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Financial Performance and Strategy news
(page 28)
22 November 2024
Gunvor Temporarily Halts Rotterdam Refinery Operations Amidst Challenging Market Conditions
75,000 bpd Rotterdam refinery halted from Nov 25, 2024 due to lack of viable feedstock and weak margins. Site remains trading terminal; SAF and energy projects continue.
24 October 2024
Neste halts 120 MW electrolyzer investment at Porvoo refinery
Challenging market conditions and limited renewable hydrogen use led to the decision. Neste explores alternative renewable hydrogen options for Porvoo refinery with partners.
3 October 2024
LANXESS to Sell Urethane Systems to UBE Corporation
The sale, valued at €460M, includes 5 sites and 400 employees. Proceeds will reduce net debt. Transaction expected to close in H1 2025, pending regulatory approval.
2 October 2024
RPM International to Open Resin Facility in Belgium
The new facility will enhance manufacturing, supply chain efficiency, and cost reduction, supporting global growth and operational goals. Opening is set for late 2024.
1 October 2024
Covestro and ADNOC Sign Investment Agreement for Public Takeover Offer
ADNOC offers €62/share, supporting Covestro's growth strategy. A 10% capital increase will raise €1.17 billion. Shareholders gain a 54% premium.
1 October 2024
Covestro Backs ADNOC's €1.17 Billion Takeover with Strategic Investment
The agreement supports sustainable growth, offers a 54% premium to shareholders, and ensures governance continuity, with a 10% capital increase for strategic implementation.
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24 September 2024
PCI Pharma invests $365M in EU and US facilities for advanced drug delivery and device products
Investments enhance drug-device assembly, packaging, and storage in the US and EU, focusing on injectables and biologics, with new facilities in Illinois and Ireland.
24 September 2024
Solvay to End Production at Salindres Site
68 positions will be cut by late 2025 due to ongoing financial losses. Provisions of €50M will be recorded in Q3 2024, with cash-out starting in 2025. 2024 EBITDA and FCF guidance remain unchanged.
12 September 2024
€35M Investment Boosts Abolis Biotechnologies
An international consortium's investment will expand biomanufacturing, accelerate R&D, and foster strategic partnerships in healthcare, cosmetics, and chemicals, driving sustainable biotech innovation.
9 September 2024
Methanex to Acquire OCI Global’s Methanol Business for $2.05 Billion
The acquisition includes two methanol plants in Texas, a low-carbon methanol business, and a facility in the Netherlands. Expected to boost Methanex's production by 20% and add $275M in annual EBITDA.
29 August 2024
PPG to Sell Silicas Business to QEMETICA
The $310M transaction, closing in Q4 2024, includes manufacturing sites in the US and Netherlands. PPG will focus on coatings and specialty products. QEMETICA aims to expand globally.
29 August 2024
BASF to Close Adipic Acid, CDon, and CPon Plants at Ludwigshafen
Approximately 180 employees will be affected. The company will support them in finding new roles. Production will continue in South Korea and France.
25 July 2024
Södra Reports Stable Q2 Results and Strategic Investments
Net sales rose 3% to SEK 7,527 million. Operating profit was SEK 398 million. Investments in kraft lignin and tannin production are planned, enhancing sustainability and profitability.
10 July 2024
BASF to Cease Glufosinate-Ammonium Production in Germany
Production will end by 2025 due to economic reasons. Jobs will be retained until then. The company will source from third-party suppliers and focus on next-gen solutions with lower application rates.
26 June 2024
EuroAPI FOCUS-27 Plan: Job Cuts and Facility Divestments
The FOCUS-27 plan aims to boost competitiveness with €110-120M restructuring costs, €350-400M CAPEX, and €75-80M annual EBITDA by 2027, focusing on high-value APIs and strategic sites.
7 June 2024
EvodiaBio secures €7M for sustainable aroma technology
The investment will fund commercialization and expansion of a sustainable aroma technology for improving non-alcoholic beer taste, reducing resource use, and lowering CO2 emissions.
24 May 2024
Verkor secures €1.3 billion green loan for Dunkirk Gigafactory
The funds will support the construction of a 16 GWh/year Gigafactory, creating 1,200 direct and 3,000 indirect jobs by 2025, with contributions from 19 banks and a "Dark Green" rating from S&P.
14 May 2024
MOL Opens €1.3 Billion Polyol Complex in Hungary
The new polyol complex in Hungary will produce materials for durable consumer goods using advanced technology, enhancing industrial competitiveness and creating long-term employment for nearly 300 people.
23 April 2024
ExxonMobil to Decommission French Steam Cracker Amid Market Pressures
Permanent closure of Gravenchon steam cracker due to uncompetitive market; 677 direct jobs affected, €500M+ losses since 2018. Unions threaten strikes; decommissioning and remediation pending approval.
15 March 2024
Trinseo Considers Closing Virgin Polycarbonate Plant in Germany
The potential closure aims to boost annual profitability by $15-20M. Demand softens, prices drop due to oversupply. Trinseo explores recycling tech, with a pilot facility in the Netherlands.
1 March 2024
Celanese to Close Mechelen Operations
Operations in Mechelen to cease by September 2024, incurring $60-75M in costs. Employee termination costs pending consultation. Facility produces engineering thermoplastics and elastomers.
27 January 2024
Paques Biomaterials Secures €14M for PHA Production Site in Emmen
Raised funds will scale up biopolymer production, leveraging wastewater technology. New facility in Emmen to produce biodegradable PHA, with significant market growth expected by 2028.
14 December 2023
Alkermes to Sell Athlone Facility to Novo Nordisk
The $92.5M sale includes a subcontracting period until 2025. Alkermes aims for operational efficiency, while Novo Nordisk gains manufacturing capacity and 400 skilled employees.
6 December 2023
Clariant Closes Bioethanol Plant in Romania
The plant closure follows operational shortfalls and continued losses. Restructuring costs and provisions will impact 2023 and 2024 financials, with significant EBITDA and EBIT adjustments.
13 September 2023
UBQ Materials Secures $70M Funding Led by Eden Global Partners
The funding will support global expansion, new facilities, and R&D for sustainable thermoplastics made from waste, with applications in automotive, consumer goods, and more.
5 September 2023
LyondellBasell to Close One of Two Polypropylene Units in Brindisi
Consultations with unions begin over potential redundancies. The closure aims to address strategic and financial challenges, focusing on higher value markets. Supply to customers will continue.
23 August 2023
Northvolt secures $1.2 billion as first energy storage systems roll out
The $1.2B funding extends a previous $1.1B note, attracting major investors. Northvolt's new plant in Poland assembles battery systems, with customer deliveries expected later this year.
27 July 2023
VARO Secures $165M Green Loan for Biogas Expansion
The $165M green loan will refinance the acquisition of a biogas facility, doubling its capacity by 2026. The loan aligns with UN SDGs and meets stringent ESG criteria.
15 July 2023
Stora Enso Announces Restructuring for Competitiveness and Profitability
Plans include closing several production sites, reducing 1,150 jobs, and improving EBIT by EUR 110 million annually. Change negotiations will follow local regulations.
27 June 2023
DePoly SA secures CHF 12.3m to scale unique plastic recycling technology in Switzerland
A new CHF 12.3m seed round will help scale a pilot plant in Valais, Switzerland, using a unique chemical recycling process to convert PET plastics and polyester textiles into raw materials.
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