AkzoNobel revenue up 14% despite impact of lockdowns in China

The Dutch paint producer AkzoNobel posted significantly higher sales in 2Q 2022 and lower profits than what analysts had anticipated because of high expenses, said the company.

The company, owns the brands Polycell, Cuprinol, and Dulux, generated sales of EUR 2.85 bn in 2Q 2022 against EUR 2.51 bn in 2Q 2021.

Analysts had only estimated sales at EUR 2.73 bn. On the other hand, net profit considerably dropped to only EUR 106 M from EUR 261 M in 2Q 2022. Analysts had expected more for this figure at EUR 177 M.

Adjusted EBITDA stood at EUR 337 M, which was also lower than the market estimate of EUR 356 M.

We remind, AkzoNobel bolsters its performance coatings portfolio after reaching an agreement to acquire the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH. Completion of which is subject to regulatory approvals, is expected before end-2022. Lankwitzer's Rims and Wheel business operates out of a manufacturing site in Leipzig, Germany. Its products are approved for use by car manufacturers such as Daimler, Audi, VW, Opel, Fiat and Renault.
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Business line Coating Additives of Evonik Industries AG (Essen, Germany) is expanding production capacity of ACEMATT precipitated matting agents at its Taiwan manufacturing facility, said the company.

The significant capacity increase will help meet growing demand for matting agents in Asia, with the capacity expansion expected to be completed by the second half of 2023.

"Expanding the capacity of our leading matting agents in Taiwan further underscores our commitment to the growing markets of Asia. Add a new one and to all our regional and multinational customers,” says Maximilian Morin, Head of Industrial and Transport Coatings at Evonik Coating Additives. “We are constantly expanding our position as a truly global partner for our coatings customers, offering equally high quality products from manufacturing plants in different regions. At a time of increasing logistics challenges, such an investment will directly benefit our partners and customers around the world by further improving our global supply situation."

As per MRC, the Oil Additives business line of Evonik has restructured its distribution setup for its products in CIS countries, announcing ADCO as its new distribution partner. The lubricant additives business develops formulation solutions and base oil technologies that improve fuel economy and flow efficiency of automotive lubricants for passenger cars and commercial vehicles and increase energy efficiency and productivity of industrial lubricants for construction, mining, agricultural, and manufacturing equipment.

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MEGlobal announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be USD820/MT CFR Asian main ports for arrival August 2022, said the company.

The August 2022 ACP reflects the short term supply/demand situation in the Asian market.

We remind, MEGlobal announced that its Asian Contract Price (ACP) for monoethylene glycol (MEG) will be US$910/MT CFR Asian main ports for arrival July 2022. The July 2022 ACP reflects the short term supply/demand situation in the Asian market.

MEGlobal is a fully integrated supplier of monoethylene glycol (MEG) and diethylene glycol (DEG), collectively known as ethylene glycol (EG).
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Berry Superfos has launched some of its top-selling thermoformed and injection stretch blow moulded food packs manufactured in recycled PET (rPET), said Packagingnews.

RPET is now available in the following Berry Superfos thermoformed pots and containers ranges: CombiPac; CombiRound; SuperLight; Spoon-in-lid and DeliPac; and the company’s injection stretch blow moulded PET range.

Roland Lingman, director sales and marketing at Berry Superfos Nordic said: “In Europe, PET is one of the most commonly used types of plastic packaging material and, fortunately, also widely recycled. Its stiffness and high transparency are valuable assets. Plus, it has good barrier protection properties. All these qualities remain intact in our rPET packaging solutions, and therefore they are suitable for many different types of food products."

The introduction of the rPET containers ties in with Berry Global’s Impact 2025. One of the Impact 2025 targets is that 100% of the company’s fast-moving consumer products will be reusable, recyclable and/or compostable by 2025. The current total is 86%.

We remind, HPC Industries LLC and Macquarie Group's Commodities and Global Markets group (Macquarie) have formed a joint venture to produce recycled polyethylene terephthalate (rPET). Under the name Circularix, the venture's plans include building and operating five recycling facilities across the U.S. with a total annual production capacity of more than 275 million pounds of rPET resin. The first facility, located in Hatfield, PA, is expected to be operational by December 2022.
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Constantia Flexibles has acquired FFP Packaging Solutions in a bid to expand its market position and build stronger relationships in the UK food sector, said Packagingnews.

The deal for an undisclosed sum, is the first consumer plant for Constantia in the UK. FFP operates in flexible packaging and offers flow wraps, lidding films and pre-made pouches. The Northampton-based firm has a workforce of over 100.

Pim Vervaat, chief executive of Constantia Flexibles, said: “The acquisition aligns well with our Vision 2025 growth strategy of investing in competitive businesses with potential for future growth. FFP Packaging Solutions joining the Constantia Flexibles Group will expand our overall market position. Its significant experience and credibility allow for strong relationships across the UK food industry. We will be working with the existing management team to continue driving the revolution of sustainable flexible packaging in the UK and beyond. FFP chief executive and managing director David Cooper will remain with the company along with the management team.

Robin Chudley, chairman of FFP Packaging Solutions, added: “I am extremely proud of FFP’s position in the UK flexible packaging market and the respect that FFP has developed across the industry. This legacy is something that was started by my father back in 1962 and has been continuously built upon through my own leadership of the business and more recently since the appointment of the management team in place today.

"The sale of FFP to Constantia Flexibles is another important step on the firm’s journey and I am delighted that David and his team will remain with the business to ensure a successful integration and continue to build on FFP’s success long into the future."

We remind, Dow and Mura Technology have announced plans to build multiple advanced recycling facilities in the US and Europe, which the companies say could add as much as 600 kilotons (KT) of aggregate advanced recycling capacity by 2030 and will apparently enable the HydroPRS technology to be scaled globally. In 2021, Dow and Mura initially announced plans to collaborate. The companies say they are now aiming to scale the advanced recycling of plastics with multiple new facilities in both Europe and the US, which could each offer 120 KT in annual advanced recycling capacity. Overall, the project could reportedly offer up to 600 KT in annual advanced recycling capacity by 2030, which the companies claim is the largest commitment of its kind.
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