Chemicals - Diversified
Thirumalai Chemicals Ltd Shut Down One Stream Of Phthalic Anhydride (PA) Plant
Thirumalai Chemicals Ltd announced that the Company has shut down one Stream of its Phthalic Anhydride (PA) plant on April 22, 2013, due to large inventories caused by large volumes of Phthalic Anhydride imports into India, from Russia, Japan, Iran, Israel, Korea and Taiwan during the last four months.
Daito Chemix Corp Announces Result of Early-retirement Program
Daito Chemix Corp announced the result of an early retirement program, which was offered during the period from February 18, 2013 to February 28, 2013. 29 of its employees took the offer and will retire on March 15, 2013.
Tata Chemicals Ltd Receives Approval For Scheme Of Amalgamation Of Homefield International Pvt. Ltd
Tata Chemicals Ltd announced that the Board of Directors of the Company at its meeting held on February 08, 2013 approved the Scheme of Amalgamation (the Scheme) of Homefield International Pvt. Ltd (HIPL), (Mauritius) with the Company. HIPL is a wholly owned subsidiary of the Company with its registered office in Mauritius. The Appointed Date of the Scheme is April 01, 2013. Upon the Scheme coming into effect and in terms of the Scheme of amalgamation, all assets and liabilities of HIPL shall will be transferred to and vested in the Company and all shares of HIPL stand cancelled. No shares of the Company will be issued and allotted in lieu or exchange of the Equity Shares of HIPL.
Tessenderlo Chemie NV/SA Announces Reposition of Loos (France) Site; to Cut Jobs at Loos Site
Tessenderlo Chemie NV/SA announced that that it has launched a turnaround project to reposition its Loos (France) site to focus on the production of water treatment chemicals. The project consists of three elements. First of all, the Company will make an investment in a new electrolysis plant for the production of water treatment chemicals. Secondly, the non-competitive production units of pharmaceutical intermediates and of sulfate fertilizers at the Loos site may be closed down. The project also encompasses a multi-year environmental improvement plan to manage the historical soil pollution on the Loos site. Information and consultation procedures with the local Works Council and the Committee for Hygiene, Safety and Working Conditions have commenced. The difficult market conditions and a decline in demand at the two independent production units for pharmaceutical intermediates and sulfate fertilizers at the Loos site may result in a restructuring and could impact up to 39 employees at the Loos site.
Kemira Oyj To Start Co-Determination Negotiations in Finland in Connection with Global Restructuring Program
Kemira Oyj announced that it is to start co-determination negotiations in Finland which will affect all employees working at the Company's following Finnish sites: Helsinki, Espoo, Oulu, Sastamala, Kuusankoski, Joutseno, Vaasa and Harjavalta. At the end of June 2012, the Company had 5,181 employees from which 1,259 were located in Finland. The Company had previously announced that it is to implement global restructuring program to improve the Company's profitability, internal efficiency and to accelerate growth in the emerging markets. The implementation of the measures related to the program may lead to the reduction of up to 600 positions globally, from which approximately 250 could be reductions in Finland.
Kemira Oyj Announces Global Restructuring Program and Possible Lay-offs
Kemira Oyj announced a global restructuring program 'Fit for Growth' to improve the Company's profitability, internal efficiency and to accelerate growth in the emerging markets. The cost savings target with the planned program is EUR 60 million on an annualized basis once the program is fully implemented. The goal of the planned program is to reach Kemira Group's financial targets for revenue growth and EBIT margin. The growth target for Kemira is above 3% in the mature markets and above 7% in the emerging markets. Kemira Oyj's EBIT margin target is at least 10%. The planned group-wide restructuring program is based on: reducing internal complexity by renewing and simplifying the organizational structure in order to foster accelerated growth, innovation and application focus; improving internal efficiency by reducing organizational layers and by placing responsibility into the regions by implementing regional business units reporting to the segment heads with full profit and loss responsibility, as well as optimizing and rebalancing the manufacturing network. The implementation of these measures may lead to a reduction of up to 600 positions globally, from which approximately 250 could be reductions in Finland. Kemira Oyj will initiate the co-determination negotiations according to each country's local legislation. Kemira Oyj will also consolidate its management structure. As of October 1, 2012, there will be one Management Board lead by the Chief Executive Officer.
The Dow Chemical Company Implements Cost-Reduction Plans, Anticipates Annual Savings Of Approximately $250 Million
The Dow Chemical Company announced it is implementing cost reductions in line with its commitment to actively manage its portfolio and in response to continued weakness in the European economy. Actions will include closing certain manufacturing plants in Europe, North America and Latin America, as well as canceling a selection of capital projects and implementing workforce reductions. Dow anticipates that it will save approximately $250 million annually from these actions. The savings are part of Dow's goal to deliver an additional $250 million of cash flow from cost interventions in 2012. The Company anticipates that approximately 900 positions will be eliminated worldwide, and in the first quarter, Dow will take charges totaling approximately $350 million for asset impairments and write-offs, severance and other costs related to these measures. Dow will shut down three plants that produce STYROFOAM Brand Insulation products located in Estarreja, Portugal; Balatonfuzfo, Hungary; and Charleston, Illinois; and idle a plant in Terneuzen, The Netherlands. Dow will also close its toluene diisocyanate (TDI) plant in Camaçari, Brazil. In addition to these closures, Dow will consolidate certain other assets in its Polyurethanes and Epoxy businesses, optimizing their operations while remaining focused on meeting customer needs and sourcing through non-impacted assets. These actions are expected to take place over the next two years.
SK Chemicals Co., Ltd. to Merge with Subsidiary
SK Chemicals Co., Ltd. announced that it will merge with its wholly owned subsidiary, which is mainly engaged in the sale of CACP, to create synergy and improve operating efficiency. The merger effective date is February 20, 2012.
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Sector Summary
| Energy |  +0.39% |
| Basic Materials | +1.14% |
| Industrials | +0.58% |
| Cyclical Goods & Services | +0.53% |
| Non-Cyclical Goods & Services | +0.09% |
| Financials | +0.19% |
| Healthcare | +0.82% |
| Technology |  -0.02% |
| Telecoms | +0.12% |
| Utilities | +0.05% |
| DOW | 15,387.58 | +52.30 |
+0.34% |
| S&P 500 | 1,669.16 | +2.87 |
+0.17% |
| NASDAQ | 3,502.12 | +5.69 |
+0.16% |
| TR US Index | 151.47 | +0.24 |
+0.16% |
Analyst Research
| Report Title | Price |
|---|---|
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Provider: Bohai Securities Co.,Ltd.
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$138.00
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Provider: Bohai Securities Co.,Ltd.
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$35.00
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Provider: GlobalData
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$125.00
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Provider: SADIF-Investment Analytics, S.A.
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$25.00
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Provider: Wright Reports
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$35.00
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