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09:11, November 26, 2008 |
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09:11, November 26, 2008 |
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Home for the holidays is a safe dash through the snow with this shock-proof, temperature-regulated protective luggage.
The Magnum WineCruzer eases every aspect of travel for wine enthusiasts and connoisseurs and simply makes traveling a hassle-free experience.
Montclair, CA (PRWEB) November 26, 2008 -- Santa the wine connoisseur is shouting ho-ho-ho now that he can drop down every chimney without popping a cork. Safe delivery of everyone's favorite vintages is guaranteed thanks to the 5-Pack Magnum Wine Carrier by WineCruzer.
The latest addition to a long line of WineCruzer carrying cases, the 5-Pack Magnum offers maximum protection against impact, vibration and thermal shock. Theft of your best wines is also out of the question, as this case can be secured with a padlock. Not that -access will be difficult for you. When you're ready to celebrate, corrosion-proof latches make this case easy to open and close.
"In the travel process, wine bottles placed in luggage can potentially result in breakage or severe damage due to rough handling. The worst case scenario would be for a traveler to come to find out that because of wine and glass spillage, all valuable possessions and brand name clothes are now completely damaged and entirely useless. This would absolutely put an end to what was an adventurous wine country visit," says Tatiana Briceno, Marketing Director at WineCruzer. "The Magnum WineCruzer eases every aspect of travel for wine enthusiasts and connoisseurs and simply makes traveling a hassle-free experience."
Dashing through the snow - to Thanksgiving or Christmas dinner, a wine tasting or your favorite vineyard - is carefree because this ergonomically designed case is equipped with sturdy polyurethane wheels with stainless steel bearings. A retractable extension handle also makes mobility swift and easy.
"While WineCruzer seeks to come along side of industry-specific companies with our larger cases, we do acknowledge all shipping laws and strongly encourage all our customers to be responsible and verify current regulations before shipping their wine," says Briceno.
The thermally insulated dark-hue closed cell foam interior shelters 5 magnum wine bottles. The innovative wine carrier also has been tested to regulate variations in temperature for those who are especially particular about their wines. The virtually indestructible hard-shell case flies in any season or hemisphere with an unconditional lifetime warranty.
The exterior dimensions of this premiere airline carrying case are 19.70" x 12.00" x 18.00". The lid and case depths are 2.00" and 14.00" respectively. And when empty, the case weighs only 16.5 lbs.
There are less expensive alternatives, such as Styrofoam containers, leather carriers, or picnic-type baskets, but these don't provide adequate protection. Once a Styrofoam container crushes or crumbles, it won't return to its original shape. Neither will your wine.
The 5-Pack Magnum Wine Carrier by WineCruzer guarantees fearless traveling throughout the holidays for wine connoisseurs, club members and enthusiasts. Collectors who buy expensive vintages at vineyards will also enjoy safe transport to their home from wine cellars.
When riding in a one-horse open sleigh, automobile or aircraft, choose the all-seasons sensation called WineCruzer. Premiere protective carrying cases even a travel-savvy Santa can appreciate.
For wine connoisseurs with other transport needs, 2, 4, 6, and 8 standard bottle carriers are also available. For more info, visit www.winecruzer.com; call 800-440-9925 in the U.S. or 909-613-1547 internationally; fax 909-613-1979; or write to WineCruzer at 4665 State Street, Montclair, CA 91763.
Media Contact:
Tatiana Briceno
(800) 882-4730
4665 State Street, Montclair, CA 91763
###
http://www.prweb.com/releases/WineCruzer/Magnum/prweb1672054.htm
(CSRwire) MIDLAND, MI. - November 25, 2008 - Looking for ways to live a 'low-impact', healthier lifestyle, today, 35 million Americans – or 30 percent of the consumer market – are purchasing products, like organic food and hybrid automobiles, that they consider to be more natural or have a reduced environmental footprint. Consumers continue to look for new products that can meet their growing demand for 'green' while at the same time providing the performance they are used to getting from traditional products. In addition, as consumers become more educated as to what makes a product 'green', they are paying closer attention to the claims that companies are making and are driving demand for products with ever-increasing levels of renewable content – believing green is 'good' but 'more green' is better. Going beyond organic sheets and pillows made from natural fibers, consumers can get a 'greener' night's sleep with a new line of mattresses from Simmons Bedding Company. One of the world's largest mattress manufacturers, Simmons recently launched a line of Natural Care(R) mattresses that are endorsed and designed by environmental lifestyle expert Danny Seo and incorporate foam derived from sustainable resources. For this new bedding line, Simmons partnered with Dow Polyurethanes, a business group of The Dow Chemical Company (Dow), and selected bio-based foam made with natural oil-based polyols created via RENUVA(tm) Renewable Resource Technology from Dow. This choice has enabled Simmons to increase the level of renewable content in the mattress without compromising comfort or durability.
