02 July 2001 00:30 [Source: ICIS news]
Electronics downturn to squeeze profitability
As specialty chemical companies weather the downturn in the semiconductor and electronic markets, analysts are reducing second quarter and 2001 earnings estimates for companies with high exposure to this once promising end market. Early in 2001 the microelectronics segment was one of the few bright spots for specialty chemical companies. Although there is general consensus on Wall Street that a bottom in the electronics market has been reached or is nearing, most analysts believe a sustainable recovery will not occur until next year.
Brazil and US reach accord on patent issues
The pharmaceutical industry expressed support last week for a deal between the US and Brazilian governments that will establish a new system for resolving long-running trade disputes between the two countries over drug patent issues. Under the agreement the US will drop a complaint before the World Trade Organization (WTO) against Brazil's patent and compulsory licensing laws, which give the country wide powers to import or locally produce pharmaceuticals. In return, Brazil will give ten days notice before any decision to import or manufacture goods or technology under so-called compulsory licenses. The US went to the WTO in February to complain that Brazil's 1996 industrial property law violates patent protection rules. It gives the Brazilian government the right to license a company's manufacturing rights to another producer if it does not produce the product in Brazil. Brazil accused the US of attacking its successful anti-Aids campaign, but Washington countered that the problem with the law was that it gave Brazil freedom to import virtually anything and to disregard international patent regulations.
PET market proves resilient in the face of an economic downturn
In contrast to other resins, polyethylene terephthalate (PET) is enjoying a run of healthy demand and firm pricing. However, even strong demand and pricing are not enough to keep companies such as DuPont and Eastman interested in PET as they sell and spin off their PET businesses. The supply-demand balance for PET resin is comfortably snug, according to Chase Willett, director of polyester and polyester raw materials for Houston-based Chemical Market Associates Incorporated (CMAI). He reports that demand had picked up through much of the second quarter but has tapered off recently. Despite the slowdown, "demand still appears at a healthy level," he says. Edgar Acosta, PET consultant for DeWitt & Company concurs. "Supply-demand is a little loose in the US right now," he says.
Chevron Phillips forms Qatar jv to build petrochemicals complex
Chevron Phillips Chemical (CPC) and Qatar Petroleum (QP) are forming a joint venture to build a petrochemicals complex in Ras Laffan, Qatar which will be completed in 2006. The project will include a 1.2m tonne ethylene cracker, a 750 000 tonne polyethylene plant and associated utilities and offsite facilities. Ethane for the project will come from Qatar's north field, the world's largest non-associated gas field. The joint venture's polyethylene unit will feature CPC's proprietary loop process technology. The project is CPC's second joint venture in Qatar. Qatar Chemical (Q-Chem), a joint venture between QP and CPC, is already building a 500 000 tonne ethylene plant, a 450 000 tonne polyethylene (PE) plant and a 47 000 tonne hexene-1 plant in Messaieed, Qatar. That complex is on schedule to start up in third quarter 2002.
Bayer issues profit warning as polymers business declines
Bayer last week followed the example of its local rival BASF by issuing a profits warning and citing in part the impact of the global economic slowdown on its polymers business. The company also blamed problems in its healthcare segment caused by a sharp drop in earnings from its biopharmaceutical Kogenate, a recombinant blood clotting treatment with which it has been having production difficulties. Only a few days before making the profit warning, Bayer had given an upbeat presentation on the medium-term prospects of its polymers business to a press conference at Leverkusen, Germany. Werner Spinner, member of Bayer's management board responsible for polymers, admitted to the meeting, however, that for the company as a whole, "it will be difficult to reach our targets for 2001."
US export tax breaks in jeopardy
The Bush administration acknowledged last week that the US has lost a major trade case over tax breaks for American exporters, saying the dispute with the European Union (EU) heightens the need for a new round of global trade negotiations. "We're obviously disappointed to lose the case," US Trade Representative Robert Zoellick told reporters. "It's a sensitive matter because of the size of the economics involved and because it deals with tax systems." On 22 June a World Trade Organization (WTO) dispute settlement panel issued a confidential preliminary ruling against the US in a case involving $4.1bn (Euro4.8bn) in tax breaks for US exporters. If upheld on appeal, it could set the stage for the EU to retaliate on billions of dollars of US goods. Last year, the US sought to comply with a WTO ruling - that US Foreign Sales Corporations (FSCs) amounted to an illegal export subsidy to multinational firms - by replacing FSCs with a different set of tax guidelines. But the EU, which first raised objections to FSCs, insisted that the replacement legislation did not go far enough to eliminate the government's help to US firms with overseas operations.
