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Widescale demand from a variety of sectors provides plenty of opportunities for nylon. Ongoing sensitivity to changes in upstream feedstocks and crude oil markets as well as downstream markets such as automotive and textile production results in volatility. This can be challenging to navigate, especially when market dynamics change so quickly.

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Caprolactam and nylon news

INSIGHT: China slams EU over EV tariffs; trade war brewing

SINGAPORE (ICIS)–China has slammed EU’s proposal to impose provisional tariffs on imports of Chinese electric vehicles (EVs), denouncing it as a "blatant act of protectionism”, raising concerns that a trade war between Asia’s biggest economy and a new western front is brewing. EU tariffs on Chinese EVs to rise to 27-48% Retaliatory measures from China likely EU imports of China cars surge sevenfold over three years "The European side has disregarded facts and WTO [World Trade Organization] rules, ignored China's repeated strong opposition, and ignored the appeals and dissuasion of multiple EU member state governments and industries," China’s Ministry of Commerce said in a statement issued late on 12 June. The European Commission on 12 June notified Chinese automakers, including EV giant BYD, Geely, and state-owned SAIC Motor Corp, that it will impose additional provisional tariffs of 17% to 38% on imported Chinese EVs from around 4 July. These will be applied to existing 10% tariffs imposed on all Chinese EVs, with the final rate determined by each carmaker's level of cooperation with EU's anti-subsidy investigation launched in September last year. NEW FRONT FOR TIT-FOR-TAT TRADE WAR China’s commerce ministry has urged the EU to "immediately correct its wrong practices" and "properly handle trade frictions through dialogue and consultation". The ministry said it will "resolutely take all necessary measures to firmly defend the legitimate rights and interests of Chinese companies". "This move by the European side not only harms the legitimate rights and interests of the Chinese electric vehicle industry but will also disrupt and distort the global automotive industry chain and supply chain, including the EU," it said. The EU's move follows the US' tariff hikes announced last month on Chinese imports of EVs, batteries and other materials, starting 1 August. In 2018, then US President Donald Trump initiated a trade war with China by imposing tariffs on Chinese imports to address alleged trade imbalances, intellectual property theft, and unfair trade practices. China retaliated with tariffs on US goods, escalating tensions between the two biggest economies in the world. While reviews by the US and EU on Chinese goods were under way, Beijing launched in May an anti-dumping investigation into imported polyoxymethylene (POM) copolymer, also known as polyformaldehyde copolymer – a key material in electronics and automotive manufacturing. China's commerce ministry alleged that the plastic is being sold below market value, harming domestic producers. The probe, targeting imports from the US, EU, Taiwan, and Japan, could last up to 18 months and is seen as a direct response to their recent trade barriers against Chinese goods. In the case of Taiwan, China has also suspended tariff concessions on 134 more products from the island, including base oil, chemicals, and chemical products, citing Taiwan’s supposed violations of the Cross-Strait Economic Cooperation Framework Agreement (ECFA) with the mainland. Meanwhile, Japan’s tightened export controls on 23 types of semiconductor manufacturing equipment that took effect on July 2023 was deemed in line with restrictions imposed by the US and the Netherlands, potentially hindering China's access to advanced chipmaking technology. China may issue further retaliatory measures, potentially impacting global supply chains and escalating trade tensions with major economies in the west. The automotive industry is a major global consumer of petrochemicals that contributes more than one-third of the raw material costs of an average vehicle. The automotive sector drives demand for chemicals such as polypropylene (PP), along with nylon, polystyrene (PS), styrene butadiene rubber (SBR), polyurethane (PU), methyl methacrylate (MMA) and polymethyl methacrylate (PMMA). CHINA 2023 CAR EXPORTS TO EU SURGE China’s exports of automobiles to the EU have surged over the past year, particularly in the battery electric vehicle (BEV) segment, according to Nomura Global Markets Research. Cars produced in China accounted for 20% of all BEV registrations in the EU during the first two months of 2024, it said, citing data from automotive business intelligence firm JATO Dynamics. An analysis of January-April 2024 sales figures from China’s top three EV manufacturers in the EU, however, suggests that their overall presence in the region is still nascent, Nomura noted. In 2023, EU’s imports of Chinese EVs surged to $11.5 billion, more than sevenfold increase from $1.6 billion in 2020, according to think thank Rhodium Group. China accounted for 37% of EU’s total EV imports last year, it said. In the first quarter of 2024, about 40% of China’s EV exports or 145,002 units went to Europe, according to official customs data. Focus article by Nurluqman Suratman Thumbnail image: An electric car at a charging station near the European Commission building in Brussels, Belgium. (Xinhua/Shutterstock)

