso la scorsa primavera che sposta al 2014 le prime esigenze di rifinanziamento), la disponibilità di una linea di credito più che adeguata a far fronte a temporanei fabbisogni di liquidità e con scadenza piuttosto lontana (nel 2014... non viene detto tuttavia se sia incondizionata oppure meno, circostanza non insignificante), oltre a politiche finanziarie conservative e rivolte al contenimento dei costi ed alla preservazione dei flussi di cassa.
Fitch Affirms Lanxess AG at 'BBB'; Outlook Stable
20 Jul 2009 11:22 AM (EDT)
Fitch Ratings-London/Frankfurt-20 July 2009: Fitch Ratings has today affirmed Germany-based chemicals group Lanxess AG's (Lanxess) Long-term Issuer Default rating (IDR) and senior unsecured ratings at 'BBB', respectively. The Short-term IDR has also been affirmed at 'F3'. The Outlook on the company's Long-term IDR is Stable.
The ratings reflect Fitch's view that Lanxess's improved business risk, cost position and capital structure should place the company in a stronger position to weather the current economic downturn. The ratings also reflect Fitch's expectations that although Lanxess's operational metrics will come under pressure from a difficult market environment in FY09, they should return to levels that are commensurate with the ratings in the next 18-24 months.
Given the exceptionally poor market conditions, Fitch places strong emphasis on Lanxess's cash flow generation, balance sheet strength and the degree to which restructuring measures can offset the cost of idle production capacity. In Fitch's opinion, the company's strong liquidity, manageable debt maturity profile, conservative financial policies, and cost cutting and cash preservation measures offer a buffer against the material erosion expected in its operational profile in FY09.
In common with trends observed across the chemicals sector, revenues dropped 31% y-o-y in Q109 to EUR1.1bn, driven primarily by a collapse in demand and customer destocking in some of Lanxess's end-markets. Lower capacity utilisation rates and inventory write-downs significantly impacted profitability and the group's pre-exceptional EBITDA margin contracted to 6.3% in Q109 from 14.3% a year earlier. Fitch notes, however, that prices have generally shown resilience across Lanxess's divisions despite sharp drops in raw material costs, suggesting that the product portfolio has moved up the value scale over the past four years.
Fitch believes that the destocking which compounded demand erosion in the chemicals sector in Q408 and Q109 slowed down in Q209 and that H209 should see a slight uptick in production from the record low levels of H109.
Lanxess's exposure to the agrochemicals sector should continue to limit downside risk on earnings while lower raw material costs, working capital relief and the series of measures being implemented to counteract volume declines should partly alleviate the pressure on margins and limit erosion in cash from operations (CFO).
Nevertheless, with an anticipated decline in revenues in the region of 20%-25% in FY09, Fitch forecasts a material reduction in operating earnings and funds from operations in FY09. Operational metrics are expected to be weak for the ratings.
In mitigation, Fitch takes comfort in Lanxess's strong liquidity, which the agency regards as a key rating driver. As at 31 March 2009, the group had a cash position of EUR283m and a fully available EUR1.4bn revolving credit facility maturing in 2014. Net debt/LTM EBITDA was 1.8x at 31 March 2009 and liquidity was boosted in April 2009 by a EUR500m five-year bond issue, which limits refinancing needs until 2014. Scheduled repayments are minimal until 2011 and near-term cash outflows include capex of EUR300m, which will primarily be financed by CFO.
Fitch takes further comfort in management's proven ability to deliver on restructuring measures. Lanxess has responded to the downturn with a package of measures including production curtailments, salary cuts, short-time work at some sites, service and raw material contract renegotiations and restructuring projects.
Together, these are expected to yield cost savings of EUR130m in FY09 and EUR120m in FY10. The group has also halved dividends and postponed capital investments, including the construction of a large-scale butyl rubber plant in Singapore, originally due to start in Q109.
A favore dell'emittente gioca invece la mancanza di scadenze debitorie prossime (con un bond emesso la scorsa primavera che sposta al 2014 le prime esigenze di rifinanziamento), la disponibilità di una linea di credito più che adeguata a far fronte a temporanei fabbisogni di liquidità e con scadenza piuttosto lontana (nel 2014... non viene detto tuttavia se sia incondizionata oppure meno, circostanza non insignificante), oltre a politiche finanziarie conservative e rivolte al contenimento dei costi ed alla preservazione dei flussi di cassa.
