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Hal Sorgenti has been the recipient of several prestigious awards and honors in his illustrious career. Notably among others, he has been the recipient of the Petrochemical Heritage Award and the Franklin Institute Life Science Award. Bio
Perspectives: What impact higher commodity price has on a chemical company? Whenever we discuss potential chemical investment, we frequently ask about the possible impacts that may result from higher prices for commodities such as oil, gas and other raw materials. As I am writing this blog, oil prices are around $98/bbl; a decade ago, oil prices were merely in the teens. Not surprisingly, some companies’ financial performances are impacted by their exposure to oil, gas and petrochemical-derivatives, yet many others have relatively limited and/or low exposure and are therefore better able to weather the storm - the trick is the ability to know the difference! …. More
Even Warren Buffet likes the "business of chemistry" ….another stamp of approval for chemical industry thorough acquisition of Lubrizol During the last few years, Berkshire Hathaway Inc. has made many investments in chemical and chemistry related businesses such as Nalco, Dow (Rohm and Haas), Great Lakes Chemical (GLK), Kaiser Aluminium & Chemical Corp. Sealed Air Corp, GSK, J&J etc. along with some petrochemical companies like ExxonMobile, ConocoPhillips, PetroChina and so on. Mr. Buffet’s notable commitment to the chemical industry is illustrated thorough Monday's announcement to purchase Lubrizol (LZ) for $135 a share, 28% above Friday's closing price! The consummate value investor, Mr. Buffet is expected to pay $9.7bn (which includes $700m in net debt) for the transaction. Even after paying a $30 premium (i.e. 28%) over the $105 closing price on Friday, Lubrizol transaction is priced at approximately, 7x 2011’s EBITDA and 5.4x 2012’s EBITDA. ...More
Chemical Industry Merger and Acquisition (M&A) Activity Gaining Momentum
In the first half of 2010, there has been a noticeable pickup in the level of M&A activity in the core chemicals industry. In fact, in the first half of 2010, there were more deals than there were in all of 2009; to date, there have been 23 closed deals in 2010 whereas 2009 saw only 20 deals for the whole year (and only 7 for the first half). In terms of actual value, the 23 deals in 2010 represent $29 billion whereas 2009 saw $25 billion in deals for the whole year… More
Deadline for innovation or profit? An issue in venture capital world…
Ennovance Capital is NOT is VC firm (i.e. Ennovance is a PE investor). However, I could not resist the temptation to share my perspectives on the VC landscape. Currently, numerous venture capital (VC) firms are experiencing the problem of facing end-of-life fund deadlines in a market that has seen difficulties in recent years. Many of the funds facing this problem were created during the dot-com bubble; from 1999-2001, over 1200 venture funds closed on approximately $179 billion. Many of these funds facing end-of-life deadlines retain… More Chemical Industry going green by the day Recently, chemical industry leaders BASF and Dow Chemical Company have received recognition from the U.S. EPA’s annual Presidential Green Chemistry awards for creating economically viable and sustainable technologies. Specifically, Dow and BASF won the Greener Reaction Conditions Award for their joint development of an environmentally friendly process for producing propylene oxide via hydrogen peroxide, which reduces waste water by about 75% and energy use by 35%. In the past, BASF has won the award 3 times… More
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