Dow declares quarterly dividend of 70 cents per share

Dow declares quarterly dividend of 70 cents per share

MOSCOW (MRC) -- Dow has declared a dividend of 70 cents per share, payable September 9, 2022, to shareholders of record on August 31, 2022, said the company.

This marks the 444th consecutive dividend paid by the Company or its affiliates since 1912.

As per MRC, Dow has signed a memorandum of understanding (MoU) with Chinese food and beverage firm Want-Want for zero-solvent emissions and to develop a circular economy for flexible packaging, said the company.

We remind, Dow, recycler KW Plastics of Troy, Alabama; molder Core Technology Molding Corp. of Greensboro, North Carolina; and sustainable golf company Evolve Golf of Wilmington, North Carolina, collaborated to reuse high-density polyethylene (HDPE) plastic mesh fencing from the previous year’s GLBI in the form of 20,000 ball markers and 5,500 divot tools for this year’s event.

Dow combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance (ESG) leadership to achieve profitable growth and deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world
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Greiner Packaging joins RECOUP

Greiner Packaging joins RECOUP

MOSCOW (MRC) -- Greiner Packaging UK & Ireland (GPUK) has joined RECOUP, the UK charity and leading authority providing expertise and guidance across the plastics recycling value chain, said the company.

“Built on a network of valued members, collaboration is central to RECOUP’s activities, so we are very pleased that GPUK has become a member,” says RECOUP CEO Stuart Foster. “The organisation is committed to securing sustainable, circular, and practical solutions for plastic resources both in the UK and worldwide. Our membership includes over 170 businesses and organisations from brands and retailers, to recyclers, polymer producers and a range of other stakeholders.

“RECOUP’s aims remain the same as those that were agreed when we began 32 years ago: to help improve plastic recycling and recyclability; ensure plastic uses resources efficiently; and to protect the environment,” says Stuart Foster. “However, requirements and expectations have changed a great deal over three decades, from producer responsibility to the circular economy.

"Having the broadest possible spectrum of members from across the value chain enables us to have a good awareness and understanding of everyone’s opportunities and issues, which in turns allows us to deliver cross-sector balanced information and support, backed by science."

We remind, starting from January 1, 2023, Manfred Stanek, current CEO of Greiner Packaging, will become part of the Greiner AG Executive Board as Chief Operating Officer (COO). Following Manfred Stanek’s appointment to the Executive Board, Greiner will be managed by three Executive Board members for the first time in the company’s history. The newly created position focuses on the strategic further development of the Greiner Packaging, NEVEON, and Greiner Bio-One divisions.
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Henkel increased sales by 8.9% in the first half of the year

Henkel increased sales by 8.9% in the first half of the year

MOSCOW (MRC) -- Germany-based Henkel recorded 8.9% organic sales growth in 1H 022 and raised its full-year guidance, said the company.

In nominal terms, the company's revenue in January-June increased by 9.9% to 10.9 billion euros, according to its report. Net profit fell by half, to 448 million euros from 947 million euros. Earnings before taxes and interest (EBIT) fell to 684 million euros from 1.3 billion euros a year earlier. Adjusted operating profit decreased by 18.5% to 1.17 billion euros.

Western Europe grew 1H organic sales by 2.2%, Eastern Europe by 23.2%, Africa and the Middle East by 3.2% and North America by 9.2% , in Latin America - by 16.9%, in the Asia-Pacific region - by 6.1%. Business unit Adhesive Technologies (adhesives and technologies) in January-June showed organic sales growth of 12.2%, Beauty Care (cosmetics) - 0.4% (8.2%), Laundry & Home Care (cleaners and detergents) funds) - by 7.4%.

According to the new Henkel forecast, organic sales growth in 2022 will be 4.5-6.5%, not 3.5-5.5% as previously expected. The fall in earnings per share is still expected in the range of 35% to 15% excluding changes in exchange rates, EBIT margin - at the level of 9-11%.

In April, the company decided to withdraw from the markets of Russia and Belarus. "Henkel is carefully considering all options and intends to complete the process by the end of the year," the company said in a statement.

Since the beginning of 2022, Henkel's capitalization has decreased by 8.6%, to 27.7 billion euros.

We remind, Henkel Adhesive Technologies strengthens its capabilities for predictive maintenance solutions by investing in Direct-C LTD (Direct-C), Edmonton, Canada. The company has developed a sophisticated sensor technology for the early detection of hydrocarbon leakages. With the investment Henkel aims to further expand its maintenance, repair and overhaul (MRO) business and to drive the implementation of innovative digital applications.
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Huntsman announced agreement to sell Textile Effects Division

Huntsman announced agreement to sell Textile Effects Division

MOSCOW (MRC) -- Huntsman Corporation announced it has entered into a definitive agreement to sell its Textile Effects division to Archroma, a portfolio company of SK Capital Partners, said the company.

