U.S.-based Huntsman Corp and Switzerland’s Clariant AG are combining to create a chemical manufacturer with a market value of more than $14 billion, they said on Monday, after years of tentative mutual approaches. The deal creates a global specialty chemicals company that is 52 percent own by Clariant shareholders and valued at around $20 billion when including debt, Clariant said in a statement.
New York — Trelleborg Wheel Systems (Xingtai) Co. Ltd. has followed four other Chinese off-the-road (OTR) tire manufacturers in appealing stiff new antidumping duties from the U.S. department of commerce.
Trelleborg filed a complaint with the U.S. Court of International Trade (CIT) May 15, alleging that Commerce’s decisions in its antidumping review of Chinese OTR tires for the period between Sept. 1, 2014 and Aug. 31, 2015 were not based on substantial evidence.
FRANKFURT — Volkswagen’s emissions scandal reached deep into the company’s boardroom on Wednesday after German prosecutors said they were investigating Matthias Müller, the carmaker’s chief executive, on suspicion of market manipulation.
It is the first time that Mr. Müller has been officially identified as a suspect in the scandal, which has already cost Volkswagen tens of billions of dollars in settlements and fines for having installed software known as a “defeat device” in diesel vehicles to help them bypass emissions standards.
Volkswagen has already agreed to pay criminal and civil penalties of $4.3 billion under the terms of a plea agreement with American authorities, a piece of the overall $22 billion in settlements and fines in the United States. Six executives have so far been charged in the United States, and one engineer has pleaded guilty to conspiring to defraud regulators and car owners.
KENT, Ohio—Kent Elastomer Products Inc. has launched a new website, including products specs and industry information alongside other resources.
The website also features an “Ask KEP” button, which serves as an industry-wide challenge for users to bring their toughest requirements and projects to Kent’s engineering and product team, according to a statement.
AUBURN HILLS, Mich., May 10, 2017 /PRNewswire/ — Unique Fabricating, Inc. (“Unique” or the “Company”)(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the first quarter ended April 2, 2017.
First Quarter 2017 Financial Highlights
- Revenue of $47.9 million in the first quarter 2017, up 19.7% compared to $40.0 million in the first quarter 2016
- Net income of $2.0 million, or $0.21 per basic and diluted share in the first quarter 2017, compared to $1.8 million, or $0.19 per basic and diluted share in the first quarter 2016
- Adjusted EBITDA of $5.4 million in the first quarter 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $4.4 million in the first quarter 2016, including $1.2 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
- Adjusted diluted earnings per share of $0.23 in the first quarter 2017 versus $0.21 in the first quarter 2016(1)
- Declared a quarterly cash dividend of $0.15 per share payable on June 7, 2017 for stockholders of record as of May 31, 2017
NEW YORK — Four Chinese OTR tire manufacturers have followed through on their promise to appeal the U.S. Department of Commerce’s revamped antidumping and countervailing duties against them for the 2014-15 review period.
DETROIT — Cuts to the EPA in President Donald Trump’s proposed budget plan could shutter an Ann Arbor vehicle emissions testing lab and put 435 employees out of work, said the congresswoman whose district includes the lab. U.S. Rep. Debbie Dingell, D-Mich., on Monday toured the National Vehicle and Fuel Emissions Laboratory, where employees conduct research that helps set vehicle emissions and fuel economy standards. Dingell attempted to tour the site back in April, but was denied access.
Nokian Tyres is building its first North America-based plant in Tennessee. The plant represents a $360 million investment from the tiremaker and is set to break ground in Dayton, Tenn., in early 2018.
Expected to begin production in 2020, the plant will produce 4 million tires annually, with room for future expansion. Additionally, the site will house a distribution facility with storage capacity of 600,000 tires.
(Washington, DC) – The Institute of Scrap Recycling Industries (ISRI) today launched a new International Scrap Trade Database providing information on international scrap trade flows. The data tables illustrate the trade of recyclables across the globe by major commodity and importing/exporting economies, and show the total amount of scrap traded globally.
“The scrap trade database is a one-stop shop that brings together for the first time statistics dedicated solely to the cross-border movement of scrap. This collection of information will prove valuable for traders, brokers, market analysts, government agencies, the press, and all those interested in the global recycling industry,” said Joe Pickard, chief economist for ISRI. “It also provides scrap processors and consumers insights to burgeoning markets and potential opportunities that can help grow their businesses. The data will also prove beneficial to the public as it showcases the critical role recycling plays in the global economy, and how scrap flows are deeply connected to developments in manufacturing. In addition, it demonstrates the importance of maintaining the free and fair trade of scrap around the world.”
The database is being released in advance of ISRI’s annual convention and exposition being held April 22-27, in New Orleans. The initial offering of international scrap trade figures covers volume flows in metric tonnage from 2005 to 2015 for ferrous scrap, nonferrous scrap, plastic scrap, and recovered paper. Tables for other recycled commodities and charts to help visualize trade flows are in development.
As an added benefit tied to the database, ISRI members can now request custom trade reports by scrap commodity, trading partner, volume, and dollar value by contacting ISRI Research Analyst Bernie Lee.
MOOSUP, Conn.—Griswold L.L.C.’s board has elected David Natorski as the firm’s CEO, effective June 1. He will replace current CEO Daniel P. Mahoney, who is retiring.
“David has been intimately involved in every aspect of our business and has most recently led the company’s expansion into Asia,” said Henry Hortenstine, chairman of Griswold’s Board of Managers. “We are excited to have such an accomplished executive available to continue Griswold’s track record of success.”
Natorski has worked for Griswold for more than 33 years in various sales and management positions since being hired in 1984 by Larry Sarni, past president and co-founder of the company. He has spearheaded both the company’s growth strategy and its collaborative approach to product development.