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PolyOne completes Clariant deal, launches new name: AvientJuly 1 is a big day for materials maker PolyOne Corp., as the firm closes a $1.44 billion deal and officially changes its name to Avient Corp.Avon Lake, Ohio-based PolyOne — now Avient — completed its acquisition of the color masterbatch businesses of Clariant AG. That deal, which was announced in December 2019, adds 46 manufacturing sites and technology centers in 29 countries and about 3,500 employees to Avient's previous total.The business being acquired has annual sales of $1.1 billion. It will operate as part of Avient's Color, Additives and Inks unit."We proudly welcome our newest associates and valued customers from Clariant Masterbatch," Chairman, President and CEO Robert Patterson said in a news release. "They are joining us on Day One of this new era for our company, which as of today will be named Avient."He added that under the new brand, the firm "brings two global leaders together to create a specialty company focused on sustainable solutions for our customers, being a great place to work for our associates and creating value for all stakeholders."The $1.44 billion purchase price represents a 10.8x multiple of 2019 adjusted earnings before interest, taxes, deducations and amortization (EBITDA), or 7.5x including anticipated synergies. Patterson said that with the acquisition, Avient now expects more than 85 percent of adjusted EBITDA to be generated from specialty applications.That amount, he added, is up from less than 10 percent "when our specialty journey began over a decade ago.""While we honor the legacies of our past organizations, under our new name Avient, we come together and look to the future as a world-class sustainable organization," Patterson said.Officials said that priorities for the renamed Avient include keeping safety first, advancing inclusion and diversity, leading in sustainability, investing in innovation and delivering financially for all stakeholders."These endeavors are made possible by the joining of our businesses," Patterson said. "We are better together."In conjunction with its rebranding and new name, the company's stock ticker symbol will change from POL to AVNT effective at the start of trading July 13. PolyOne had operated under that name since 2000, when the company was formed from a merger of materials firms Geon Corp. and M.A. Hanna Co.Like many businesses, Avient has been impacted by the global COVID-19 pandemic. On a June 16 conference call, company officials said they expect second-quarter sales to be down 20 percent vs. the second quarter of 2019 as COVID-19 has slowed economic activity worldwide.Patterson said June 16 that the company has seen sales drop in automotive and consumer discretionary items."Auto makes up only about 10 percent of our sales, but it accounted for 40 percent of our sales decline," he said. "We also saw drops in specialty inks for athletic apparel and in off-road vehicles."Avient's sales into industrial, consumer, and oil and gas markets also were impacted to lesser extents. The firm's sales into the marine sector also declined. "People bought boats, but they weren't making any," Patterson said.He added that Avient saw strong second-quarter demand in packaging — expected to be up 5 percent — and health care, which is expected to be up 8 percent."We benefited in having our products used in medical applications like face masks, beds and test kits and in packaging for fresh food and increased shelf life," Patterson said.Among Avient's business units, Patterson said that second-quarter distribution sales are trending to be down 23 percent, with specialty engineered materials down 18 percent and color, additives and inks down 16.5 percent.During the second quarter, Avient closed five of its 61 production plants for a short time, but all five are now operational again. Those plants were in Elk Grove, Ill.; Toluca, Mexico; Milan; Pune, India; and Lima, Peru. Patterson added that although some of the firm's customers are seeing financial trouble because of the pandemic, none have filed for bankruptcy.First-quarter sales at Avient were down 5 percent to $711.5 million, as quarterly profit declined 14 percent to $32.8 million. Patterson said he was proud of how his team has put safety first during the pandemic and has adapted well to new procedures, including working from home."We have to continue to take care of our associates and of each other," he added. "It's not just about returning to normal; it's figuring out what the new normal is."Like many public firms, Avient's per-share stock price has been battered by the effects of COVID-19. The price began the year above $35 but fell to almost $10 in mid-March. It had recovered to close at $26.20 on June 30, but it remained more than 20 percent below its Jan. 1 level.Prior to the Clariant deal, Avient employed 5,600 worldwide and posted sales of $2.9 billion in 2019. The firm is a founding member of the Alliance to End Plastic Waste.source: https://www.plasticsnews.com/news/polyone-completes-clariant-deal-launches-new-name-avient