EC's decisions put Honeywell's chemicals unit in limbo
Despite the vigorous opposition of European Competition Commissioner Mario Monti, who felt that the combined company would dominate the aerospace products market, executives at General Electric (GE) and Honeywell International are still lobbying European Commission (EC) regulators for approval of the $45bn merger of the two companies. If the merger is eventually approved, GE's $200m fine chemicals business will receive a substantial boost. The combined company would have a $1.4bn specialty chemicals business, according to Prudential Securities analyst Nicholas Heymann. However, "if the deal does not go through, that is going to put Honeywell in a difficult situation," says Chem Listner, vice-president of the Little Falls, New Jersey-based consultancy Kline & Company.
In the News
BASF to close acrylic acid plant at Freeport complex
BASF is closing a 20-year-old acrylic acid plant at its petrochemicals complex in Freeport, Texas to maintain its position as one of the lowest-cost acrylic acid producers in the Gulf Coast. In 1997 BASF doubled its acrylic acid capacity in Freeport to supply the Nafta market and serve as an export base for Asia and South America. The company says that with the start-up of its acrylic acid complex in Kuantan, Malaysia last year as well as its butyl acrylate plant in Guarantingueta, Brazil later this year, capacity at Freeport can be reduced. Closure of the 75 000 tonne/year unit at Freeport will not affect the two remaining acrylic plants at the site, which can be quickly debottlenecked.
Air Liquide settles with EPA for $4.5m, will replace CFC units
Air Liquide America has agreed to replace ozone-depleting refrigerant chemicals with environmentally friendly alternatives and pay a $4.5m civil penalty under a settlement with the federal government. The US charged Air Liquide with illegally releasing ozone-depleting gases from industrial process refrigeration systems at 22 facilities in 18 states. The settlement agreement, filed in US District Court in Texas, requires the Houston-based company to convert all of its industrial refrigeration systems now using chlorofluorocarbons (CFCs) to systems using environmentally friendly alternatives. Air Liquide also will fund an "environmental justice" supplemental project that will benefit a lower income, predominately minority community in Louisiana.
Degussa aims to double Asia-Pacific sales
Degussa, the German specialty chemicals giant, plans to double its sales in the Asia-Pacific region by 2006. The company aims to elevate the region from a current 12% of its worldwide sales to 25% over the next three years. For 2000 Degussa's Asia-Pacific revenues were about $1.7bn out of a global total of $14.5bn. The announcement comes on the heels of Degussa's recent acquisition of LaPorte, whose assets make Degussa the world's second-largest manufacturer of fine chemicals. The company's total sales of fine chemicals are now valued at $861m, up from about $675m before the deal. A Degussa representative says that among the top priorities for the merged business will be further expansion in North America and most importantly in Asia.
Further labour unrest brewing in South Korea
The South Korean petrochemical industry and other vital businesses face more unrest following labour disputes that have plagued the country over the past two months. A strike that began at the Yeochun Naphtha Cracker Center (YNCC) on 16 May seemed to light a fuse that was compounded on 4 June when police violently broke up a sit-in strike at the Hyosung petrochemical plant in the city of Ulsan. In response, an aggressive trade union umbrella organisation, the South Korea Confederation of Trade Unions (KCTU), called for a multi-industry walkout on 12 June, which initially made an enormous impact, essentially crippling the country's airline industry for several days. As of last Friday strides were being made to resolve numerous lingering labour-management conflicts, but there are indicators that more unrest may be in the works
BASF steps up use of eco-efficiency
While the chemical industry has been widely promoting the concept of sustainability lately, BASF has been at the forefront for years, using detailed analysis of production and disposal processes to take advantage of products that are the most environmentally sound and cost-efficient. BASF is stepping up the use of its eco-efficiency analysis tool to evaluate products and production processes on environmental and cost impact grounds from cradle to grave. Eco-efficiency analysis also becomes a valuable marketing tool to convey the benefits of using certain products over others. Introduced in 1996, eco-efficiency analysis has allowed BASF to develop a competitive edge in markets where customers demand a more environmentally friendly as well as lower cost solutions.
