Austria’s Neveon completes sale of automotive arm

Spanish Market: Petrochemicals
11/01/24

Austrian foam producer Neveon has sold its automotive equipment business to focus on its vertically integrated foam business.

The automotive equipment business was sold to France's Treves Group. Antitrust approval was granted on 31 December, Neveon said today, after the sales process began in August 2023.

Neveon, a subsidiary of Austrian firm Greiner, is a major consumer of isocyanates, including TDI and MDI, and of polyols. The firm produces foam for mattresses, upholstered furniture and healthcare as well as for aviation, railway and specialty applications.

Neveon's sales were €732mn ($801.6mn) in 2022, the latest available figures.

By Laura Tovey-Fall

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

09/05/24

Logistics, water access key for Braskem hub restart

Orlando, 9 May (Argus) — Brazilian petrochemical giant Braskem's plants at the Triunfo petrochemical hub have come to a standstill because of logistical and water access issues and the uncertainty surrounding when water levels will subside. Braskem had to shut down all of its operations in Rio Grande do Sul state after extreme flooding in recent days, but said its polymer inventories are safe and protected from the damage caused by heavy rainfall at its operations in southern Brazil during the past two weeks. At least 428 cities and 1.5mn people have been hit by the floods. So far, there are 107 confirmed deaths and 136 people missing, according to the state's last emergency service report. There has been no permanent damage to the industrial facilities, Braskem said today in an earnings call. But critical water intake and effluent treatment systems are submerged, rendering them inoperable. Additionally, the Santa Clara River terminal, which was preemptively closed by the local port authority, has also been flooded. "We can only assess the situation and evaluate losses once the water recedes," Braskem's chief financial officer Pedro Freitas said during the company's first quarter earnings call. Freitas said that part of the production of basic resins, such as polyethylene (PE) and polypropylene (PP), will be offset by increased production in other Brazilian states or in Mexico. Braskem has been operating under its nameplate capacity. The situation is different at Braskem's 260,000 t/yr bio-based PE plant. There is stock available abroad, as the majority of this product is earmarked for export, Freitas said. 1Q production and sales Braskem's domestic resin sales fell by 5pc in the first quarter from a year prior, with volumes also falling in the US and Europe but growing in Mexico. Domestic sales declined on the company's decision to prioritize sales with higher added value in the period, Braskem said in its preliminary first-quarter production and sales report. Domestic resin sales fell to 839,000 metric tonnes (t) in the first quarter, from 884,000t a year earlier. On the other hand, the company's Brazil resin sales rose by 7pc from the prior quarter on higher demand for polyethylene (PE) and polypropylene (PP) because of inventories rebuilding in the supply chain. In Mexico, polyethylene (PE) sales through the Braskem Idesa joint venture rose by 6pc to 209,000t in the period, primarily because of the higher availability of products for sale in the period. Sales rose by 17pc from the fourth quarter of 2023 mainly thanks to seasonality and replenishment of PE stocks in the fourth quarter of 2023. First quarter polypropylene (PP) sales hit 508,000t, according to consolidated numbers for the US and Europe. That is a 2pc drop from a year earlier and down by 1pc from the previous quarter. The declines are mainly because of better handling of inventory, which partially offset the lower availability of products for sale in the US thanks to an unscheduled shutdown in the region. Braskem reported a $270mn loss in the first quarter, swinging from a profit of $46.9mn in the same period last year, largely because of additional provisions related to the Alagoas state geological event . By Frederico Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

RES licences BlueAlp pyrolysis technology

09/05/24

RES licences BlueAlp pyrolysis technology

London, 9 May (Argus) — Italian waste management company Recupero Etico Sostenibile (RES) will license pyrolysis chemical recycling technology from Netherlands-based firm BlueAlp, to build a 20,000 t/yr plant in Pettoranello del Molise, Italy, to process difficult to recycle plastic waste. The firms signed an engineering, procurement and fabrication (EPF) agreement this week, with BlueAlp to supply a technology licence and manufacture the plant equipment at its factory in the Netherlands before shipping to the site in Italy. BlueAlp chief executive Valentijn de Neve told Argus that fabrication is expected to take around one year, with the plant expected to begin operating by mid-2026. RES will own and operate the plant alongside its existing mechanical recycling facilities in Pettoranello del Molise. It recently commissioned a new advanced 40,000 t/yr sorting centre at the same site which will provide feedstock to the pyrolysis plant. Positive step A licence agreement with a waste management company should be seen as an important step for the pyrolysis industry, de Neve said, as it demonstrates that such a company sees chemical recycling as complimentary to its existing waste management activities. UK-based waste management firm Viridor bought chemical recycling firm Quantafuel last year, but de Neve said that the licensing model is more affordable and accessible to a wider group of waste management firms. Involvement from such companies in addition to petrochemical producers — which have been the most frequent early adopters in chemical recycling — can help to accelerate the development of the industry, he said. The European petrochemical sector is facing economic challenges, amid tough market conditions globally, a generally higher cost base in Europe and the need for the industry as a whole to invest in renewing or replacing ageing production units to meet ever stricter environmental targets. Saudi Arabia's Sabic and ExxonMobil have both announced their intention to close European steam cracker capacity in the past month, and LyondellBasell launched a strategic review of its European olefins and derivatives assets on 8 May, raising questions around the sale or closure of some of its facilities. But de Neve played down any risk to investments in chemical recycling, saying that many market participants continue to see circularity as a key component of their competitiveness. Indeed, LyondellBasell said itself that its investments in a commercial-scale plant to convert plastic waste into liquid raw materials, and its development of a circularity hub in Cologne will continue as planned. De Neve also said the recent progress of the Packaging and Packaging Waste Regulation (PPWR) — which will set mandatory recycled content targets for plastic packaging — through the EU parliament, and the parliament's rejection of an objection to the European Commission's support for fuel use-exempt mass balancing rules, are positive developments for chemical recycling. As legislation has developed, companies have been more keen to speed up progress on new pyrolysis projects, he said. By Will Collins Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Polymers stocks safe in storm-hit Brazil: Braskem

