Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

19/11/2008 Basf: Chiusura temporanea 80 Plant BASF (MArk)

Mala tempora currant.... i players solidi tagliano i costi e modificano il forecast. BASF in particolare segnala il crollo repentino degli ordini da parte delle aziende dell'automotive...

Per il 2009, BASF riferisce delle difficoltà a formulare un forecast e di essere comunque pronta a fronteggiare "tempi duri".

AP
BASF temporarily closing 80 plants
Wednesday November 19, 10:25 am ET
By Matt Moore, AP Business Writer
BASF drops '08 forecast, plans temporary shutdown at 80 plants, reduced production at 100 more


FRANKFURT, Germany (AP) -- Chemical company BASF SE said Wednesday it is temporarily closing 80 plants worldwide due to slumping demand and cutting production at 100 more, including facilities in Texas and Louisiana. Some 20,000 workers are affected.

It also abandoned its goal to match last year's profit, citing slowing demand for its products, particularly from automotive customers.

BASF shares plunged 14.7 percent to euro21.68 ($27.39) in Frankfurt after the announcement.

BASF spokesman Gareth Rees said the shutdowns and slowdown have already begun and will extend into January. Workers were being encouraged to take vacation time and reduce their overtime.

In a statement, the Ludwigshafen-based maker of everything from fertilizers and paints to glues and ingredients for cosmetics said it was trying to stem any overcapacity at its operations "as a result of a massive decline" in demand.

The measures will affect major plants in Freeport, Texas; Geismar, Louisiana; Ludwigshafen, Germany; Antwerp, Belgium; Nanjing, China; and Kuantan, Malaysia.

"BASF already drew attention to the difficult economic situation at the end of October," Chief Executive Juergen Hambrecht said in a statement. "Since then, customer demand in key markets has declined significantly. In particular, customers in the automotive industry have canceled orders at short notice."

Last year, the company's pretax profit was euro7.6 billion on sales of euro57.9 billion. For 2008, BASF said it doesn't expect to achieve that figure.

Hambrecht said "it was difficult to foresee how the coming year would develop and said that BASF was preparing for tough times."

The company saw its third-quarter earnings fall 38 percent to euro758 million ($959.1 million) from euro1.2 billion a year earlier.

In Ludwigshafen, it signed an agreement with its employee council to take advantage of flex time and vacation there, moves that will affect 5,000 workers.

"We are responding flexibly to market developments and are acting quickly," Hambrecht said. "BASF will now focus even more closely on cost and budget discipline, and will use opportunities arising from the crisis."

He said the moves would not affect its planned 6.1 billion Swiss franc (euro4 billion; $5 billion) acquisition of Switzerland's specialty chemicals firm Ciba, which it hopes to complete by the first quarter of 2009.

"We will also proceed swiftly with the planned acquisition and integration of Ciba to further optimize our business," Hambrecht said

 

[lorenzo63]

23/11/2008 Ineos--Mark-

La situazione debitoria di Ineos è molto grave: la società ha già chiesto di poter violare i covenants che regolano la sua esposizione debitoria nel Q4/2008 e nel Q1/2009, offrendo un premio di 100 pb che tuttvia, secondo S&P, al termine della trattativa con i creditori dovrà risultare molto più elevato per averne il consenso.

I rating dei bond unsecured, il cui recovery rate è infimo, passano a CCC e restano in creditwatch negativo in attesa di sapere all'8 dicembre, se la rinegoziazione dei covenants avrà avuto esito positivo oppure la società sarà andata in default...

Le prospettive sotto il business profile, secondo S&P si indeboliranno ulteriormente fino al 2010 incluso, in conseguenza del downturn in rafforzamento nel comparto petrolchimico il prossimo anno, in conseguenza dell'apertura degli impianti realizzati in Medio Oriente, della riduzione dei margini dell'attività di raffinazione (nonostante, secondo l'agenzia, una migliore tenuta nel segmento dei distillati di media densità, il 50% dell'output delle attività di distillazione condotte direttamente da Ineos), del calo della domanda atteso per le produzioni di Ineos e della fase di smaltimento degli stock da parte dei clienti previsto per il Q4/2008.

