Huntsman | January 20, 2021
Huntsman Corporation (NYSE: HUN) today announced it completed the acquisition of Gabriel Performance Products (Gabriel), a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
Huntsman paid $250 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Gabriel had 2019 revenues of approximately $106 million with three manufacturing facilities located in Ashtabula, Ohio, Harrison City, Pennsylvania and Rock Hill, South Carolina. Based on calendar year 2019, the purchase price represents an adjusted EBITDA multiple of approximately 11 times, or approximately 8 times pro forma for synergies.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions.
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, ability to achieve projected synergies, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
Conservation Groups | January 18, 2021
Two conservation groups have launched a lawsuit to fight the EPA’s “failure to require adequate pollution controls for the oil and methane gas industry” in Chicago and areas of California. The Center for Biological Diversity and the Center for Environmental Health point out that two Canadian provinces require that the oil and methane gas industry install zero emission pneumatic controllers. “There is no reason the EPA cannot adopt this readily available technology,” says Kaya Sugerman with the Center for Environmental Health.
The EPA’s guidelines for oil and methane gas production recommend pneumatic controllers that emit volatile organic compounds, when pneumatic controllers that do not emit any of these compounds are in widespread use at production sites and compressor stations in both the US and Canada, the groups argue.
“Taking action to increase the use of zero emission controllers has a co-benefit of reducing methane, a dangerous greenhouse gas that is 87 times more damaging for climate change than carbon dioxide,” the groups say. They point out that, according to the EPA’s Greenhouse Gas Inventory, pneumatic controllers are the largest source of methane from the oil industry and the second-largest source of methane from the methane gas industry.
Honeywell | January 14, 2021
Hengli Petrochemical Co. Ltd has effectively utilized Callidus burner innovation from Honeywell UOP to limit nitrogen oxide (NOX) and carbon monoxide (CO) discharges in China, and decrease the effect of these outflows while guaranteeing protected and stable tasks.
Hengli chose Callidus progressed flares and low-NOX burner innovation in 2017 to follow ecological guidelines and improve energy productivity and operational wellbeing at its treatment facility and petrochemicals complex in Dalian, Liaoning Province. Furnished with imaginative low fire mode (LFM) innovation, Callidus burners decreased Hengli's emanations, improving air quality and assisting with killing reasons for corrosive downpour.
At the point when heater temperatures are beneath 650°C, the NOX burner produces more significant levels of CO. However, by utilizing the LFM innovation, the Callidus burners kept outflows at ideal levels – with NOX and CO each under 50 mg/Nm3. This assisted Hengli with taking care of an industry issue of limiting both NOX and CO outflows to diminish natural effect, while guaranteeing protected and stable activities.
"We chose the Callidus innovation since it's the worldwide pioneer in ignition advances and on the grounds that it was the first in China to address the CO outflow issue in a NOX burner," said Liang Peng, Static Equipment Director, Hengli Petrochemical. "Callidus burners likewise can be supplanted without requiring a closure of the heater and different tasks."
"Our involvement in these innovations around the world assists clients with preferring Hengli create monetary incentive by improving their rate of profitability with ecologically stable items," said Xiang Lei, VP and senior supervisor, Honeywell UOP China. "We're satisfied to work with Hengli to improve its energy effectiveness and operational security."