Industry Insights: Q3 2019 Chemicals - Balmoral Advisorsbalmoraladvisors.com/wp-content/uploads/2019/10/balmoral... · 2019. 10. 11. · important theme in the chemicals industry

Industry Insights: Q3 2019 Chemicals

Contents Industry Overview………...…….….………….. Transaction Activity………………………….. Transaction Multiples…....…...….….……….... Public Company Comparable Analysis…....... Active Buyers…...…………………….……...... Precedent Transactions Analysis…….……....

Industry Overview

Number of Closed Transactions1,2

There’s more to the chemicals M&A story than the Saudi Aramco deal. During the third quarter of 2019, there were 48 M&A transactions within the chemicals industry that closed, with commodity chemicals leading in terms of transaction volume (23), transacting at an average EV/EBITDA multiple of 10.1x. Looking at the performance of the chemicals industry relative to the S&P 500, only specialty chemicals (3.7%) outperformed the S&P 500 (1.3%). The number of closed transactions was down by 4.3% in comparison to the third quarter of 2018 (46), with the average EV/EBITDA transaction multiple decreasing by 22.6% over the same period. While global chemical companies continue to pursue opportunities to grow organically, many are turning to M&A, especially Chinese corporates. Chemical companies pursuing geographical expansion have primarily looked at targets in Asia-Pacific and other developing countries. In contrast, chemical companies focused on gaining market share via M&A often looked at targets in more mature regions such as Western Europe and North America. With a lull in domestic Chinese transactions due to a slowdown in the economy and stringent environmental policies, outbound M&A remains a key route to growth for Chinese corporates. Asian buyers are now increasingly looking to boost their access to intellectual property and technology. The UK’s innovative and high-tech chemicals and coatings businesses are outperforming in the global marketplace. The latter coupled with the ongoing trade war with the U.S., will likely push Chinese acquirers towards European targets. Brexit further adds to the complexity of chemical operations and may have long reaching impacts on both ease of doing business and profitability.

The market witnessed two multi-billion-dollar transactions in the third quarter of 2019 – the acquisition of the Methacrylates Business of Evonik Industries AG by Advent International Corporation for $3.3 billion and the acquisition of DuluxGroup Limited by Nippon Paint Holdings Co., Ltd. (TSE:4612) for $3.1 billion. Additionally, a few notable transactions were announced that are intended to close by this time next year: the acquisition of the Integrated Oxides and Derivatives Business of Huntsman International by Indorama Ventures Holdings LP for $2.1 billion, the acquisition of the Color & Effects Pigments Business of BASF SE (XTRA:BAS) by DIC Corporation (TSE:4631) for $1.2 billion and the acquisition of the Performance Products & Solutions Business of PolyOne Corporation (NYSE:POL) by SK Capital Partners for $775 million. Although there are more megadeals to come within the chemicals industry, there has been a noticeable shift to undertake smaller acquisitions and divestments that target specific portfolio shortcomings and deliver tangible results in the short- and mid-term. It is expected that going forward, the next wave of M&A in the chemicals industry will involve midsized companies buying some of the non-core assets of the new megacompanies. Strategic investors continue to be responsible for the majority of deals taking place, with consolidation an important theme in the chemicals industry globally. Continued consolidation in the specialty chemicals space is decreasing the number of high-quality targets for acquirers, driving up trading multiples, offsetting lower deal volumes in sub-sectors like fertilizers and agricultural chemicals. With a wealth of strategic acquirers active across the globe, in addition to a well-funded private equity market, we will continue to see healthy M&A activity for the remainder of 2019.

Total Transaction Value ($mm)1 Transaction EV/EBITDA Multiples1

1 4 5 6 7 8

1 Source(s): S&P Capital IQ, Pitchbook 2 Number of closed transactions only include transactions with disclosed transaction values.

