The past few weeks have not been good for the chemical industry, with 4 major companies suffering significant problems:
BASF warned that “customer demand in key markets has declined significantly” since October, and have temporarily shutdown 80 plants worldwide, whilst reducing production at another 100 plants.
Dow suffered a major reverse with the last minute collapse of the K-Dow venture, and had previously announced a restructuring programme.
Ineos had to seek covenant waivers from their banks.
LyondellBasell entered discussions to avert a bankruptcy filing.
This week’s ICIS Chemical Business carries my forecast for 2009, which focuses on what CEO’s can do, immediately, to ensure the survival of their business. Please click here if you would like to read it.