Ineos Group Lowered To 'B-' And Placed On Watch Neg Re Weakening Profits And Covenant Issues

PARIS (Standard & Poor's) Nov. 18, 2008--Standard & Poor's Ratings Services
said today it lowered its long-term corporate credit ratings to 'B-' from 'B+'
on U.K.-based Ineos, which includes Ineos Group Holdings PLC, Ineos Holdings
Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd. We also lowered the
issue ratings as follows:
-- To 'B' from'BB-' on the senior secured facilities issued by Ineos
Holdings Ltd. The recovery rating on these facilities remains at '2',
indicating our expectation of substantial (70%-90%) recovery for senior
secured lenders in the event of a payment default.
-- To 'CCC' from 'B-' on Ineos Holding Ltd.'s second-lien bank loan. The
'6' recovery rating on this loan remains unchanged, indicating our expectation
of negligible (0%-10%) recovery for second-lien secured lenders in the event
of a payment default.
-- To 'CCC' from 'B-' on subordinated notes issued by Ineos Group
Holdings PLC. The recovery rating on these notes remains at '6', indicating
our expectation negligible (0%-10%) recovery for noteholders in the event of a payment default.
-- To 'CCC' from 'B-' on senior unsecured notes issued by Ineos Vinyls
Finance PLC. The recovery rating remains at '6', indicating our expectation
negligible (0%-10%) recovery for noteholders in the event of a payment
default.
At the same time, we placed all the ratings on CreditWatch with negative
implications.

Ineos produces various commodity chemicals, operates two refineries, and recorded total sales of about €27 billion in 2007.

"The rating action reflects the risks linked with the group's ongoing
waiver consent solicitation offer tied to its senior debt, to be closed on
Dec. 9, 2008, and Ineos' weak and uncertain prospects for 2009 and 2010," said Standard & Poor's credit analyst Lucas Sevenin. "We expect cyclical pressures in the industry and reduced demand for the group's products as economies weaken."

On Nov. 17, Ineos asked its senior debt holders to waive all its year-end 2008 covenants, and two of its three first-quarter 2009 covenants, given the group's expectation for meager fourth-quarter 2008 EBITDA following anticipated substantial inventory holding losses tied to rapidly falling oil prices and thin visibility. As part of the solicitation process, Ineos is
offering lenders higher credit spreads of about 100 basis points, but we are
concerned that the effective increase could be ultimately much higher.

Standard & Poor's anticipates that Ineos' credit metrics will weaken in
the last quarter of 2008, 2009, and 2010 following our expectations below:
-- The petrochemical industry will likely face a downturn from 2009, as
material and much cheaper capacities come on stream, particularly in the
Middle East.
-- Refining margins stand to narrow against the record posted in
third-quarter 2008, even though middle distillates, which make up about 50% of Ineos' refining segment output, should continue to enjoy better dynamics than other refined products.
-- Demand for Ineos' products--sold chiefly in Europe and North
America--is set to slacken given the current weakening economic trends.
-- Customers are likely to destock substantially in fourth-quarter 2008,
which stands to hit volumes hard.
"We expect to resolve the CreditWatch following the announced results of the Dec. 9, 2008, consent solicitation," said Mr. Sevenin.

The current rating assumes the group will be able to work out its
covenants in fourth-quarter 2008 and first-quarter 2009.

 

[lorenzo63]

23/11/08 Mark:Assegnato da S&P rating A al nuovo bond di Air Liquide

L'occasione per vedere ribaditi quelli che sono tradizionali punti di forza della società e del sottocomparto dei gas industriali.

France-Based Air Liquide Finance Proposed Euro Benchmark Bond Rated 'A'

FRANKFURT (Standard & Poor's) Nov. 17, 2008--Standard & Poor's Ratings
Services said today it assigned its 'A' senior unsecured debt rating to the
proposed euro benchmark bond to be issued over the next few days by Air
Liquide Finance, guaranteed by France-based industrial gas producer L'Air
Liquide S.A. (Air Liquide; A/Stable/A-1).

The debt issue will be part of the company's €6 billion euro medium term
note program, under which L'Air Liquide S.A. and Air Liquide Finance are
registered as issuers.

The ratings on Air Liquide reflect its leading position in the profitable
and predictable industrial gases industry. However, they are constrained by
the capital intensiveness of the business, the company's increased capital
expenditures, and its shareholder-friendly financial policy, which will hinder
further debt reduction.

With sales of about €12.5 billion for the 12 months ended June 30, 2008,
Air Liquide is the world's largest supplier of industrial and medical gases,
slightly ahead of Linde AG (BBB+/Stable/A-2).

Air Liquide benefits from the stable industry characteristics of the industrial gases business: long-term supply contracts; high barriers to entry in terms of investments and technology; energy pass-through clauses in a significant proportion of contracts; a diversified customer base; and favorable market trends, with demand growth rates at about twice that of GDP.