Fitch Affirms Lanxess AG at 'BBB'; Outlook Stable
20 Jul 2009 11:22 AM (EDT)
Fitch Ratings-London/Frankfurt-20 July 2009: Fitch Ratings has today affirmed Germany-based chemicals group Lanxess AG's (Lanxess) Long-term Issuer Default rating (IDR) and senior unsecured ratings at 'BBB', respectively. The Short-term IDR has also been affirmed at 'F3'. The Outlook on the company's Long-term IDR is Stable.
The ratings reflect Fitch's view that Lanxess's improved business risk, cost position and capital structure should place the company in a stronger position to weather the current economic downturn. The ratings also reflect Fitch's expectations that although Lanxess's operational metrics will come under pressure from a difficult market environment in FY09, they should return to levels that are commensurate with the ratings in the next 18-24 months.
Given the exceptionally poor market conditions, Fitch places strong emphasis on Lanxess's cash flow generation, balance sheet strength and the degree to which restructuring measures can offset the cost of idle production capacity. In Fitch's opinion, the company's strong liquidity, manageable debt maturity profile, conservative financial policies, and cost cutting and cash preservation measures offer a buffer against the material erosion expected in its operational profile in FY09.
In common with trends observed across the chemicals sector, revenues dropped 31% y-o-y in Q109 to EUR1.1bn, driven primarily by a collapse in demand and customer destocking in some of Lanxess's end-markets. Lower capacity utilisation rates and inventory write-downs significantly impacted profitability and the group's pre-exceptional EBITDA margin contracted to 6.3% in Q109 from 14.3% a year earlier. Fitch notes, however, that prices have generally shown resilience across Lanxess's divisions despite sharp drops in raw material costs, suggesting that the product portfolio has moved up the value scale over the past four years.
Fitch believes that the destocking which compounded demand erosion in the chemicals sector in Q408 and Q109 slowed down in Q209 and that H209 should see a slight uptick in production from the record low levels of H109.
Lanxess's exposure to the agrochemicals sector should continue to limit downside risk on earnings while lower raw material costs, working capital relief and the series of measures being implemented to counteract volume declines should partly alleviate the pressure on margins and limit erosion in cash from operations (CFO).
Nevertheless, with an anticipated decline in revenues in the region of 20%-25% in FY09, Fitch forecasts a material reduction in operating earnings and funds from operations in FY09. Operational metrics are expected to be weak for the ratings.
In mitigation, Fitch takes comfort in Lanxess's strong liquidity, which the agency regards as a key rating driver. As at 31 March 2009, the group had a cash position of EUR283m and a fully available EUR1.4bn revolving credit facility maturing in 2014. Net debt/LTM EBITDA was 1.8x at 31 March 2009 and liquidity was boosted in April 2009 by a EUR500m five-year bond issue, which limits refinancing needs until 2014. Scheduled repayments are minimal until 2011 and near-term cash outflows include capex of EUR300m, which will primarily be financed by CFO.
Fitch takes further comfort in management's proven ability to deliver on restructuring measures. Lanxess has responded to the downturn with a package of measures including production curtailments, salary cuts, short-time work at some sites, service and raw material contract renegotiations and restructuring projects.
Together, these are expected to yield cost savings of EUR130m in FY09 and EUR120m in FY10. The group has also halved dividends and postponed capital investments, including the construction of a large-scale butyl rubber plant in Singapore, originally due to start in Q109.
Ultima modifica:
Imark
Forumer storico
L'ho notato anch'io e mi è venuta in mente una battuta in romanesco: "Ah impuniti !!"
Imark
Forumer storico
Trimestrale di Akzo Nobel, in pillole... stanno facendo piuttosto bene, vista la situazion del comparto. I ricavi sono scesi del 10%, l'EBITDA del 12% l'utile netto del 13% (tutto y-o-y) e la società ha fatto presente che non le è possibile dare un outlook dell'intero anno per "scarsa visibilità" sull'andamento a breve termine delle attività in cui è coinvolta.
AKZO mantiene tuttavia il target di un EBITDA margin del 14% entro la fine del 2011, un obiettivo legato in larga misura alla capacità di integrare la recentemente acquisita ICI generando sinergie per 540 mln eur a quella data.
