PolyOne announces record Q1 2014 results

MOSCOW (MRC) -- PolyOne Corporation, a premier provider of specialized polymer materials, services and solutions, has reported USD1 billion in revenue for the first quarter of 2014, a 25% increase compared to USD801 million in the first quarter of 2013, as per the company's press release.

"I am extremely pleased to report another record-setting quarter for PolyOne," said Stephen D. Newlin, Chairman, President and Chief Executive Officer. "Our Specialty platform led the way as Global Color Additives and Inks and Global Specialty Engineered Materials delivered milestone levels of operating income and profitability, and we continue to drive synergies from the Spartech acquisition. In addition, our Distribution platform achieved record sales and operating income for the quarter."

Mr. Newlin continued, "Our core values of collaboration, innovation and excellence are woven into the fabric of PolyOne. Our commitment to these values, underpinned by the execution of our four-pillar strategy, has led to 18 consecutive quarters of strong, double-digit adjusted earnings per share growth. Our innovation pipeline remains robust with unique, differentiated solutions for high-growth end markets, like healthcare, transportation, consumer and packaging, which are poised to drive our growth far into the future."

Commenting on the first quarter results, Robert M. Patterson, Executive Vice President and Chief Operating Officer said, "Our first quarter performance highlights accelerating momentum driven by Specialty platform growth and impressive year-over-year gains from Performance Products and Solutions and Distribution as well. This momentum fortifies our confidence to continue to meet or exceed our aggressive goals for margin expansion and EPS growth."

Mr. Richardson continued, "During the quarter, we repurchased approximately 1.4 million shares at an average price of USD35.42, bringing the total share buyback since April of 2013, to 6.4 million. We expect to complete the repurchase of all 10 million shares issued in conjunction with the acquisition of Spartech by the first quarter of 2015."

As MRC informed earlier, in April 2014, PolyOne Corporation has established a new Innovation Center in Shanghai, China. The new facility will facilitate collaboration, accelerate application development and increase speed-to-market for customers in the Asia Pacific region.

PolyOne Corporation, with 2013 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- BASF and Yara have made good progress with their plan to jointly build a world-scale ammonia plant on the US Gulf Coast, reported BASF on its site.

The proposed plant would be located at the existing BASF site in Freeport, Texas, have an annual capacity of 750,000 metric tons, and be based on a hydrogen-synthesis process.

Further details of the planned joint venture are currently under discussion between the parties. The project is subject to final approval from the respective boards of directors of BASF and Yara.

BASF, which has a strong presence in the United States, is currently a major user of ammonia for its US downstream activities and intends to further strengthen its backward integration. Yara, with its global ammonia network and market expertise, seeks to strengthen its presence in the United States.

As MRC informed previously, BASF has recently doubled capacity of its non-phthalate plasticizer Hexamoll DINCH from 100,000 metric tons to 200,000 metric tons per year at its site in Ludwigshafen, Germany. With a second Hexamoll DINCH plant BASF will satisfy growing customer demand and strengthen supply security worldwide while continuing to ensure consistently high quality.

BASF is the world’s leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. BASF had sales of about EUR74 billion in 2013 and over 112,000 employees as of the end of the year.
MRC

MOSCOW (MRC) -- Solvay Specialty Polymers has announced that stock shapes made of its KetaSpire KT-820 polyetheretherketone (PEEK) resin have achieved NORSOK M-710 compliance for use in highly demanding oil and gas applications, said the company in its press release.

The ultra-high performance material is one of the NORSOK M-710 compliant resins used by Quadrant Engineering Plastic Products(EPP) to produce Ketron PEEK stock shapes.

This NORSOK M-710 certification for converted shapes (rod, plate, tube) not only validates the resin but also the conversion step into the semi-finished shape – a certification up to the highest level in the supply chain.

