DuPont buyback allays concerns

DuPont buyback allays concerns

F O C US The bonding technique helps to retain the brilliance and appearance of the pigment. In solvent borne formulations the orientation of the effe...

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F O C US The bonding technique helps to retain the brilliance and appearance of the pigment. In solvent borne formulations the orientation of the effect pigments is achieved by the reduction in film thickness due to the evaporation of solvents during cure. Since there is no solvent in powder coatings there is probably not enough shrinkage for good orientation to occur. The article seeks to analyse the orientation of metal effect pigments in powder coatings, the effectiveness of the bonding process and the temperature dependent processes occurring during the curing of the deposited powder layer. The base powder formulation is given and consists of an epoxy/polyester resin combination (68%), white pigment and filler (30%), tinter (0.1%), additives (2%) plus 4% of nonleafing aluminium. The SiO2 encapsulated aluminium flakes had an average particle size of 18µm and maximum 45µm particle size. Three samples were prepared to the same formulation by blending the base powder with the metal pigment and each was bonded using a similar temperature and different bonding times. These three samples MA (2.5 min); MB (3 min) and MC (4 min) were spray applied electrostatically onto aluminium panels at film thickness around 70µm and stoved at 180°C for 10 minutes. Additionally MC was sprayed over the same substrate and stoved in a gradient bar oven so that the temperature gradient varied linearly from 80°C at one end to 180°C at the other. Some samples were selectively etched to remove the top most layer of binder from the coating surface. Selectivity was achieved due to the difference in the adherent energy between the amorphous polymer and the pigments. To prevent overheating of the sample, the plasma was applied over time intervals of 20 sec, and removal of the highest layers of polymer was completed NOVEMBER 2005

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in a few minutes. Various methods were used to analyse the microstructure of the effect coatings. Colour and lightness flop was determined colourimetrically. Scattering of IR light was also analysed. Direct visualization was performed by SEM micrographs and SEM applied to the base and to the bonded powders monitored the efficiency of the bonding process. Only smaller aluminium particles (<10µm) adhered to the grained surfaces of the bonded powders. These bonded particles are smaller than the average particle size of the applied flakes. No differences between the three effect coating powders were observed. The film forming process was monitored on test panels cured in the gradient oven. Coalescence of the powders was observed below 100°C and a continuous film at 100°C. The layer surfaces do not change further when samples are cured at higher temperatures. An interesting effect was observed in the close vicinity of flakes lying just below the coating surface when cured at 130°C. Wrinkling occurs around the flake boundary but this was not shown at other curing temperatures. In conclusion, the orientation of aluminium flakes in the cured powder coatings was analysed as a function of the bonding time that was used to prepare the effect coating and as a function of the curing temperature. Flakes smaller than 10µm adhere to the grains of the base powder coating during the bonding process and the larger flakes remain nonbonded. It is likely that these non-bonded flakes reduce deposition efficiency during spraying in a similar manner to the behaviour of dry-blended powders. Further analysis using larger flakes is needed. The average orientation of flakes is parallel to the coating surface in the cured coating. This was observed by the indirect optical analysis. The only

C O AT I N G S difference between the coatings was observed by evaluating the scattering of IR light in the IRRAS measurement geometry. The effect powders prepared with longer bonding time give coatings in which flakes are better oriented ie are more uniformly parallel to the coating surface. Flake movement from the powder grains to a position in the final coating was observed well below temperatures at which the crosslinking of polymer commences. Therefore, the melting of the powder and the flowing of the polymers during formation of the continuous film might be the prevailing mechanism in the orientation of flakes in powder coatings. Article entitled “Bonding Process Efficiency and Al-flake Orientation During the Curing of Powder Coatings” by four researchers at technical institutions in Slovenia. Progress in Organic Coatings, 1 Oct 2005, 54 (2) 113-119

INDUSTRY NEWS DuPont buyback allays concerns DuPont has agreed a share buyback programme with Goldman Sachs worth $3 bn. The accelerated share repurchase programme is due to be completed in mid 2006. DuPont’s shares have risen as a result and because of various initiatives it is to take to reduce costs and expand its operations. There was a 32% increase in profits in 3Q 2005 compared with 3Q 2004 to $333 M. Sales rose 5% to $6.2 bn. Sales were reduced by around $100 M and operating profits by $50 M because of the effects of Hurricane Katrina and Hurricane Rita. There was a 33% increase in pretax operating profits in the electronic and communication technologies sector. In the pharmaceutical sector the increase was 14% and 5