Furthermore, the group has strong technological know-how, with state-of-the-art engineering and manufacturing expertise for most industrial gas applications

 

[lorenzo63]

23/11/08 Ancora Ineos (Moody)--Mark--Lorenzov1963 attività di Ineos

Su Ineos anche il downgrade di Moody's, che riporto per le indicazioni interessanti rispetto alla metrica finanziaria attuale della società... le considerazioni svolte sono analoghe a quelle formulate da S&P...

Moody's downgrades Ineos' Corporate Family Rating to B3 under review for further downgrade

London, 18 November 2008 -- Moody's Investors Service has today downgraded the Corporate Family Rating of Ineos Group Holdings plc ("Ineos" or the "company") to B3 from B1, the senior first lien facilities were downgraded to B2 from Ba3, the second-lien facilities were downgraded to Caa2 from B3 and the senior guaranteed notes and legacy notes at Ineos Vinyls were downgraded to Caa2 from B3.

The ratings were also placed under review for further downgrade following the announcement made by the company on 17 November 2008 that it has initiated discussions with its senior creditors to obtain a waiver for some of its financial covenants. Moody's notes that following the rapid decline in oil prices, the company's reported EBITDA is likely to be further affected by a significant negative inventory holding adjustment, which is likely to restrict the headroom under some of the company's financial covenants. As part of the review, Moody's will monitor the outcome of the waiver discussions with the senior lenders, and will also cover (a) the likely evolution of the credit profile of Ineos in the medium term and (b) Ineos ability ultimately to maintain sufficient headroom under the financial covenants and availability of any cure measures to support the company's compliance with covenants through a downturn in the cycle, as well as (c) the group's liquidity position pending resolution of the potential covenant breach with the senior lenders.

The downgrade of the ratings takes into account the company's elevated leverage and the resulting limited financial flexibility, exacerbated by the conditions of the current cyclical downturn and unusually high volatility in feedstock prices. The positioning of the rating in the single-B rating category will need to be supported by the demonstrated ability of the company to maintain through a downturn in the cycle sufficient headroom under its covenants, to be agreed with its senior lenders, while the company is expected to remain at least FCF neutral in the medium term. Moody's notes that the company's working capital facility is part of the senior secured facilities and is also subject to the financial covenants. Should the operating performance of the company deteriorate substantially further, Moody's may review its assumptions behind the corporate family recovery rates.

Moody's nevertheless notes that Ineos's performance in the nine months of 2008 was influenced by a number of one-off events, such as a strike at its Grangemouth facilities and a fire at the ethylene pipeline in Koln, as well as the adjustment of the cost of inventory in 3Q 3Q 2008. The performance also reflected some structural pressure on O&P margins in Europe that to a certain extent began to correct during the last quarter of 2008. While the underlying performance is expected to remain broadly in line with the expectation for the business in the downturn of the cycle, the volatility in the raw material prices, as well as the on-going de-stocking and volume reductions are likely to substantially affect the reported EBITDA for 2008.

Moody's has previously indicated that a deterioration in the group's cash flow debt coverage metrics are likely to put negative pressure on the current ratings. Moody's estimates FFO + Interest / Interest to likely reach below x 1.3 on 2008 LTM basis (while at the end of 3Q 2008 the metric still remains at x2.0 times). Looking ahead, Moody's expects the group to remain cash flow generative through the downturn of in the cycle following substantial reduction in the fixed costs and acknowledging some flexibility in delaying expansionary CAPEX in the medium term.

At the end of September 2008, the company reported c.EUR 135 million in availability under its working capital facility and some availability under its securitization facility, as well as EUR 1.3 billion in cash balances. Moody's is also notes that pending the resolution of the consent request, the company's constrained headroom under the group's financial covenants may potentially raise liquidity concerns.

The following ratings are affected by the rating action:

Ineos Group Holdings plc:

- Corporate Family Rating: B3

- EUR 1,750 m and USD 750 m 2016 senior g-teed notes -- Caa2 / LGD 5 (89);

Ineos Holding Limited

- EUR 4,310 m and USD1,930 m first-lien senior g-teed bank facilities -- B2/ LGD 3 (34);

- EUR 650 m second lien senior loans -- Caa2 / LGD 5 (79);

Ineos Vinyls Finance plc

- EUR 160 m senior g-teed notes -- Caa2 / LGD 6 (96).

Ineos Group Holdings plc is a diversified and integrated chemicals group headquartered in Southampton, the United Kingdom. Ineos reported 2007 Revenues of EUR 27.5 billion and EBIT of EUR 1.2 billion.



