BASF publishes LCA study on polyamides from chemically recycled or renewable raw materials in mozzarella packaging

BASF publishes LCA study on polyamides from chemically recycled or renewable raw materials in mozzarella packaging

MOSCOW (MRC) -- BASF has published its new Life Cycle Assessment (LCA) study on the environmental impact of a mozzarella packaging using various alternative raw materials in the production of food-grade plastics, said the company.

These raw materials are attributed to the plastics via a certified mass balance approach and the study compares a flexible multi-layer packaging with the same packaging based on fossil feedstock. Additionally, a fossil-based rigid mozzarella packaging was examined. The study has been reviewed by a panel of three independent experts.

“This exercise helps us to better understand the environmental impacts of both the packaging format as well as the raw material source within a mozzarella packaging’s entire life cycle”, said Dr. Paul Neumann, New Business Development & Sustainability Polyamides Europe, BASF.

The packaging format plays an important role with regard to its environmental performance: the rigid tray packaging system which consists of a mono polypropylene tray, combined with a multi-layer lid film, showcases the highest potential environmental impact in nearly all categories compared to flexible multi-layer packaging. This illustrates the possible beneficial effects of flexible packaging by using significantly less raw material and thus producing less packaging waste.

We remind, BASF and Huntsman together with their Chinese partner companies – Shanghai Hua Yi (Group Company), Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. and Shanghai Chlor-Alkali Chemical Co., Ltd. – announce the planned separation of their joint MDI (diphenylmethane diisocyanate) production at Shanghai Lianheng Isocyanate Co., Ltd.

INEOS and Sinopec complete major petrochemicals deal in China

INEOS and Sinopec complete major petrochemicals deal in China

MOSCOW (MRC) -- INEOS has completed the formation of a 50/50 joint venture with Sinopec for the Tianjin Nangang Ethylene Project, announced in December 2022, which is currently under construction by SINOPEC and expected to be on-stream by April 2024, said Hydrocarbonprocessing.

The petrochemical complex includes a 1.2 mtpa cracker, a new 500ktpa High-Density Polyethylene plant to produce INEOS pipe grade under license and 11 other derivative units.

The completion of the agreement today marks the continued progression of the significant petrochemical deals announced by the parties in July and December last year, and highlights the close relationship and growing collaboration between SINOPEC and INEOS.

We remind, TotalEnergies and INEOS have signed agreements to realign their respective stakes in their production assets and logistics infrastructure to better reflect the balance between their production and internal use of ethylene in eastern France. For TotalEnergies, this exchange of interests supports the integration between its petrochemical sites at Feyzin, near Lyon, and Carling in eastern France, while INEOS strengthens its operations at the Lavera site on the Mediterranean coast. Realigning the two companies’ interests to improve integration.

Covestro confirms full-year guidance despite weak economic activity

Covestro confirms full-year guidance despite weak economic activity

MOSCOW (MRC) -- Covestro achieved its EBITDA-guidance for the second quarter of 2023 of EUR 330 million to EUR 430 million, said the company.

Group sales decreased year-on-year by 20.9 percent to EUR 3.7 billion (previous year: EUR 4.7 billion). This is mainly due to a demand-related decline in the selling price level and a drop in volumes sold. Combined with lower margins, that resulted in a 29.6 percent fall in EBITDA to EUR 385 million (previous year: EUR 547 million).

Net income was EUR 46 million, a year-on-year fall of 76.9 percent (previous year: EUR 199 million). The free operating cash flow (FOCF) increased from EUR –462 million in the prior-year quarter to EUR –10 million.

“The second quarter of the year was characterized by continued economic weakness and weak demand worldwide. Nevertheless, we achieved our targets for the quarter and are confirming our full-year guidance,” says Dr. Markus Steilemann, CEO of Covestro. “Our focus in this difficult environment is on operating in an efficient and cost-conscious manner. We will continue to serve our customers’ needs in the best possible way, while creating the right foundation for sustainable growth and our vision of becoming fully circular.”

We remind, Covestro has commenced a new manufacturing line for thermoplastic polyurethanes (TPUs) that will be utilized for paint protection films (PPFs). The line is installed at the firm's current Taiwanese facility in Changhua. Products manufactured here will be available in the global market. The world's PPF market is expected to rise steadily until 2030, with Asia-Pacific representing the biggest share of the overall market.