Per ora il processo sta dando risultati superiori a quanto programmato, e l'enfasi resta sul contenimento dei costi.
(Adds detail, CEO and analyst comment.)
By Bart Koster
Of DOW JONES NEWSWIRES
AMSTERDAM (Dow Jones)--Coatings and chemical company AkzoNobel NV (AKZOY) Wednesday refrained from giving a full year outlook, saying it lacks visibility, as it reported a 13% fall in second-quarter net profit, hurt by lower volumes in all three of its business units.
The Amsterdam-based company said the outlook for the full year remains uncertain, but kept its target of an earnings before interest, taxes, depreciation and amortization margin of 14% by the end of 2011.
It remains on track to meet 2011 savings targets of at least EUR540 million, through synergies from its acquisition of U.K. paint maker ICI, as well as restructuring, AkzoNobel said.
Chief Executive Hans Wijers said that the ICI integration is ahead of schedule, with synergies reaching EUR340 million.
"Restructuring savings will continue and may go beyond the projected EUR200 for 2009. We will give an update on this by the end of 2009", he added. Wijers said that at the beginning of the third quarter of 2009 he sees no further negative trend in sales volumes but sees no significant improvement either.
Wijers said that due to many uncertainties in the economy AkzoNobel refrains from giving an outlook for the full year results."Therefore management actions continue to focus on customers, costs and cash". But he said "AkzoNobel has maintained or gained market shares" in the paint and chemicals markets.
Second-quarter net profit from continuing operations fell 13% to EUR155 million from EUR179 million a year earlier, in line with analyst forecasts.
After the results, SNS Securities analyst Danny van Doesburg upgraded AkzoNobel rating to hold from reduce and lifted price target to EUR38 from EUR30. "The company's 2Q operating results are very strong and better than expected due to cost savings and lower raw material prices", Van Doesburg said.
KBC Securities upgraded AkzoNobel to accumulate from hold and lifted its target price to EUR40 from EUR32 and raised full year EBITDA estimates with 15%. "Akzo has published excellent results with sales in line with and EBITDA margin beyond our expectations", KBC analyst Wim Hoste said.
Harmony Vermogensbeheer trader Rob Koenders said the results were better than expected, with signs of stabilization at Akzo's three businesses a positive trend.
Earnings before interest and tax came in at EUR370 million, 12% down from EUR422 million a year earlier, while revenue for the latest quarter was EUR3.668 billion, down 10% from EUR4.085 billion in the same period last year.
In the decorative paints division sales volume was down 10% and revenue down 5%; in the performance coatings business revenue decreased 14% on 19% lower volume and in the specialty chemicals market revenue declined 8% on an 18% lower sales volume.
AKZO mantiene tuttavia il target di un EBITDA margin del 14% entro la fine del 2011, un obiettivo legato in larga misura alla capacità di integrare la recentemente acquisita ICI generando sinergie per 540 mln eur a quella data.
Per ora il processo sta dando risultati superiori a quanto programmato, e l'enfasi resta sul contenimento dei costi.
- JULY 29, 2009, 5:38 A.M. ET
(Adds detail, CEO and analyst comment.)
By Bart Koster
Of DOW JONES NEWSWIRES
AMSTERDAM (Dow Jones)--Coatings and chemical company AkzoNobel NV (AKZOY) Wednesday refrained from giving a full year outlook, saying it lacks visibility, as it reported a 13% fall in second-quarter net profit, hurt by lower volumes in all three of its business units.
The Amsterdam-based company said the outlook for the full year remains uncertain, but kept its target of an earnings before interest, taxes, depreciation and amortization margin of 14% by the end of 2011.
It remains on track to meet 2011 savings targets of at least EUR540 million, through synergies from its acquisition of U.K. paint maker ICI, as well as restructuring, AkzoNobel said.
Chief Executive Hans Wijers said that the ICI integration is ahead of schedule, with synergies reaching EUR340 million.
"Restructuring savings will continue and may go beyond the projected EUR200 for 2009. We will give an update on this by the end of 2009", he added. Wijers said that at the beginning of the third quarter of 2009 he sees no further negative trend in sales volumes but sees no significant improvement either.