The total enterprise value of the transaction is approximately USD718 million, which includes the assumption of approximately USD125 million in net underfunded pension liabilities as of December 31, 2021. The acquisition is being partially funded with preferred equity, of which Huntsman is taking up to USD80 million, an amount SK Capital Partners will seek to syndicate prior to the transaction closing.

Over the last twelve months ending June 30, 2022, the Textile Effects division reported sales of USD772 million and adjusted EBITDA of USD94 million. Huntsman anticipates cash taxes on the transaction of approximately USD50 million. Huntsman intends to report Textile Effects as discontinued operations beginning in the third quarter of 2022. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2023.

Peter Huntsman, Chairman, President, and CEO commented: "Over the past seven months, we have conducted a comprehensive strategic review of our Textile Effects division, including detailed discussions with a wide range of relevant parties. After evaluating several different options and thoroughly reviewing prospective offers for the business, our Board of Directors decided that SK Capital would be a better owner of the business over the long-term than Huntsman and that the value they offered was in the best interests of our shareholders. After closing, Textile Effects will combine with SK Capital's Archroma business to create a world leader in textile chemicals and dyes, with a leadership in sustainability and innovation.

"We expect the cash proceeds from this divestiture to be deployed in-line with our current balanced capital allocation program which includes strategic investments and acquisitions to further strengthen our core businesses as well as returning cash to shareholders through both our dividend and share repurchase program."

BofA Securities is serving as Huntsman's financial advisor and Kirkland & Ellis LLP is acting as its legal advisor.

We remind, Huntsman Corporation announced the start of commercial operation of a new methylene diphenyl diisocyanate (MDI) splitter at its Geismar site in Louisiana. The USD180 million splitter gives Huntsman the ability to produce more high value, differentiated grades from the crude MDI manufactured at the plant, thereby enabling growth in key customer applications.
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PDVSA pauses oil-for-debt shipments to Europe, wants product swaps

PDVSA pauses oil-for-debt shipments to Europe, wants product swaps

MOSCOW (MRC) -- Venezuela has suspended new crude shipments to Europe under an oil-for-debt deal and has asked Italy's Eni and Spain's Repsol to provide it with fuel in exchange for future cargoes, three people familiar with the matter said, said Hydrocarbonprocessing.

Venezuela's oil company PDVSA no longer is interested in the oil-for-debt deals that the U.S. State Department authorized in May, the sources said, which allowed the state company to resume shipments to Europe after a two-year suspension caused by U.S. sanctions.

Washington authorized the shipments as long as cargo proceeds were used to pay off accumulated debt PDVSA owed to joint ventures with Eni and Repsol. "PDVSA wants to go back to oil swaps, and that is not possible yet," said a person involved in cargoes previously delivered to Europe. "There's zero interest in the oil-for-debt deals."

Venezuelan oil shipments, particularly those sent to refineries in Spain, have helped Europe reduce purchases of Russian oil since the invasion of Ukraine. But the deal's terms have not provided needed cash or fuel to PDVSA, whose own refineries are struggling to produce gasoline and diesel after years of underinvestment and lack of repairs.

PDVSA, Eni, Repsol and the U.S. State Department did not immediately reply to requests for comment. According to PDVSA's shipping schedules, there are no loading windows assigned to Eni or Repsol for Europe-bound cargoes in August, even though stocks of diluted crude oil (DCO) at the Jose port rose to almost 5 MM barrels as of Aug 8.

PDVSA wants to get fuel in exchange for its crude, while using a portion of the cargoes' value to offset billions of dollars in debts to joint venture partners including Chevron, Eni and Repsol, according to the sources. The deal reshuffle could help the Venezuelan company reanimate its Orinoco Belt extra heavy oil operations, which need imported diluents such as heavy naphtha, and ease the country's motor fuel deficit.

Since last year, PDVSA has relied mostly on Iranian diluents to turn its extra heavy crude into exportable grades. Since June, Eni received a total of 3.6 MM barrels of Venezuelan diluted crude oil (DCO), according to the PDVSA's documents and tanker tracking data. Most of that volume was later delivered by Eni to Repsol, which has a larger capacity for refining the South American country's heavy sour crude grades.

As per MRC, Eni believes it will be able to completely replace Russian gas imports by 2025 as uncertainty over Moscow's energy supplies to Europe forces countries to seek alternative sources. After signing new gas supply agreements with Algeria, Egypt and Congo earlier this year, Eni sees additional opportunities arising in other countries including Libya, Angola, Mozambique, and Indonesia, as well as in its home country.
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