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Magna Q3 Results

Magna announces third quarter and year to date results

Thu Nov 5, 2009 5:00pm EST

 

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TORONTO, Nov. 5 /PRNewswire-FirstCall/ - Magna International Inc. (TSX: MG.A;
NYSE: MGA) today reported financial results for the third quarter and nine
months ended September 30, 2009.

  -------------------------------------------------------------------------
                   THREE MONTHS ENDED  NINE MONTHS ENDED
                     SEPTEMBER 30,    SEPTEMBER 30,
                  -------------------- --------------------
                    2009    2008    2009    2008
                  --------- --------- --------- ---------
  Sales             $ 4,669  $ 5,533  $ 11,948  $ 18,868

  Operating income (loss)    $   81  $  (112) $  (386) $  493

  Net income (loss)       $   51  $  (215) $  (354) $  219

  Diluted earnings (loss)
   per share           $  0.45  $ (1.93) $ (3.17) $  1.92

  -------------------------------------------------------------------------
  All results are reported in millions of U.S. dollars, except per share
  figures, which are in U.S. dollars.
  -------------------------------------------------------------------------


  THREE MONTHS ENDED SEPTEMBER 30, 2009
  -------------------------------------

During the third quarter of 2009, vehicle production declined 20% to 2.3
million units in North America and 9% to 2.9 million units in Europe, each
compared to the third quarter of 2008.
Also during the third quarter of 2009, our North American average dollar
content per vehicle increased 8%, while European average dollar content per
vehicle was essentially unchanged, each compared to the third quarter of 2008.
Complete vehicle assembly sales decreased 38% to $428 million for the third
quarter of 2009 compared to $687 million for the third quarter of 2008, while
complete vehicle assembly volumes declined 42% to approximately 14,700 units.
Substantially as a result of the significant declines in vehicle production in
North America and Europe, and decreases in assembly sales and tooling,
engineering and other sales, partially offset by increased North American
content per vehicle and Rest of World Sales, our total sales decreased 16% to
$4.7 billion for the third quarter of 2009 as compared to $5.5 billion for the
third quarter of 2008.
During the third quarter of 2009, operating income was $81 million, net income
was $51 million and diluted earnings per share were $0.45, increases of $193
million, $266 million and $2.38, respectively, each compared to the third
quarter of 2008.
During the third quarter ended September 30, 2009, we generated cash from
operations before changes in non cash operating assets and liabilities of $258
million, and invested $234 million in non cash operating assets and
liabilities. Total investment activities for the third quarter of 2009 were
$250 million, including $153 million in fixed asset additions, a $100 million
increase in investments and other assets and $11 million to purchase
subsidiaries.

  NINE MONTHS ENDED SEPTEMBER 30, 2009
  ------------------------------------

During the nine months ended September 30, 2009, vehicle production declined
41% to 5.8 million units in North America and 27% to 8.5 million units in
Europe, each compared to the first nine months of 2008.
Also during the first nine months of 2009, our North American average dollar
content per vehicle increased 1%, while European average dollar content per
vehicle decreased 3%, each compared to the first nine months of 2008.
Complete vehicle assembly sales decreased 56% to $1.3 billion for the nine
months ended September 30, 2009 compared to $2.8 billion for the nine months
ended September 30, 2008, while complete vehicle assembly volumes declined 68%
to approximately 40,800 units.
As a result of the significant declines in vehicle production in North America
and Europe, lower European average dollar content per vehicle, and decreases
in assembly sales and tooling, engineering and other sales, partially offset
by higher North American average content per vehicle and Rest of World Sales,
our total sales decreased 37% to $11.9 billion for the nine months ended
September 30, 2009 as compared to $18.9 billion for the nine months ended
September 30, 2008.
During the nine months ended September 30, 2009, operating loss was $386
million, net loss was $354 million and diluted loss per share was $3.17,
decreases of $879 million, $573 million and $5.09, respectively, each compared
to the first nine months of 2008.
During the nine months ended September 30, 2009, we generated cash from
operations before changes in non cash operating assets and liabilities of $354
million, and invested $341 million in non cash operating assets and
liabilities. Total investment activities for the first nine months of 2009
were $630 million, including $399 million in fixed asset additions, a $206
million increase in investments and other assets and $50 million to purchase
subsidiaries.