Wijers said that due to many uncertainties in the economy AkzoNobel refrains from giving an outlook for the full year results."Therefore management actions continue to focus on customers, costs and cash". But he said "AkzoNobel has maintained or gained market shares" in the paint and chemicals markets.
Second-quarter net profit from continuing operations fell 13% to EUR155 million from EUR179 million a year earlier, in line with analyst forecasts.
After the results, SNS Securities analyst Danny van Doesburg upgraded AkzoNobel rating to hold from reduce and lifted price target to EUR38 from EUR30. "The company's 2Q operating results are very strong and better than expected due to cost savings and lower raw material prices", Van Doesburg said.
KBC Securities upgraded AkzoNobel to accumulate from hold and lifted its target price to EUR40 from EUR32 and raised full year EBITDA estimates with 15%. "Akzo has published excellent results with sales in line with and EBITDA margin beyond our expectations", KBC analyst Wim Hoste said.
Harmony Vermogensbeheer trader Rob Koenders said the results were better than expected, with signs of stabilization at Akzo's three businesses a positive trend.
Earnings before interest and tax came in at EUR370 million, 12% down from EUR422 million a year earlier, while revenue for the latest quarter was EUR3.668 billion, down 10% from EUR4.085 billion in the same period last year.
In the decorative paints division sales volume was down 10% and revenue down 5%; in the performance coatings business revenue decreased 14% on 19% lower volume and in the specialty chemicals market revenue declined 8% on an 18% lower sales volume.
lorenzo63
Age quod Agis
Water treatment industry grows apace with population
....C'è anche Nalco nel water treatment..
A growing global population and the need for a sustainable, clean water supply drives investment in and development of water membranes
WATER MEMBRANE technology is the wave of the future, as the water treatment industry intensifies its focus on creating clean, drinkable water, as well as sustainable supplies of industrial-use water that will lower the cost of operations.
"We see a bright future in water treatment technology, specifically in membranes themselves, which is why we're investing highly in technology development," says David Klanecky, global research and development director for Dow Water & Process Solutions, a unit of US-based Dow Chemical.
Global demand in the membrane industry is projected to grow by 8.6%/year through 2012 to over $15bn (€11bn), according to an April report by US-based consultancy Freedonia, called World Membrane Separation Technologies.
"The BRIC [Brazil, Russia, India and China] countries and others with large, developing industrial bases and stressed local water resources are expected to post the strongest gains through the forecast period," reported Freedonia. "Increased attention paid to water quality, the disposal of industrial and other waste streams, and food and beverage safety regulations will propel membrane sales."
North America, the largest market, accounted for one-third of global membrane sales in 2007 and is projected to raise sales by 8.3%/year through 2012, according to the consultancy.
The total market size for the industrial water filtration and separation market is currently estimated to be $3.5bn, including all applications in industrial fresh water and industrial wastewater. In comparison, the market size for municipal water filtration and separation is much larger, totaling approximately $6bn, according to Greg Heilbrunn, senior vice president, global marketing, for Pall, a US-based filtration firm.
Growth rates exceed 10% in many parts of Asia, Australia and the Middle East and exceed 3% in other regions, he says.
"There are several reasons for this exciting growth in the membrane market, including [the fact that] customers are replacing aging infrastructure with membrane technology as they expand their existing water treatment plants," says Heilbrunn.
Growth is also driven by new plant construction which is increasingly using high-pressure boilers that require high-quality water for steam, and water shortages in many arid regions of the world that have led to increased reuse of wastewater. Environmental regulations have been mandated for discharged wastewater as well, he adds.
DOW'S LASTING FOOTPRINT
Clean water is fundamental to life, and this continues to drive the economics and value of the water treatment industry, says Dow's Klanecky.
"That's why we feel this is a very promising area for us to participate in. With the world population expected to grow from 6bn today to 9bn in 2050, the demand for water is going to increase significantly over the next 30-40 years. Those dynamics - those global trends - continue to support the water industry," he says.
Conservation and growing demand for water are critical factors. "If you look at the amount of water that's available to the different countries and different regions, the accessible water is typically declining in most areas. The ability to reuse that water is driven by technology," Klanecky notes.
