Nouryon appoints Sean Lannon as Executive Vice President and Chief Financial Officer

Nouryon has appointed Sean Lannon as the Company’s Executive Vice President and Chief Financial Officer, effective March 11, 2024, said the company.

He will have executive oversight of the Company’s Finance function and will play a critical role in shaping Nouryon’s financial strategy in support of its commitment to delivering innovative and sustainable solutions to customers.

“Sean’s extensive experience in finance and leadership as well as his background working for both public and private companies will be invaluable to Nouryon as we continue to grow and evolve,” said Charlie Shaver, Nouryon’s Chairman and CEO. “I had the pleasure of working with Sean in the past and I am pleased to welcome him to our leadership team and look forward to his contributions.”

Lannon has an established track record of driving financial and operational excellence. He joins Nouryon from Copeland, a leader in HVAC and refrigeration, where he served as CFO. Prior to Copeland, he held several senior positions in Finance at Axalta Coating Systems, including five years as Senior Vice President and Chief Financial Officer. Prior to his tenure at Axalta, he served in various senior finance roles at Styron LLC (Trinseo), Endo Pharmaceuticals, and PricewaterhouseCoopers. Lannon is a Certified Public Accountant in Pennsylvania and holds a B.S. in Accounting from Philadelphia University, where he graduated summa cum laude.

We remind, Nouryon is now certified to the International Sustainability and Carbon Certification standard ISCC PLUS for the production of green monochloroacetic acid (MCA) at its site in Delfzijl, the Netherlands. The Company is a leading global supplier of MCA and the first and only producer of green MCA that is derived from sustainably sourced raw materials1.

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The Asian Polyvinyl Chloride (PVC) market faced a complex landscape at the start of March 2024 as elevated costs and subdued demand in the downstream construction industry escalated the concern amongst the PVC market participants, said Chemanalyst.

The high production costs were driven by factors such as Brent crude futures exceeding USD 80 per barrel and a significant surge in the upstream Ethylene prices over the past two months.

Despite these bullish signs on the cost front, concerns regarding the supply side, particularly originating from China, threaten to hinder a sustained upward trend in the line of low PVC regional inquiries.

In China, the lingering slump in China's property sector has led to sluggishness in the PVC market and also resulted in abundant export availability. In terms of production, China does not anticipate any major issues, with minimal maintenance turnarounds reported in March 2024. In March 2024, Yichang Hubei Province with a total PVC production capacity of 10000 TPM, and Wanhua Chemical Corporation with a total PVC production capacity of 33333 TPM scheduled maintenance shutdowns for 11 and 8 days respectively.

However, downstream units are expected to resume operations after the Spring Festival, potentially boosting domestic demand. Following a Taiwanese major's price hikes for March, Chinese sellers also increased their offers. Despite these hikes, Chinese PVC prices being offered to the Indian market have not witnessed significant reductions. Sellers maintained confidence in the robust cost-side support for PVC prices.

The recent analysis reflects that import PVC markets in India, China, and Southeast Asia are currently trading at four to six-month highs. A Chinese trader anticipates a volatile trend in the Chinese market in the near term, while a producer notes that domestic supplies remain ample, and downstream purchases are still limited.

Southeast Asian markets display a similar pattern, with support from rising upstream crude oil and feedstock prices for March by the major producers of Taiwan. However, resistance from buyers is evident. An Indonesian compounder highlights the increased demand post-holidays but notes buyer resistance to the steep hike. Southeast Asian players, cautious of weak demand for end products, largely adopt a wait-and-see approach, keeping prices stable despite the Taiwanese major's upward adjustments.

As per ChemAnalyst, The PVC market in Asia seems to be at a crossroads in the coming weeks, navigating between rising costs and supply-side challenges. While the cost dynamics favor an upward trajectory, resistance from buyers and concerns over ample supplies pose challenges to sustained market growth. Market players are closely monitoring these factors to observe the future direction of the PVC market landscape in the APAC region.