  OTHER MATTERS
  -------------

Our Board of Directors has approved the redemption of all of our outstanding
6.5% Convertible Subordinated Debentures (the "Debentures") for cash on
December 7, 2009. The Debentures are redeemable at a price equal to 100% of
the principal amount of the Debentures to be redeemed, plus accrued and unpaid
interest thereon to, but excluding, the date of redemption. The aggregate
principal amount of Debentures currently outstanding is Cdn. $99,998,000.
A more detailed discussion of our consolidated financial results for the third
quarter and nine months ended September 30, 2009 is contained in the
Management's Discussion and Analysis of Results of Operations and Financial
Position, and the unaudited interim consolidated financial statements and
notes thereto, which are attached to this Press Release.

We are the most diversified global automotive supplier. We design, develop and
manufacture technologically advanced automotive systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; as well as complete vehicle engineering and
assembly.
We have approximately 72,000 employees in 242 manufacturing operations and 86
product development and engineering centres in 25 countries.

http://www.reuters.com/article/pressRelease/idUS263659+05-Nov-2009+PRN20091105

Lear Exits Bankruptcy

SOUTHFIELD, Mich., Nov. 9 /PRNewswire-FirstCall/ -- Lear Corporation, a leading global supplier of automotive seating systems, electrical distribution systems and electronic products, announced today that it has successfully emerged from its court-supervised financial reorganization with a strong and flexible balance sheet, positive operating results in the Third Quarter, a growing sales backlog and a robust competitive profile. 

The Company also announced that its new common stock will be listed on the New York Stock Exchange under its historical NYSE stock symbol "LEA" and will begin trading on a "when issued" basis (LEA WI) today. The Company expects its common shares to begin "regular way" trading within several days thereafter. 

"We have moved through the financial restructuring process without missing a beat operationally. We have continued to win new business globally, strengthened our industry-leading global capabilities and the spirit of the Lear team has never been more positive," said Bob Rossiter, Lear's Chairman, Chief Executive Officer and President. "Our customer relationships remain the best in the industry, allowing us to continue winning new business in every region of the world." 

Lear said its present net sales backlog totals $1.4 billion for 2010 to 2012, which is approximately 25% higher than the prior status, despite lower industry production levels. The new backlog also represents continued diversification of Lear's sales, with 40% in its Seating business and 60% in its growing Electrical and Electronic business. Moreover, more than half of Lear's new business comes from outside North America. 

As a result of the financial reorganization, Lear has reduced its debt obligations by approximately $2.8 billion and emerged with a strong and flexible balance sheet. With over $1 billion in cash, Lear has available liquidity to support its global operating needs and growth plans. Upon exit, Lear has less than $1 billion of debt at competitive interest rates and no near-term maturities.

"Moving forward, we are committed to maintaining a disciplined financial profile and an investment grade focus that will enable us to continue investing in new products and technologies globally, as well as growth in emerging markets," Mr. Rossiter said.

"As a result of our multi-year business transformation, we have streamlined our global cost footprint and improved our operating efficiency in every region of the world. Going forward, we have a focused overall plan to drive further sales growth and improved margins." 

Mr. Rossiter concluded, "Thanks to the hard work and dedication of our employees, we moved through our financial restructuring expeditiously and without compromising the fundamentals that make Lear a global industry leader - our unrelenting focus on quality, our unwavering commitment to customer satisfaction, and the most talented team in the business. When you add to that our strong balance sheet, competitive cost structure, and focused growth strategy, we are ideally positioned to continue our business momentum and to benefit from an industry recovery."

http://www.earthtimes.org/articles/show/lear-completes-financial-reorganization-and,1034986.shtml

Sometimes You Need to Fire Those Bad Customers

It Just Isn't Working? Some File for Customer Divorce

As Weak Economy Exerts Financial Pressure, Firms Shed Their 'High-Maintenance' or Delinquent Clients

By RAYMUND FLANDEZ

It's the beginning of the tough-love era. Some small-business owners are ending relationships with aggressive customers who ask for more discounts and concessions or want more leeway on payment time.

Hampered by a slackening economy, these businesses, mainly service providers, are cutting loose nonpaying or late-paying clients who divert resources away from more loyal or profitable clients. Last fall, many businesses retained customers by discounting, providing special payment terms or creating loyalty programs. But today, they can no longer afford to do so.

As a result, by eliminating 5% of her clientele this year, the 36-year-old is saving 20% more of her time while the Web-site development firm's 2009 revenue is on track to rise 10%. "It was the best decision I've made, because it really reduced the level of frustration that I was experiencing," Ms. Rogers says. "It freed me up to the clients that are loyal and pay on time."For the first time since she started her business five years ago, Kishau Rogers, owner of Websmith Group LLC in Richmond, Va., had to "drop or avoid clients that are high-maintenance or late payers." Some of her clients, mainly retail-store owners or solo entrepreneurs, often asked for discounts because of their own tight budgets or an expanded level of service beyond the agreed-upon contract.

