Billion-dollar lawsuits: Will non-stick chemicals finally stick on 3M?

Twin cities | August 18, 2019

3M’s pollution problems in Minnesota appear to be receding. But nationwide, they are rising like the floodwaters of the Mississippi River. An estimated 35 federal bills take aim at 3M Co.’s chemical pollution, and 41 states have complained that it’s in their groundwater. Wall Street analysts have downgraded 3M’s stock, citing potential legal liabilities of up to $6 billion. 3M, they fear, is about to be injured by its own creation. “From a legal standpoint, this is like an octopus — lots of arms, lots of outcomes, lots of issues to decide,” said Nick Heymann, an analyst with the advisory firm William Blair & Co. The chemicals, found in groundwater around the world and millions of consumer products, seem to be in many places. And so does the potential legal liability. “(The chemicals) remain an acute risk with product liability still unquantifiable,” said a July report of RBC Capital Markets, by analyst Deane Dray.
Citing the risk of lawsuits and cleanup costs, RBC in July downgraded the 3M stock — as have other advisory firms.

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The Petrochemical industry is relying on the huge pool of Millennial talent to meet its current and future need for employees in all job categories. Relatedly, supporting construction companies and others must find amongst Millennials the engineers and crafts people to bolster their ranks.

Spotlight

The Petrochemical industry is relying on the huge pool of Millennial talent to meet its current and future need for employees in all job categories. Relatedly, supporting construction companies and others must find amongst Millennials the engineers and crafts people to bolster their ranks.

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CHEMICAL MANAGEMENT

ICIS partners with Carbon Minds for more sustainable supply chains

ICIS | January 18, 2022

Setting climate targets, measuring, managing, and reaching these is one of the greatest boardroom challenges of our time. This becomes increasingly complex with supply chains. ICIS, a global source of independent commodity intelligence services, and Carbon Minds, an innovative environmental impact specialist working in the chemicals sector, have partnered to provide companies in the chemicals supply chain with data to support decision making on the net-zero transition. The new partnership will widen access to independent, supplier specific, carbon emissions data, enabling companies to instantly identify emissions hotspots, identifying opportunities for reduction, comparing suppliers and measurement of their Scope 3 chemicals carbon footprint. "As a planet we have to reduce our carbon emissions and, although companies are setting climate targets for their products, they need greater visibility into the supply chain to truly achieve this. Partnering with ICIS, together we make supplier-specific emissions data more accessible and help businesses fully understand the emissions that are being added to their products through the supply chain." Arne Kätelhön, Managing Director & Co-Founder at Carbon Minds According to the World Business Council for Sustainable Development the upstream and downstream supply chain of chemical companies contributes on average 81% of a company's emissions, with the single largest contributor typically being raw material supplies. Kätelhön continued, "The variance of supplier-specific carbon footprints is significant and offers manufacturers a real opportunity to immediately make a difference to their overall carbon footprint. Manufacturers wanting to reduce their carbon footprint need clear, consistent, and comparative carbon emission supply chain data on which to base purchasing decisions. The data enables informed decisions, improve environmental performance, and strengthens brands as a result." Louise Boddy, Head of Commercial Strategy – Sustainability at ICIS, said, "Our focus on sustainability ensures we support our customers and markets in their plans to lower emissions. This is becoming increasingly critical for access to capital, and we recognize how crucial and challenging it is to measure and lower the negative impact of supply chains. We are excited about this partnership and the unique data it delivers to our customers. This will be a gamechanger in supply chain visibility into carbon emissions and we are delighted to be a first mover in providing this data to our customers." The data for supplier-specific carbon footprints accounts for each supplier and plant's precise production process and supply chain to shine a light on the true climate impact. The data covers 77 bulk chemicals which are consumed to produce a wide variety of materials used in around 96% of manufactured goods. Boddy concluded, "We exist to connect markets, customers and data to enable the efficient, effective and sustainable trade and use of global resources. This partnership is another important step towards enabling this outcome for our customers around the world. This data will be readily accessible to ICIS users in our solutions platform, where it will become readily accessible to ICIS subscribers in 2022. The world is changing, we want to make sure that change is for the better." About ICIS ICIS is a trusted source of global commodity intelligence for the energy, chemical and fertilizer industry. We are a division of RELX, a FTSE 15 company with a market cap of £43.4 billion and an employee base of over 30,000 experts across 40 countries. About RELX RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £43.4bn | €51.9bn | $59.2bn. About Carbon Minds Carbon Minds is a data analytics company and life-cycle data provider focused on environmental sustainability in the chemical industry. From its roots at RWTH Aachen University, the company has grown to provide some of the world's largest corporations with solutions for lowering their environmental impacts from the production and use of chemicals.

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CHEMICAL MANAGEMENT

GCC chemical producers give push to renewable energy in 2020: GPCA

GCC | January 04, 2021

GCC substance organizations have started to put resources into sustainable advancements and ventures, for example, wind and sunlight based as they hope to change towards cleaner fuel sources, as indicated by the Gulf Petrochemicals and Chemicals Association (GPCA). Qatar Petroleum engaged in a sun based force plant advancement through its JV with Qatar Electricity and Water Company, Siraj Energy. Al Kharsaah PV sun based force plant is the main enormous scope sun oriented force plant being created in Qatar, GPCA noted. The effect of the Covid-19 pandemic has prompted pay weakening, diminishing interest, and development mishaps for the GCC substance industry. "The most recent a year were a long way from simple for Arabian Gulf makers who had to work at diminished creation levels with serious deficiency of labor and uncommon store network disturbances," noted Nuriya Ismagilova, Research and Studies trained professional, GPCA. Continuous moves prompted unforeseen undertaking delays, rearrangement of capital consumption and rethinking organizations' essential needs. All things considered, territorial players stayed resolved to long haul extension plans, propelling their maintainability plan, wiping out failures and reevaluating themselves to develop their worldwide seriousness, GPCA said. In spite of confronting critical store network interruptions, the GCC compound industry increased determination to defend the stock of crude materials for the assembling of items used to empower the cleanliness, testing and therapy of patients influenced by Covid, close by close to home defensive gear for clinical staff, just as guaranteeing the kept assembling of fundamental food bundling material.

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CHEMICAL MANAGEMENT

TPC Group Extends the Forbearance Agreement

TPC Group | March 17, 2022

TPC Group announced that it got an extension to the Forbearance agreement until April 18 by Ad Hoc Group. Initially, the agreement was effective till March 18. The extended period of the agreement will allow economic stakeholders, representing 90% and 80% of its two series of senior secured notes, respectively, to aim towards strengthening its capital structure. In addition, in the extended period, the stakeholders will also discuss the company’s positioning to be more competitive in the future. TPC Group told it would continue to operate similarly throughout these discussions by maintaining its strong focus on EHSS performance, becoming more reliable, and providing safe operations to customers and vendors with the highest quality products and services. TPC Group has been in business for more than 75-years and is a leader in North America across all product lines. Interestingly, it is known as the largest independent C4 crude processor. Apart from this, TPC Group is recognized as a global leader in producing value-added products and raw materials such as C4 hydrocarbons and providing acute infrastructure and logistics services to petrochemical operators along the Gulf Coast. TPC Group is advised by Baker Botts L.L.P., Moelis & Company LLC, and FTI Consulting, Inc. The Ad Hoc Group is recommended by Evercore and Stroock & Stroock & Lavan LLP.

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