Dow consolidates CMS, Angus and Ascot
With the acquisition of England's Ascot only weeks past and its integration proceeding apace, Dow has created a new business unit, Dow Custom & Fine Chemicals (CFC), to consolidate related operations. One of seven global business units within the Dow's performance chemicals business group, CFC will make its headquarters in Horgen, Switzerland, says George Biltz, CFC's new business vice president. CFC combines Dow CMS and Angus Chemical with Ascot's Haltermann Custom Processing, Haltermann Custom Products, Chirotech and Mitchell Cotts.
Cytec restructures BBC unit and mothballs ammonia plant
Cytec Industries is restructuring its building block chemicals (BBC) segment to reduce costs by $7m/year starting in late 2001. Actions include the indefinite mothballing of its Fortier ammonia plant on the Gulf Coast in Wageman, Louisiana and significant reduction in infrastructure costs at that site.
Fortron to expand PPS capacity using new technology
Fortron Industries, a joint venture between Ticona and Kureha Chemical Industries, plans to evaluate two new technologies that should enable cost effective expansions of its polyphenylene sulfide (PPS) facilities in Nishiki, Japan, and Wilmington, North Carolina. The company also says the expansion could lead to a new plant in the US or Europe. The technologies, which were developed independently by Kureha and Ticona's core technology unit in Germany, are aimed at improving the overall productivity of the PPS manufacturing process.
Chemical industry volunteers for children's health program
The American Chemistry Council (ACC) said last week that more than 35 member companies have agreed to voluntarily conduct product evaluations as part of a pilot program to assess chemicals for their potential health effects on children. The Environmental Protection Agency (EPA) launched the Voluntary Children's Chemical Evaluation Program (VCCEP) last December. The pilot program will test a new approach to chemical evaluation, an approach EPA considers a potential model for future assessments.
GSK and Cytokinetics in cancer pact
GlaxoSmithKline (GSK) and Cytokinetics have established a strategic alliance to develop, discover and commercialise novel cancer drugs. The companies will collaborate to develop mitotic kinesin inhibitors, which have a novel mechanism of action over existing anti-mitotic drugs. Cytokinetics' mitotic kinesin expertise will be joined with GSK's advanced discovery, development and commercialisation strengths to bring small molecule therapeutics to market. As part of the deal, GSK will contribute roughly $50m over the five-year research term, including a $14m up-front cash payment and a $14m stake in Cytokinetics preferred stock.
Hercules to cut costs by $100m
While still in discussions with parties to sell or merge the company, Hercules, under the direction of its new chairman and chief executive William Joyce, will embark on a restructuring program to cut costs by $100m/year by the second quarter 2002. The program will result in an unspecified number of jobs being cut.
US refining market faces regulatory challenges
The US refining industry is facing a series of challenges and industry leaders warn that escalating regulations threaten to limit production and raise costs. The US "is regulating itself right out of the refining business," noted Bill Greehey, chief executive of Valero Energy of San Antonio, Texas in a speech before the recent Houston meeting of the Independent Liquid Terminals Association. He cited the phase-out of methyl tertiary butyl ether (MTBE), the introduction of California Air Resources Board (CARB) III gasoline, the mandated reduction of sulphur in gasoline and the proposed reduction of sulphur content for on-road diesel fuel, as factors crimping the market.
IFT food expo heralds new products
A bevy of new products to serve the food and nutrition industry were showcased at the Institute of Food Technologists' (IFT) annual meeting and food expo last week. With nearly 19 000 in attendance on opening day, the exhibition provided an opportunity for companies to highlight their offerings and introduce new partnerships to customers.
Basell backs out of C2 project in India
Basell has withdrawn from a plan to build a 600 000 tonne/year ethylene cracker at Thane, in India's Maharashtra state, in a partnership with National Organic Chemical Industries (Nocil). Basell, a 50:50 joint venture between BASF and Shell, pulled out of the $1bn project, which was to come on stream near the end of 2003, because of weak markets for polyethylene and polypropylene and an inability to raise the necessary financing. "Basell and two of its predecessor companies, Montell and Elenac, have been collaborating with Nocil on the realisation of a new world-class olefins/polyolefins complex at Nocil's Thane site since September 1998, when a memorandum of understanding was signed," says a Basell official. "However, in the same time period, the general polyolefins and petrochemicals business environment and near-term outlook deteriorated significantly, both worldwide and in India."