"Many industries are being forced to reuse water. Their industrial facilities are typically along rivers, where the water used from that source is typically cleaned up and then put right back in," he says. "But the question is: Why can't there be a system to continuously reuse the water internally, so less water is withdrawn from the river source?" Klanecky says.
Dow itself has a number of examples where it uses its technology to reuse water. Dow has reduced its water footprint by over 35% in the past five years.
One example is at its site in Terneuzen, the Netherlands, which was reengineered in 2006 to treat municipal wastewater originating from the city. The plant has an integrated membrane system that consists of a continuous microfiltration unit and a two-pass reverse osmosis (RO) unit with Dow's FILMTEC membranes. Since the plant's start-up in January 2007, it has achieved a 20% increase in water recovery, while reducing operational costs by 50%.
A CLOSER LOOK
The water treatment industry employs a number of different membranes ranging from microfiltration to nanofiltration to ultrafiltration, as well as RO membranes.
Dow is focused on ultrafiltration and RO membrane technology.
"The level of quality of water that is desired by the end-user is what really dictates which type of membrane will be used and that, in turn, dictates the type of technology advances needed," says Klanecky.
Ultrafiltration membranes are used in purifying water for drinking water because those membranes are able to remove pathogens and viruses from water.
In addition, RO membranes and ion-exchange resins can purify a step further, by removing dissolved solids, salts and solutes to produce ultra-pure water for use in laboratory settings, for example.
SUSTAINING THE FUTURE
"Conventional systems in water treatment plants often require high operator maintenance and additive usage, and they are sometimes inadequate to handle upset conditions such as high turbidity," says Heilbrunn. "On the other hand, membrane systems perform reliably under a wide range of operating conditions and are much less dependent upon operator attention." Turbidity refers to cloudiness.
Membrane filtration is considered a mainstream technology to cost-effectively meet increasingly stringent regulatory requirements. "Pall is a major player in both the municipal and industrial water membrane markets. Our filtration technology is increasingly becoming a critical step in treating water used as intake and process water for food, beverage, chemical, oil, gas, power and semiconductor production, among others," says Heilbrunn. "Pall's technology enables businesses to conserve and reuse water, and to restore wastewater to environmentally safe levels before discharge."
Meanwhile, Dow continues to invest in water treatment technologies and is actively looking at breakthrough innovation in this space.
"We have recently launched two new brackish water RO membranes: DOW FILMTEC BW30HR-440i and BW30XFR-400/34i membranes. These are targeted to reduce cleaning frequency and improve permeate water quality of the overall RO water treatment system, while reducing downtime and production interruptions due to maintenance. They also offer increased rejection of unwanted solutes - salt, chemicals and organic contaminants - for cleaner water," says Klanecky.
"Our commitment is to drive the cost of desalination and water reuse down by 35% over the next six years, by 2015. At the end of the day, this commitment is what's really driving our development and investment in technology," he adds.
In June, Dow opened its $3m water development lab in Shanghai, China, to serve the Asia-Pacific region in developing applications of its products there. The company also expects to open its new $15m water technology development center in Tarragona, Spain, next year.
....C'è anche Nalco nel water treatment..
A growing global population and the need for a sustainable, clean water supply drives investment in and development of water membranes
WATER MEMBRANE technology is the wave of the future, as the water treatment industry intensifies its focus on creating clean, drinkable water, as well as sustainable supplies of industrial-use water that will lower the cost of operations.
"We see a bright future in water treatment technology, specifically in membranes themselves, which is why we're investing highly in technology development," says David Klanecky, global research and development director for Dow Water & Process Solutions, a unit of US-based Dow Chemical.
Global demand in the membrane industry is projected to grow by 8.6%/year through 2012 to over $15bn (€11bn), according to an April report by US-based consultancy Freedonia, called World Membrane Separation Technologies.
"The BRIC [Brazil, Russia, India and China] countries and others with large, developing industrial bases and stressed local water resources are expected to post the strongest gains through the forecast period," reported Freedonia. "Increased attention paid to water quality, the disposal of industrial and other waste streams, and food and beverage safety regulations will propel membrane sales."
North America, the largest market, accounted for one-third of global membrane sales in 2007 and is projected to raise sales by 8.3%/year through 2012, according to the consultancy.
