Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

Rhodia

Rhodia announced Monday a plan to build three to five years an annual EBITDA, excluding carbon credits (RECs), over a billion euros.

In a statement, the chemicals group said that this level would represent an increase of about 40% compared with the results expected in 2010.

To achieve this goal, Rhodia intends to rely on organic growth on jobs and growth markets, develop products geared toward sustainable development and pursue its external growth policy on the model of the acquisition of Feixiang Chemicals announced in June.

The company also announced a reorganization of its subsidiaries and a tightening of its executive committee.

The number of businesses of Rhodia going from six to eleven, to make them "more accountable and responsive, while maintaining the unity of the group."

The chief executive officer Jean-Pierre Clamadieu is now surrounded by three officers to achieve the ambitions of the new group.Gilles Auffret is appointed Chief Operating Officer, and Pascal and Pascal Bouchiat Juéry become assistant general managers.

In addition, Jean-Pierre Clamadieu said on this occasion that Rhodia continues "to enjoy the strong momentum" recorded during the first two quarters of the year.

At its interim results published in late July, the chemist noted for the second time this year its goal of EBITDA in 2010.

At 13:40, the title Rhodia gained 2.95% to 17.985 euros on the Paris Bourse, is one of the largest increase of the SBF 120, which yielded 0.66%.

"This prediction seems to have the dual purpose of qualifying the high confidence of management in the potential of his group, but also 'to educate the market' for communication outside RECs," said CM-CIC in a note research.

The broker said that these carbon credits will no longer contribute the same amount from 2013.

"And finally, if it prompts us to consider our growth forecasts 2011-2012 as prudent, it leads us to the time not to change these details to the extent that the target is also an important component of acquisitions "he adds.

CM-CIC maintains its recommendation that the purchase and its price target to 20 euros.

Rhodia must publish its third quarter on Nov. 4.

 

[lorenzo63]

European Rebound

Da chemical week

The mood of attendees at the European Petrochemical Association (EPCA) meeting in Budapest October 2-6 is sure to be an improvement over the past two years. European petrochemical demand has exceeded expectations in first half of this year. The strong performance has improved earnings and has provided much-needed relief, particularly to key regional players such as LyondellBasell and Ineos which struggled under the weight of heavy debt burdens through the downturn. Demand has moderated in the second half, but most producers remain upbeat.


Demand slowed a bit earlier in North America and Asia after the first quarter but remained stronger for longer in Europe, as our cover story shows ( p. 23). “In the course of the second quarter of 2010, demand stagnated in North America and Asia,” says Rainer Diercks, president of BASF’s petrochemicals division. “Only in Europe did demand remain strong.”

The startup of significant ethylene capacity in Asia and the Mideast is increasing supply and will put short-term pressure on margins and higher-cost assets in Europe in late 2010 and into 2011.

The longer-term supply situation in Europe is not dire, however. LyondellBasell estimates that ethylene operating rates for Europe were 80% in 2009, and are forecast to rise to 90% in 2014. Polyethylene and polypropylene operating rates were each approximately 79% in 2009, and are forecast to rise to 88% and 86%, respectively, in 2014.

Europe’s high-cost assets will continue to face pressure and producers are taking steps to improve feedstock flexibility and cost position. The success of European petrochemical makers will hinge on self improvement including consolidation, and the shutdown of outdated or poorly located plants. Producers must also adopt strategies to meet the needs of a market that, while mature, is sophisticated and large enough to allow producers to distinguish themselves through superior in-market access or technology advantage.

 

[lorenzo63]

DuPont Expects Billion-Dollar Photovoltaic Sales Ahead of Schedule

DuPont says that it expects to record $1 billion in revenue from sales into the photovoltaic (PV) market in 2010, one year ahead of schedule. The growth is supported by new innovations that improve solar module efficiency and performance, bringing costs down in line with other forms of energy and reducing the world’s dependence on fossil fuels, DuPont says. Several new product launches this year has helped DuPont to accelerate growth, and the company is also investing in greater production capability and partnering with customers to keep pace with the fast-rising global demand, DuPont says.