The bio-based foam, which is used in the base and edge encasement of the Natural Care mattresses, helps enhance the benefits of the latex core, provides a firmer seating edge and maximizes the sleeping surface. The collection made its national retail debut in September 2008 at select retailers as well as on a TV shopping network and has garnered enthusiastic response from consumers who value the combination of comfort, sustainability and style.
"We evaluated a number of different foam options before selecting Dow's bio-based foam with RENUVA Technology for the Natural Care line," said Anne Kozel, Simmons' specialty sleep brand director. "RENUVA makes it possible for the Natural Care collection to be even more eco-friendly while allowing us to maintain the quality, comfort and durability that consumers associate with Simmons products. It is wonderful to see that major companies like Dow are recognizing the need for environmentally responsible options, and we look forward to the sustainable solutions Dow will develop in the future."
The bio-based foam used in the Natural Care line is made with natural oil-based polyols (NOPs) produced using RENUVA(TM) Technology. The technology also helps to eliminate the drawbacks of previous generations of vegetable oil-based foams, such as unpleasant odor and decreased tensile strength, resiliency and increased compression set.
Based on foam trial data, Dow scientists demonstrated that its NOPs exceeded Simmons' high performance requirements for the Natural Care line.
RENUVA Technology is a proprietary process that breaks down vegetable oil and functionalizes it to produce a wide range of polyols with high levels of renewable content. The technology is greenhouse-gas neutral and requires 60 percent fewer fossil fuels than the manufacture of traditional petroleum-based materials.
"Dow is excited to be collaborating with Simmons. Not only are they an industry leader but their desire to incorporate the highest levels of renewable content in the bio-based foam used for their products showcases the true capabilities of RENUVA Technology," said Kari Dawson-Ekeland, North America flex slab marketing manager for Dow Polyurethanes. "Dow is leveraging more than 60 years of polyurethane chemistry experience to develop materials that help our customers address consumers' demand, while also differentiating their products in the marketplace. With RENUVA, Dow and our customers are demonstrating how technology can impact real environmental innovation by helping to create products with higher levels of renewable content that don't sacrifice performance."
The Natural Care sleep system is currently available through major retailers in the U.S. and Canada, and will become available in select markets internationally in the coming months. For more information about the Natural Care(R) line, visit www.naturalcarebed.com.
About Dow Polyurethanes
Dow is the world's largest producer of propylene oxide (PO), polyether polyols, and is a leading producer of quality aromatic isocyanates, such as MDI and TDI, an essential component of polyether polyols. Dow's polyurethane products and fully formulated polyurethane systems are used for a broad range of applications including construction, automotive, appliance, furniture, bedding, shoe soles, decorative molding, athletic equipment and more. The business manufactures and markets polyurethane products and polyurethane systems that create rigid, semi-rigid and flexible foams, adhesives, sealants, coatings, elastomers and binders. Dow also offers the latest in polyol technology with RENUVATM) Renewable Resource Technology and VORANOL(TM) VORACTIV(TM) polyols, part of an ongoing initiative by Dow to lead the industry in providing high-performance products. For more information, visit www.dowpolyurethanes.com, www.dowpg.com, www.dowpo.com, www.dowrenuva.com and www.voractiv.com.
About Dow
With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
About Simmons Company
Atlanta-based Simmons Company, through its indirect subsidiary Simmons Bedding Company, is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest(R), Beautyrest Black(R), Beautyrest Studio(TM), ComforPedic by Simmons(TM), Natural Care(R), Beautyrest Beginnings(TM) and Deep Sleep(R). Simmons Bedding Company operates 21 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States, Canada and Puerto Rico. Simmons also serves as a key supplier of beds to many of the world's leading hotel groups and resort properties. Simmons is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit the Company's website at www.simmons.com.
For more information please contact:
Jessica Dub
The Dow Chemical Company
989-638-0550
Huntsman sued the banks and Hexion’s parent, New York-based buyout firm Apollo Management LP, separately in Texas state court, claiming they wrongfully interfered with an earlier bid for the chemicals maker. Huntsman is seeking $3 billion in damages.