Lorenzo:

INEOS

Il o uno dei settori che sta obiettivamente veramente male (ed è citato nel report)è quello legato alle attività Vynils (ergo PVC).
Si puo' citare ad esempio il settore credit card - carte di credito in pvc - si è trasformato nel giro di non tantissimo tempo da una gallina dalle uova d' oro ad un settore "svaccato"- ingresso di altri attori, il fatto (cosa non da poco) che buona parte del business è realizzatoi nell' area dollaro e quindi a causa del fatto che c'è stato un periodo relativamente lungo in cui il dollaro era a livelli elevati ha fatto si che ci sia stata una erosione tremenda dei margini al punto che sono al corrente di un plant che nei primi sei mesi dell'anno ha realizzato un buco notevole..
A seguire un elenco delle attività di Vynils:
I film per i termoformati sono in grande difficoltà data la concorrenza notevole di un' altro polimero (il pet) che oltretutto è realizzato mediante raccolta dalle bottiglie e manufatti recuperati mediante la raccolta differenziata quindi poi con costi di materia prima bassi..
I film per il medicale: film che oramai ha un po' detto tutto;da una punta di lancia si è piano piano trasformato ad una commodity con tutto cio' che ne consegue...Anche se ho in mente alcune produzioni in altri gruppi che hanno pero' previsto plant o parti di dei plant realizzate in atmosfera a polvere controllata (una parte di polvere ogni 140.000 di aria, certificata); tornando ad Ineos films si trova a competere con i gruppi Klochner Pentaplast,Gallazzi, Perlen; Oltre ad una piccola rappresentanza del succitato PET ed a realizzazioni in PCTFE che nel bene o nel male si sta/stanno ricercando un suo spazio anche nel medicale.
I film per le sleeves stante la mancanza (al momento) di una credibile alternativa da parte di altri polimeri - le sleeves sono le etichette termoretraibili - sono quotati e comunque, evidentemente crisi a parte, stanno continuando a dire la loro..Anche se hanno diversi concorrenti che grazie a politiche + spinte circa la razionalizzazione e sopratutto (e questo è valido per il Gruppo intero) con una buona R&D che adesso non so di preciso, ma nei tempi passati era davvero un po' latitante.
Il settore print.. (Film per la stampa grafica): E' attualmente utilizzato ma la pressione che arriva la mercato per la sostituzione con polimeri "battezzati" meno pericolosi (beata ignoranza..) fà si che ci siano sempre piu' volumi che si spostano verso altri materiali e di converso fa si che la pressione dei prezzi si faccia oltremodo consistente.
Non hanno film per mercati + tecnici o estetici (mi si passi la leziosità) che hanno un maggiore margine.
COncludendo per quanto attiene i films (non ho parlato di alcune cose che a mio modo di vedere sono un po' marginali) sono decisamente da riorganizzare come stanno facendo alcune altre realtà chiudendo siti e raggruppando, razionalizzando, le produzioni.
Il settore compound soffre un po' di questa impostazione:
Producono sostanzialmente:
Granulo per profili (leggi finestre etc.), per le tapparelle, per lo stampaggio ad iniezione ed infine per i tubi.(condutture) E' un settore che dipende in buona parte dall' edilizia ed in altra parte da particolari che vengono realizzati attraverso lo stampaggio ad iniezione (in declino) - C'è un' altra parte di compounds che prevede la preparazione di granuli per uso medicale, altra produzione (anche questa legata all' edilizia) le guaine per i cavi elettrici (se è caduto a picco l' uso del rame..)
In generale il problema principale come sopra citato è la mancanza di razionalizzazione che comporta un grosso dispendio di risorse.
ABS:
Hanno alcuni prodotti abbastanza interessanti ma che sono colpiti dalla congiuntura attuale: Con questa tipologia di polimeri
Il quartier generale della business unit stirenici di Lanxess, recentemente ribattezzata Lustran Polymers, è stato trasferito in Spagna, nel sito di Tarragona, dove un paio d'anni fa sono stati inaugurati i nuovi uffici.
processo di riorganizzazione e ampliamento delle capacità produttive in Spagna ha comportato il trasferimento degli impianti (tre reattori di polimerizzazione) e della direzione europea presenti a Dormagen, in Germania, con un investimento pari a 20 milioni di euro.
Il sito spagnolo, dove lavorano 300 addetti di Lustran Polymers, è diventato così il principale centro europeo (e per il mercato latinoamericano) di Lanxess per quanto concerne l'ABS, oltre ad essere il più grande complesso per la produzione di questo polimero in Spagna.
Lustran Polymers, che occupa complessivamente 1.640 addetti, oltre che in Spagna è presente con siti produttivi anche in Germania (Dormagen), Stati uniti (Addyston), Thailandia (Map Ta Phut) e India (Vadodara). Il portafoglio prodotti comprende ABS (marchi Lustran, Novodur e Absolac), leghe ABS/PA (Triax), gradi SAN (Lustran e Absolan), polimeri ASA e AES (Centrex).
Ineos e Lanxess hanno costituito una joint-venture per gestire le attività nell'ABS concentrate nella divisione Lustran Polymers del gruppo tedesco. Secondo i termini dell'accordo, Ineos ha rilevato da Lanxess il 51% della divisione pagandola 35 milioni di euro e, al termine dell'operazione, Lustran Polymers prenderà il nome di Ineos ABS.