“Addressing energy needs is a global concern,” says Dave Miller, president, DuPont Electronics & Communications. “The generation of renewable energy will be the fastest growing sector in the energy market for the next 20 years, and materials for PV applications are a critical success factor for sustainable growth.”

 

[lorenzo63]

Lithium Ion Batteries: DuPont Introduces Power-boosting Separators, Builds U.S. Production Facility

DuPont has introduced a new range of nanofiber-based, polymeric separators for high-performance lithium ion batteries. The separators, marketed under the name Energain, generate more power and ensure a longer life for batteries designed for use in hybrid electric vehicles, the company says.

The separator is a sheet between two electrodes that prevents them from touching while enabling lithium ions to pass back and forth, allowing the charge and discharge of the battery. Energain separators are made using a proprietary spinning process that creates continuous filaments with diameters between 200 and 1,000 nanometers.
Energain separators can increase batter power 15-30%, increase battery life by up to 20% and improve battery safety by providing stability at high temperatures, the company says. “With more battery power, drivers can travel farther on a single charge and accelerate more quickly and safely. For automobile and battery manufacturers, more battery power can reduce the number of batteries typically required in today’s hybrid and electric vehicles.”

The company has begun construction on a facility in Chesterfield County, Va., to manufacture product for development and commercial sale. The new facility in Chesterfield County is expected to start up in the first quarter of 2011 and will initially be able to provide enough material to supply up to 20% of today's hybrid and electric vehicle needs.
Powering up: Energain will be manufactured at Chesterfield County and
used in electric vehicles.

The company has manufactured initial quantities of the separator material at sites in Wilmington, DE, and Seoul, South Korea. DuPont says it is working with the majority of the battery, equipment suppliers and automotive companies globally.

“This launch and our investment in a new production facility are important steps in our strategy to expand DuPont’s role in energy storage,” says Thomas G. Powell, president/DuPont Protection Technologies. “Energain is a breakthrough platform technology. We expect to translate the improvements we’ve seen in automotive battery applications to deliver equal or better battery performance in specialty consumer electronics, where reliable, faster and longer lasting battery power are essential,” he adds.

DuPont estimates that, by 2015, the market for high-performance lithium ion batteries will total more than $7 billion/year, primarily for electric vehicle applications and photovoltaic cells, and grid storage.

Hybrid vehicles typically contain between 50 and 70 batteries; plug-in electric vehicles with range-extending motors have between 80 and in excess of 200; and fully electric vehicles carry 150 or more.

Although initial uses for the separator are in hybrid and electric vehicle batteries, in future the technology also will be targeted for use in batteries in renewable energy, grid applications, and specialty consumer applications including laptops, cell phones and power tools. DuPont also plans to apply its proprietary nanofiber technology to a broad range of liquid filtration applications for the biopharmaceutical, microelectronics, food and beverage industries, where it claims the product offers superior retention, filter life and flow resistance.

 

[lorenzo63]

Solvay and Nepes Corp. Form Electronic Chemicals JV in Korea

Come impiegare i soldini dalla vendita del pharma..


Solvay and Nepes Corp. (Seoul), a producer of semiconductor parts and electronic chemicals, have formed an equally owned joint venture, Iridos to manufacture pastes and pigments for use in thin film transistor liquid crystal displays (TFT-LCD) and organic light emitting diodes (Oled) in Korea, using nanotechnology.

Production of pigments and pastes, until the formation of Iridos, was being carried out by the two joint venture partners, which are contributing assets to the jv valued at won20 billion ($17 million) in the three years through 2011. These will include a new plant at Solvay's Onsan, Korea site to manufacture pigments, and Nepes's paste manufacturing facility at its Ochang, Korea site, which is being upgraded and expanded.