13-Jun-2024

German auto industry opposes EU tariffs on EVs from China

LONDON (ICIS)–Germany’s auto industry is opposed to tariffs on electric vehicles (EVs) from China, trade group German Association of the Automotive Industry said on Wednesday. The group, known as VDA in its German acronym, was reacting to a European Commission proposal of tariffs on battery electric vehicles (BEVs) from China after an investigation concluded they benefited from unfair subsidies. VDA said the proposed tariffs were not the right tool to strengthen the competitiveness of Europe’s auto industry. Instead, the tariffs would further escalate the risk of trade conflicts, to the detriment of Germany’s automakers, it said. “The fact is that we need China to solve global problems,” in particularly in dealing with the climate crisis, it said. China played a crucial role in a successful transformation towards electromobility and digitalization, and a trade conflict would jeopardize this transformation, the group said. However, VDA added that the extent of the subsidies China grants EV makers was “a challenge” for Europe and it called on China to make “constructive proposals” to settle the dispute. Germany ranks first in Europe and second after China globally in terms of EV production, and the bulk of German EV production goes into export, according to VDA data released this week. Industry observers have noted that Germany-based EV production relies on imports of materials and batteries from China. The US last month announced tariff hikes on Chinese imports of EVs, batteries and other materials, starting 1 August. In related news, the business climate in Germany’s automotive industry deteriorated in May amid fears about impacts on German automakers from the conflict with China, according to a recent survey by Munich-based ifo research. The automotive industry is a major global consumer of petrochemicals that contributes more than one-third of the raw material costs of an average vehicle. The automotive sector drives demand for chemicals such as polypropylene (PP), along with nylon, polystyrene (PS), styrene butadiene rubber (SBR), polyurethane (PU), methyl methacrylate (MMA) and polymethyl methacrylate (PMMA). Additional reporting by Graeme Paterson Please also visit the ICIS topic page Automotive: Impact on chemicals Thumbnail photo shows a Volkswagen EV; photo source: Volkswagen

12-Jun-2024

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 7 June. Celanese declares force majeure on acetic acid and VAM in Europe, Americas Celanese has declared force majeure on acetic acid and vinyl acetate monomer (VAM) in the "Western Hemisphere", which is understood to include the Americas and the Europe, Middle East and Africa region. Canada rail strike unlikely to begin before mid-to-late July, rail carrier CN says Rail carrier Canadian National (CN) estimates that a threatened rail strike in Canada is unlikely to begin before mid-to-late July, it said in an update on its website on Thursday. Mexico’s Altamira petchems force majeure declarations continue on severe drought Petrochemicals producers in the production hub of Altamira, in the Mexican state of Tamaulipas, keep declaring force majeure as a severe drought halved water supplies to industrial players. Brazil’s Braskem expects operations at Triunfo to normalize in ‘coming days’ Braskem’s operations at Triunfo in floods-hit state of Rio Grande do Sul are still yet fully normalized, despite the plant having restarted more than two weeks ago, a spokesperson said to ICIS on Wednesday. Pace of China chemical capacity additions unsustainable – Huntsman CEO The blistering pace of chemical capacity additions in China is likely to tail off, as the current wave is the result of prior planning during better times, the CEO of Huntsman said. IPEX: Index down for first time this year on weak demand in all regions The ICIS Petrochemical Index (IPEX) was down 1.2% in May month on month, as weak downstream demand paved the way for price declines in all regions. Protectionism and tariffs a key concern for US chemicals – ACC execs The increasing trend towards protectionism and tariffs is a key concern for the US chemical industry, said executives at the American Chemistry Council (ACC). INSIGHT: Mexico’s emissions, energy policy and Pemex main challenges for new president Mexico’s new – and first female – president Claudia Sheinbaum will have to decide soon into her term whether she changes course in two key aspects: energy policy and greenhouse gas (GHG) emissions, and the support for state-owned, indebted and underperforming energy major Pemex. Nylon recovery progressing but building and construction still weak – AdvanSix CEO AdvanSix continues to see a gradual recovery in nylon demand driven by automotive and packaging, but building and construction remains challenged, said the CEO of AdvanSix.