L'accordo prevede, inoltre, che Ineos rilevi il restante 49% delle attività trascorsi due anni dalla conclusione dell'accordo (prevista entro settembre), ad un prezzo che dipenderà dalle performance economiche nel biennio.
Secondo Jim Ratcliffe, Chairman di Ineos, la joint-venture consentirà al suo gruppo di conquistare una forte posizione in un segmento che oggi non è presente nel portafoglio; l'ABS completerà così l'offerta di resine stireniche, poliolefine e PVC del gruppo britannico.
Lustran Polymers - costituita nell'autunno del 2006 - è il terzo produttore europeo di ABS, con un giro d'affari di circa 900 milioni di euro. La produzione è concentrata nei siti di Dormagen (Germania), Tarragona (Spagna), Map Ta Phut (Thailandia), Vadodara (India) e Addyston (USA), dove lavorano circa 1.600 addetti.

Il portafoglio prodotti comprende ABS (marchi Lustran, Novodur e Absolac), leghe ABS/PA (Triax), gradi SAN (Lustran e Absolan), polimeri ASA e AES (Centrex).
Per la cronaca LUSTRAN e NOVODUR erano Bayer che si è liberata di un mercato maturo e si è dedicata ad attività + di ricerca e a piu' elevato valore aggiunto.

 

[lorenzo63]

25/11/08 Mark: Rhodia ha continuato a fare meglio del previsto

Rhodia ha continuato a fare meglio del previsto nel Q3/2008, riuscendo con successo - ed anche in maniera inattesa - a trasferire alla propria clientela gli aumenti dei costi subiti sulle materie prime.

Ma ha anche segnalato un indebolimento della domanda nel segmento dei poliamidi, nel quale opera la sua principale divisione produttiva, a causa del rallentamento dell'automotive e del tessile.

Rhodia ha confermato i propri target per il 2008 in termini di EBITDA, di crescita dell'utile netto e di riduzione del debito. Per i primi mesi del 2009, confida di beneficiare del calo dei costi energetici e delle materie prime di produzione.

Gli analisti tuttavia rilevano come la società continui a non generare FCF ed enfatizzano futura debolezza nelle vendite per i poliamidi.

Rhodia continua a beneficiare - soprattutto sul versante della profittevolezza - dell'attività di vendita di carbon certificates, per effetto dell'abbattimento delle proprie emissioni conseguente alle ristrutturazioni attuate su numerosi sui impianti anche extraeuropei.

Rhodia keeps full-year goals, confident for future
Thu Nov 6, 2008 5:35am EST

(Analyst corrects 15th paragraph figure to 34 million euros, not 22 million)

* Sees signs of lower demand for polyamide products

* Passed on higher raw materials costs to customers in Q3

* Seeing lower raw material, energy prices since end Q3

* Shares down 5.3 percent (Adds analysts, detail, background)

By Caroline Jacobs

PARIS, Nov 6 (Reuters) - Rhodia (RHA.PA: Quote, Profile, Research, Stock Buzz) on Thursday stuck to its forecasts for 2008 as its ability to pass on higher raw material prices to its customers helped third-quarter performance and said it was hopeful for further growth.

But the French specialty chemicals maker also signalled the first signs of lower demand for products from its Polyamide unit, its biggest division, due to a slowdown in the car and textile sectors.

Rhodia's products are used in a range of goods, including light bulbs, animal food, cleaning products, perfumes and shampoos and tyres.