The worldwide market for TFT-LCD color pastes is estimated at won300 billion and until the establishment of Iridos has only been supplied by Japanese companies. "By bringing its organic pigment and molecules know-how and nanotechnology to the joint ventrue, Solvay offers the LCD and Oled producers in the Far East access to its high-tech chemical products that will enable them to develop the next generation of their micro-electronic devices," says Paul Dandoy, general manager/advanced functional materials at Solvay.

Nepes, meanwhile, brings its dispersion technology for nanoparticles and direct access to its customers to the joint venture. "We expect that a new business model can be created through the joint promotion of IT electronic material business, making the most of the strong [contribution from] Nepes, [through] its capabilities in developing various functional chemicals and promoting customer-oriented electronic materials business as well as ...Solvay's chemical technologies," says Byung-Koo Lee, CEO of Nepes.

 

[qquebec]

Basf anticipa i risultati e rialza l’outlook 2010

(Finanza & Mercati 21/10/2010) - Basf sorprende il mercato e segna una positiva performance sul listino. Il colosso chimico tedesco ha anticipato la presentazione dei del terzo trimestre, migliorato l’outlook sull’intero esercizio e ieri scambiava in progresso del 2% a Francoforte. Nel dettaglio, Basf ha registrato utili in progresso del 77% a 2,2 miliardi di euro su ricavi aumentati del 23% a 15,8 miliardi. I dati rappresentano un rallentamento rispetto al secondo trimestre (in cui vendite e profitti erano cresciuti rispettivamente del 29,7% e del 92,5%) ma si sono rivelati decisamente superiori alle attese degli analisti. Ancora meglio, però, ha fatto la revisione al rialzo dell’outlook. Basf ha detto di attendersi profitti al lordo di tasse, interessi e voci straordinarie superiori a otto miliardi di euro per l’intero 2010. Oltre il 10% in più di quanto previsto dagli analisti di Thomson Reuters. In precedenza, oltre tutto. Basf si era limitato a esprimere vaghe previsioni che indicavano il valore come «considerevolmente migliore» dei 6,86 miliardi registrati nell’esercizio precedente.

 

[lorenzo63]

(Finanza & Mercati 21/10/2010) - Basf sorprende il mercato e segna una positiva performance sul listino. Il colosso chimico tedesco ha anticipato la presentazione dei del terzo trimestre, migliorato l’outlook sull’intero esercizio e ieri scambiava in progresso del 2% a Francoforte. Nel dettaglio, Basf ha registrato utili in progresso del 77% a 2,2 miliardi di euro su ricavi aumentati del 23% a 15,8 miliardi. I dati rappresentano un rallentamento rispetto al secondo trimestre (in cui vendite e profitti erano cresciuti rispettivamente del 29,7% e del 92,5%) ma si sono rivelati decisamente superiori alle attese degli analisti. Ancora meglio, però, ha fatto la revisione al rialzo dell’outlook. Basf ha detto di attendersi profitti al lordo di tasse, interessi e voci straordinarie superiori a otto miliardi di euro per l’intero 2010. Oltre il 10% in più di quanto previsto dagli analisti di Thomson Reuters. In precedenza, oltre tutto. Basf si era limitato a esprimere vaghe previsioni che indicavano il valore come «considerevolmente migliore» dei 6,86 miliardi registrati nell’esercizio precedente.

C'è un perchè.

I trasformatori di materie prime (in generale) nn le trovano + se nn pagarle a caro prezzo.
E' la politica degli stop degli impianti, per cui hanno ottimizzato al massimo il rendimento degli stessi, sicuri comunque del fatto che il profondo est si prenderebbe tutto comunque....