08/05/24

Polymers stocks safe in storm-hit Brazil: Braskem

Orlando, 8 May (Argus) — Brazilian petrochemical giant Braskem said its polymer inventories are safe and protected from the damage caused by heavy rainfall at its operations in southern Brazil during the past two weeks. The inventories include polyethylene (PE), polypropylene (PP), ethylene and basic chemicals. Braskem had to shutdown all of its operations in Rio Grande do Sul state after the extreme weather event in recent days , the company told Argus on Wednesday, on the sidelines of the NPE Plastics fair in Orlando, Florida. The shutdown was completed safely, with no harm to the company's plants at the Triunfo petrochemical hub, which represents about 30pc of its ethylene production capacity in Brazil. Braskem is reevaluating its supply chain strategy to deal with the lack of production at the Trinfo hub. This includes serving its clients with PE produced at other company hubs in Brazil and Mexico, where it owns PE manufacturing joint venture Braskem Idesa. The same goes for PP and polyvinyl chloride (PVC), with other production hubs serving customers if the weather situation does not improve in the coming days. Operations at Braskem's 260,000 t/yr bio-based PE plant will restart as soon as conditions improve, the company said. No fatalities occurred at the company's operations, but part of its workforce has lost their homes and are being taken care of by Braskem, according to the company. State governor Eduardo Leite called the the flooding "the worst disaster in Rio Grande do Sul's history." There are 100 people dead and 128 missing, according to the state's civil defense. Braskem said it will resume its operations gradually, after weather conditions normalize and logistics in the state such as airports, railroads and flooded roads resume. Braskem is the largest producer of thermoplastic resins in the Americas and a leader in biopolymer production. By Frederico Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Enchentes afetam operações de empresas no Sul do Brasil

08/05/24

Enchentes afetam operações de empresas no Sul do Brasil

Sao Paulo, 8 May (Argus) — Diversas empresas brasileiras suspenderam operações no Rio Grande do Sul em razão das chuvas intensas que causaram diversos alagamentos e danos à infraestrutura. As enchentes ocasionadas pelo recorde de chuvas geraram pelo menos 83 mortes e 111 pessoas desaparecidas, de acordo com o governo estadual. Mais de 23.000 pessoas foram obrigadas a deixarem suas casas em meio a danos generalizados, incluindo pontes e rodovias inundadas em diversas cidades. A barragem da usina hidrelétrica 14 de Julho, com capacidade de 100MW, no rio das Antas, rompeu na semana passada em meio às fortes chuvas. A Companhia Energética Rio das Antas (Ceran), que opera a usina, implementou um plano de evacuação de emergência em 1 de maio. A produtora de aço Gerdau informou em 6 de maio que suspendeu suas operações em duas unidades no estado até que seja assegurada a "segurança e proteção das pessoas". A empresa não divulgou o volume de produção de aço dessas unidades. A empresa de logística Rumo interrompeu parcialmente suas operações e informou que os "danos aos ativos ainda estão sendo devidamente mensurados". A gigante petroquímica Braskem desligou duas unidades no complexo petroquímico Triunfo, como uma medida de prevenção em decorrência dos "eventos climáticos extremos" no estado, afirmou em 3 de maio. A empresa adicionou que não há expectativa de data para retomar as atividades. A Braskem opera oito unidades industriais no Rio Grande do Sul, que produzem 5 milhões de toneladas (t)/ano de petroquímicos básicos, polietileno e polipropileno, de acordo com seu website. Por Carolina Pulice Envie comentários e solicite mais informações em feedback@argusmedia.com Copyright © 2024. Argus Media group . Todos os direitos reservados.

Japanese ethylene producers unite for decarbonization

08/05/24

Japanese ethylene producers unite for decarbonization

Tokyo, 8 May (Argus) — Japanese petrochemical producers Mitsui Chemicals, Mitsubishi Chemical and Asahi Kasei have agreed to co-operate on decarbonization of their ethylene crackers in west Japan, targeting to decide a pathway within the current April 2024-March 2025 fiscal year. They plan to accelerate carbon neutrality at Mitsubishi Chemical and Asahi Kasei's 496,000 t/yr Mizushima cracker in Okayama prefecture and Mitsui Chemicals' 455,000 t/yr Osaka cracker in Osaka prefecture. The partners aim to introduce biomass feedstocks such as biomass-based naphtha and bioethanol and low-carbon cracking fuels like ammonia, hydrogen and electricity. They said joining forces will enable them to accelerate reducing greenhouse gas emissions, although they have not yet decided any further details. Mitsui Chemicals has experience in using bio-naphtha and recycled pyrolysis oil at its Osaka cracker. Japanese petrochemical producers have increasingly united to achieve decarbonization of their production processes, which account for around 10pc of the Japanese industrial sector's carbon dioxide emissions, according to the trade and industry ministry. Mitsui Chemicals, Sumitomo Chemical and Maruzen Petrochemical agreed to study the feasibility of chemical recycling and using bio-feedstocks at the Keiyo industrial complex in Chiba. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more