Still, the drastic action is bringing separation anxiety for some small-business owners. For years, many have prided themselves on customer service and even staked their reputations on customer loyalty. And some small businesses, suffering from a drop in sales, fear they can't afford to be picky.

But problematic customers need to be fired, says Valarie Zeithaml, a marketing professor at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. "That is a scary thing to do in an economy like this," she says. "But to have to continue to have a customer that's losing the company money with every transaction is not a good strategy either."

It is taking four days longer to collect receivables this year at an average of 27.4 days, compared with 23.7 days last year, according to Sageworks Inc., a private-company financial-data provider in Raleigh, N.C.

Alice Bredin, small-business adviser for American Express Open, says small-business owners should drop difficult clients carefully. As always, she says, "when you choose to no longer do business with someone, be courteous and professional."

This year alone, Ren Moulton, chief executive of Dogmatic Products Inc., a New York maker of interactive pet toys and treats, has dismissed 30 out of 300 small-business clients, mainly because of slow payments by the independent pet specialty stores.

Over the past year, Mr. Moulton has meticulously taken delinquent clients to task by calling them for payments. Some of them made up excuses or told him they just forgot to pay, he says. "We understand it's a tough time for everyone," he says. "So sometimes, we'd let it go. After a while, it wasn't an efficient way to kind of run things." He adds that it isn't worth it for his 10 employees to spend five hours for an account that may only generate $2,000 in sales over the year. Dogmatic expects to post $4 million in revenue this year.

Now, he's doing more to protect his company from problematic customers, such as running credit checks for the first time on smaller accounts, sending contracts ahead of time and reiterating terms and obligations. For international clients, he now has a pay-upfront policy. Before, they only had to pay half upfront. "I do believe in firing bad accounts," he says.

Recently, Chris Cole, owner of a Riverside, Calif., franchise of Volvo Construction Equipment Rents Inc., received an urgent call from a dispatcher of a construction company who needed to rent some equipment the next day. He refused to fill the order immediately. The client had been 100 days behind in payments. He didn't tell the customer "no," but said he couldn't shuffle his other commitments and would only be able to get the request done at a later time. It was a good decision. The next day, Mr. Cole received five local orders, which he wouldn't have had time to fulfill if he had rented out his equipment to the delinquent customer. "Those customers are better off being served by your competitors than by you," he says. Still, some maintain a relationship with troubled clients.

Ed Engoron, co-founder and president of Choclatique Inc., a high-end chocolate and confection maker in Los Angeles, decided to help out a client that entered bankruptcy court instead of leaving the customer in the lurch. He read about his client's predicament online in May and was worried that he would never receive the several thousands of dollars that Choclatique was owed. So, he talked to the Phoenix-based upscale grocer and worked out a deal where the debt is being set aside until the customer's finances improve.

"I want my company to be remembered as a company that worked with them and did not cut them off," he says. He adds that the client was nice to work with and had always paid on time. The grocer is even now placing holiday orders and making regular payments.

"It's a sacrifice," Mr. Engoron says, "but it's a worse sacrifice if I don't have additional income coming in."

Write to Raymund Flandez at raymund.flandez@wsj.com

http://www.typepad.com/site/blogs/6a00e553931c4c883300e553931c508833/post/compose

Third Coldest October on Record

State of the Climate
National Overview
October 2009

National Oceanic and Atmospheric Administration

National Climatic Data Center

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Use the form below to access monthly reports.

« September 2009
National Overview Report

Report:          ----- National -----         National Overview         Drought         U.S. Wildfire         Hurricanes & Tropical Storms         Snow & Ice         Tornadoes         ----- Global -----         Global Analysis         Global Hazards         El Niño/Southern Oscillation Analysis       

Year:                                                                                                                    200920082007200620052004200320021998 Month:                                                                                                                                                                 JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober

---

Maps and Graphics:

October	Most Recent 3 Months	Most Recent 6 Months
Most Recent 12 Months	Year-to-Date	US Percent Area Very Wet/Dry/Warm/Cold
Annual Summary for 2008

PLEASE NOTE: All temperature and precipitation ranks and values are based on preliminary data. The ranks will change when the final data are processed, but will not be replaced on these pages. As final data become available, the most up-to-date statistics and graphics will be available on the Climate Monitoring Products page and the U.S. Climate at a Glance Web site.