R&H to shutter Greenville
Rohm and Haas (R&H) will shut down all manufacturing of its Morez and Morcryl polymers at its Greenville, South Carolina chemicals facility by the end of 2001, resulting in the elimination of 15-20 positions at the site. Morez and Morcryl product lines, which are used for printing inks and varnishes, will relocate to sites in Ringwood, Illinois and Dewsbury, UK. The Dewsbury site makes acrylic emulsions and the Ringwood plant manufactures adhesives and polymers. The consolidation of the remaining Greenville production follows the consolidation of water-based emulsion production from Greenville to other Rohm and Haas sites in 1999.
Olin boosts bleach capacity
Olin will expand sodium hypochlorite (bleach) capacity at its chloralkali facility in Augusta, Georgia, by 60%. The additional capacity is expected to be on line by April 2002.
DSM to build a new plant in North Carolina
DSM High Performance Fibers will build a new Dyneema Uni-Directional (UD) facility in Greenville, North Carolina on the site of the DSM Catalytica Pharmaceuticals facility there. The new plant will have a capacity of roughly 600 tonne/year depending on the product mix. It is expected to be in production by the last quarter 2001.
Rhodia and Sita to expand HIW processing in US
Rhodia Eco Services and Sita, the waste services division of Suez, are expanding their strategic alliance to include hazardous industrial waste (HIW) processing in the US. A newly created, jointly held company, Teris LLC, will handle the US, automatically ranking third in the HIW field with projected sales of $130m. Teris LLC will seek to acquire Ensco, a subsidiary of Bramble Industries, which specialises in thermal processing. Rhodia and Sita already own a European HIW joint venture, Teris SA.
BASF starts TMP production, creates sustainability council
BASF has started its first commercial-scale production of trimethylolpropane (TMP) with the opening of a 20 000 tonne/year unit for the polyalcohol at Ludwigshafen, Germany. The facility uses a new proprietary hydrogenation technology that enables, for the first time, ultra-pure TMP to be made without salt as a co-product. The amount of formaldehyde used in manufacturing TMP is also reduced by one-third.
Norsk Hydro, Borealis consider petrochemical expansion
Norsk Hydro and Borealis are considering a significant increase in their petrochemical activities in southern Norway, based on feedstocks from a proposed project for piping natural gas from fields off the western coast of Norway. At the centre of the petrochemicals expansion would be a 550 000 tonne/year ethylene cracker at Rafnes to be run by Noretyl, a 50:50 joint venture between Norsk Hydro and Borealis. The partnership already operates a 410 000 tonne/year cracker on the site. The new ethane-based cracker would come on stream around 2005. It could provide feedstocks for new derivatives projects at nearby Roenningen, where Borealis has low- and high-density polyethylene and polypropylene facilities.
Johnson Matthey to acquire Meconic for $207m
Johnson Matthey has made an agreed bid for Meconic Group, the Edinburgh, Scotland-based fine chemicals company, which is the world's largest producer of legally controlled opiates. The bid, which aims to give Johnson Matthey a platform for European expansion in pharmaceutical materials, is for 405 pence/share ($5.71), valuing Meconic at $207m. In its fiscal year ended April 2001, Meconic had sales of $88.8m and an operating profit of $15.5m. Within a few days of the offer, Johnson Matthey, whose main business is in precious metals, announced that it had acquired 46% of the shares of Meconic.
EC investigates CVC/Lenzing deal
The European Commission (EC) has launched an in-depth, four-month investigation into the planned acquisition of Lenzing by CVC Capital Partners, the investment fund company. Since CVC already controls Acordis, which like Lenzing is a leading producer of viscose in Europe and is the only other manufacturer of lyocell, a new cellulosic fibre, the merger raises serious concerns in a number of markets, according to the Commission.
Millennium to cut 10% of its workforce
As part of its initiative to accelerate cost savings, Millennium Chemicals will cut 10% of its workforce and idle its 44 000 tonne/year sulfate-process titanium dioxide (TiO2) plant at Hawkins Point, Maryland. Millennium will shutter for an indefinite period the high-cost sulfate plant at Hawkins Point 1 September. The company says customers will not be impacted as they will receive product from other Millennium plants in the US. The action is expected to lower global manufacturing costs/tonne. Millennium's 50 000 tonne/year chloride process plant will continue to operate.