Its earnings follow those of Swiss rival Clariant (CLN.VX: Quote, Profile, Research, Stock Buzz), which earlier this week also confirmed its forecast, and Ciba (CIBN.VX: Quote, Profile, Research, Stock Buzz), which cut its outlook due to slowing demand in Europe and in the United States.

Rhodia said it had been able to pass on higher raw material prices to its clients. Its record 14 percent price hike in the quarter fully offset record raw material and energy prices and a negative impact from currency swings.

Rhodia Chairman and Chief Executive Jean-Pierre Clamadieu expressed his confidence for the group's future performance, despite the financial downturn and uncertainty ahead.

"What gives me confidence is the capacity of the group to react," he said at a conference call.

More reasonable raw material and energy prices since the end of September should benefit its accounts from the start of 2009, he said.

Rhodia still expected a 2008 recurring EBITDA within 5 percent of the level of 799 million euros ($1.03 billion) it achieved in 2007 and an increase of its earnings per share from 2007. It also expected debt to decline further.

Third-quarter net profit rose 24 percent to 56 million euros, helped by the sale of a business unit. Recurring earnings before interest tax, depreciation and amortisation fell to 168 million euros from 179 million on sales up at 1.224 billion from 1.187 billion. "It's a resilient set of numbers given the circumstances, they appear very confident to keep with guidance although there will be some scepticism about what is likely to be a very tough fourth quarter," Societe Generale analyst Peter Clark said.

"But at the moment one has to admit they keep delivering, the question appears to be how long can it last."

Rhodia shares fell as much as 7.5 percent and by 0848 GMT were down 5.3 percent at 7.56 euros -- broadly in line with the DJ Chemical index -- giving a market capitalisation of 778 million euros.

Even though analysts said Rhodia's quarterly performance and confidence for the future was positive, there were some concerns.

" ... free cash-flow is still negative, polyamide was disappointing in Europe and net profit was lifted by a 34 million euro exceptional item and if restated, net profit came in below expectations," Natixis analyst Clement Celerier said.

Although Polyamide sales fell, Clamadieu pointed out that the slowdown seen in the car sector, which represents about 10 percent of Rhodia sales, did not affect all its business lines.

Silcea sales benefited from increasing demand for so-called green tires. The low rolling resistance tires help save fuel and are increasingly replacing carbon black tires.

"It has to be considered segment by segment," Clamadieu said. "We see first signs of a slowdown in volumes of polyamide, but we registered good volumes in silica's especially for tyre making ... this is a resilience factor of the silica business."

Rhodia returned to profit in 2006 following years of restructuring and it is still keen on cost control. Its Energy Services business sells carbon emission reduction certificates and its market share of issued CERs last year was 23.4 percent.

"Certainly relative to its specialty peers Rhodia appears very tightly run, but is also has the benefits of its carbon credit story which provides support to earnings especially if we enter a deep recession," Clark said

Lorenzov1963


Rhodia is a global specialty chemicals manufacturer. It holds key technologies in applications chemistry, with surfactants, polymers, high-performance silicas and rare earth-based specialties; in specialty materials and services, with adipic acid, polyamide engineering plastics and sulphuric acid regeneration; and in fine chemicals, with pharmaceutical active ingredients and ingredients for flavours and fragrances.
In 2007, Rhodia reported Euro5bn in sales and employed around 15,500 people worldwide.

• In June 2007, Rhodia Silcea said it had agreed to acquire W R Grace’s Washcoat alumina business for Euro15m ($11m). The transaction is expected to be completed within the second half of 2007 and is subject to approval by the US Bankruptcy Court as W R Grace operates under Chapter 11 bankruptcy protection;
• In February 2007, Rhodia completed the sale of its silicones business to China National BlueStar Corp for an undisclosed amount. At the same time, Rhodia Organics’ Sulphuric Products business was sold to Adisseo; and
• In January 2007, Rhodia completed the sale of its European industrial fibres business to private equity firm Butler Capital Partners.

Performance Materials
Rhodia Acetow
Rhodia Acetow is one of the world's three largest manufacturers of acetate cable, a raw material used to make cigarette filters. Its leading brand is Rhodia Filter Tow.
Leadership positions claimed:

• No.3 worldwide with 19% market share; and
• No.1 in Europe and Latin America.