The banks last week asked to move the trial, scheduled for Feb. 9, to Oct. 5. District Judge Fred Edwards in Conroe moved it instead to May 11. Edwards scheduled a two-day hearing starting Jan. 12 on whether Texas has personal jurisdiction over Apollo and its partners Leon Black and Joshua Harris, who were named in the suit.
“That’s the key to the whole case, because I’m not going to try this three times and it makes no sense to try the banks’ case before the Apollo case,” Edwards said today in a hearing.
Apollo outbid Access unit Basell Holdings NV’s $25.25-a- share offer with a $28-a-share bid. In its suit, Huntsman accused Apollo and its partners of fraud and tortuous interference, claiming Hexion had no intention of closing the deal. The broken Access deal required Huntsman to pay a $200 million breakup fee.
“Huntsman is very happy with the result, because by the end of May all the litigation will be over in Delaware and New York,” Kathy Patrick, an attorney for the company, said after the hearing.
Hexion and Huntsman have traded lawsuits since June. Hexion sued Huntsman June 18 in Delaware Chancery Court in Wilmington, arguing the combined company would be insolvent and that its lenders were leery of financing the deal.
Delaware Chancery Court Judge Stephen Lamb on Sept. 29 agreed with Huntsman that a slump in chemical markets didn’t give Hexion the grounds to terminate the deal and ordered the company to honor the accord. On Oct. 27, the banks notified the companies they wouldn’t fund the deal. Hexion sued two days later in New York state court.
A trial is scheduled to begin Jan. 8 in the New York case. Lamb is scheduled to consider damages in the Delaware case May 4.
Lawyers for the banks urged Edwards to consolidate the Texas suits and delay a trial so the related actions in New York and Delaware could be resolved. Edwards hasn’t said whether he will consolidate the cases.
An appearance by the Apollo defendants at the May 11 trial will depend on Edward’s ruling on the personal jurisdiction issue, Patrick said. Lawyers for Apollo said today they will immediately appeal any finding against the buyout firm.
“We’re asking you to put all the parties in the same courtroom at the same time before the same jury,” Irvin Terrell, an attorney for the banks, said during the hearing. “This fight is three-sided. We’re not in bed with Hexion or Apollo, and we did not plan strategy with them. This is a very serious fight for billions of dollars.”
Huntsman fell 16 cents, or 2.5 percent, to $6.38 at 3:20 p.m. in New York Stock Exchange composite trading. The shares have plummeted 75 percent this year.
http://www.chron.com/disp/story.mpl/headline/biz/6130032.html
It's pretty slow out there, so I thought you might like this info on BASF in Korea . . .
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Tuesday, November 25, 2008
Truck not carrying hazardous material
Local News
Staff Writer
A tractor-trailer hauling potentially hazardous materials crashed on Interstate 75 Monday and caused alarm when emergency workers suspected some of the substances contained mercury.
But the truck's cargo only had small, non-lethal quantities of mercury and the substance that spilled out on the ground after the crash was no more than laundry detergent, said Gene Redmond of Marion Environmental, the company who cleaned the accident scene.
"There was nothing there that was a public health danger," Redmond said. "If everything on the truck had spilled, it wouldn't have been."
Redmond said the truck was required to have a hazardous materials placard on it because traces of mercury were found in some of the substances during lab tests. The truck was carrying several different substances, but Redmond said only 30 gallons of detergent leaked.
Betty Hamby, director of the McMinn County Emergency Management Agency, said this morning that the contents were a polyurethane elastomer containing a small amount of mercury which is used as a catalyst in the production process. There was no mercury leak, she said but officials had to use caution until they were certain what was involved.
"When you have a truck wreck, you have to take those precautions," Hamby said. The truck was traveling south on the interstate when it crashed at about 12:30 p.m. at the 50-mile marker, according to the Tennessee Highway Patrol. The wreck snarled traffic on the northbound side of the interstate for about six hours.
It appears the single-vehicle crash was related to wet, rainy roads, officials said.
The driver's name wasn't immediately available this morning, but Redmond said he suffered only minor injuries.
I found this cool website searching for data for my daughter to take into school. Whenever people get really into their arguments, on topics like global warming, I always ask for the data. Here's data on northern hemisphere temperatures for 2000 years and while it clearly shows a global warming trend, it also shows that it started well before the Industrial Revolution, somewhere around 1600. It seems hard to blame this warming on any human action. This is a great website sure to piss off friends and family at holiday parties . . .