The total market size for the industrial water filtration and separation market is currently estimated to be $3.5bn, including all applications in industrial fresh water and industrial wastewater. In comparison, the market size for municipal water filtration and separation is much larger, totaling approximately $6bn, according to Greg Heilbrunn, senior vice president, global marketing, for Pall, a US-based filtration firm.
Growth rates exceed 10% in many parts of Asia, Australia and the Middle East and exceed 3% in other regions, he says.
"There are several reasons for this exciting growth in the membrane market, including [the fact that] customers are replacing aging infrastructure with membrane technology as they expand their existing water treatment plants," says Heilbrunn.
Growth is also driven by new plant construction which is increasingly using high-pressure boilers that require high-quality water for steam, and water shortages in many arid regions of the world that have led to increased reuse of wastewater. Environmental regulations have been mandated for discharged wastewater as well, he adds.
DOW'S LASTING FOOTPRINT
Clean water is fundamental to life, and this continues to drive the economics and value of the water treatment industry, says Dow's Klanecky.
"That's why we feel this is a very promising area for us to participate in. With the world population expected to grow from 6bn today to 9bn in 2050, the demand for water is going to increase significantly over the next 30-40 years. Those dynamics - those global trends - continue to support the water industry," he says.
Conservation and growing demand for water are critical factors. "If you look at the amount of water that's available to the different countries and different regions, the accessible water is typically declining in most areas. The ability to reuse that water is driven by technology," Klanecky notes.
"Many industries are being forced to reuse water. Their industrial facilities are typically along rivers, where the water used from that source is typically cleaned up and then put right back in," he says. "But the question is: Why can't there be a system to continuously reuse the water internally, so less water is withdrawn from the river source?" Klanecky says.
Dow itself has a number of examples where it uses its technology to reuse water. Dow has reduced its water footprint by over 35% in the past five years.
One example is at its site in Terneuzen, the Netherlands, which was reengineered in 2006 to treat municipal wastewater originating from the city. The plant has an integrated membrane system that consists of a continuous microfiltration unit and a two-pass reverse osmosis (RO) unit with Dow's FILMTEC membranes. Since the plant's start-up in January 2007, it has achieved a 20% increase in water recovery, while reducing operational costs by 50%.
A CLOSER LOOK
The water treatment industry employs a number of different membranes ranging from microfiltration to nanofiltration to ultrafiltration, as well as RO membranes.
Dow is focused on ultrafiltration and RO membrane technology.
"The level of quality of water that is desired by the end-user is what really dictates which type of membrane will be used and that, in turn, dictates the type of technology advances needed," says Klanecky.
Ultrafiltration membranes are used in purifying water for drinking water because those membranes are able to remove pathogens and viruses from water.
In addition, RO membranes and ion-exchange resins can purify a step further, by removing dissolved solids, salts and solutes to produce ultra-pure water for use in laboratory settings, for example.
SUSTAINING THE FUTURE
"Conventional systems in water treatment plants often require high operator maintenance and additive usage, and they are sometimes inadequate to handle upset conditions such as high turbidity," says Heilbrunn. "On the other hand, membrane systems perform reliably under a wide range of operating conditions and are much less dependent upon operator attention." Turbidity refers to cloudiness.
Membrane filtration is considered a mainstream technology to cost-effectively meet increasingly stringent regulatory requirements. "Pall is a major player in both the municipal and industrial water membrane markets. Our filtration technology is increasingly becoming a critical step in treating water used as intake and process water for food, beverage, chemical, oil, gas, power and semiconductor production, among others," says Heilbrunn. "Pall's technology enables businesses to conserve and reuse water, and to restore wastewater to environmentally safe levels before discharge."
Meanwhile, Dow continues to invest in water treatment technologies and is actively looking at breakthrough innovation in this space.
"We have recently launched two new brackish water RO membranes: DOW FILMTEC BW30HR-440i and BW30XFR-400/34i membranes. These are targeted to reduce cleaning frequency and improve permeate water quality of the overall RO water treatment system, while reducing downtime and production interruptions due to maintenance. They also offer increased rejection of unwanted solutes - salt, chemicals and organic contaminants - for cleaner water," says Klanecky.
"Our commitment is to drive the cost of desalination and water reuse down by 35% over the next six years, by 2015. At the end of the day, this commitment is what's really driving our development and investment in technology," he adds.