10-Jun-2024

Protectionism and tariffs a key concern for US chemicals – ACC execs

Colorado Springs, COLORADO (ICIS)–The increasing trend towards protectionism and tariffs is a key concern for the US chemical industry, said executives at the American Chemistry Council (ACC). “From a big picture perspective, it’s an issue I’m really worried about. Both candidates for president – their positions unfortunately don’t seem to be very different on this issue, particularly on being very aggressive with China,” said Chris Jahn, CEO of the ACC, in an interview with ICIS at the ACC Annual Meeting. “For the chemical industry, the concern is that we’re a big winner in global trade. We have a $25 billion trade surplus, and so we are a target for retaliation when we target countries, including China,” he added. In May, the US announced it will hike tariffs on Chinese imports of electric vehicles (EVs), batteries and other materials, starting 1 August. Republican presidential candidate and former president Donald Trump has suggested 60% tariffs or higher on all Chinese imports. “If we’re going to open up a trade war with China, that has the potential to have significant implications for our members in the US. And it would be unfortunate to go back to the battle days. Free and fair trade has been a good thing for manufacturing companies and our members in the US,” said Jahn. “With cost-advantaged feedstock, our members can compete globally, and we want to continue being able to do that in the future,” he added. The Trump administration in 2018 started to implement a broad series of tariffs on Chinese imports, including chemicals. China in turn retaliated with its own tariffs, directly impacting certain chemicals. CHINA TARIFFS AND OVERCAPACITYOn the issue of fair and free trade, not all companies are competing on a level playing field. Chemical imports are coming into the US even without a competitive cost advantage, said Erin Kane, CEO of AdvanSix and Board chair of the ACC. “The US in a number of industries and value chains has the cost advantage. Yet we can see imports coming in when the cost curve doesn’t suggest that [they should]. That’s the challenge we have. There are the right mechanisms globally to handle that, but they have to be used wisely,” said Kane in an interview with ICIS. For AdvanSix, “every single one of the value chains that we play in has countervailing duties and antidumping duties already. We have navigated this, but you need to make sure that WTO rules and processes are followed accordingly”, she pointed out. “China has put up protectionist measures for us not to participate in nylon and capro [caprolactam]… And they’ve used it to build up their capacity. They’ve built the world’s capacity over. The last 14 years have been quite interesting to watch. Their five-year plan was to be self-sufficient, and then they took it to a much bigger degree,” Kane added. MTB REFORM BILL FOR TARIFF RELIEFThe ACC is pushing for some tariff relief through the Miscellaneous Tariff Bill (MTB) Reform Act which seeks to remove tariffs on imported products not produced in the US or in sufficient quantities. The previous MTB law expired in December 2020 and was not renewed. “Look at the bill that was introduced. It’s everything we asked for back to when the law expired, so it’s not just [applicable to] this year. That is a big deal and this a lot of money for our members – over $1 billion… We can make the case that these products are not manufactured here, and so this is not a competitive trade issue,” said Jahn. “And the people on [Capitol] Hill – they understand this. That might have to be a lame duck bill rather than one they do before the election. But I definitely think there’s a chance for that,” he added, pointing out that the MTB reform bill would likely be added to other legislation. Interview article by Joseph Chang Thumbnail shows containers at a port. Such imports could be subject to tariffs. Image by KIMIMASA MAYAMA/EPA-EFE/Shutterstock

03-Jun-2024

Automotive major Stellantis plants in Argentina, Brazil still affected by floods aftermath