Quarterly Performance

46

23

2

13

0

5

10

15

20

25

AgriculturalChemicals

ChemicalDistribution

CommodityChemicals

DiversifiedChemicals

SpecialtyChemicals

$713 $227

$2,829

$269

$9,451

$0

$2,000

$4,000

$6,000

$8,000

$10,000



CommodityChemicals


SpecialtyChemicals

8.7x

6.4x

10.1x9.1x

11.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x



CommodityChemicals


SpecialtyChemicals

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2

Industry Performance

Stock Price Performance LTM Relative Stock Price Performance1

PEG Ratio LTM PEG Ratio1,3

1 Source(s): S&P Capital IQ, Pitchbook 3 PEG = industry P/E ratio divided by the industry LT Growth (%) estimate.

Balmoral Advisors | 100 S. Wacker, Suite 850, Chicago, IL 60606 | +1 (312) 766-9890 | www.balmoraladvisors.com *Securities offered through Bridge Capital Securities, Inc. Member FINRA/SIPC.

LT Growth (%) Estimates Adjusted for Corteva, Inc. (NYSE:CTVA).


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3

EV/EBITDA

LTM EV/EBITDA Multiples1

Industry Multiples

EV/Revenue LTM EV/Revenue Multiples1

1 Source(s): S&P Capital IQ, Pitchbook


DuPont de Nemours, Inc.(NYSE:DD) added to S&P 500 Specialty Chemicals Index.

DuPont de Nemours, Inc.(NYSE:DD) added to S&P 500 Specialty Chemicals Index.



4

Transaction Volume

Number of Closed Transactions1,2

Transaction Activity

1 Source(s): S&P Capital IQ, Pitchbook 2 Number of closed transactions only include transactions with disclosed transaction values.


Transaction Activity by Geographic Region Number of Closed Transactions by Geographic Region1

The Dow Chemical Company (NYSE:DOW) completed the acquisition of E.I. du Pont de

Nemours and Company (NYSE:DD).

Bayer AG (DB:BAYN) completed the acquisition of Monsanto

Company (NYSE:MON).



5

Transaction Multiples

Transaction EV/EBITDA Multiples Transaction EV/EBITDA Multiples1



Transaction EV/Revenue Multiples Transaction EV/Revenue Multiples1



6

Agricultural Chemicals Public Company Comparable Analysis – Agricultural Chemicals ($mm)1

Public Company Comparable Analysis

Chemical Distribution Public Company Comparable Analysis – Chemical Distribution ($mm)1

Commodity Chemicals Public Company Comparable Analysis – Commodity Chemicals ($mm)1

Diversified Chemicals Public Company Comparable Analysis – Diversified Chemicals ($mm)1

Specialty Chemicals Public Company Comparable Analysis – Specialty Chemicals ($mm)1


Company MarketCapitalization4

EnterpriseValue LTM REVENUE LTM EBITDA NTM EBITDA LTM

EV/EBITDANTM

EV/EBITDAAmerican Vanguard Corporation (NYSE:AVD) $474 $645 $456 $59 $64 10.9x 10.0xCF Industries Holdings, Inc. (NYSE:CF) 10,742 17,623 4,675 1,802 1,802 9.8x 9.8xCorteva, Inc. (NYSE:CTVA) 20,969 21,898 5,073 335 2,293 65.4x 9.6xFMC Corporation (NYSE:FMC) 11,436 14,860 4,864 1,319 1,267 11.3x 11.7xSociedad Química y Minera de Chile S.A. (NYSE:SQM) 7,314 7,992 2,107 749 687 10.7x 11.6xThe Mosaic Company (NYSE:MOS) 7,910 12,640 9,525 2,032 1,877 6.2x 6.7xSummary Statistics

Mean $9,808 $12,610 $4,450 $1,049 $1,332 19.0x 9.9xAdj. Mean5 9,351 13,279 4,180 1,051 1,408 10.7x 10.2x

Median 9,326 13,750 4,769 1,034 1,534 10.8x 9.9x



EV/EBITDANTM

EV/EBITDABrenntag AG (XTRA:BNR) $7,480 $10,057 $13,953 $992 $1,112 10.1x 9.0xIMCD N.V. (ENXTAM:IMCD) 3,880 4,625 2,875 244 278 19.0x 16.6xITOCHU Corporation (TSE:8001) 30,759 71,191 108,371 5,757 7,009 12.4x 10.2xMitsubishi Corporation (TSE:8058) 37,583 94,616 149,590 6,903 8,274 13.7x 11.4xSumitomo Corporation (TSE:8053) 19,507 48,615 50,157 3,558 4,610 13.7x 10.5xUnivar Solutions Inc. (NYSE:UNVR) 3,501 6,734 8,847 609 791 11.1x 8.5xSummary Statistics