In June, Dow opened its $3m water development lab in Shanghai, China, to serve the Asia-Pacific region in developing applications of its products there. The company also expects to open its new $15m water technology development center in Tarragona, Spain, next year.
lorenzo63
Age quod Agis
Ineos
LONDON (ICIS news)--INEOS has reached an agreement with its senior lenders on a package of amendments to the group’s financing arrangements, including a reset of the company’s financial covenants, the UK-based chemicals company said on Thursday.
It said proposals on €7.3bn ($10.3bn) of debt, which required approval by two-thirds of the 230 strong banking consortium, had been agreed by over 96% of its lenders.
“I am grateful for the strong support of our investors through this process. The covenant reset provides the necessary headroom and flexibility to progress our current strategy,” said Jim Ratcliffe, INEOS founder and chairman.
The company said its five-year business plan had been reviewed in great detail and "stress-tested" by banks and their advisors and reflected the continuing macro-economic environment.
The package agreed included a reset of the leverage, interest cover and debt service cover covenant levels, effective from September 2009, as well as an enhanced lender remuneration.
These new terms would come into effect on the 17 July, said INEOS.
INEOS, the UK’s largest private company and one of the world’s biggest petrochemicals producers, first requested waivers from certain bank covenants in November 2008 as the impact of the collapse in chemicals prices and demand became more widely apparent.
LONDON (ICIS news)--INEOS has reached an agreement with its senior lenders on a package of amendments to the group’s financing arrangements, including a reset of the company’s financial covenants, the UK-based chemicals company said on Thursday.
It said proposals on €7.3bn ($10.3bn) of debt, which required approval by two-thirds of the 230 strong banking consortium, had been agreed by over 96% of its lenders.
“I am grateful for the strong support of our investors through this process. The covenant reset provides the necessary headroom and flexibility to progress our current strategy,” said Jim Ratcliffe, INEOS founder and chairman.
The company said its five-year business plan had been reviewed in great detail and "stress-tested" by banks and their advisors and reflected the continuing macro-economic environment.
The package agreed included a reset of the leverage, interest cover and debt service cover covenant levels, effective from September 2009, as well as an enhanced lender remuneration.
These new terms would come into effect on the 17 July, said INEOS.
INEOS, the UK’s largest private company and one of the world’s biggest petrochemicals producers, first requested waivers from certain bank covenants in November 2008 as the impact of the collapse in chemicals prices and demand became more widely apparent.
Imark
Forumer storico
Trimestrale di Dow Chemicals (dal DJ Newswire). E' lecito dire che nella chimica la ripresa sarà estremamente lenta, visto il forecast di tutti i maggiori players, riportato in pillole dall'articolo. In calce anche i dati chiave del trimestre di Dow, che continuerà a tagliare costi e ad alienare asset nello sforzo di ridurre il debito assunto con l'acquisizione di Rohm & Haas.
UPDATE: Dow Chemical Swings To 2Q Loss; Sees 3Q Uptick
July 30, 2009: 01:01 PM ET
(Updates throughout with comment from company conference call, remarks about the future of Dow AgroSciences, and fresh share price)
By Ana Campoy and Mike Barris
Dow Chemical Co. (DOW) reported a $344 million loss for the second quarter Thursday, but its chief executive forecast a sequential improvement in demand would continue in the three months to the end of September.
The U.S. chemical group was weighed down by restructuring and other charges, though its operating performance beat expectations and added weight to data on a stabilization in the global economy.
Dow and rivals have slashed capacity to counter the slump in demand that started at the end of 2008, but have been tweaking output amid signs of improvement in consumer and industrial end-markets.
Demand for most of its lines improved from the first quarter, though Chairman and CEO Andrew Liveris was cautious about the prospects for a turnaround.
"We believe this is prudent given the uncertainty in the global economy," he said on a conference call.
Dow shares were recently up 7.5% at $21.80. The stock had climbed 26% so far this month and more than tripled since mid-March.
The improvement during the second quarter reflected an end to the rampant destocking of inventory seen at the start of the year.
Demand in China improved too, as the government's stimulus package sparked purchases of building materials and consumer products such as electronics.
Sector rivals remain cautious. Germany's BASF on Thursday cut its full-year outlook after second-quarter net profit fell 74%.