Editor 2020-07-26
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Coronavirus will boost electrification shift, VW and Bentley execs sayAndrew Roberts, UnsplashLondon — Government incentives and auto maker investment decisions resulting from the coronavirus pandemic will accelerate the move to electrification, Volkswagen Group executives said."Certainly you're going to see a faster transformation to electric mobility," Christian Dahlheim, VW Group's head of sales, told an online summit hosted by the United Kingdom auto association, the SMMT.The move will be driven partly by the public's desire to see the continuation of cleaner air experienced during the lockdown as life returns to normality, Dahlheim said.Increased government incentives "will push us in that direction," he said.Adrian Hallmark, who heads VW Group's Bentley ultraluxury brand, said the pandemic could be a "natural accelerator" for electric investment as auto makers are forced to make tough spending decisions to repair damaged finances."If you have to prioritize and the future is uncertain, where do you place your bets? More (internal combustion engine) horsepower or more cell technology? We have done the latter," Hallmark told the conference.Bentley has said it will launch a full-electric car by 2026 and offer a hybrid version of all its models by 2023. However, Hallmark told Automotive News Europe in an interview earlier this month that the immediate effect of the coronavirus was to temporarily freeze the company's investments in future projects such as the electric car."The short-term shock doesn't help because we did plan to generate more cash to be able to preinvest in the next generation (models)," he said. "But it didn't change the strategic direction."Sales of plug-in hybrid cars in Europe were already on the rise in 2020 as auto makers introduced more versions to help meet tougher CO2 reduction targets imposed by the EU.Sales of full-electric vehicles and plug-in hybrids doubled to 167,132 cars in the first three months compared to the same period last year, according to industry association ACEA.Recent government incentive packages in France and Germany to boost demand for autos are heavily weighted toward promoting sales of plug-in hybrids.Dahlheim said sales of full-electric cars will be dampened by the slow rollout of charging facilities."Half of our consumers are willing to drive electric, but the biggest hurdle is infrastructure," he said.The VW Group plans to invest nearly $34 billion across its 12 brands by 2024 in a push to become the world's largest electric car maker. VW brand alone has said it will invest more than $12 billion as it aims to produce 1.5 million electric cars a year in 2025.The VW brand will begin European deliveries of the battery-powered ID3 compact hatchback in September, the first car on the auto makers' MEB electric platform. The ID3 is a key launch for VW because it's the first of a new generation of affordable, long-range electric cars.source : https://www.plasticsnews.com/news/coronavirus-will-boost-electrification-shift-vw-and-bentley-execs-say
Editor 2020-07-05
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-CPRJ Automotive Conference participants visit the factory of Beijing HyundaiThe 9th Edition CPRJ Plastics in Automotive Conference & Showcase was successfully held yesterday (September 5) in Beijing, China.Today, the organizers arranged a site visit to the second factory of Beijing Hyundai.Established in 2002, Beijing Hyundai Motor Co., Ltd. is a 50-50 joint venture between BAIC Motor and Hyundai Motor. The registered capital of the company is US$2.036 billion and the joint venture’s term is 30 years.Located in Shunyi district of Beijing city, the manufacturing base features 3 complete vehicle production factories and 3 engine production factories.In 2016, Beijing Hyundai established its factories in Hebei Cangzhou and Chongqing respectively, supported by the Beijing-Tianjin-Hebei Coordinated Development Plan and the Yangtze River Economic Belt Development Plan. They have a combined annual production capacity of 1.65 million vehicles.Today, participants visited the body shop and assembly shop of Beijing Hyundai’s second factory. With an investment of US$1.05 billion, the factory covers an area of 1.15 million square meters.The factory was officially put into operation in April 2008 and its annual production capacity is about 300,000 vehicles. The production models include the 9th generation of Sonata, all new Tucson, Elantra and others.Before visiting the workshops, participants watched a video about the Korean culture and the processing technologies of Beijing Hyundai.The cars displayed at the exhibition hall of Beijing Hyundai.(Due to the non-disclosure agreement, the details of the visit is not allowed to be revealed.)Source:CPRJ Editorial Team  link : https://www.adsalecprj.com/en/news_show-62463.html