Median 13,494 29,336 32,055 2,275 2,861 13.0x 10.4x



EV/EBITDANTM

EV/EBITDABraskem S.A. (BOVESPA:BRKM5) $6,334 $14,137 $13,800 $2,347 $2,163 6.0x 6.5xDow Inc. (NYSE:DOW) 35,414 53,947 46,561 7,510 7,429 7.2x 7.3xLyondellBasell Industries N.V. (NYSE:LYB) 29,994 40,951 36,857 5,674 6,339 7.2x 6.5xOrbia Advance Corporation, S.A.B. de C.V. (BMV:ORBIA *) 4,050 8,567 7,079 1,323 1,180 6.5x 7.3xOlin Corporation (NYSE:OLN) 3,076 6,491 6,654 1,103 1,179 5.9x 5.5xWestlake Chemical Corporation (NYSE:WLK) 8,404 11,615 8,419 1,621 1,618 7.2x 7.2xSummary Statistics


Median 7,369 12,876 11,109 1,984 1,891 6.8x 6.9x



EV/EBITDANTM

EV/EBITDAArkema S.A. (ENXTPA:AKE) $7,081 $8,564 $9,642 $1,514 $1,610 5.7x 5.3xBASF SE (XTRA:BAS) 64,216 85,710 68,179 7,316 9,626 11.7x 8.9xEastman Chemical Company (NYSE:EMN) 10,114 16,561 9,666 1,984 2,179 8.3x 7.6xHuntsman Corporation (NYSE:HUN) 5,338 8,082 8,908 1,125 1,115 7.2x 7.3xSolvay SA (ENXTBR:SOLB) 10,685 15,202 12,440 2,332 2,528 6.5x 6.0xThe Chemours Company (NYSE:CC) 2,442 6,365 5,876 1,079 1,161 5.9x 5.5xSummary Statistics


Median 8,598 11,883 9,654 1,749 1,894 6.9x 6.6x



EV/EBITDANTM

EV/EBITDAAkzo Nobel N.V. (ENXTAM:AKZA) $18,573 $19,261 $10,108 $1,073 $1,591 18.0x 12.1xClariant AG (SWX:CLN) 6,420 8,358 6,643 801 753 10.4x 11.1xDuPont de Nemours, Inc. (NYSE:DD) 53,160 69,828 85,405 16,160 5,993 4.3x 11.7xFerro Corporation (NYSE:FOE) 972 1,838 1,572 179 259 10.3x 7.1xH.B. Fuller Company (NYSE:FUL) 2,374 4,376 2,926 406 462 10.8x 9.5xRPM International Inc. (NYSE:RPM) 8,923 11,219 5,565 649 831 17.3x 13.5xSummary Statistics

Mean $15,070 $19,147 $18,703 $3,211 $1,648 11.8x 10.8xAdj. Mean5 9,072 10,804 6,310 732 909 12.2x 11.1x

Median 7,672 9,788 6,104 725 792 10.6x 11.4x

1 Source(s): S&P Capital IQ, Pitchbook 4 Market Capitalization as of 09/30/19 5 Adj. mean excludes high and low values.



7

Active Industry Buyers

Strategic Buyers Active Strategic Buyers – Chemicals1

Financial Buyers Active Financial Buyers – Chemicals1



Acquiring Company Announced Closed TargetSep-19 Sep-19 IdeaPaint, Inc.Feb-19 Feb-19 Fireshell, Heat Shedder, FireSafe and Structure Saver Brands of TPR2 Corp.Jan-16 Feb-16 3M Company, Pressurized Polyurethane Foam Adhesives Business

Arsenal Capital Partners (CPS Performance Materials Corp.)

Sep-19 Sep-19 Geo Specialty Chemicals, Inc.