Profit outlook continues to worsen
Companies and Wall Street continue to take down profit expectations for 2001. Weak demand and the strong US dollar are more than offsetting any positive impact from declining energy costs.
Kao Philippines opens new fatty alcohol facility
Kao of Japan inaugurated its new facilities at Pilipinas Kao Incorporated (PKI), an affiliated company in the Philippines 15 June. The new High Technology Fatty Alcohol plant (HTFA) located in Jasaan, Misamis Oriental, Northern Mindanao, uses Kao's unique fixed-bed hydrogenation method in producing fatty alcohols. The plant, which began construction last year, uses a pioneering production process in the Philippines and replaces the conventional facilities that used slurry catalyst technology. PKI has also introduced a new rectification tower for fractional distillation of alkyls. The company will now be able to produce fatty alcohols of single-cut alkyls while previously PKI had only been producing mixed alcohols.
Biomass market seeks further opportunities
The US government's decision to force California to stay in the federal oxygenate program is being heralded as a windfall for the ethanol industry, but leaders of the emerging biomass industry are urging the government to take even stronger measures, including imposing a renewable fuels requirement and stepping up funding for research on biomass technologies. Calling the administration's energy plan a "bittersweet victory," the American Bioenergy Association (ABA) notes that the program fails to provide special provisions to jump-start the fledgling biomass ethanol industry.
Novartis reaffirms positive outlook
Novartis Pharmaceuticals is reaffirming its sales outlook despite a profit warning issued by MercK that caused many drug stocks to waiver. The company expects double-digit growth in 2001 and beyond based on new and existing products and the strength of its pipeline.
Ethylene glycol market remains weak
The global market for ethylene glycol remains weak because of Middle Eastern producers' ability to ship low-cost material to Asia and China's skill in bargaining off Middle Eastern producers against their North American counterparts. Domestic demand is also poor because of the slowdown of the US economy and a late antifreeze season that is expected to be off significantly from last year. Sabic and Dow Chemical have both nominated an Asian contract price for July of $510/tonne. Dow's price is down from its June contract nomination of $525, but Sabic's nomination is up from its June price of $470.
Choline chloride producers attempt margin recovery
Recent price increases are primarily driven by soaring energy prices that are pressuring both raw material and production costs. Choline chloride manufacturers are attempting to counter rising production costs with a series of price nominations. The run-up in natural gas costs over the last year and half has caused raw material costs to rise and manufacturing costs to increase, which is bringing supply more in line with demand. Producers hope that as supply and demand become more balanced, severely eroded profit margins will also improve. Prices for choline chloride (vitamin B4) have been flat to depressed since the market was hit by the surge in energy costs over the last 18 months.
Pharma sector faces challenges in the wake of Merck warning
US-based pharmaceutical companies had several setbacks last week as Merck & Company issued a second quarter earnings warning, and Schering-Plough reported continued manufacturing problems. American Home Products received a minor setback for a bone drug, and Eli Lilly faces some earnings adjustments for the delay of Xigris.
Sodium sulfate market balance improves in the wake of plant closures
The supply-demand balance in the sodium sulfate market has improved following the closures of two production facilities in the fourth quarter and earlier this year. Producers say the market is now balanced to slightly tight, although demand growth remains flat to modest. Rising energy costs have crimped margins as producers sought to implement price increases and energy surcharges in the second quarter.
Ethanol producers confident they can meet demand
Ethanol producers say their industry can rise to the occasion and satisfy the nation's need for oxygenates as California and other states move to phase out methyl tertiary-butyl ether (MTBE). "The ethanol industry is ready to meet California's oxygenate demand," says Bob Dineen, vice-president of the Renewable Fuels Association. In addition to the more than 6m tonne of current production capacity, 34 ethanol plants are being expanded and 11 new ones are under construction. As a result, Mr. Dineen says, the ethanol industry expects to have an additional 900 000 tonne of production capacity on line by the end of 2001.
Carnauba wax price weakens as harvest looms
Despite strong export demand for carnauba wax, current prices are at historic lows. Prices may see further downward pressure as the harvesting for the product begins in early August. Also key to pricing will be the valuation of the Brazilian real in the second half of this year, as further devaluation would lead to further price falls.