Rhodia Polyamide
Rhodia Polyamide serves the automotive, electronics and electrical power markets with engineering plastics, the tyre and airbag markets with high-strength industrial yarns, and the flocked surface and carpet markets with yarns, fibres and microfibres.
Brands are Stabamid, Dioro, Technyl, Technyl Star, Technyl Force, Technyl Alloy and Amni.
Markets include automotive, electrical and electronics, consumer goods, capital equipment, flocked surfaces and carpets, automotive and medical filters, print screens, papermaking, non-woven, ropes and nets, apparel, footwear and fashion accessories.
Leadership positions claimed:

• No.1 worldwide in Rhodia Polyamide 6.6 polymer and polyurethane intermediates;
• No.1 in Latin America in PA 6.6 fibres;
• No.1 worldwide in engineering yarns for screen printing and filtration;
• No.1 in Europe in automotive flock; and
• No.2 worldwide in adiponitrile (ADN)/ hexamethylene diamine (HMDA) and nylon salt.

Applications Chemistry
Rhodia Novecare
Formerly the Home Personal Care & Industrial Ingredients and Phosphorus, Phosphates & Food business units, Rhodia Novecare develops surfactants, phosphorus derivatives, biopolymers (guar and derivatives), and specialty monomers and polymers for the detergent, cosmetics, oil and gas, agrochemicals and textile, water and metal treatment markets.
Brands include Proban, Amgard, Miranol, Mirapol, Miracare, Geropon, Antarox and Jaguar.
Markets include consumer products, cosmetics, detergents, oilfield services, textile, water and metal treatment solutions, polymerisation additives and agrochemicals.
Leadership positions claimed:

• No.1 worldwide in mild amphoteric surfactants for shampoo and soap;
• World leader in phosphorus chemistry;
• World leader in lubricants for steel wire drawing;
• No.1 in guars and derivatives (shampoo conditioning additive and rheology modifiers); and
• Leader in stain-repellant polymers and polymers to modify surfaces when cleaning hard surfaces.

Rhodia Silcea
Formerly Rare Earth, Silicones & Silica Systems, Rhodia Silcea supplies rare earths, silicas and silicones for the automotive market, with a focus on emissions control solutions, as well as the tyre, electronics, construction, medical products, and paper and textile coating markets.
Brands are Cerox, Eolys, Optalys, Zeosil, Rhodorsil, Silbione, Silcolease, CAF, Rhodorseal, Lyndcoat and ELCH. (costosi e MOLTO ed utilizzati in metallurgia uno in particolare per la lucidatura di cristalli like SWAROSKI quindi settore remunerativo)
Markets include automotive applications, electronics, luminescence, precision optics, tyres, polymer, plastics and rubber industries, agri-foods, textile coating, dental and artistic moulds, medical and industrial products and consumer goods.
Leadership positions claimed:

• Rare earth-based formulations;
• Vehicle emissions control - global market share of over 30% in materials for catalytic converters and near complete dominance in catalysts for diesel particulate filters;
• Luminescence for next-generation screens - worldwide market share of 40% for backlighting liquid crystal display (LCD) applications; settore in grande espansione ma che sta subendo contrazione di prezzo
• High-performance silicas; non molto noto ma primario ingrediente in vernici e finiture matt --gli aument di prezzo passano senza grossi patemi
  
  
• No.1 with a worldwide market share of around 65% in high-performance silicas for tyres; and
• Worldwide market share of around 39% for micropearl silicas used as vitamin carriers.

Organics & Services
Rhodia Eco Services
Rhodia Eco Services provides sulphuric acid life cycle management services. Through spent acid regeneration, it offers manufacturers an environmentally-friendly, cost-effective and end-to-end service that ranges from picking up spent acid to providing fresh acid.
Leadership positions claimed:

• No.1 worldwide in sulphuric acid regeneration.

Rhodia Organics
Formerly the Perfumery, Performance & Agro business unit, Rhodia Organics has three core product trees: the diphenols chain, the trifluoroacetic acid (TFA) chain and salicylates. Rhodia Organics serves the flavours and fragrance, polymerisation inhibitor and agrochemical markets.
Brands include Rhovanil Extra-Pure, Rhovanil Natural, Rhodiarome Extra-Pure, Rhodiaflor, Rhodiascent Extra-Pure, Rhodiantal, Acilys and ISCEON.
Leadership positions claimed:

• No.1 worldwide in key fragrance and flavour ingredients (extra-pure vanillin and ethyl vanillin, extra-pure coumarin, salicylates);
• No.1 worldwide in the catechol and hydroquinone trees (synthetic intermediates used in a variety of applications);
• A world leader in trifluoroacetic acid (TFA); and
• The benchmark supplier of acid catalysts (Acilys) for the fine chemicals market.