For graphics covering periods other than those mentioned above or for tables of national, regional, and statewide data from 1895-present, for October, last 3 months or other periods, please go to the Climate at a Glance page.

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National Overview:

• Temperature Highlights - October
• The average October temperature of 50.8°F was 4.0°F below the 20^th Century average and ranked as the 3^rd coolest based on preliminary data.
• For the nation as a whole, it was the third coolest October on record. The month was marked by an active weather pattern that reinforced unseasonably cold air behind a series of cold fronts. Temperatures were below normal in eight of the nation's nine climate regions, and of the nine, five were much below normal. Only the Southeast climate region had near normal temperatures for October.
• Statewide temperatures coincided with the regional values as all but six states had below normal temperatures. Oklahoma had its coolest October on record and ten other states had their top five coolest such months.
• Florida was the only state to have an above normal temperature average in October. It was the sixth consecutive month that the Florida's temperature was above normal, resulting in the third warmest such period (May-October).
• The three-month period (August-October) was the coolest on record for three states:Nebraska, Kansas, and Oklahoma. Five other states had top five cool periods:Missouri (2^nd), Iowa (3^rd) , Arkansas (5^th) , Illinois (5^th) and South Dakota (5^th) . Everyclimate division in Kansas (nine) and Nebraska (eight) recorded a record cool such period.
• For the year-to-date (January - October) period, the contiguous U.S. temperature ranked 43^rd warmest. No state had a top or bottom ten temperature value for this period.

http://www.ncdc.noaa.gov/sotc/?report=national&year=2009&month=10&submitted=Get+Report

Just Hit the Ball Straight!

Golf balls: 'Humanity's signature litter'

By Christina Macfarlane, for CNN

November 10, 2009 9:20 a.m. EST

Concern is growing in some corners that golf-ball litter is a growing problem.

STORY HIGHLIGHTS

• It takes 100 to 1,000 years for a golf ball to degrade
• Golf balls are composed of a zinc rubber filling
• UK lawmaker says golf balls are "humanities signature litter"

London, England (CNN) -- Research teams at the Danish Golf Union have discovered it takes between 100 to 1,000 years for a golf ball to decompose naturally. A startling fact when it is also estimated 300 million balls are lost or discarded in the United States alone, every year. It seems the simple plastic golf ball is increasingly becoming a major litter problem.

The scale of the dilemma was underlined recently in Scotland, where scientists -- who scoured the watery depths in a submarine hoping to discover evidence of the prehistoric Loch Ness monster -- were surprised to find hundreds of thousands of golf balls lining the bed of the loch.

It is thought tourists and locals have used the loch as an alternative driving range for many years. The footage shot by underwater robotics team SeaTrepid, can be seen below.

With an increasing number of golf balls discarded each year, the Danish Golf Association devised a number of tests to determine the environmental impact of golf balls on their surroundings.

From the moon to the bottom of Loch Ness, golf balls are humanity's signature litter
--UK lawmaker Patrick Harvie

It was found that during decomposition, the golf balls dissolved to release a high quantity of heavy metals. Dangerous levels of zinc were found in the synthetic rubber filling used in solid core golf balls. When submerged in water, the zinc attached itself to the ground sediment and poisoned the surrounding flora and fauna.

Course manager for the Danish Golf Union, Torben Kastrup Petersen, said the scale of the problem is unknown: "There has been very little research on the environmental impact of golf balls, but it's safe to say the indicators are not good. We are planning to collaborate with environmentalists in America to conduct more tests to fully explore the extent of the problem."In many cases, removing a partially degraded ball from a lake or woodland area could result in further damage to the wildlife. So what is the solution? Harvie had this advice: "Keep your balls on the fairway or invest in a stock of biodegradable balls."

http://www.cnn.com/2009/SPORT/11/04/littering.golf.balls/index.html

Midwest Intermodal Terminal

You probably read that Warren Buffet is buying into the rail business.  One of the highlights of UP is their new intermodal terminal just south of Chicago.  This will allow cargo vessels to land on the west coast from asia, load their containers onto railcars for delivery to this terminal, where they would then be off loaded and put onto trucks for local deliveries throughout the Midwest.  This is a powerful business model and perhaps one of the reasons Berkshire made this bet, who knows . . . 