Editor 2020-04-01
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Women comprise a third of the technology team on Ford's Mach-EFord Motor Co.Some members of the team that helped develop the new Ford Co-Pilot360 technology on the Mach-E.DETROIT — Ford Motor Co. instituted a new product development process for the Mustang Mach-E prioritizing speed and collaboration among engineers and designers.One of the teams behind the car also is unique for its gender diversity.Of the roughly 75 employees who worked on the electric crossover's advanced driver-assist technology — including a new hands-free system — about one-third were women, a rarity in the male- dominated field. Ford says about 25 percent of its employees worldwide are women, but that figure is considerably lower when it comes to engineering.The confluence of female minds that helped shape the Mach-E wasn't intentional, the workers say, but reflects Ford's efforts to become more inclusive as it attempts to hire more tech-minded talent.Annette Liyana manages the user experience for Ford’s active drive-assist system"We're an incredibly well- represented group," Annette Liyana, 37, who manages the overall user experience for Ford's active drive-assist system, told Automotive News. "It's an exciting time to be at Ford. I know the team really stretched and reached some limits none of us thought we'd be approaching."Alexandra Taylor, the 27-year-old application manager for the yet-unnamed hands-free system, started at Ford about five years ago after graduating from college. She said this is the largest number of women she's worked with."Even five years ago, I felt like the only woman in the room," she said. "Here, I don't even think about it. We've got a healthy mix throughout." Liyana, Taylor and others helped develop the new Ford Co-Pilot360 technology on the Mach- E. While some features have been integrated into other vehicles, the Mach-E arriving next year will be the first Ford to allow drivers to take their hands off the steering wheel for extended periods of time, similar to Cadillac's Super Cruise system or Tesla's Autopilot.“Even five years ago, I felt like the only woman in the room. Here, I don’t even think about it. We’ve got a healthy mix throughout.”The system, available on the Premium and GT trims, will use lasers and cameras in the wheel to monitor a driver's alertness.Developers had less time than usual to finalize designs. The team had been working on a front-wheel-drive compliance crossover for years before Jim Hackett took over as CEO and ordered an overhaul of the project, which evolved into a rear-wheel-drive member of the Mustang family."We came at it from a very agile development mindset," Taylor said. "One day I might be in a meeting ironing out intended feature behavior. Later in the week, I might be on the test track."Tracie Conn, a sensor engineer who previously worked at NASA, said customers ultimately get better vehicles if a diverse team has a say in its creation."If we're facing a challenge and all get together, having those diverse backgrounds, experiences and points of view makes for such a stronger product in the end," said Conn, 36. "It makes a big difference having many different voices in the room."Ford has been working to add more voices.The automaker has long encouraged and supported women to pursue careers in STEAM fields (science, technology, engineering, arts and math) through programs such as FIRST Robotics, Girls Who Code and Ford Girl's Fast Track Races."We are not where we need to be as it relates to women taking the lead," Kim Pittel, who retired last month as Ford's vice president for sustainability, environment and safety engineering, told an audience earlier this year. "Women are underrepresented in our industry."At Ford, female leaders include Joy Falotico, who was CEO of Ford Credit before becoming chief marketing officer and head of the Lincoln luxury brand last year; Elena Ford, a great- great-granddaughter of Henry Ford who serves as chief customer experience officer; and Kiersten Robinson, chief human resources officer.Marcy Klevorn, who rose from the automaker's telecom team to become its top-ranking woman as president of mobility, retired in the fall."It's important that companies have visible role models