SAO PAULO (ICIS)–Stellantis’ facilities in Argentina remain shut and its plant in Goiana, northeast Brazil, has also partially stopped, a spokesperson for the global automotive major said to ICIS on Friday. In Argentina, Stellantis operates production facilities in Ferreyra, in the Cordoba province in the north, where trade with Rio do Grande do Sul is commonplace. The company said in mid-May those facilities had to shut due to the lack of inputs. On Friday, it added Goiana has now been affected too and it is partially out of operations. “Both plants in Argentina are still out of production. In Brazil, Goiana facilities has partially stopped,” the spokesperson said. Stellantis is the result of the merger between Fiat Chrysler and PSA Group. Germany’s automotive major Volkswagen stopped production at three plants in the state of Sao Paulo in mid-May due to the lack of inputs. The company had not responded to a request for comment at the time of writing. Rio Grande do Sul is Brazil’s southernmost state and petrochemicals-intensive automotive parts producers there are major suppliers to the rest of Brazil and Argentina. As of Friday, the emergency services in Rio Grande do Sul said 169 had died due to the floods, while 44 remains unaccounted for. Nearly 40,000 people are still taking refuge in shelters, while 580,000 remain displaced from their homes. Nearly 2.4 million have been affected by the floods. Earlier in May, a spokesperson for Brazil’s automotive trade group Anfavea did not respond to questions from ICIS about the impact of the floods on the sector's annual output. However, it said the trade group would publish its first estimates at a press conference on 6 June, when it will publish production, sales and export data for May. In early May, at the press conference presenting April data, the trade group said it feared the sector could be hit given Rio Grande do Sul's importance to Brazil's auto industry. The petrochemicals hub of Triunfo, near Porto Alegre, returned to operations on 20 May, led by Brazil’s polymers major Braskem, but a consultant in Porto Alegre said to ICIS the reopening there was the odd one out amid widespread disruption for most industrial sectors. As of Friday, the Port of Porto Alegre, the state’s largest city, remained shut, although Rio Grande and Pelotas ports were operating normally. The emergency services in Rio Grande do Sul said 169 had died due to the floods, while 44 remains unaccounted for. Nearly 40,000 people are still taking refuge in shelters, while 580,000 remain displaced from their homes. Nearly 2.4 million have been affected by the floods in the 12-million people state of Rio Grande do Sul. The automotive industry is a major global consumer of petrochemicals, and chemicals make up more than one-third of the raw material costs for an average vehicle. The automotive sector drives demand for chemicals such as polypropylene (PP), along with nylon, polystyrene (PS), styrene butadiene rubber (SBR), polyurethane (PU), methyl methacrylate (MMA) and polymethyl methacrylate (PMMA), among others. Front page picture: Stellantis' facilities in Ferreyra, province of Cordoba, Argentina; archive image Source: Stellantis 

31-May-2024

Volkswagen, Stellantis idle car plants in Brazil, Argentina after floods

SAO PAULO (ICIS)–Volkswagen (VW) idled its three plants in the Brazilian state of Sao Paulo on Monday, as suppliers in the floods-hit state of Rio Grande do Sul are unable to produce any automotive parts, a spokesperson for the German automotive major told ICIS. At the same time, a spokesperson for Stellantis, another major auto producer, confirmed to ICIS that it had shut down its plant in Ferreyra, in Argentina’s Cordoba province, also due to a lack of input. Rio Grande do Sul is Brazil’s southernmost state and petrochemicals-intensive automotive parts producers there are major suppliers to the rest of Brazil and Argentina. However, the state is still reeling from severe flooding on 29 April which has brought around 90% of industrial activity to a standstill, according to local authorities. VOLKSWAGENVW is using a so-called “collective vacation” clause under Brazilian labor laws to send workers at its plants in Anchieta, Taubate, and Sao Carlos home for at least 10 days. However, a plant operated by VW in Sao Jose dos Pinhais, in the state of Parana, continues to operate normally, VW said. "Volkswagen do Brasil informs that continues with the same preventive vacation position. The situation of parts supply is being monitored minute by minute,” said the spokesperson. The workers at the Anchieta and Taubate plants will start a 10-day collective vacation on Monday, and the workers at the Sao Carlos plant will start an 11-day collective vacation on the same day. 'Collective vacation' is a measure regularly applied by industrial companies to manage production. Brazil’s labor laws normally grant employees around 30 days/year of annual leave. In the industrial sector, as work is a "collective" activity, vacation periods can be organized by the employer for a group of employees, hence the name. STELLANTISIn the meantime, Stellantis – the result of the merger between Fiat Chrysler and PSA Group – told ICIS that it is analyzing whether its other plants in Argentina and Brazil will also need to be shut down. In Cordoba, a province in north Argentina and a major trading partner with Rio Grande do Sul, there are fears that its economy – which is already suffering after the country went into recession – could take a further hit. In Argentina, Stellantis operates another plant in El Palomar, in the Buenos Aires department. In Brazil, its main facilities are in Betim in the state of Minas Gerais. “Stellantis is following with dismay and expresses its solidarity with the victims of the floods in Rio Grande do Sul. The unprecedented impact of the catastrophe has directly affected the logistics system for the transportation and supply of industry components. “The company had to stop production at the Stellantis Automotive Centers in Córdoba, Argentina, and is still analyzing the need for further stoppages at its plants in the region,” said the spokesperson. Both General Motors (GM) and South Korea's Hyundai – who also have production facilities in Brazil – had yet to respond to a request for a comment. A spokesperson for Brazil’s automotive trade group Anfavea did not respond to questions from ICIS about the impact of the floods on the sector's annual output. However, it did say that it would make its first estimates at a press conference on 6 June, when it will publish production, sales and export data for May. Earlier, the trade group said it feared the sector could be hit given Rio Grande do Sul's importance to Brazil's auto industry. INDUSTRY REELS AFTER FLOODSCompanies based in the petrochemicals hub of Triunfo, near Porto Alegre – the biggest city in Rio Grande do Sul – have also shut, mostly as employees are having problems getting to and from work. Companies including Braskem, Innova, and Arlanxeo all declared force majeure from Triunfo in the first week of May. Sources said some of them will try to restart operations this week, although that has not been officially confirmed to ICIS. The automotive industry is a major global consumer of petrochemicals, and chemicals make up more than one-third of the raw material costs for an average vehicle. The automotive sector drives demand for chemicals such as polypropylene (PP), along with nylon, polystyrene (PS), styrene butadiene rubber (SBR), polyurethane (PU), methyl methacrylate (MMA) and polymethyl methacrylate (PMMA), among others. Front page picture: Volkswagen's plant in Anchieta, state of Sao Paulo Source: Volkswagen

