PRODUCTS AND TECHNOLOGIES
Plastic Recycling Technology | March 17, 2021
Synova and Technip Energies declare they have gone into a joint development and cooperation agreement to market Synova's high level plastic waste-to-olefins technology, in conjunction with Technip Energies' steam breaking technology.
Synova's licensed thermochemical recycling technology shuts the hole in the plastic supply chain, by taking filthy and blended plastic waste and separating it to its fundamental structure blocks, like olefin monomers and co-items, to deliver round plastics. The cycle has a low carbon impression and uproots the requirement for virgin polymers, as well as decreasing the requirement for concentrated plastic waste arranging.
The technology was imagined by the Netherlands Organization for Applied Scientific Research (TNO), an autonomous Dutch research organization that, among others, creates technology applicable to the Circular Economy and Energy Transition. Along with Synova, the technology has been additionally evolved, tried and directed over a 15-year range.
Technip Energies acquires its ability hydrocarbon treatment and cleansing, alongside its unrivaled involvement with plan, development and overhauling steam wafer units to this organization with Synova. The organization will help out Synova in the streamlining and improvement of the plastic recycling technology.
"Chemical recycling is going to be a big business, and we have a technological advantage in the race", said Van Morris, CEO of Synova. "Partnering with Technip Energies brings the expertise, skill and reputation to achieve the last mile of commercialization and allow this technology to provide a path to a more sustainable future."
Stan Knez, Senior Vice-President Technip Energies Process Technology, stated: "Technip Energies is founded on the vision of accelerating the energy transition for a better tomorrow. This partnership with Synova supports our vision by providing consumers, manufacturers and plastic producers a circular economy route, using recycled monomers from end-of-life plastic waste. The symbiotic coupling of the Technip Energies steam cracker knowledge and Synova technology provides a comprehensive offering."
Synova is an advanced recycling company focused on closing the gap in the plastic supply chain. Its waste-to-chemicals technology is a superior form of chemical recycling, designed to displace the need for fossil fuels and reduce climate impacts.
Synova is focused on enhancing the circular economy of plastics and helping consumer product and petrochemical companies achieve targets for reducing waste and utilizing more recycled plastics.
ABOUT TECHNIP ENERGIES
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Axalta | July 08, 2021
Axalta Coating Systems, a leading global supplier of liquid and powder coatings, announced today that it has entered into definitive agreements to acquire U-POL Holdings Limited from Graphite Capital Management LLP and other holders for £428 million (approximately $590 million), subject to certain adjustments stated in the transaction's Sale and Purchase Agreements.
U-POL, located in the United Kingdom, was founded in 1948 and is a leading manufacturer of repair and refinish products used mainly for automotive refinish and aftermarket protective applications. The company manufactures a wide variety of high-quality automotive refinishing goods and accessories, such as fillers, coatings, aerosols, adhesives, and paint-related products, as well as other automotive aftermarket protective coatings. U-POL distributes its products in over 100 countries and is well-known for its top brands, such as Raptor, Dolphin, and Gold. Axalta will accelerate the expansion of U-products POL's by increasing market access via Axalta's current sales and distribution channels while using U-distribution POL's networks to reach new clients with its Refinish Coatings portfolio.
U-POL's talented global organization and its production facility and R&D lab in Wellingborough, England, bring huge capabilities to the company's commercial, manufacturing, and technology organizations, improving Axalta's capacity to serve customers worldwide.
For the fiscal year 2021, U-POL expects net sales of about $145 million and adjusted EBITDA of around $38 million. Axalta expects substantial operational and commercial benefits throughout the merged global businesses. Annual operating savings and efficiency of about $10 million are anticipated to be fully achieved within 18 to 24 months after the transaction's completion. The entire consideration of approximately $590 million reflects an adjusted EBITDA multiple of about 12.5x for the full year 2021E, including run-rate operating synergies and efficiencies. Furthermore, the identified commercial efficiencies are expected to provide significant value over time. As a result, Axalta expects that the acquisition will be immediately accretive to adjusted EBITDA margin, excluding transaction-related costs. Axalta intends to fund the acquisition using cash on hand.
About Graphite Capital
Graphite is a specialized provider of private equity financing to UK-based mid-market companies. Graphite invests in both management buyouts and development capital opportunities.