for young women to see that it's something they can do," Klevorn, who was on Automotive News' list of 100 Leading Women in the North American Auto Industry in 2010 and 2015, said in 2015.Taylor, Conn and Liyana all said they've had numerous female mentors at Ford, ranging from their fellow engineers to managers and executives.All three expect the number of female workers at Ford to continue growing and for teams like theirs to become the norm.Conn said she would encourage women in college to consider the automotive industry as a career."Despite what preconceptions there might be, in my experience it's nothing but positive," Conn said. "It's a respectful and inclusive environment. We want you to join us."source : https://www.plasticsnews.com/news/women-comprise-third-technology-team-fords-mach-e
editor 2019-12-28
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Continental projects five-year downturn of global auto marketAuto supplier Continental AG reported a slight drop in profitability at its rubber group, which covers plastic and rubber parts along with tires, for the third quarter, while also issuing a downbeat forecast for future growth prospects in the automotive industry.Hanover, Germany-based Continental's financial update was accompanied by news that its executive board has decided to fully spin off its powertrain business Vitesco Technologies with subsequent listing. Due in part to market uncertainty, the company no longer will pursue a potential partial IPO of its powertrain operations, which it originally had considered.Third quarter sales in the rubber unit, comprising Continental's tires and ContiTech businesses, were about $5.1 billion compared to $4.7 billion in the same period a year ago. Adjusted earnings before interest and taxes margin for the group was about 12.3 percent, compared to the prior-year 12.5 percent, the company's preliminary figures issued Oct. 22 show.For the Continental group as a whole, consolidated sales in the third quarter came in at about $12.4 billion and the adjus"Considering the unresolved trade disputes, the unclear situation regarding Brexit, and declining markets, we did reasonably well in the third quarter from an operational standpoint," Continental's Chief Financial Officer Wolfgang Schaefer, Continental's chief fiscal officer, said in a statement.▲SchaeferBut, while Schaefer confirmed Continental's annual outlook for sales and earnings, he issued a stark assessment of the group's main market going forward."We do not anticipate that global production of passenger cars and light commercial vehicles will experience any material improvement in the next five years, so we have revised our assumptions for the medium-term market development accordingly," he said.The assumptions made and adapted as part of the annual planning process led to non-cash impairments of goodwill and other intangible assets totaling about $2.8 billion.The impairments, which Continental "recognized" in the third quarter, are mainly linked to the revision of market expectations, Schaefer pointed out.SOURCE : https://www.plasticsnews.com/news/continental-projects-five-year-downturn-global-auto-market
editor 2019-10-26
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Occupational Safety and Health AdministrationAutomotive parts supplier Donghee Alabama LLC faces proposed penalties from the U.S. Department of Labor's Occupational Safety and Health Administration for exposing employees to safety hazards at its facility in Auburn, Ala.Staffing agencies J & C Enterprise LLC and Jian Enterprise LLC have also been cited by OSHA. The companies collectively face $145,438 in penalties, according to a June 18 news release.OSHA cited Donghee Alabama and the staffing agencies for exposing employees to caught-in and crushed-by hazards by requiring them to operate machines with nonfunctioning safety laser scanners, which are designed to prevent workers from entering danger zones during operating cycles.The staffing agencies were also cited for exposing workers to hazards from operating machines with nonfunctioning light curtains."Hazards associated with the auto parts manufacturing industry are a source of serious injuries and fatalities to workers," Jose Gonzalez, OSHA's acting area director, said in a statement. "Employers are required by law to comply with lockout/tagout and machine guarding standards to protect workers who operate equipment."OSHA said the companies have 15 days from receiving the citations to contest the findings.Donghee Alabama is a U.S. subsidiary of parent company Donghee Industrial Co. Ltd. in South Korea. The company manufactures plastic fuel tanks, pedal and suspension modules and various electromagnetic parts.source : https://www.plasticsnews.com  
editor 2019-07-06