20-May-2024

NPE '24: BASF Corp CEO optimistic of agreement at next UN plastic treaty talks

ORLANDO (ICIS)–BASF Corp CEO Mike Heinz is optimistic that a binding agreement could be reached during the next round of negotiations of the UN plastic waste treaty, he said on Wednesday. BASF had sent a team to the previous round that was held in Ottawa, he said. "The feedback that we received from them was cautiously optimistic." Heinz made his comments in an interview with ICIS at this year’s NPE: The Plastics Show. He also gave the keynote address at the trade show. Another reason for optimism is that all of the parties are pursuing the same objective: to prevent plastic waste from entering the environment, Heinz said. An agreement would be one that all stakeholders could live with. He acknowledged some disagreement about how to achieve that objective. Some want to curb production of plastic, he said. BASF and others want to achieve it by curbing pollution. Already, BASF and other chemical companies are incorporating recycled materials into their products. Recycling can be part of a larger sustainable production chain, under which chemical complexes rely on renewable energy to make products from recycled and renewable materials that can be recovered and reused. These materials can be used to make wind blades, electric vehicles (EVs) and other products critical to reducing emissions of carbon dioxide (CO2). Heinz summed up the path to a sustainable future as resting on three three pillars: make, use and recycle. SUSTAINABILITY VERBUNDDuring his speech and in a subsequent interview with ICIS, Heinz described what could be characterized as a Verbund based on sustainability. "This will take some time, but the good news is we already have some concrete examples on how it can be done," Heinz said. As an example, he held up a jacket made with 100% recycled nylon 6 from BASF that was sold by Inditex, the owner the clothing brand Zara. Heinz pointed to BASF's equity stakes in European wind packs. By 2030, BASF wants green energy to account for 60% of its power consumption. For chemical companies, one of the most power-hungry processes is steam cracking. BASF, SABIC and Linde are developing an e-cracker that would rely on electric furnaces to generate the heat needed to produce ethylene. The electricity could come from renewable sources, which would significantly reduce the CO2 emissions of steam cracking. Crackers can process renewable naphtha made from natural oils or pyrolysis oil produced at chemical recycling plants. It will take time for these feedstocks to become abundant, but the model is possible, and BASF is making chemicals with such feedstocks. New, renewable feedstocks can lead to new chemistries that result in materials that have better qualities than those based on petroleum.  The products can also help customers achieve their own sustainability goals. Lighter plastics can allow automobiles to travel farther on a tank of gasoline or on a battery charge. Other plastics will be critical to make EVs safe. Products can be designed to last longer, he said. When they do reach the end of their lifecycles, they can be designed to be easier to recover and recycle. STEPS NEEDED TO ACHIEVE SUSTAINABILITYDuring his keynote speech, Heinz noted that while the chemical industry is part of the problem, it can be a bigger part of the solution. Change will require passionate people, innovation and collaboration, he said. In particular, the chemical industry needs to collaborate with lawmakers and nongovernmental organizations (NGO) to come up with those solutions. Produced by Plastics Industry Association (PLASTICS), NPE: The Plastics Show takes place 6-10 May in Orlando, Florida. Interview article by Al Greenwood Thumbnail shows a plastic bottle, which can be recycled. Image by monticello/imageBROKER/Shutterstock