KetaSpire PEEK’s balance of properties delivers strong chemical and abrasion resistance combined with exceptional heat resistance and strength, making it an ideal choice in extreme oil and gas environments. Parts manufactured from Ketron PEEK, based on KetaSpire PEEK, are currently being used in a range of oil and gas applications including but not limited to bearings, seals, and back-up rings.

KetaSpire PEEK is one of the industry’s most chemically resistant plastics and offers a superior combination of strength and toughness, along with superior fatigue resistance and a maximum operating temperature of 240°C (464°F). It also exhibits high purity and consistent high quality in processing and part performance. Glass fiber-reinforced and carbon fiber-reinforced grades provide a wide range of performance options for demanding applications.

As MRC reported earlier, in 2012, Solvay Specialty Polymers and Rhodia Engineering Plastics launched a new EUR 21 million compounding plant in Changshu, Jiangsu province. It will serve the Chinese markets for electrical and electronics, wire and cable, automotive, consumer, and industrial applications.

Solvay Specialty Polymers, American branch of Solvay Group, is engaged in the production of composite materials. Last year, the Company expanded its range of products and added composites based on KetaSpire, AvaSpire and Torlon brands produced at the plant in Changshu, China. These are brands of engineering plastics: KetaSpire - polyetheretherketone, AvaSpire - polyarilefirketon, Torlon - polyamideimide.

MOSCOW (MRC) -- Exports of expandable polystyrene (EPS) from Russia decreased from January to April 2014 by 4% year on year and totalled about 5,500 tonnes, according to MRC ScanPlast.

Ukraine remained the largest consumer of Russian EPS. Ukraine accounts for more than 90% of all export EPS shipments from Russia (more than 2,200 tonnes in April). The overall April EPS exports from Russia totalled 2,400 tonnes, up by 60% from March.

The Ukrainian market is experiencing an acute shortage of EPS, despite the increased supply of polymer to Ukraine in April. Local converters complain about the lack of quantities. Seasonal demand is very strong in the market. Traders also said buyers were ready to accept the current prices, despite the virtual increase of 40-46% (in hryvnyas) in prices of imported EPS since early 2014.

In their turn, good sales in Russia do not allow to increase shipments to foreign markets. SIBUR was forced to cut quotas and refuse some Ukrainian buyers, in order to meet domestic demand in Russia. The shortage in the Russian and Ukrainian EPS markets will not be not resolved in the next two months.

MRC

MOSCOW (MRC) -- Christoph Sieder (43) is leaving Lanxess AG at his own request, effective June 30, 2014, and will take over the responsibility as Head of Group Communications at Swiss power and automation technology corporation ABB effective July 1,2014, reported the company on its site.

"The Board of Management expresses its sincere gratitude and highest regard for Mr. Sieder’s service to the company. We deeply regret his departure," said Matthias Zachert, Chairman of the Board of Management of Lanxess.

"Christoph Sieder has shown outstanding dedication in strongly establishing the profile and reputation of our company since its creation. We would like to wish Mr. Sieder all the best and ongoing success for his professional future," added Zachert.

Christiane Mueller, currently Vice President of internal and crisis communications, as well as corporate responsibility, will provisionally perform the duties of the Head of Communications until a successor has been found.

As MRC wrote before, last summer, German specialty chemicals company Lanxess celebrated the opening of its first production facility in Russia. In the new plant at the Lipetsk site, Lanxess subsidiary Rhein Chemie manufactures polymer-bound rubber additives for the markets in Russia and the Commonwealth of Independent States (CIS), primarily for the automotive and tire industries. A production facility for the bladders used in tire production is to be added in 2016. The overall investment volume in euros amounts to a seven-digit figure and 40 new jobs will be created at the new plant in the medium term.

Lanxess is a leading specialty chemicals company with sales of EUR8.3 billion in 2013 and roughly 17,000 employees in 31 countries. The company is currently represented at 50 production sites worldwide. The core business of Lanxess is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.
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