Dow Bio gets lab construction OK
Dow Biopharmaceutical Contract Manufacturing Services has received zoning approval for the construction of a 43 000-square-foot laboratory and process development facility. To be located at BCMS's Smithfield, Rhode Island site, it will be the first major capital investment for the business unit since it acquired The Collaborative Group's biotechnology services division in November.
Akzo Nobel to pay $12m fine
Akzo Nobel last week agreed to plead guilty and pay a $12m fine for participating in a price-fixing and market-allocation conspiracy in the US involving monochloroacetic acid (MCAA). The Justice Department's antitrust division charged that Akzo Nobel collaborated with others between 1995 and 1999 as part of a conspiracy to fix the price of MCAA, which is used in pharmaceutical products, herbicides and plastic additives.
Qatar Vinyl opens plants
The Qatar Vinyl Company (QVC) inaugurated chlorochemicals plants in Mesaieed, Qatar, with production earmarked for the Asian and Australian markets. The plants came on in April with capacities of 290 000 tonne/year of caustic soda, 360 000 tonne of dichloroethane, and 230 000 tonne of vinyl chloride monomer. QVC is a joint venture between Qatar Petroleum, Qatar Petrochemical Company, Norsk Hydro and Atofina.
Dow Canada forms bio unit
Dow Chemical Canada Inc. has formed Dow BioProducts Limited, heralding Dow's entry into the business of producing engineered composite panels made from wheat straw and Dow's polyurethane resin. Dow will use a 215 000 square-foot manufacturing facility in Elie, Manitoba to make woodstalks for the $36bn composite panel market.
Rohm & Haas in Japan distribution deal
Rohm and Haas Company's industrial specialties group and Chemicrea in Japan have signed a global manufacturing and distribution agreement for selected isothiazolone biocides. The deal involves manufacturing facilities in Jarrow, UK; Jiangsu, China; and Onahama, Japan.
Air Products completes start-up of hydrogen plan
Air Products and Chemicals has completed the start-up of its 100m scfd hydrogen plant in Port Arthur, Texas and is supplying hydrogen, steam and power to the Premcor Refining Group's adjacent 250 000 bbl/day oil refinery.
Akzo Nobel & Vietnam partner to produce powder coatings
Akzo Nobel, with joint venture partner Chang Cheng Securities, is set to become the first manufacturer of powder coatings in Vietnam. Akzo Nobel Chang Cheng will build a factory in Ho Chi Minh City on a 10 000 square-meter site to make the full range of Akzo Nobel's Interpon powder coatings.
HB Fuller reports 33% lower income
HB Fuller reported 33% lower fiscal second quarter net income of $11.9m. However, earnings/share of 84 cents topped Wall Street estimates by 3 cents. The company expects declining demand in its adhesives sector to continue through the better part of the second half.
EC to investigate link between hair dyes and cancer
The European Commission is set to conduct, on the recommendation of one of its scientific advisory committees, an investigation into possible links between the use of hair dyes and bladder cancer.
Shell to put $25m in new benzene unit
Shell Chemicals is investing more than $25m in a new 500 000 tonne/year benzene extraction unit, scheduled to come on at the end of 2002 at its petrochemicals site in Moerdijk, the Netherlands.
Solvay gets Dutch marketing OK
Solvay Pharmaceutical has obtained marketing approval from Dutch regulatory authorities for a production method for influenza vaccines that uses cell cultures rather than chicken eggs.
Superfund small business liability relief
The top Republican on the Senate Small Business Committee has introduced legislation that would grant liability relief to small businesses that contributed minimal amounts of hazardous waste to Superfund sites. The bill, sponsored by Senator Christopher Bond (Republican-Missouri) is a companion to legislation that was unanimously passed 419-0 by the House of Representatives in May.
Pesticide price harmonisation hearing nears
The chairman of a Senate panel on foreign commerce plans to hold a hearing this month on legislation that would give US farmers the ability to import lower-priced agricultural chemicals sold in Canada. Senator Byron Dorgan (Democrat-North Dakota) says legislation he introduced in March would give US farmers, co-operatives and farm supply stores access to Canadian pesticides that are identical or substantially similar to farm chemicals sold in the US at higher prices.
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