But there was one big outlier, as Dow Chemical (DOW) shares have shed nearly 40% of their value in the past 6 weeks. I’ve been following this stock for many years, even going so far as to conduct a breakup analysis of the company in early 2007. Most of the assumptions in my breakup model were based on historical norms for fundamental metrics, norms that we’ve blown past on our current race (spiral?) into uncharted market waters.
The most interesting part about the breakup analysis was a single comment made by Dow’s CEO in early 2007:
“We are no longer a cyclical company”.
I certainly wasn’t ready to concede that at the time, and neither was the market. Dow shares never got above a multiple of 11x forward earnings, although the company was rumored to be a buyout candidate at the peak of the private equity roadshow.
Fast forward 16 months, and Dow still looks and quacks like a cyclical company. But to be fair, most every company is cyclical this time around, given the depth of the trough earnings we’re about to start seeing.
What surprises me most about the recent collapse of Dow shares is the fact that CEO Andrew Liveris is adamant he will not cut the dividend, which currently offers a downright sexy 9.6% yield. The company’s balance sheet is solid, with a Price/Book of .84, $2.5 billion remaining in credit facilities, and a 1.4 current ratio. Even Warren Buffett has committed $3 billion in capital as Dow looks to complete the acquisition of Rohm & Haas (ROH), a specialty materials & electronics supplier, for over $15 billion.
So are shares being tossed out unfairly, or is more deterioration in store? A closer look at the various margin pressures can help us shed some light on a murky earnings picture going forward.
Major Earnings Headwinds - No Demand, R&H Poorly Timed
While Dow reported a 15% rise in sales for the 3rd quarter, the number belies the true operating weakness of the core businesses. Were it not for price increases of 12-25% realized in the quarter, revenues would have fallen year-over-year. The volume declines for Basic Plastics and Basic Chemicals were 18% and 20%, respectively.
The recent price increases look to have been eradicated as quickly as they were implemented. In a November 14th interview, CEO Andrew Liveris stated that plastics prices have fallen 40% since September as “global demand” seems to have become a paradoxical statement.
Earnings Tailwinds - Lower Inputs, Agriculture Chemicals, Synergies
If there is one major catalyst for EPS improvement over the next few quarters, it’s got to be the pass-through of rapidly falling feedstock prices, specifically crude oil and natural gas. As recently as the 3rd quarter, Dow’s feedstock costs added 27 cents per share in sequential costs, and rose by 47% YoY - a $2.6 billion increase. As current contracts come off, Dow should begin to see major relief on the input side.
Liveris has been outspoken in his contention that roughly $900 million in cost savings & synergies can be achieved from the Rohm & Haas acquisition, which is set to complete in Jan. 2009. From Liveris in the Q3 conference call: "..we remain very confident in our ability to deliver total savings of at least $910 million and do it quickly after close.”
The financing prospects for R & H seem secure, as Dow is set to divest a 50% stake in its commodity plastics business to Kuwait Petrochemical Industries Co. for $9.5 billion, in a deal that should close by year end.
Crosscurrents Abound
This is a really hard company to model, and it starts with the overall breadth of the product line. Add in a presence in over 150 countries, a myriad of joint ventures, and large-scale operational endeavors (plant closings, Kuwait JV, R&H integration), and getting a clear picture on 2009 is damn near impossible. Obviously demand is going to deteriorate further, but how much would put the tentative earnings target of $2.25 - $2.75/share in danger?
Some back of the envelope calculations point to massive swings about to occur on both sides of the margin coin. I’ll start with a conservative estimate of feedstock savings over the next four quarters. Given the $2.6 billion YoY increase seen in the 3rd quarter, I’m going to back these out over the next four quarters. This is conservative simply because we’re already at or below average prices for all of 2007 and 2008 on oil & gas. The Q3 comparisons are on Q3 of 2007, when crude oil, for example, traded above $80/barrel.
As the lower feedstock costs pass through the supply chain, Dow should realize between $8-$10 billion in COGS savings over the next four quarters. More upside is possible, but being overzealous is not a trait we should be incorporating for quite some time.
As to the top line trends, Q3 obviously doesn’t reflect the global seizing that began in October. I’m happy to take a chainsaw to the sales estimates and call for a 30% dropoff in combined volumes and prices for the commoditized plastics and chemicals segments, which make up about 2/3 of Dow’s $60 billion in annual sales. The other third is comprised of segments with strong growth profiles, like the Agriculture chemicals and seeds segment and the various JVs, which have provided growing earnings for the past two years.