U.S.-based DuPont Co. (DD), which posted a 61% decline in profit last week, expects sales volumes in the third quarter to remain below year-ago levels and only to be slightly stronger in the fourth quarter than in the same period last year.
For Dow, the downturn comes at a time when it is reorganizing its business to absorb its acquisition of Rohm & Haas earlier this year and manage the heavy debt load it incurred to buy it.
On Thursday, Dow said it is selling its stake in OPTIMAL, a Kuala Lumpur-based commodity chemical joint venture, to its partner Petroliam Nasional Berhad, Malaysia's state-owned oil company, for $660 million. The proceeds will help repay a short-term loan the company used for the Rohm & Haas purchase.
Liveris said Thursday that the company is still considering selling or spinning off part or all of its profitable Dow AgroSciences unit, even though he would prefer to keep it within the company.
Dow's second-quarter loss of $344 million, or 47 cents a share, compared with a year-earlier profit of $762 million, or 81 cents a share. Excluding restructuring and other impact, Dow would have earned 5 cents in the latest quarter. Analysts polled by Thomson Reuters most recently were looking for an 8-cent loss.
Revenue dropped 31% to $11.3 billion, below expectations of $13.02 billion. Gross margin rose to 13.8% from 10.6%. Volume and selling prices each dropped 20% on a pro-forma basis, which excludes Rohm & Haas.
The company said it cut costs by $600 million since the beginning of the year, which helped offset lower demand for products
UPDATE: Dow Chemical Swings To 2Q Loss; Sees 3Q Uptick
July 30, 2009: 01:01 PM ET
(Updates throughout with comment from company conference call, remarks about the future of Dow AgroSciences, and fresh share price)
By Ana Campoy and Mike Barris
Dow Chemical Co. (DOW) reported a $344 million loss for the second quarter Thursday, but its chief executive forecast a sequential improvement in demand would continue in the three months to the end of September.
The U.S. chemical group was weighed down by restructuring and other charges, though its operating performance beat expectations and added weight to data on a stabilization in the global economy.
Dow and rivals have slashed capacity to counter the slump in demand that started at the end of 2008, but have been tweaking output amid signs of improvement in consumer and industrial end-markets.
Demand for most of its lines improved from the first quarter, though Chairman and CEO Andrew Liveris was cautious about the prospects for a turnaround.
"We believe this is prudent given the uncertainty in the global economy," he said on a conference call.
Dow shares were recently up 7.5% at $21.80. The stock had climbed 26% so far this month and more than tripled since mid-March.
The improvement during the second quarter reflected an end to the rampant destocking of inventory seen at the start of the year.
Demand in China improved too, as the government's stimulus package sparked purchases of building materials and consumer products such as electronics.
Sector rivals remain cautious. Germany's BASF on Thursday cut its full-year outlook after second-quarter net profit fell 74%.
U.S.-based DuPont Co. (DD), which posted a 61% decline in profit last week, expects sales volumes in the third quarter to remain below year-ago levels and only to be slightly stronger in the fourth quarter than in the same period last year.
For Dow, the downturn comes at a time when it is reorganizing its business to absorb its acquisition of Rohm & Haas earlier this year and manage the heavy debt load it incurred to buy it.
On Thursday, Dow said it is selling its stake in OPTIMAL, a Kuala Lumpur-based commodity chemical joint venture, to its partner Petroliam Nasional Berhad, Malaysia's state-owned oil company, for $660 million. The proceeds will help repay a short-term loan the company used for the Rohm & Haas purchase.
Liveris said Thursday that the company is still considering selling or spinning off part or all of its profitable Dow AgroSciences unit, even though he would prefer to keep it within the company.
Dow's second-quarter loss of $344 million, or 47 cents a share, compared with a year-earlier profit of $762 million, or 81 cents a share. Excluding restructuring and other impact, Dow would have earned 5 cents in the latest quarter. Analysts polled by Thomson Reuters most recently were looking for an 8-cent loss.
Revenue dropped 31% to $11.3 billion, below expectations of $13.02 billion. Gross margin rose to 13.8% from 10.6%. Volume and selling prices each dropped 20% on a pro-forma basis, which excludes Rohm & Haas.
The company said it cut costs by $600 million since the beginning of the year, which helped offset lower demand for products
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