Honeywell delivers strong 2Q 2023 results and raises full year 2023 sales

Honeywell delivers strong 2Q 2023 results and raises full year 2023 sales

MOSCOW (MRC) -- Honeywell announced results for 2Q 2023 that met or exceeded the company's guidance, said the company.

The company also raised its full year 2023 organic growth, segment margin, and adjusted earnings per share (EPS) guidance ranges. The company reported 2Q 202 sales growth of 2% year-over-year and organic sales growth of 3% year-over-year, led by double-digit organic sales growth in commercial aerospace, process solutions, and UOP.

Operating margin expanded 270 basis points to 20.6% and segment margin expanded by 150 basis points to 22.4%, with expansion in Safety and Productivity Solutions, Honeywell Building Technologies, and Aerospace. EPS for 2Q 2023 was USD2.22, up by 21% year-over-year, and adjusted EPS was USD2.23, up 6% year over year.

Operating cash flow was USD1.4 bn and free cash flow was USD1.1 bn, driven by strong net income and improved working capital. Full year 2023 sales are now expected to be $36.7-37.3 bn with organic sales growth in the range of 4-6%. Segment margin is now expected to be in the range of 22.4-22.6%, with segment margin expansion of 70-90 basis points. Adjusted EPS is now expected to be in the range of USD9.05-9.25, up by 5 cents on the low end from the prior guidance range.

Operating cash flow is still expected to be in the range of USD4.9-5.3 bn. Free cash flow is still expected to be in the range of USD3.9-4.3 bn, or USD5.1-5.5 bn excluding the net impact of settlements signed in 4Q 2022.

We remind, Chemours Company (Chemours) and Advanced Performance Materials, and Honeywell announced they have engaged with the Interagency for Market Control of the Hellenic Ministry of Development (DIMEA), the Hellenic Police, and Hellenic Customs to stop illegal fluorinated gas (F-gas) refrigerants from entering the European Union (EU) at the Greek border.

Axalta releases second quarter 2023 results

Axalta releases second quarter 2023 results

MOSCOW (MRC) -- Axalta Coating Systems Ltd today reported net income up 38.1% year over year, to USD60.9 million, on net sales up 4.8%, to USD1.29 billion, said the company.

Adjusted earnings, which exclude some restructuring costs in the year-ago quarter, were down 14.6%, to 35 cents/share, short of analysts’ consensus estimate of 38 cents/share, as reported by S&P Capital IQ. A 6.8% increase in price and product mix boosted sales, offset by a 3.7% decline in volumes due to a software implementation causing operational delays.

“The quarter reflected strong underlying earnings and profitability improvement, particularly in mobility coatings where momentum is building,” said Axalta president and CEO Chris Villavarayan. The operational delays created a sales backlog by the end of the quarter, with a particular impact in the refinish business, Axalta said. Variable costs, meanwhile, declined during the quarter.

Margins are expected to improve as the year progresses. The company “expects mid-to-high single digit variable cost deflation for the second half of the year to mitigate higher operating expenses,” it said.

Performance coatings segment sales were roughly flat year over year, at USD856.0 million, while segment adjusted EBIT fell 5.9%, to USD117.8 million. Improving price and product mix was offset by operational delays impacting volumes, as well as weaker industrial demand. Raw material costs declined modestly, Axalta said.

Mobility coatings segment sales increased 15.5% year over year, to USD437.9 million, while segment adjusted EBIT was up 930.4%, to USD23.7 million. Volume growth of 12.8% drove the increases, and improving price and product mix also boosted results.

We remind, Axalta, a leading global supplier of liquid and powder coatings, broke ground for construction of a state-of-the-art coatings facility in Jilin City, Jilin Province, North China. The 46,000-square-meter new plant will produce mobility coatings to support growing customer demand in China for light vehicles, commercial vehicles, and automotive plastic components. "Our new plant in Jilin is another building block supporting our ambitious growth strategy for our mobility business in China," said Nicolas Franc de Ferriere, Vice President, Mobility, Asia Pacific at Axalta.