Union Pacific's Joliet Intermodal Terminal Investment Supports Customer Growth; State-of-the-Art Facility Part of Centerpoint's Integrated Logistics Center

JOLIET INTERMODAL TERMINAL CONSTRUCTION CELEBRATION

• Construction crews continue to grade the site of Union Pacific Railroad's new Joliet Intermodal Terminal in Joliet, Ill., while other crews begin laying track in this July 29, 2009,  aerial photograph taken looking south at the 785-acres facility. The intermodal terminal is scheduled to open June 2010.

Joliet, Ill., September 03, 2009 – Union Pacific's new Joliet Intermodal Terminal will support customer growth by increasing the railroad's international and domestic container capacity and improving rail traffic efficiencies in Chicago, the nation's largest rail center. Once on line, customers from across Union Pacific's network will benefit from Joliet's annual capacity of 500,000 ocean-going containers.

Officials and customers gathered today to celebrate the construction commencement of Union Pacific's nearly $370 million, 785-acre Joliet Intermodal Terminal and CenterPoint Intermodal Center – Joliet ("CIC – Joliet"), a 3,900-acre state-of-the-art integrated logistics center.

Union Pacific Joliet Intermodal Terminal

"Our new intermodal terminal demonstrates Union Pacific's unwavering commitment to provide outstanding customer service and make additional investments in our communities. Ultimately, the impact means good paying jobs for the community, growth in the markets we serve and an expansion of the role of rail – one of the 'greenest' and safest modes of freight transportation," said Jim Young, Union Pacific chairman and chief executive officer.

Intermodal traffic has grown substantially over the last decade, particularly in the Chicago area. Joliet's additional capacity will allow Union Pacific to continue pursuing opportunities in the growing rail-truck market.

Construction began in August 2009 and the initial phase is scheduled for completion in June 2010.  The new facility, located about five miles south of I-80 and seven miles east of I-55, has additional space for future expansion based on customer demand.

The Joliet Intermodal Terminal features include:

• Four 8,000-foot tracks with capacity to handle the loading or unloading of 107 intermodal "double-stack" rail cars.
• Six 8,000-foot tracks to give train crews the ability to sort rail cars by destination.
• An additional six tracks to stage rail cars prior to unloading or loading.
• Four cranes that straddle the rail cars and two rubber-tired mobile "packers" that lift trailers and containers on and off rail cars. The cranes are equipped with Global Positioning System (GPS) technology, increasing loading and unloading efficiencies.
• More than 3,400 "staging" or parking places for trailers and containers.
• An advanced Yard System that coordinates all movement of rail cars, trucks, trailers and containers at the facility.
• AGS Gate technology that decreases truck processing time from five minutes to between 30 to 90 seconds.
• A state-of-the-art security system.

CIC – Joliet

CIC – Joliet is a $2 billion private investment, 100 percent developed with union labor, which is expected to generate as many as 15,000 new jobs and millions in new tax revenue for local governments over the next 10-15 years. CenterPoint will be investing more than $200 million in new infrastructure, including roads, bridges and utilities. Of the 3,900 total acres, 975 acres are zoned for rail and intermodal terminal development; 1,900 acres are available for up to 20 million square feet of industrial facilities (warehouse, distribution, manufacturing, cross-dock, and transloading); and 400 acres can accommodate container/trailer and equipment management facilities. The remaining 625 acres have been reserved for stormwater and conservation.

CIC – Joliet is an extension of CenterPoint's internationally recognized 2,500-acre integrated logistics center in Elwood, located just two miles south, the redevelopment of the U.S. Army's former Joliet Arsenal. Total investment in CIC – Elwood is projected to be $1 billion at full build-out. CenterPoint has developed almost nine million square feet of industrial facilities within CIC – Elwood in just six years as a result of customer demand for  warehouse/distribution facilities located adjacent rail. Combined, CenterPoint's 6,000 acres within CIC – Elwood and CIC – Joliet create the largest master-planned integrated logistics center in North America.

Mike Mullen, Chief Executive Officer of CenterPoint stated, "This project would not be possible without the extraordinary support of our elected federal, state and local officials, union labor leaders, the United States Army, dozens of federal and state agencies and our surrounding community of Joliet. The project will drive economic development locally and throughout the region, providing a first class model for public/private infrastructure investment. With our partners at the Union Pacific, we seek to create the most environmentally friendly inland port in North America."

Union Pacific invested nearly $240 million for capital projects in Illinois in 2008. During 2009, Union Pacific plans to invest $1.7 billion in strengthening the track infrastructure across its more than 32,000-mile system. This extensive investment in the railroad's track helps ensure Union Pacific has the capability to offer quality, safe and cost-effective service to meet its customers' current and future transportation needs.