We remind, Mexico's Orbia has decided to put a pause on the expansion plans for its polyvinyl chloride (PVC) production capacity due to a challenging market situation that adversely impacted its profits in 2023. The company's polymer division, which includes PVC, faced a substantial setback in the fourth quarter of the previous year, reporting a 54% year-on-year decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), amounting to USD47 million. Additionally, sales within this division experienced a 21% year-on-year decrease, reaching USD577 million.

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Wacker Chemie AG has confirmed that its 2023 sales and earnings fell markedly versus the previous year due to persistently weak market conditions, said the company.

The chemical Group’s sales totaled EUR6.40bn last year, 22% less than in 2022 (EUR8.21bn). This decline was prompted primarily by lower prices and volumes.

The Group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) reached EUR824M in 2023 (2022: EUR2.08bn), down 60%. The decrease stemmed not only from lower prices, but also from Germany’s ongoing high energy costs and from globally high raw-material costs. Additionally, lower sales volumes dampened plant-utilisation rates. In contrast, savings from the Group’s ongoing efficiency programmes buoyed earnings.

Due to the factors described above, EBIT (earnings before interest and taxes) dropped 76% to EUR405M (2022: EUR1.68bn). Depreciation and amortisation amounted to EUR419M, up slightly on the previous year (EUR402M). Net income for 2023 came in at EUR327M (2022: EUR1.28bn).

We remind, Wacker Chemie started the construction of several new production lines to expand its specialty silicone manufacturing capacities at the Zhangjiagang site in Jiangsu Province, China. At the site, which is one of Wacker’s largest fully integrated production sites, the globally operating chemical group will produce functional silicone fluids, silicone emulsions and silicone elastomer gels. Investments of some €150?million are planned for the expansion project.

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Preliminary data from the Statistics Agency show that in January 2024, Uzbekistan exported 21,900 tons of polyethylene, valued at USD17.3 mln, as per Kun.uz.

The export of polyethylene has increased by 4,800 tons compared to the corresponding period in 2023.

In January, Uzbekistan sold polyethylene to nine countries.

The top countries to which Uzbekistan exported the most polyethylene in January were: Turkiye – 12,500 tons, China – 2,300 tons, Russia – 2,300 tons, Latvia – 2,200 tons, Kazakhstan – 1,800 tons.

We remind, China’ share of global polyethylene (PE) demand rose from 22% in 2009 to 34% in 2023, even though its population was ageing, and its share of the global population was in decline. Exports as percentages of GDP also fell as gross fixed capital formation (investment) grew more rapidly than domestic consumption.


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TUV SUD, a globally acclaimed safety and quality expert, has issued ISCC PLUS certification to Toray Industries, Inc. (Location: Chuo-ku, Tokyo, President: Mitsuo Ohya) with its production plants: Nagoya Plant, Tokai Plant, Okazaki Plant and Chiba Plant, said the company.

ts-pr-ISCC PLUS certification to TorayTUV SUD has issued ISCC PLUS certifications to Toray Industries, Inc. with its 4 production plants: Nagoya Plant (Nagoya, Aichi), Tokai Plant (Tokai, Aichi), Okazaki Plant (Okazaki, Aichi) and Chiba Plant (Ichihara, Chiba). With ISCC PLUS certification, these plants are now able to allocate and use biomass or recycled raw materials in a mass balance system to produce and supply renewable materials.

For companies, it is getting more and more important to incorporate sustainability initiatives into their management strategies and corporate activities and to proof their engagement. ISCC PLUS certification is a voluntary international mass balance certification system that covers all types of biomass, waste, residues, non-biomass renewable energy and renewable carbon feedstock. It includes regulations on traceability, greenhouse gas calculations and the core requirements for sustainable agricultural production.

TUV SUD Japan will continue to contribute to the creation of organisations and products for decarbonisation and the circular economy through our sustainability-related services.

We remind, Toray Industries, Inc., announced it signed an agreement with Honda Motor Co., Ltd., to jointly develop a chemical recycling technology for glass-fiber reinforced nylon 6 parts recovered from end-of-life vehicles, said the company. The two have begun verifying this technology, which entails depolymerizing with subcritical water and regenerating the materials as caprolactam, a raw monomer.

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