About Axalta Coating Systems
Axalta is a global coating industry leader, offering clients innovative, colorful, beautiful, and long-lasting coating solutions. Our coatings are intended to prevent corrosion, improve productivity, and enhance durability in a wide range of applications, including light vehicles, commercial vehicles, and refinish applications, as well as electric motors, building facades, and other industrial uses. With over 150 years of expertise in the coatings industry, Axalta's global team is always looking for new ways to provide the best coatings, application systems, and technology to our more than 100,000 clients in over 130 countries.
PRODUCTS AND TECHNOLOGIES
Dow | October 06, 2021
Dow (NYSE: DOW) announced today its plan to build the world's first net-zero carbon emissions integrated ethylene cracker and derivatives site with respect to scope 1 and 2 carbon dioxide emissions. The project would more than triple Dow's ethylene and polyethylene capacity from its Fort Saskatchewan, Alberta site, while retrofitting the site's existing assets to net-zero carbon emissions. The organic, brownfield investment would significantly increase Dow's capacity of advantaged ethylene, polyethylene and derivatives manufactured across Alberta – all while maintaining Dow's enterprise-level commitment to keep capital expenditures at or below depreciation and amortization (D&A) levels. The Company expects to allocate approximately $1 billion of capex annually – or approximately 1/3 of its D&A levels – to decarbonize its global asset base in a phased, site-by-site approach.
Dow expects the new brownfield ethylene cracker to add approximately 1.8 million metric tons of capacity in a phased manner through 2030, and along with derivatives capacity and site retrofit investments, will enable the Company to produce and supply approximately 3.2 million metric tons of certified low- to zero-carbon emissions polyethylene and ethylene derivatives for customers and joint venture partners around the globe.
The investment, which is subject to approval by Dow's Board of Directors and various regulatory agencies, would decarbonize approximately 20 percent of Dow's global ethylene capacity while growing polyethylene supply by about 15 percent and supporting approximately $1 billion of EBITDA growth across the value chain by 2030. Further, Dow estimates that the project can be completed with an approximately 15 percent lower capital intensity than Dow's industry-leading Texas-9 cracker and derivative units.
"This investment builds on Dow's strong leadership position and allows us to meet the increasing needs of customers and brand owners seeking to lower the carbon footprint of their products,Our advantaged position and disciplined approach to capital investment makes us well positioned to lead the industry in decarbonizing, growing and accelerating Dow's path toward carbon neutrality."
-Chairman and CEO Jim Fitterling
The project would build on Dow's previous success in reducing the carbon emissions intensity of its manufacturing fleet. Texas-9 in Freeport, Texas, Dow's most recently commissioned cracker, has delivered a greater than 15 percent return on invested capital since startup and currently operates at 65 percent lower conversion cost and up to 60 percent lower carbon dioxide emissions intensity than the average cracker in Dow's fleet as well as 20 percent lower capital cost versus the industry. The asset leverages best-in-class technology, including a highly efficient furnace design with optimized integration with other facilities on site, that significantly reduces energy consumption and carbon dioxide emissions.
The production process at Fort Saskatchewan will convert cracker off-gas into hydrogen as a clean fuel to be used in the production process, and carbon dioxide that would be captured onsite to be transported and stored by adjacent third-party CO2 infrastructure.
The products produced at the site will be used across the globe to help deliver low- to zero-carbon emissions solutions to meet customers' sustainability needs. Dow is focused on serving high growth markets that support human well-being, drive industrial efficiency, and enable the world's energy transition.
Dow selected the Fort Saskatchewan site for this investment as the region offers a highly competitive energy and feedstocks position. The region also features access to available third-party CO2 infrastructure.
Today's announcement from Dow is fantastic news for Alberta's economy. If this project proceeds, it could represent one of the largest job-creating investments in Alberta in over a decade," said Jason Kenney, Premier of Alberta. "By choosing Alberta to host the world's first net-zero carbon emissions ethylene plant, Dow is highlighting our growing global leadership in emissions-reducing technology like carbon capture utilization and storage, and Alberta's open for business policies.
Alberta's support for circular hydrogen and CO2 infrastructure are essential to enabling us to develop this net-zero carbon emissions manufacturing facility," said Fitterling. "Canada's support for this type of investment can serve as a model for how government investment can encourage the development and accelerate adoption of emissions-avoiding technologies and solutions.
This investment aligns with Dow's broader targets to achieve carbon neutrality by 2050, eliminate plastic waste in the environment and increase its positive impacts on customers, business and society. It also supports Dow's commitment to reduce its net annual carbon emissions by an additional 15 percent, reducing net annual carbon emissions by approximately 30 percent by 2030 (since 2005). Today, Dow is among the top 20 global corporations for clean energy purchases, with more than 850 MW.
Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.