Comments from Illinois Governor Pat Quinn

"It is important that we create Illinois jobs and improve our economy by supporting projects like this facility," said Illinois Governor Pat Quinn. "Legislation signed into law last month provides a major incentive for growth in the Joliet area to further strengthen our transportation industry."

Comments from U.S. Senator Dick Durbin

"The reason Joliet is America's intermodal transportation capitol isn't just because great highways and railways come together here, it's because people come together to make economic progress work for everyone. The new Union Pacific Intermodal Terminal and CenterPoint Intermodal Center in Joliet will be a major crossroads of America's economy. It will keep goods moving to markets across the nation and around the world and it will bring 16,000 good, new, family-supporting jobs to Joliet," said U.S. Senator Dick Durbin.

Comments from U.S. Representative Debbie Halvorson

"The most important thing we can do right now to move our economy and our country forward is create jobs and opportunities for economic development -- and that's exactly what this project will do. The new Union Pacific Terminal and CenterPoint Intermodal Center will bring thousands of new good-paying jobs to Joliet and Will County and cement our reputation as the central hub of our country's economy," said U.S. Representative Debbie Halvorson.

About Union Pacific

Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country. Union Pacific serves many of the fastest-growing U.S. population centers and provides Americans with a fuel-efficient,environmentally responsible and safe mode of freight transportation. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad emphasizes excellent customer service and offers competitive routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada's rail systems and is the only railroad serving all six major gateways to Mexico, making it North America's premier rail franchise. Find more at www.up.com.

About CenterPoint Properties

CenterPoint Properties is focused on the development, ownership and intensive management of industrial real estate and related rail, road and port infrastructure. We add value to our customers through forward-thinking solutions aimed at enhancing supply chain and operating efficiencies. We seek long term relationships with customers, public and private business partners, internal colleagues and the communities where we invest and operate.

CenterPoint Properties is owned by the CalPERS, the California Public Employees Retirement System, which provides retirement, health, and related financial programs and benefits to 1.5 million public employees, retirees, and their families and more than 2,500 public employers.

For further information, contact:

Mark Davis at Union Pacific: 402-544-5459
Shannon Mullen at CenterPoint: 630-586-8284

Follow Union Pacific and CenterPoint on Facebook:

Union Pacific: www.facebook.com/unionpacific
CenterPoint: www.facebook.com/pages/CenterPoint-Properties/113892473523

http://www.uprr.com/newsinfo/releases/capital_investment/2009/0903_joliet.shtml

Chinese Bedding Market

Bedding Market Creating Strong Demand for Flexible Foam

2009-11-10

PUWORLD(2009-11-10)――Demand created by downstream bedding industry would remain strong in the rest days of 2009, even the beginning of 2010, insiders released, and the sturdy momentum would last for long time. Sponge players said that in the past 20 years, demand from flexible bedding area increased dramatically, with annual growth rate as much as 20%; and it is estimated that, in the coming few years, the rate would be higher than 20%. Flexible bedding products, like mattress, is considered as consumption goods in western people, with change circle of about six months to one year, however, in China, it used to be regarded as durable goods with change circle of about seven years; Recently, with the living quality of Chinese people climbing up, the concept is changing, and so is the demand from bedding industry. http://en.puworld.com/news_article.asp?ArticleID=77601200

Dow Lifts TDI Force Majeure

Dow lifts FM on TDI out of Freeport, Texas facility

06 November 2009 18:28  [Source: ICIS news]

HOUSTON (ICIS news)--Dow Chemical removed the force majeure (FM) on its Voranate toluene di-isocyanate (TDI) at the company’s Freeportfacility in Texas, the company said on Friday.

Dow said it has completed the repairs necessary due to the breakage of equipment in early October, and has resumed normal TDI operations and activities. 

The FM was lifted, effective on 5 November, the company said.

Barring large fluctuations in feedstock costs, US TDI prices were expected to remain steady for the remainder of 2009.

Over the past few weeks, the US TDI market discussed an additional 10 cent/lb ($220/tonne or €147/tonne) increase on the table for November pricing, but last week the hike was rescinded, sources said. TDI prices increased by 10 cents/lb in October, according to data from global chemical market intelligence serviceICIS pricing.   

Other major US TDI producers include BASF and Bayer.

http://www.icis.com/Articles/2009/11/06/9261729/dow-lifts-fm-on-tdi-out-of-freeport-texas-facility.html

The Dollar Takes a Beating

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12

Twenty Years Ago