DowDuPont said late Thursday that first-quarter operating EBITDA was “down high-teens percent” versus previous guidance of a low-teens percent decline, citing $100-million EBITDA shortalls in both agriculture and materials science. Net sales are down high-single digits percent in the quarter versus previous guidance of down mid-single digits, the company added.
Operating EBITDA in material science, set to spin off 1 April as Dow Chemical, is expected to be down mid-20s percent versus previous guidance of down low-20s percent. EBITDA would be $100 million lower than previous guidance at the midpoint “driven primarily by greater-than-expected margin compression globally in packaging & specialty plastics.”
In agriculture, which will spin off 1 June as Corteva, flooding during the month of March in the US Midwest has halted farming operations, limited the ability to deliver products to customers, and delayed pre-season applications. Operating EBITDA in the segment is expected to be down $125 – $150 million compared to the same quarter last year. An assessment of full-year ag impacts, including potential for recovery in future quarters, will be provided with the full first-quarter earnings release on 2 May.
Operating EBITDA in specialty products, which will operate as DuPont following the spin-off of Corteva, is expected to be in line with previous guidance, the company said.
By Robert Westervelt
Source: Chemical Week
Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.
Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.
The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.