MOSCOW (MRC) -- The board of directors of Westlake Chemical Corporation has declared a dividend of 16.5 cents per share, an increase of 31% from the 12.6 cents per share paid in the second quarter of 2014, reported the company on its site.
The increased dividend will be payable on September 19, 2014, to stockholders of record on September 5, 2014.
This is the 40th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
As MRC reported earlier, in early August 2014, Westlake Chemical Corporation announced it had closed the previously announced acquisition of German-based Vinnolit Holdings GmbH and its subsidiary companies from Advent International, a private equity firm. The Vinnolit acquisition includes six production facilities located in Burghausen, Gendorf, Cologne, Knapsack and Schkopau in Germany and Hillhouse in the United Kingdom. These operations have a combined annual capacity of 780,000 metric tons of PVC, including specialty paste, thermoplastic specialties and suspension grades, 665,000 metric tons of vinyl chloride monomer (VCM) and 475,000 metric tons of membrane grade caustic soda.
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe and specialty components, windows and fence.
MOSCOW (MRC) -- Evonik Industries AG will increase the prices of its PMMA semifinished products, which it markets under the PLEXIGLAS and DEGLAS trademarks, reported the company on its site.
Thus, the price increase will be, as follows:
- PLEXIGLAS und DEGLAS sheets and blocks - by 6%;
- PLEXIGLAS multi-skin and corrugated sheets - by 6%;
- PLEXIGLAS and DEGLAS tubes and rods - by 6%.
The reason for this step is the ongoing considerable rise in the cost of upstream products, energy and salaries.
As MRC reported before, Evonik Industries is making an investment in the double-digit-million euro range in a new research center at the Rheinfelden site. Starting at the beginning of 2016, research into silanes will be carried out in modern laboratories in the four-story building. Silanes are used in the electronics industry, in the tire industry, for the production of adhesives and sealants as well as plastics, and in the construction industry.
Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Evonik is active in over 100 countries around the world. In fiscal 2013 more than 33,500 employees generated sales of around EUR12.7 billion and an operating profit (adjusted EBITDA) of about EUR2.0 billion.
MOSCOW (MRC) -- Saudi Arabia's Sahara Petrochemical Co subsidiary - Al Waha Petrochemical, had fixed a technical fault at a utilities unit and was now working on restarting production, as per Plastemart.
Sahara, which ended merger talks with Saudi International Petrochemical Co (Sipchem) in June, said Aug. 17 a shutdown in polypropylene output had occurred at Al Waha Petrochemicals which could reduce third-quarter profit at the parent firm by nearly 9 million riyals (USD2.4 mln).
As MRC wrote before, Sahara Petrochemical Co., the Saudi Arabia-based firm which last month announced plans to merge with Saudi International Petrochemical Co. (Sipchem) in the first half of this year, has earned net profit of SR578.7 million in 2013, registering a growth of 183% compared to net profit of SR204.4 million in 2012.
Sahara Petrochemical is involved in building and operating petrochemical projects, especially propylene, polypropylene, ethylene and mixed polyethylene industries.
MOSCOW (MRC) -- AkzoNobel announced that it will establish a new organization for its Performance Coatings Business Area in order to drive leading performance, said the producer in its press release.
The simplified new structure – due to become fully operational in January 2015 – will reduce the number of global management layers. As a result, Performance Coatings will be managed through seven Strategic Market Units under the leadership of Executive Committee Member Conrad Keijzer. The seven units will focus on specific customer segments and technologies. They will be: Marine Coatings, Metal Coatings, Powder Coatings, Protective Coatings, Specialty Coatings, Vehicle Refinishes and Wood Coatings.
"Following the launch of our new strategy in 2013, we have initiated a process of change throughout the organization," explained AkzoNobel CEO Ton Buchner. "This planned reduction in management layers will not only enhance decision-making efficiency, but we will also create an organization that is more customer focused, agile and lean.
"We consider these to be key elements with regard to driving leading performance," he added. "Because in addition to delivering on our organic growth and operational excellence strategy, the changes will also improve our profitability and help to deliver on our 2015 targets and beyond."
The costs associated with this reorganization are included within the guidance of at least EUR250 million of total restructuring charges for 2014.
Performance Coatings is one of three Business Areas within AkzoNobel, operating alongside Decorative Paints and Specialty Chemicals. In 2013, Performance Coatings generated revenues of EUR5.6 billion and an operating income of EUR525 million, with 21,400 employees located worldwide.
As MRC wrote before, AkzoNobel has completed the sale of its Primary Amides chemicals business to PMC Group effective December 31, 2013.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.