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$PX signed a long-term contract with an electronics manufacturer in Shanghai, China. $PX will build, own and operate multiple air separation plants that will supply high-purity nitrogen & oxygen to EverDisplay Optronics (EDO), the first mass producer of 4.5-generation AMOLED displays in China. EDO will invest more than US$4.1Bil in its new project.
$PX expanded its long-term hydrogen supply agreement with Motiva Enterprises LLC. $PX will increase the amount of hydrogen it supplies to Motiva's about 600,000 barrel per day refinery in Port Arthur, Texas. This agreement secures the additional hydrogen required to support that expansion, as well as the ongoing needs of the refinery.
$CF announced early tender results of the tender offer by its subsidiary CF Industries Inc. (CFI) to buy for cash CFI's 7.125% senior notes due 2020 and the increase by CFI in maximum aggregate of notes subject to tender offer from $200MM to $299.98MM. The aggregate of the notes that were validly tendered and not validly withdrawn is $565.92MM.
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.
$LII is reiterating its guidance for 2017 revenue growth of 5-7%, with a 0.5% benefit from FX. GAAP EPS from continuing operations is expected to be $7.67-7.97 while adjusted EPS from continuing operations is expected to be $7.75-8.05. CapEx is expected to be approx. $100MM.
$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.
In China, $CF expects probably a $20-30 cost increase directly reflected in urea as coal prices have gone up even before winter. This combined with low-production capacity utilization puts production around 60-61MM metric tons. The company sees export market of 4-5MM metric tons and domestic market of around 56MM metric tons.
$CF said that compared to the 2Q starting point, prices, particularly for urea improved dramatically in August and September. Additionally, the company's team took advantage of rising prices and offshore demand to sell and ship about 300,000 product tons of more than expected.
$CF's urea ammonium nitrate solution sales volume for 3Q17 increased from last year, due to greater customer participation in summer UAN fill program. Ammonium nitrate sales volume increased due to increased demand from all major end uses of the product. Other segment volume rose on higher sales of DEF business.