FOCUS there was a rise of 29% in the safety and protection sector. The seasonal loss in the agriculture and nutrition sector was reduced by $49 M to $134 M. In coatings and colour technologies, earnings were down 13% with a 51% drop for performance materials. DuPont has transferred its stake in DuPont Dow Elastomers to Dow Chemical. One of the areas where DuPont is planning growth is Bio-Based Materials. In 2Q 2006, a joint venture with Tate and Lyle is due to begin production of bio-1,3 propanediol which is used by DuPont in the manufacture of Sonora fibre. Asian Chemical News, 31 Oct 2005, 12 (512), (Website: http://www.asianchemicalnews.com)

DuPont launches streamlining plan DuPont is implementing productivity and cost-improvement measures that it says will produce savings of $2 bn. Broad-based job cutting is not needed. A study has found that the company’s human resources staffing is 20% greater than that of other big companies, and its information technology cost per user is 30% higher. The productivity includes a $1.1 bn, 13-year contract under which customer service company Convergys will provide human resources services to DuPont. Some 4000 of DuPont’s 60,000 employees worldwide could be redeployed under the plan. DuPont will accelerate its investment in high-tech fields, such as biobased and photovoltaic materials, and limit spending in commodity polymers and coatings. DuPont is lifting its biobased materials business to the status of a technology platform. The company’s most obvious move into biomaterials is the glucose-based polyester intermediate propanediol. A plant for this is due onstream in 1H 2006. But the company has its eye on a range of opportunities 6

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that could generate sales of over $3 bn/y by 2012. These include three biofuel projects with a combined sales potential of over $1 bn/y. Chemical and Engineering News, 14 Nov 2005, 83 (46), 13 (Website: http://www.cenonline.org)

DuPont reports 3Q 2005 earnings DuPont reported results for 3Q and nine months ended Sep 2005. Consolidated net sales for 3Q 2005 were $5.9 bn, up 2% versus 3Q 2004. Net income for 3Q 2005 was a loss of $82 M (net income of $331 M in 3Q 2004). The segment sales were $6.2 bn for 3Q 2005. Segment pretax operating income (PTOI) for 3Q 2005 was $545 M ($438 M in 3Q 2004). In Agriculture and Nutrition: PTOI increased $49 M with a seasonal loss of $134 M for 3Q 2005 ($183 M loss in 3Q 2004) and sales were $1 bn. In Coatings and Color Technologies: PTOI was $42 M and segment sales were $1.5 bn for 3Q 2005. In Performance Materials: PTOI was $68 M and sales were $1.5 bn for 3Q 2005. Research and development expenses were $324 M during 3Q 2005 and $976 M during nine months of 2005 ($308 M in 3Q 2004 and $978 M in nine months of 2004). DuPont is a science company. DuPont offers a wide range of innovative products and services for markets including agriculture, nutrition, electronics, communications, safety and protection, home and construction, transportation and protective apparel. The following tables are included: earnings/share (EPS) analysis; analysis of segment sales – by platform; analysis of segment sales – by region; pretax operating income; consolidated income statement; earnings/share calculated on the basis of the average number of common shares outstanding; significant items; significant items by segment; consolidated segment

C O AT I N G S information; selected income statement data; reconciliation of EBIT/EBITDA to consolidated income statement; reconciliation of segment PTOI; reconciliation of EPS; reconciliation of segment PTOI as percent of segment sales; and reconciliation of base income tax rate to effective income tax rate. DuPont 3Q and nine months of 2005 results, 25 Oct 2005, (DuPont, DuPont Building, 1007, Market Street, Wilmington, DE 19898, USA. Website: http://www.dupont.com)

Asian Paints 2Q 2005-2006 net profit up 27.7% Asian Paints Ltd has posted a 27.7% higher net profit at Rup 699.1 M on sales of Rup 6.0247 bn for 2Q 2005-2006 (net profit of Rup 4926.7 M on sales of Rup 5.179 bn in 2Q 2004-2005). The board of the company has recommended an interim dividend of Rup 4.50/share. The improved performance is attributed to the higher demand for decorative and industrial paints in India and West Asia. Decorative paints are the largest contributor to Asian Paints’ revenue. In industrial paints segment, the company has recorded strong growth in protective, powder and automotive coatings. Business Line, 27 Oct 2005, 12 (297), 15

Cytec Industries creates new division Cytec has merged its two speciality chemical divisions Cytec Surface Specialties and Cytec Performance Specialties. The new unit will be called Cytec Specialty Chemicals. The two divisions had sales of $1.6 bn and $650 M respectively. Cytec Specialty Chemicals will operate from headquarters in Belgium. Its three business units will be radcure and powder resins, liquid coating resins and performance chemicals. Cytec says the move was prompted by weak economic NOVEMBER 2005