 

[qquebec]

Ineos Q3: ebitda a 400 mln, scende il debito

Ineos ha reso noto che nel terzo trimestre dell'anno l'Ebitda è salito a 406 mln da 325 dello scorso anno, un dato significativo anche se leggermente al di sotto delle previsioni. Rimangono ancora difficoltà nel settore della raffinazione dei prodotti petroliferi, ma nel complesso il terzo gruppo chimico mondiale ha migliorato i propri margini reddituali. Il debito netto è sceso del 5% circa a 7 mld di euro dopo aver rimborsato un loan bancario da 250 mln. Il leverage finanziario è così sceso da 4,5X a 4,3X del secondo trimestre 2010, nel pieno rispetto dei covents. I bond in EUR e in USD sono tutti in rialzo.

 

[lorenzo63]

Air Liquide

Air Liquide ha chiuso il terzo trimestre del 2010 con ricavi in crescita del 6,2% (su base comparabile) a 3,42 miliardi di euro. La business unit Gas e Servizi ha registrato una crescita del fatturato dell'11% a 3,04 miliardi di euro. Nella nota odierna il colosso francese della chimica afferma che l'ultimo trimestre dimostra la crescita del suo giro d'affari in tutte le economie e il recupero del ciclo di investimenti come dimostrato dall'elevato numero di contratti siglati. In particolare già alla fine dello scorso settembre gli investimenti in nuovi progetti avrebbero superato il corrispettivo dell'intero 2009. Pertanto Air Liquide ha confermato l'obiettivo di una crescita continua dell'utile nell'intero esercizio 2010 in linea con le performance del gruppo nel lungo termine.

 

[qquebec]

Partnership fra Ineos e Braskem

Il terzo gruppo petrolchimico mondiale Ineos e la brasiliana Braskem hanno raggiunto l'altro ieri un importante accordo strategico per lo sviluppo delle tecnologie del polietilene.

(09/11/2010) - Braskem and INEOS Technologies announced today at the closing of the APLA Meeting in Rio de Janeiro that they have entered into a strategic partnership for PE technologies. Under this partnership agreement Braskem can acquire licenses for Innovene S slurry and Innovene G gas phase technologies to produce high density PE and linear low density PE in Braskem’s future petrochemical projects. In addition, Braskem and INEOS Technologies will jointly conduct research and development programs for the slurry and gas-phase PE platforms.
The first petrochemical project to benefit from the partnership is the Etileno XXI project in Mexico. This project forms the basis for the newly established Braskem IDESA S.A.P.I joint venture between Braskem and GRUPO IDESA.
The two Innovene S plants that will form part of the Etileno XXI complex in Coatzacoalcos are scheduled to start-up in January 2015.
The plants will produce a full range of monomodal and bimodal high density and medium density polyethylene resins with a total name plate capacity of 750 KTA. Key product areas to be served by the new plants include pipe, blow molded containers, injection molding parts, film, and rotomolded tanks.
Dr. Peter Williams, CEO, INEOS Technologies stated : “INEOS is delighted to be entering into this strategic partnership with Braskem. Under the agreements, INEOS Technologies will offer polyethylene licenses to Braskem’s future investments, and the two companies will work together on joint developments. The aim of the joint R&D is to help ensure that the combination of INEOS’ Innovene G and Innovene S technologies remains the leading offer to the market in Latin America and beyond, responding fully to the future needs of the polymer industry. For the Etileno XXI project, the Innovene S technology will provide high quality polyethylene resins for the much diversified high density PE market in Mexico. INEOS Technologies is proud that Innovene S technology is part of this major investment in the Latin American region”.
Mr.Bernardo Gradin, President of Braskem, commented : "Our agreements with INEOS give us access to state-of-the-art high density and linear low density polyethylene technologies also allowing Braskem to directly participate in joint developments of such. This will allow Braskem to use the Innovene S and Innovene G technologies in its expansion program, starting with the Etileno XXI project with our partners GRUPO IDESA in Mexico, as well as the intended projects in Peru and Bolivia. It is a very important step in the direction of assuring to Braskem clear access to existing leading polymerization technologies, allowing the company to concentrate its efforts on the internal development of bio based renewable technology, a fundamental move to fulfill its 2020 vision of being the world’s leading renewable chemistry company”.