Rhodia Pharma Solutions
Rhodia Pharma Solutions markets services and products to pharmaceutical companies across the new drug life cycle, including process chemistry development services, custom manufacturing services and bulk active ingredients.
Brands include Rhodine (aspirin), Rhodapap (paracetamol), A-Tab, Di-Tab, Tri-Ta and Calipharm (calcium phosphates).
Leadership positions claimed:

• No.1 producer of acetylsalicylic acid (aspirin) for the merchant analgesics market;
• No.1 marketer of calcium phosphates for pharmaceutical and nutritional applications; and
• No.2 producer of paracetamol (acetaminophen

 

[lorenzo63]

Kuwai Vs Dow: 26/11/08 Lorenzov1963

HOUSTON --Kuwait Petroleum Corp is reconsidering its massive joint venture (JV) with Dow Chemical in light of the global economic crisis, Kuwait’s state news agency reported on Wednesday, but a Dow spokesman said it was on track to close the deal.
State news agency KUNA quoted KPC CEO Saad Al-Shuwaib as saying, “The Supreme Petroleum Council [SPC] has recently urged reconsideration of the project in the light of the current global financial crisis.”

"Negotiations are underway between KPC and Dow on the impacts of the international financial crisis on the joint venture," Al-Shuwaib was quoted as saying.
However, Dow spokesman David Winder said, “Talks are ongoing with our Kuwaiti partners and remain on track to close the K-Dow transaction by the end of the year.”
Winder would not comment on the specifics of the Kuwait media report.
Part of Dow’s “asset light” strategy to reduce its exposure to the commodity chemicals market, Dow and KPC unit Petroleum Industries Co (PIC) announced the joint venture late last year. Dow would sell PIC a 50% share in five of its global businesses worth about $19bn (€15bn) and PIC will pay the US company $9.5bn.
The joint venture would will manufacture and market polyethylene (PE), ethylenamines, ethanolamines, polypropylene and polycarbonate.The JV was expected to have revenues of more than $11bn and employ more than 5,000 people worldwide,” Dow said

 

[lorenzo63]

Ineos

Purtroppo qualche giorno fa c'è stata la conference call di Ineos nella quale sono stati confermati i pessimi risultati dell'ultimo trimestre (molto peggiori delle attese): http://www.jyskebank.dk/_jb/commonin...llfraineos.pdf

 

[lorenzo63]

29/11/2008 Evonik investe in Brasile x Plant perossido di idrogeno (Acqua ossigenata)

EVONIK PLANS 45M
BRAZIL PEROXIDE PLANT​

Germany’s Evonik Industries
will invest €45m ($57m) in a
new facility for the production
of hydrogen peroxide at the
Triunfo petrochemicals complex,
near Porto Alegre, Brazil.
Th e 40,000 tonne/year plant is
scheduled to become operational​

in early 2011.

Perossido di idrogeno: acqua ossigenata; utilizzata come catalizzatore nella fabbricazione di numerosi prodotti (vernici polimeri etc.)

 

[lorenzo63]

Rhodia 29/11/08

E tornano a Rhodia di cui estesamente si è parlato nei gg scorsi:

RHODIA, DOW CORNING
COOPERATE ON TIRES (Pneumatici)
France’s Rhodia and US-based Dow
Corning have agreed to develop and
commercialize
new silica and silane
products that
help make tires
more energyeffi
cient and safe.
Precipitated silica Inoltre la usano anche per le vernici che hanno effetto matt leggero e polimeri con stesso effetto ... la vendono come dire Bene!!
and silane are used in tires to help
reduce rolling resistance and thus
lower fuel consumption and carbon
dioxide (CO2) emissions, they said

 

[lorenzo63]

Ed infine una news che potrebbe cambiare un po' gli assetti attuali dei produttori (trasformatori) di PET sulla falsariga di quanto sta facendo OCTAL in OMAN
Ricordo che partendo dal gas si puo' preparare i monomeri che danno origine al PET...anche se c'è uno scenario che cause belliche of course è del tutto in evoluzione.

IRAQ GAS IDEAL FOR
PETCHEM PRODUCTION​

The signifi cant volumes of natural
gas in southern Iraq present an opportunity
for a strong petrochemical
industry to develop there, said
Phil Parker, Middle East general
manager of Shell Chemicals, at
the Middle East Petrochemical
Conference, in Dubai, the United
Arab Emirates. “There is plenty of
natural gas available in Iraq which
could be used for petrochemical
production,” he said. However, Shell
has no plans to engage in a petrochemical
project in Iraq as conditions
in the confl ict-ridden country​

were not conducive, he added