emissions and increase in energy
efficiency were lower than in
2011: In 2011, the company had
already emitted 34.6% less greenhouse gases per metric ton of sales product
and improved energy efficiency by 25.7%
compared to 2002. The changes compared
with the previous year are mainly caused
by reduced plant capacity utilization
worldwide and maintenance works.
In 2012, the total emissions of air pollutants from the chemical plants into the
atmosphere dropped by 63.1% to 31.580
metric tons (2011: minus 59.9%). By
2020, BASF aims a reduction by 70%
compared to baseline 2002.
BASF also reduced the emissions to
water in 2012: Compared with 2002, the
emissions of organic substances dropped
by 76.4% (2011: minus 73.5%) and of
nitrogen by 87.3% (2011: minus 87.2%).
The wastewater contained 26 metric tons
of heavy metals, representing a worldwide reduction of 56.8% (2011: minus
60.8%) compared with 2002.
With the “Health Performance Index”
(HPI), BASF measures its performance in
health protection. The index comprises
data of confirmed occupational diseases,
medical emergency planning, first aid,
preventive medicine and health promotion. The maximum value is 1.0; BASF
aims to reach an annual value of more
than 0.9. In 2012, the HPI was 0.89.
With regards to product safety activities, BASF also committed itself to a voluntary goal: By 2020, the company will
review the risk assessments for all products that it sells worldwide in quantities
of more than 1 metric ton per year. The
company already reached 45% of this
goal in the previous year (2011: 30%).
BASF adheres to the ambitious goals
to reduce work related accidents by 80%
until 2020. In 2012, 1.7 work-related accidents per million working hours occurred
at BASF sites (2011: 1.9). Compared with
2002, the lost-time injury rate declined by
48% (2011: minus 42%).
Construction of Oxea’s New
Specialty Derivatives Plant
in China Well on Track
Oxea Advanced Derivative’s first oxo deriv-
atives plant in Nanjing Industrial Chemical
Park, China, has successfully passed the
planning stage and construction is under
way. Oxea expects its new Nanjing plant
to be mechanically complete at the end of
2013. The new state-of-the-art production
site will serve the fast-growing demand for
oxo derivatives in China and Asia. Oxo derivatives are key ingredients and are used
in nearly all sectors of China’s economy, including automotive, construction, cosmetics, pharmaceutical and personal care.
“China is the main growth engine
for the Asia-Pacific region,” said Miguel
Mantas, Executive Board member for
marketing and sales. “Thanks to the favorable strategic location of our new
plant, we will be able to better serve our
customers in the region and at the same
time further strengthen Oxea’s leading
global market position. Initially the Oxea
Nanjing plant will produce specialty esters, phthalate-free plasticizers and other
oxo derivatives for the local market. But
we already have plans for new investments
into the plant – along with sufficient space
and resources to implement future expansions at Nanjing.”
Cristóbal Ascencio, vice president of marketing Oxo derivatives at
Oxea, addressed the application areas
of Oxea’s specialty esters that will be
produced at Nanjing.
“Our new plant will allow us to service
the booming Asian market for plasticized
PVB film, which is used in safety glass
laminates for automotive, architectural,
and decorative glass,” said Ascencio. “And,
among others, our specialty esters are important building blocks for the production
of eco-efficient lubricants for compressors.”
A Schulman Offers to
Acquire Ferro Corporation
A. Schulman announced that it has made
a proposal to the Board of Directors of
Ferro Corporation to acquire all of the
outstanding shares of Ferro common
stock for per-share consideration of
$6.50, representing an estimated total
enterprise value of approximately $855
million including total indebtedness. The
offer represents a 25% premium over the
closing price of Ferro common stock on
March 1, 2013, and a 32% premium over
the volume-weighted average trading
price over the preceding 60-day period.
The company said its proposed offer
price of $6.50 per share includes an immediate cash payment of $3.25 for each
Ferro share outstanding and $3.25 worth
of A. Schulman common stock. When
cost savings and synergies are fully implemented, A. Schulman estimates annual
savings of $35 million over and above the
previously announced Ferro targets.
Based on these additional savings, A.
Schulman believes that its offer presents
the opportunity for significant future
value to Ferro shareholders through the
equity portion of the consideration. A.
Schulman stated that its offer was based
upon publicly available information
about Ferro, which reported sales of approximately $1.2 billion through the first
nine months of its fiscal year ended Dec.
31, 2012. However, with greater visibility
into Ferro’s businesses, A. Schulman expects its offer could be adjusted subject to
customary due diligence.
A. Schulman expressed its “strong intent” in pursuing the combination in a
letter to Ferro on Feb. 13, 2013. Ferro’s
Board rejected A. Schulman’s offer and
expressed their belief that the company
should remain independent. A. Schulman
first contacted Ferro in November 2012.
“A. Schulman and Ferro are both recognized leaders in specialty chemicals
with value-added product lines, similar
business models, complementary competencies, markets and applications,” said
Joseph M. Gingo, chairman, president
and CEO of A. Schulman. “We believe
our combination will deliver superior
value to our respective shareholders and
offer better value to customers, and we
would welcome the opportunity to engage in a mutually beneficial dialogue
with Ferro’s Board and management.
“A. Schulman has demonstrated a
proven ability to execute reorganization,
growth and acquisitions,” Gingo added, “Ferro’s business units align with A.
Schulman’s core competencies with the exception of Pharmaceuticals, which is not
strategic to us. We see substantial synergies
and both geographic and market growth
opportunities resulting from this compelling combination, which we would hope
to be a consensual transaction.” CW