Aug-19 Aug-19 Epoxies, Etc.Jul-19 Jul-19 PolyCom Industries, LLC/Eco Dispersions, LLCSep-18 Sep-18 W.F. Taylor, LLCAug-19 Aug-19 Stone Coat Countertops Inc.May-19 May-19 Environmental Technology, Inc.Mar-19 Mar-19 BCC Products, Inc.

Blue Point Capital Partners Aug-19 Aug-19 RITUS CorporationAug-19 Aug-19 HPE Extrusion SolutionsAug-19 Aug-19 American Extruded Plastics, Inc./American Injection Molding, Inc.Nov-18 Nov-18 Insultab, Inc.

Arsenal Capital Partners Jul-19 Jul-19 Seal for Life Industries, LLC

Audax Group, Inc.(Innovative Chemical Products Group)

Arsenal Capital Partners (Meridian Adhesives Group LLC)

Arsenal Capital Partners (Polytek Development Corp.)

AEA Investors LP (Pexco LLC)

Acquiring Company Announced Closed TargetSep-19 Sep-19 Hangzhou Anow Microfiltration Co., Ltd.Jul-19 Jul-19 MPD Chemicals, LLCApr-19 Mar-19 Digital Specialty Chemicals LimitedAug-19 Aug-19 Connell PolyurethaneJul-19 Jul-19 Chematur Technologies AB

May-18 Jan-19 Yantai Wanhua Chemical Co., Ltd.Jul-19 Aug-19 All Assets of NanoMech, Inc.Jun-19 Jun-19 Alpheus EnterprisesDec-17 Dec-17 Veser Kimyevi Maddeler A.S.Apr-17 Aug-19 Houghton International Inc.Nov-16 Nov-16 Lubricor Inc.Nov-14 Nov-14 Binol ABSep-18 Jul-19 Desbro Kenya LimitedMay-19 May-19 Marlin Company, Inc.Mar-19 Mar-19 New England Resins & Pigments CorporationJul-19 Jul-19 REWITEC GMBHDec-18 Dec-18 Brenntag Biosector A/SDec-17 Dec-17 IonPhasE OyJul-19 Jul-19 Preferred Compounding CorporationSep-18 Oct-18 MESGO S.p.A.Sep-18 Sep-18 Kirkhill-TA Co.May-19 Jul-19 ArrMaz Custom Chemicals, Inc.Oct-18 Oct-18 Afinitica Technologies S.L.Mar-15 Mar-15 OXIDO s.r.l.

Entegris, Inc.

Wanhua Chemical Group Co., Ltd.

Vinmar International, Ltd.

Quaker Chemical Corporation

Brenntag AG

Arkema S.A.

HEXPOL AB

Croda International



8

Transaction Activity

Recently Closed Chemical Transactions1

Precedent Transactions Analysis



Date Closed Target Target Description Acquiring Company Transaction

ValueLTM

EV/RevenueLTM

EV/EBITDA

Announced BASF SE(Pigments Business)

Pigments manufacturing business. DIC Corporation $1,272 1.2x N/A

AnnouncedPolyOne Corporation(Performance Products & Solutions Business)

Plastics products business for vinyl molding and extrusion processors. SK Capital Partners 775 1.1x N/A

AnnouncedSolvay SA(Performance Polyamides Business)

Engineering plastics operations. DOMO Chemicals GmbH 334 N/A N/A

AnnouncedHuntsman International(Integrated Oxides and Derivatives Business)

Oxides and derivatives businesses. Indorama Ventures Holdings 2,076 N/A 5.7x

Announced OMNOVA Solutions Provides specialty solutions and performance materials.

Synthomer USA 785 1.0x 10.6x

Sep-19 Dugdale Compounds Limited Manufactures PVC compounds. Benvic Europe SAS N/A N/A N/A

Sep-19 Siliconas Silam S.A. Designs and produces silicone and silicone sponge. Espiga Equity Partners N/A N/A N/A

Sep-19 Berger Paints Singapore Pte Manufactures and distributes paint and related products.

Omega Property Investments Pty Ltd

3 0.2x N/A

Sep-19 Amarak Chemicals Fzc Manufactures and sells sulfur and its products. Odyssey Global FZC N/A N/A N/A

Sep-19 Da Vinci Group B.V. Manufactures silicones, lube oil additives, and chemicals.

