PPG reports second quarter 2022 financial results

PPG reports second quarter 2022 financial results

MOSCOW (MRC) -- PPG reported financial results for the second quarter 2022, said the company.

PPG Industries reported second-quarter net income up 3% year-on-year (YOY), to USD443 million, on net sales up 8%, to USD4.69 billion. Adjusted earnings totaled $1.81/share, down 7% YOY and ahead of analysts’ consensus estimate of USD1.73/share. But sales volumes were down 4%.

"Our sales growth was achieved despite softening consumer demand in Europe, significant COVID-19-related demand disruptions in China and unfavorable currency translation,” says PPG chairman and CEO Michael McGarry. “Our strong selling price realization fully offset persistent cost inflation during the second quarter, leading to higher sequential operating margins compared to the first quarter. Although still somewhat challenging, raw material and logistics availability improved throughout the quarter, and we are already experiencing further improvement in the third quarter."

PPG expects demand to be broadly solid for the balance of the year, with industrial production rising in Asia and continued strong demand in North America. Europe is expected to be a soft spot, however. The company also expects to benefit from supply deficits and low inventories in the automotive OEM and aerospace markets.

As per MRC, PPG announced that it will feature its recently acquired Vanberg Specialized Coatings line of agriculturally focused protective coatings and repair mortars at the World Pork Expo, June 8-10, 2022, at the Iowa State Fairgrounds in Des Moines. PPG added the Vanberg product portfolio as part of its acquisition of VersaFlex Inc. in February 2021. For 33 years, Vanberg coatings have provided long-lasting, cost-effective restoration and protection of concrete and metal surfaces in pork production facilities.
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Air Products announces USD15bn clean energy investment

Air Products announces USD15bn clean energy investment

MOSCOW (MRC) -- Air Products will spend or commit at least $4bn in additional new capital to support the clean energy transition over the next five years, bringing its total commitment to first-mover projects to USD15bn by 2027, said the company.

The industrial gas company today (25th July) made the pledge as part of its newly published ‘Third by 30’ carbon dioxide (CO2) emissions intensity goal for Scope 3 emissions, an addition to its existing Scope 1 and 2 goal to reach Net Zero from its operations by 2050.

In order to reach its ambitious targets, Air Products has identified tangible transition plans for new investments and modifications of existing company assets, including low- and zero- carbon hydrogen and carbon capture technologies.

Seifi Ghasemi, Chairman, President and CEO of Air Products, said, “These commitments complement the reinforce our growth strategy of building our business to deliver climate benefits and work alongside our customers on their sustainability journey."

“Air Products is uniquely positioned to bring together its portfolio of technologies and legacy of experience to ensure the future climate benefits generated by our first-mover projects come online at a crucial moment in the energy transition."

“We continue to see significant opportunities for hydrogen and carbon capture technologies, and our industry-leading USD15bn capital commitment is further demonstration of sustainability being at the heart of our business and growth."

It was in September 2020 when the US-based firm first launched its sustainability goal to reduce its CO2 emissions intensity by one-third by the year 2030 from a 2015 baseline – and ever since sustainability has been at the heart of its commitments.

As per MRC, Air Liquide invested and will operate its first biomethane production unit in China by the end of 2022. Located in Huai’an City, in the Jiangsu Province, the unit will have a production capacity of 75 GWh per year. This project demonstrates a circular economy and low-carbon approach, in line with the Group’s Sustainable Objectives and strategic plan, ADVANCE.
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Russia to cut Nord Stream gas flow

Russia to cut Nord Stream gas flow

MOSCOW (MRC) -- Russia is once again sharply reducing the flow of piped gas to Germany, reminding Europe of the daunting challenge the continent faces to build up its energy stockpiles before winter, said Bloomberg.

Gazprom PSJC will cut shipments on the Nord Stream pipeline -- the main gas link to the European Union -- to about 20% of its capacity from 7 a.m. Moscow time on Wednesday, the Russian gas giant said in a statement. Maintenance issues with a turbine that helps pump gas into the link are behind the curbs, it said.

