WR Grace 2Q 2013: Grace Catalysts Technologies results

WR Grace 2Q 2013: Grace Catalysts Technologies results

FOCUS China. The process technology AlkyClean, jointly developed with Albemarle Corporation and Neste Oil Original, will be used in the upcoming unit...

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FOCUS China. The process technology AlkyClean, jointly developed with Albemarle Corporation and Neste Oil Original, will be used in the upcoming unit. The president of CB&I’s Technology operating group says that the alkylate has high octane and practically no sulfur, olefins, and aromatics, making it an ideal gasoline blend stock for every refiner. The unit is expected to start in early 2014 and has been predicted to be capable of producing 100,000 tonnes/y of alkylate. Original Source: Chemistry in Australia, Jul 2013, 5, (Website: http://www.raci.org.au/) © The Royal Australian Chemical Institute Incorporated 2013. Original Source: TCE (formerly The Chemical Engineer), Jun 2013, (864), 11 (Website: http://www.tcetoday.com) © Institution of Chemical Engineers 2013

UPM and Renmatix sign JDA to further explore Plantrose process for making biochemicals UPM and US-based technology provider Renmatix Inc have entered into a non-exclusive joint development agreement (JDA) in the area of biochemicals. Under terms of the JDA, both companies will further develop Renmatix’s water-based Plantrose process to convert woody biomass into low-cost sugar intermediates for subsequent downstream processing into biochemicals. Offering costcompetitive bio-alternatives for select petrochemicals on an industrial scale is the long term goal of this initiative. The Plantrose process employs water at very high temperatures and pressures to breakdown biomass through supercritical hydrolysis. Under such conditions water can act as both a powerful solvent and catalyst, creating rapid reactions. Original Source: UPM, 2013. Found on SpecialChem Plastics and Elastomers Formulation, 14 Jun 2013, (Website: http://www.specialchem4polymers.com)

WR Grace 2Q 2013: Grace reports 2Q 2013 adjusted EPS of $1.12 WR Grace ‘s 2Q 2013 net sales of $802.8 M decreased 2.9% compared with 2Q 2012. The decrease was due to lower pricing (-2.5%) and unfavourable currency translation (-1.5%), partially offset by higher sales volumes (+1.1%). Base pricing

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increased compared with 2Q 2012, but was more than offset by lower rare earth surcharges. Gross profit of $303.3 M decreased 0.3% compared with 2Q 2012, primarily due to lower sales, partially offset by lower raw material and manufacturing costs. Gross margin was 37.8%, an increase of 100 basis points compared with 2Q 2012. Adjusted EBIT of $142.1 M decreased from $143.6 M in 2Q 2012 due to lower gross profit and higher operating expenses, partially offset by higher earnings from the Advanced Refining Technologies (ART) joint venture. Adjusted EBIT margin of 17.7% increased 30 basis points compared with 2Q 2012. For full year 2013, Grace expects 2013 Adjusted EBIT to be in the range of $560 M to $570 M, and Adjusted EBITDA to be in the range of $685 M to $695 M. The following updated assumptions are components of Grace’s updated 2013 outlook: consolidated sales of approximately $3.1 bn, including sales headwinds of approximately $130 M from lower rare earth surcharges and unfavourable currency translation; lower sales in Catalysts Technologies primarily due to lower sales volumes and lower base pricing than previously expected, resulting in lower segment operating income of approximately $35 M; and lower pension expense of approximately $45 M resulting from the company’s 4Q 2013 adoption of mark-to-market pension accounting. Original Source: WR Grace & Co, website: http://www.grace.com (25 Jul 2013) © WR Grace & Co – Conn 2013

WR Grace 2Q 2013: Grace Catalysts Technologies results WR Grace’s 2Q 2013 sales for the Catalysts Technologies operating segment, which includes specialty catalysts and additives for refinery, plastics and other chemical process applications, were $290.9 M, a decrease of 11.5% compared with 2Q 2012. The decrease primarily was due to lower pricing (-9.4%), lower sales volumes (-1.5%) and unfavourable currency translation (-0.6%). The decrease in pricing was attributable to lower rare earth surcharges. The decrease in sales volumes was primarily due to the scheduled

conclusion of a multi-year toll manufacturing contract for a polyolefin catalyst customer, partially offset by higher chemical catalyst sales volumes. Refinery catalyst sales volumes were unchanged. Segment gross margin was 42.0%, an increase of 160 basis points compared with 2Q 2012. The increase in gross margin primarily was due to lower raw material and manufacturing costs which more than offset lower pricing and sales volumes. Segment operating margin was 32.2%, an increase of 170 basis points compared with 2Q 2012. In addition, Grace is announcing that it will permanently close its 35,000 tonne silica sol refining catalyst manufacturing capacity in 3Q 2013. Silica sol catalysts have been in use since the late 1970s and are at the end of their technical and economic life. Grace’s current silica sol customers, who represent about 1% of total refining catalyst sales, will be transitioned to Grace’s industryleading alumina-based technology. Key results are tabulated. Original Source: WR Grace & Co, website: http://www.grace.com (25 Jul 2013) © WR Grace & Co – Conn 2013

Grace to end silica sol FCC Catalyst production after three decades WR Grace & Co announced on 26 Jul 2013 that, during 3Q 2013, it will close its 35,000 tonne/y silica sol based fluidised catalytic cracking (FCC) catalyst manufacturing operation in Lake Charles, LA. Grace introduced silica sol catalysts in the late 1970s. Since then, its industry-leading research, technical service, and flexible manufacturing systems have introduced a number of new and improved catalyst technology platforms customized to support the varying needs of its refining industry customers around the globe. “We believe the silica sol catalyst technology has reached the end of its life cycle,” said Shawn Abrams, President, Grace Catalysts Technologies. “Other technologies in our portfolio are meeting the demands of modern day refiners far more effectively.” Original Source: WR Grace & Co, website: http://www.grace.com (26 Jul 2013) © WR Grace & Co – Conn 2013

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