PETRONAS Chemicals Group Berhad

182 N/A N/A

Sep-19 NanoXplore, Inc. Manufactures and supplies graphene powder. Martinrea International Inc. 21 3.2x N/A

Sep-19 SP Group A/S Manufactures and supplies moulded plastic components and coatings.

Gadinvest A/S 41 1.6x 10.3x

Sep-19 Ashland Global Holdings(Composites Business)

Unsaturated polyester resins, vinyl ester resins, and gel coats.

INEOS Enterprises Group Limited

1,015 0.9x N/A

Sep-19 Shandong Yanggu Huatai Chemical Co., Ltd.

Manufactures rubber chemicals. N/A 18 1.2x 6.3x

Aug-19 Interplasp, S.L. Manufactures slabstock polyurethane foam. Sheela Foam Limited 47 1.4x N/A

Aug-19 Hubei Xingrui Silicon Material Co., Ltd.

Manufactures silicone sealants. Hubei Xingfa Chemicals Group Co., Ltd.

276 0.8x N/A

Aug-19 DuluxGroup Limited Manufactures and distributes paints, coatings, adhesives, and garden care and building products.

Nippon Paint Holdings 3,108 2.4x 16.5x

Aug-19 Stone Coat Countertops Inc. Manufactures epoxy coatings. Polytek Development Corp. N/A N/A N/AAug-19 Connell Polyurethane Manufactures MDI precursor anilines. Wanhua Chemical Group N/A N/A N/A

Aug-19 Meridian Group Manufactures and distributes agricultural fertilizers. Maaden Marketing and Distribution Company

N/A 0.5x N/A

Aug-19 Emas Plastik A.S. Manufactures plastics and polyolefin compounds. Sumika Polymer Compounds Europe Limited

N/A N/A N/A

Aug-19 Itaconix plc Designs and manufactures bio-based polymers. N/A N/A N/A N/A

Aug-19 Elastomer Engineering Ltd Manufactures rubber moulding and polyurethane casting products.

Dexine Rubber Technologies Ltd

N/A N/A N/A

Aug-19 All Assets of NanoMech, Inc. Application-specific nanoparticle additives, coatings and coating systems.

Vinmar International, Ltd. 13 N/A N/A

Aug-19 Covia Lime LLC Produces and markets quicklime and hydrated lime. Mississippi Lime Co Inc 135 2.8x N/A

Aug-19Firestone Polymers(Styrene-Butadiene Copolymers Production Site)

Copolymer production. Lion Elastomers, LLC N/A N/A N/A

Aug-19 Renegade Materials Corporation

Engages in the production and delivery of polyimide materials.

Teijin Holdings USA, Inc. N/A N/A N/A

Aug-19 Houghton International Inc. Engaged in the development and production of specialty chemicals, oils, and lubricants.

Quaker Chemical Corporation 1,414 1.8x 11.8x

Jul-19 Primetac Corporation Manufactures and markets pressure sensitive tapes and stretch films.

Akoya Capital, LLC; Tecum Capital Management, Inc.

N/A N/A N/A

Jul-19 Chematur Technologies AB Provides chemical technologies. Wanhua Chemical Group Co., Ltd.

134 11.1x N/A

Jul-19 Evonik Industries AG(Methacrylates Business)

Methyl methacrylates (MMA) and polymethyl methacrylate (PMMA) manufacturing business.

Advent International Corporation

3,396 1.7x 8.6x

Jul-19 Lotte Advanced Materials Provides ABS, PC, solid surface, engineered stone, and other materials.

Lotte Chemical Corporation 236 0.8x 7.8x



9

1 Source(s): S&P Capital IQ, Pitchbook 5 Adj. mean excludes high and low values.

Precedent Transactions Analysis Cont.

Transaction Activity Recently Closed Chemical Transactions1


Date Closed Target Target Description Acquiring Company Transaction

ValueLTM

EV/RevenueLTM

EV/EBITDAJul-19 Desbro Kenya Limited Engages in the distribution of chemical products. Brenntag AG 35 0.4x 6.4x

Jul-19 Primex Technologies Inc. Manufactures plastic casings for communications equipment.