Russia is once again sharply reducing the flow of piped gas to Germany, reminding Europe of the daunting challenge the continent faces to build up its energy stockpiles before winter.

Gazprom PSJC will cut shipments on the Nord Stream pipeline -- the main gas link to the European Union -- to about 20% of its capacity from 7 a.m. Moscow time on Wednesday, the Russian gas giant said in a statement. Maintenance issues with a turbine that helps pump gas into the link are behind the curbs, it said.

As per MRC, Gazprom has told customers in Europe it cannot guarantee gas supplies because of 'extraordinary' circumstances. The July 14 letter from the Russian state gas monopoly said it was retroactively declaring force majeure on supplies dating from June 14. The news comes as Nord Stream 1, the key pipeline delivering Russian gas to Germany and beyond, is undergoing annual maintenance meant to conclude on Thursday. The letter added to Europe's fears that Moscow could keep the pipeline mothballed in retaliation for sanctions imposed on Russia over the war in Ukraine, heightening an energy crisis that risks tipping the region into recession.
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TSL designs a snowshoe based on LyondellBasell CirculenRecover polyamide

TSL designs a snowshoe based on LyondellBasell CirculenRecover polyamide

MOSCOW (MRC) -- Based on LyondellBasell CirculenRecover polyamide, sport equipment specialist TSL has created an innovative snowshoe which will delight outdoor sport fans, said the company.

The footbed of the new snowshoe model is not only based on recycled materials, it also combines extreme resistance with trendy design.

As a world leader in snowshoe development and manufacturing, TSL’s values are strongly connected to the respect of nature, wellbeing and innovation. It was therefore natural for TSL, to invest the use of recycled materials for a new snowshoe model. The challenge with this project was to find a plastic material which was based on recycled materials, but which did at the same time also fulfill all technical and visual requirements. LyondellBasell’s CirculenRecover product range, based on mechanically recycled source materials, brought the solution.

"Snowshoes in general and their footbed in particular are obviously used in extreme conditions,” says Bruno Viala, Business Development Manager at LyondellBasell. “They need to be highly resistant to impact and cold temperatures and also be durable over time. These requirements are usually incompatible with plastics that are based on recycled source materials. After several meetings and trials, we selected together with TSL our CirculenRecover EP PA MV SHI H grade for this project. The product contains approximately 80% of recycled materials and satisfies the demanding quality and design standards of TSL customers."

As per MRC, LyondellBasell has joined the NEXTLOOPP initiative that brings more than 40 major industry players together. Launched in October 2020, NEXTLOOPP aims to create circular food-grade recycled polypropylene (FGrPP) from post-consumer packaging.

As per MRC, LyondellBasell's sprawling chemical plant in Channelview may get even bigger. The international chemical giant, operated out of Houston, said it is evaluating an expansion to potentially boost the Channelview plant's ethylene capacity by 550 million pounds per year. Preliminary engineering work has begun to determine the feasibility of the project. If LyondellBasell decides to proceed, the expansion could be finished by 2017.
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Sika waits for regulatory approvals for acquisition of MBCC

Sika waits for regulatory approvals for acquisition of MBCC

MOSCOW (MRC) -- Swiss construction chemicals firm Sika is still waiting for regulators to approve its planned acquisition of Germany-based MBCC Group, said the company.

Sika agreed to acquire MBCC in November 2021. Sika keeps co-operating closely with authorities and currently hopes to complete the deal by the end of 2022, it said.

MBCC Group is the construction chemicals business carved out from BASF. It was acquired for €3.17bn in 2020 by private equity firm Lone Star, which just a year later agreed to sell it to Sika.

As per MRC, Sika AG reported that its first-half net profit after taxes grew 21 percent to 598.8 million Swiss francs from last year's 494.7 million francs. Earnings per share were 3.76 francs, up 20.5 percent from 3.12 francs a year ago. Operating profit or EBIT grew 22.7 percent to 841.9 million francs. EBIT margin was 16 percent. Operating profit before depreciation or EBITDA grew 19.5 percent to 1.04 billion francs.
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