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During 2Q18, $WOR's Steel Processing's net sales was $538.4MM, up 6% helped by higher average direct selling prices. Pressure Cylinders' net sales rose 55% YoY to $300.9MM, due to contributions from the Amtrol acquisition and Engineered Cabs' net sales were $30.4MM, up 35%.
$WOR reported 20% jump in its 2Q18 net sales to $871.3MM, helped by higher average direct selling prices in Steel Processing, higher volumes in Pressure Cylinders and contributions from Amtrol acquisition. However, net income fell to $39.4MM, or $0.62 per share, from $46.6MM, or $0.72 per share in 2Q17, due to pre-tax impairment charges of $8.3MM.
Global specialty chemicals industry leader $ALB said it has signed a definitive agreement to sell its polyolefin catalysts and components business to $GRA in cash for approx. $416MM. The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with $ALB. The deal is expected to close during 1Q18.
$SEE said it is implementing a price increase of 2.5-5% for the majority of its Food Care division's products in Europe, Middle East and Africa with the exception of Switzerland and the United Kingdom who received price increases earlier in the year. The increase will be effective Jan. 1, 2018.
$SEE, which completed the sale of its Diversey Care division and the food hygiene and cleaning business (within Food Care division) to Bain Capital on Sept, reported a 2% YoY drop in net earnings (from continuing operations) to $62MM for 3Q17. Including the gain on sale, $SEE’s net income attributable to common shareholders stood at $787.4MM.
$SEE said William G. Stiehl, the current Chief Accounting Officer and Controller, will assume the role of Acting Chief Financial Officer. In this new role, he will succeed the current Senior Vice President and Chief Financial Officer Carol P. Lowe, who will depart the Company on October 31, 2017.
$RYAM has declared a quarterly cash dividend of $2 per share of its Mandatory Convertible Preferred Stock. The dividend is payable on Nov 15, 2017 to stockholders as on Nov 1, 2017. The company also declared a quarterly cash dividend of $0.07 per share of common stock, payable on Dec 29, 2017 to stockholders as on Dec 15, 2017.
$WOR said its 1Q18 earnings were impacted by one-time costs related to the acquisition of Amtrol and restructuring charges. The integration of Amtrol is progressing as expected, and the company is looking to unlock $6-$8 of annual synergies. Depreciation and amortization expenses of $17MM per year is expected in connection with the acquisition.
$WOR's BoD declared a quarterly dividend of $0.21 per share, payable on Dec. 29, 2017 to shareholders of record on Dec. 15, 2017. In addition, the board authorized the repurchase of up to an additional 6.83MM of its common shares, lifting the total number of common shares available for repurchase to 10MM.
$WOR reported net sales of $848.2MM in 1Q18, up 15%, driven by higher average selling prices in Steel Processing and contributions from Amtrol acquisition. However, net income fell to $45.5MM, or $0.70 per share from $65.6MM, or $1.02 per share a year ago, due to higher SG&A expenses during the quarter.
$RYAM and Tembec Inc. said that, as a result of the new legislation, entitled the Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act, approval of $RYAM’s acquisition of Tembec under the Investment Canada Act is no longer required as a closing condition of the transaction. The deal is expected to close in 4Q17.
$RYAM said operations at its Fernandina Beach, Fla. and Jesup, Ga. facilities are back running at full capacity after orderly shutdown due to Hurricane Irma. $RYAM sees a $7MM impact to net income and $12MM impact to pro forma EBITDA. $RYAM now sees 2017 net income of about $31MM and pro forma EBITDA at or slightly down from $190-200MM forecast.
$SEE will acquire Fagerdala Singapore Pte Ltd., for approx. $100MM in cash. The sale is expected to close in October, 2017. Fagerdala is a manufacturer and fabricator of polyethylene foam with 14 manufacturing facilities and the company generated $80MM in sales in 2016.
$RYAM said it is temporarily suspending operations beginning Sept. 8 at its Fernandina Beach, Fla. and Jesup, Ga. facilities as the threat of Hurricane Irma is leading to mandatory evacuations in the area and impacting the supply of raw materials.