08-May-2024

Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 26 April. Europe TiO2 sees upside for Q2 on margins and improved buying Price rises are gaining traction for Europe titanium dioxide (TiO2) contracts in Q2. This is due to margin recovery needs, renewed buying activity in Q1 and as uncertainty surrounding the EU anti-dumping case against Chinese TiO2 imports looms large. BASF Q1 net income drops, maintains full-year guidance Lower pricing across most business divisions drove a 12.4% drop in BASF’s first-quarter net income year on year, with the chemicals major maintaining full-year guidance as sector demand shows early signs of recovery. Europe April nylon 6 contract price rise on supply tightness, upstream pressures European April nylon 6 contract prices have risen from March, pressured by tight supply in parts of the market and further increases to the feedstock costs. Eurozone April private sector activity momentum accelerates despite weaker manufacturing Eurozone private sector activity continued to thaw in April, moving further into growth territory as a resurgent service sector offset a manufacturing industry sinking deeper into contraction. IPEX: Global spot index little changed as firmer Asian prices offset falls in Europe, US Gulf The global spot ICIS Petrochemical Index (IPEX) was little changed in the week, as slightly firmer prices in northeast Asia offset lower values in northwest Europe and the US Gulf.

29-Apr-2024

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 12 April. Oil slumps by more than $2/bbl on Israel-Hamas ceasefire hopes Oil prices fell by more than $2/barrel on Monday amid easing tensions in the Middle East after Israel further withdrew troops from southern Gaza and signalled a willingness to resume ceasefire talks with Palestinian militant group Hamas. EPA’s final rule on US chem plant emissions could weigh on EO production – ACC The US Environmental Protection Agency (EPA) finalized a rule on Tuesday aimed at reducing hazardous air pollutants from chemical plants, which some think could weigh on production of key chemistries and could lead to higher costs being passed through to consumers. INVISTA to explore alternatives for nylon fibers business INVISTA plans to explore strategic alternatives for its nylon fibers business and has engaged Barclays as exclusive financial advisor during the exploration process, the US-based manufacturer of chemical intermediates, polymers and fibers said in a statement late on Tuesday. US East Coast PET bale prices steadily rise amid snug supply, rising beverage demand Despite historic patterns, East Coast polyethylene terephthalate (PET) bottle bale prices have risen only slightly and very steadily over the last several weeks. Crude demand expectations fall for 2024 as trends shift back to pre-COVID pattern – IEA The International Energy Agency (IEA) on Friday cut crude oil demand forecasts for the year, with rates expected to fall further next year as consumption returns to the pre-COVID-19 trend, increasing the odds of a peak in oil consumption this decade, the agency said. Argentina’s inflation up to 288% in March, but central bank cuts rates on ‘pronounced slowdown’ Argentina’s annual rate of inflation rose to 287.9% in March, up from 276% in February, the country’s statistical agency Indec said on Friday.

15-Apr-2024

INVISTA to explore alternatives for nylon fibers business

HOUSTON (ICIS)–INVISTA plans to explore strategic alternatives for its nylon fibers business and has engaged Barclays as exclusive financial advisor during the exploration process, the US-based manufacturer of chemical intermediates, polymers and fibers said in a statement late on Tuesday. The nylon fibers business includes: INVISTA’s fiber-focused portfolio: airbag and industrial fibers The CORDURA businesses Five supporting global manufacturing locations: Seaford, Delaware and Martinsville, Virginia, both in the US; Kingston, Ontario, Canada; Gloucester, UK; and Qingpu, China INVISTA believes that there are other companies with a different focus and capabilities that could create greater value with those assets, said CEO Francis Murphy. If, however, through the process INVISTA finds that other companies do not value the nylon business more highly, it will continue to operate it, Murphy said. If INVISTA proceeds with a transaction, it would also result in a simplification and strengthened focus on its long-term competitive positions in the upstream nylon and propylene value chain businesses, it said. The nylon fiber assets are a major part of the current INVISTA footprint, “and it would be premature to speculate on the final structure of a potential deal”, it said, adding that details of the business and exploration process are confidential. Regardless of a potential transaction to divest its nylon fibers business, INVISTA will continue to supply its global nylon and propylene value chain customers with intermediates, polymers and specialty chemicals, the company said. Photo source: Attapon Thana/Shutterstock

10-Apr-2024

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