Textile Effects Polyethylene Terephthalate 30-12-2021
Textile Effects Polyethylene Terephthalate
Crude Oil Prices Trend
Huntsman Corporation (NYSE: HUN) today announced two significant corporate initiatives: a review of strategic options for its Textile Effects Division and a multi-year compensation plan designed to align the incentives of the Company’s management team with the targets presented at the Company’s Investor Day in November.
Review of Strategic Alternatives for Textile Effects
The Huntsman Board of Directors has authorized management to conduct a strategic review of the Textile Effects Division, which is headquartered in Singapore, including a possible sale of the Division. The review will begin early in the first quarter of 2022.
“We have been transparent about our continued evaluation of divestment opportunities that are both in line with our strategic goals and in the best interests of our shareholders,” said Peter R. Huntsman, Chairman, President and CEO. “We believe now is the right time to explore options for Textile Effects. We expect that the division will generate close to $100 million of Adjusted EBITDA in 2021, recovering much of what was lost due to COVID-19. While its value-added portfolio of sustainable products is consistent with Huntsman’s strategic direction, there may well be an external party that recognizes the value of these extremely attractive assets and will be a better owner for them.”
Huntsman has not set a timetable or a deadline for the conclusion of its evaluation of strategic alternatives for the Textile Effects Division but plans to move expeditiously, and it does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
Compensation Plan Aligned with Investor Day Targets
The Board of Directors also authorized management of the Company to implement a multi-year compensation plan for all Officers and Vice Presidents designed to align with the interests of all shareholders and with the targets presented at the Company’s Investor Day in November.
A significant majority of the plan participants’ equity incentives will be performance-based and tied to relative Total Shareholder Return and Free Cash Flow measures. In addition, the entirety of the Company’s incentive cash bonus program will be linked to the achievement of the Adjusted EBITDA margin, Optimization Program and Free Cash Flow targets set out at the Investor Day. Each of these targets builds on a multi-year effort to improve upon the Company’s 2021 performance.
Mr. Huntsman continued, “Consistent with the guidance we gave on Investor Day, we are committed to improving upon the strongest profit and margin performance for our current portfolio of businesses. We believe these changes to our compensation plan will enhance our culture of accountability and effectively incentivize our management team to deliver on our Investor Day commitments and generate enhanced shareholder value.”
Engaged traffic at TechNova’s stand at PackPlus 21
Mumbai-headquartered TechNova Imaging Systems, recognized as one of the leading providers of digital and analog imaging consumables, has in recent years also sold hardware such as computer to plate (CtP) devices and sample making tables. The company has always had an eye on the relevance of digital and sustainable solutions as a leading supplier of integrated solutions, hardware, consumables, and services. It has kept expanding its reach further in imaging – to the print, publishing, packaging, textile, engineering, signage, and photo industries.
This year, TechNova known for its technology and knowledge sharing on the shop floor with its customers completed its 50 years in the graphic industry. Packaging South Asia met with Ekta P Mhatre, the company’s manager-product marketing at its stand at the recent PackPlus exhibition in the Delhi NCR. The company’s digital print finishing devices and a digital cutting table from Jingwei were shown on its stand there. Textile Effects Polyethylene Terephthalate
Speaking with Mhatre about the trade show, we realized that it was the company’s first participation in any event after the Covid-19 pandemic almost 22 months ago. Speaking about the positive response from customers, she explained to us how the printing and packaging industries have grown and constructively utilized their time during the Covid-19 period. “The Indian market is opening up as hoped, and things are getting back to normal. We’re pleased to be a part of PackPlus 2021, as it is our first public appearance since Covid-19,” she said.
TechNova’s Go Green Mission
TechNova is committed to helping the printing and packaging industry adopt eco-friendly solutions, reduce its carbon footprint, and to eliminate waste while facilitating sustainable growth. In the conversation on sustainability, Mhatre mentioned, “We are taking further footsteps in our green initiative and trying to be greener. In drupa also, there was a big hype about sustainability and industry 4.0, so, I think this is the right way to go ahead for a better future. In packaging, any growing company should develop and work towards sustainable applications, and then only will it be easier to survive in the future. So, everyone should work on the sustainability part.”
Mhatre concluded our conversation by speaking about the company’s expansion, “Right now, we are working on our current portfolio and trying to tie up with many companies for digital postpress. Textile Effects Polyethylene Terephthalate
We were always there for the last 50 years in the conventional offset and packaging setup. Currently, we are working with Konica Minolta, Duplo, and Jingwei devices to cover the entire area of digital graphics. I think this is a good time to move ahead, and very soon, you will get big news from TechNova regarding its innovation.”
Textile Effects Polyethylene Terephthalate