Oldcastle Infrastructure N/A N/A N/A

Jul-19 Seal for Life Industries Provides corrosion prevention, sealing, waterproofing, and insulation products.

Arsenal Capital Partners 328 2.7x N/A

Jul-19 PT. Dua Kuda Indonesia Manufactures oleo chemicals. Zanyu Technology Group Co., Ltd.

27 0.4x N/A

Jul-19 Poliom Ltd. Manufactures and supplies polypropylene and propylene feedstock.

CJSC Sibgazpolimer N/A N/A N/A

Jul-19 Shenzhen InkBank Graphic Technology Co., Ltd.

Manufactures inkjet ink. Shanghai NAR Industrial Co., Ltd

16 N/A N/A

Jul-19 Texas Foam, Inc. Manufactures and offers polystyrene products and protective packaging.

Huntington Foam LLC N/A N/A N/A

Jul-19 REWITEC GMBH Manufactures of nano and micro-particle based lubricant additives.

Croda International Plc N/A N/A N/A

Jul-19 Quaron S.A.S. Formulates, manufactures, and distributes industrial chemicals.

Stockmeier Holding GmbH N/A N/A N/A

Jul-19 MPD Chemicals, LLC Manufactures specialty chemicals. Entegris, Inc. 165 N/A N/AJul-19 Nitrasoil Argentina SA Manufactures biological fertilizers. Koppert B.V. N/A N/A N/AJul-19 Panax E-Tec Co., Ltd. Manufactures and sells electrolyte products. Dongwha Enterprise Co.,Ltd 114 2.4x 20.9x

Jul-19 CA Specialities Ltd/Custom Ingredients, Inc.

Develops and manufactures specialty chemicals. Charkit Chemical Company N/A N/A N/A

Jul-19China Hengshi Foundation Company Limited Manufactures and sells fiberglass fabrics.

Zhenshi Group (HK) Heshi Composite Materials Co., Limited

65 1.3x 5.1x

Jul-19 PolyCom Industries, LLC/Eco Dispersions, LLC

Manufactures industrial adhesives and coatings. Meridian Adhesives Group LLC N/A N/A N/A

Jul-19H.B. Fuller Company (Surfactants, Thickeners and Dispersants Business)

Surfactants, thickeners, and dispersants manufacturing business. Tiarco, LLC 71 2.8x 8.9x

Jul-19 Preferred Compounding Corporation

Manufactures and supplies rubber compounds. HEXPOL AB 232 1.0x N/A

Jul-19 Glycerin Group, LLC Produces and distributes pharmaceutical-grade glycerin and non-GMO cooking oils.

AgCertain Industries, Inc. N/A N/A N/A

Jul-19 Bimax, Inc. Manufactures and supplies performance chemicals. Gelest, Inc. N/A N/A N/AJul-19 Beach Mold & Tool, Inc. Specialized in custom plastics injection molding. NYX Inc. N/A N/A N/A

Jul-19 ArrMaz Custom Chemicals Manufactures and supplies process chemicals, additives, and solutions.

Arkema S.A. 570 2.0x 10.8x

Mean $467 2.0x 10.3xAdj. Mean5 359 1.6x 9.7x

Median 134 1.5x 8.9x

Summary Statistics



10

Recent Transactions: Chemicals

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Completed Transactions Since 2015

Acted as Financial Advisor to Cathay Industries Acted as Financial Advisor to Arsenal Capital Partners

Acted as Financial Advisor to East West Copolymer Acted as Financial Advisor to East West Copolymer Acted as Financial Advisor to East West Copolymer Acted as Financial Advisor to East West Copolymer

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Has been acquired by Has sold its U.S. High Purity Division to

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Acted as Financial Advisor to NGC Acted as Financial Advisor to Oldcastle Infrastructure

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Has been acquired by

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Has been acquired by Has received financing in relation to

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An affiliated portfolio company of



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Industry Insights: Q3 2019 Chemicals - Balmoral Advisorsbalmoraladvisors.com/wp-content/uploads/2019/10/balmoral... · 2019. 10. 11. · important theme in the chemicals industry