A 30% top line reduction in the largest segments, netted out with 10% growth in the Agribusiness unit and flat earnings from JVs, would reduce gross profits by $10-$11 billion. If we add back in our COGS reduction midpoint ($9B) and include half of the potential synergies from the R&H deal ($400m), we’re left with an operating income shortfall of around $1 billion.
Given the current run-rate of $3.9 billion in operating profits, we could see a 25% reduction in ‘09, and a similar reduction in EPS from the current rolling EPS of $2.77. This would imply a forward multiple on Dow Chemical of right around 7x, far below historical trough ranges. The key question, of course, is whether 2009 will actually be a trough.
Final Thoughts
If Liveris can honor his word to hold the dividend steady, getting paid 9.5% to wait for the economy to turn around seems like a very attractive proposition. Dow is still quite leveraged to the early stages of the business cycle, so any type of infrastructure stimulus could quickly add to demand for chemicals and plastics.
The Rohm & Haas acquisition remains the wildcard - any purchases made with credit in 2008 are absolute red flags, and despite management’s attempt to justify the purchase and the timing, this fact will weigh over shares in the short term. I expect to be able to re-visit Dow shares in the spring and find they have underperformed the S&P 500. If we can see some tangible & sizable cost reductions starting to appear by then, Dow shares could be an attractive portfolio addition.
Cash flows should remain solid enough to support the dividend and the debt servicing, and Dow could use its superior footprint to pick up global market share during the ensuing shakeup in the sector. On any potential sign of a trough in the global economy, Dow shares could have little trouble getting back to the $30 mark.
Disclosure: Author does not hold a position in DOW
I think we'll continue to see this for a while--companies with strong balance sheets will be able to make good acquisitions . . .
We are pleased to announce that Par Foam Products, Inc. is being acquired by Rogers Foam Corporation effective November 15, 2008.
A PDF file of the announcement can be found here for our automotive customers and this one is for our non-automotive customers.
Thank you for your business and we appreciate your cooperation during this transition
Notice how this is dated tomorrow!
Cure for cracked river riles greens
Ben Cubby Environment Reporter
IT IS possible to glue a broken river back together. So says the coal company that won the top environmental award in the state's mining industry.
Waratah Rivulet, which feeds into Woronora Dam and supplies about a third of Sutherland Shire's drinking water, had dried up completely after its bedrock was splintered by underground mining. This led the US coalminer Peabody Energy to glue sections of the bedrock back together using a new technique.
The company says the award shows that industry can repair cracks caused by underground longwall mining, but green groups are aghast and say the award is holding up one of the worst environmental disasters in NSW as an example of good practice.
Peabody engineers injected polyurethane resin into the larger cracks on one rock bar in the Waratah Rivulet, which was undermined by the company's Metropolitan Colliery.
"We have shown that we can successfully remediate the rock bar and I think that's a major result for the industry and for us," a Peabody spokesman, Peter Doyle, said.
"What we do before we apply the resin is drill across the rock bar about 10 metres below the surface to determine what we call the fracture characterisation. Then we inject the resin."
It is unclear whether the resin could remediate other damaged sections of the river, but at least one other cracked rock bar may be fixed, the company said.
About 60,000 litres of polyurethane resin was used to plug some of the cracks through which water was seeping. The company says the chemicals are safe in the drinking water catchment, but there are doubts over how long the cure will last.
One hydrologist who has studied subsidence across the coalfields south of Sydney does not believe long-term remediation of mining damage is possible.
"I think fixing up the rock bar here and there is sort of like putting a Band-Aid on a long wound," said Ann Young.
Dr Young says the area is probably laced with a network of smaller cracks, and closing some of the larger ones would be unlikely to make any difference to long-term water flow.
"We have either got centuries of value in the catchment area or 25 years of coalmining royalties - that's really the issue," she said.
The rivulet repair job won Peabody the top environment award at the annual environment and community conference of the NSW Minerals Council last week.
The company plans to expand its Metropolitan Colliery further beneath the Sydney drinking water catchment area, and is predicting further damage.
Subsidence from longwall mining occurs when the removal of large panels of coal cause the earth to sink, warp and sometimes crack open at the surface.
The expansion of the mine is expected to cause the Princes Highway to sink by more than a metre in places and could damage road bridges and other infrastructure, the company said, although it believes the cracking and sinking could be easily repaired.
A spokesman for the Total Environment Centre, David Burgess, said remediation of the rivulet did not mean the problem was fixed. "Companies should pull back from mining around natural features until they can prove that they will not be damaged," he said.
Check out photos of the dried river bed:
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