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Covestro Results Buoyed By High PU,
Polycarbonates Demand
German materials supplier Covestro has reported a sharp rise
in year-on-year earnings and sales in the second quarter of 2017, thanks to
increasing demand for polymer materials.
In the three months to 30 June, group sales were up 17.0% at
•3.5bn, while core volumes were down by over 1%, the company announced 25 July.
Higher utilisation rates and “robust demand” also helped the
Leverkusen, Germany-based company to increase earnings (EBITDA) by 56.5% to
•848m in the second quarter.
Net income more than doubled with a 110.4% growth to •484m
during the period.
“In the next five years, we anticipate generating a
cumulative total of •5bn in free operating cash flow,” said CEO and interim CFO
Patrick Thomas.
The cash, he added, will be used for bolt-on acquisitions in
the specialties segment, if the opportunity arises.
Referring to the ongoing demand for its products, chief
commercial officer Markus Steilemann said Covestro would further invest in its
production plants and removing bottlenecks in the polyurethanes and
polycarbonates segments.
While core volumes in the polyurethanes segment were down
2.3% year-on-year in the second quarter, the segment’s earnings grew by 143.9%
over the prior-year quarter to •556m, largely due to improved margins.
The decline in volumes was attributable primarily to the
polyether polyols product group and constrained product availability in the MDI
and TDI product groups.
To meet the high demand Covestro announced in March that it
would continue production of the rigid foam precursor MDI in Tarragona, Spain,
for the time being. The company is also doubling its MDI capacity at its
Brunsbüttel plant in northern Germany to around 400,000 tonnes per year by the
end of 2018. The Polycarbonates segment recorded modest growth in core volumes
of 0.7% compared with the prior-year quarter.
While growth was weaker compared to the previous quarter, due
to constrained volumes available in Europe, Covestro benefited from its capacity
expansion at the Shanghai site, which came on stream late 206.
The segment’s earnings rose by 3.1% to •197m.
Covestro has already announced further expansion at its
Shanghai plant to address growing demand, particularly in the APAC region. The
expansion will be completed in 2019.
Core volumes in the Coatings, Adhesives, Specialities segment
decreased by 3.0% from the prior-year quarter, mainly as a result of volume
shifts in the first six months.
Earnings in the segment was down 19.7% at •114 million
compared to the same period the previous year.
For the first half results, Covestro said in the first six
months of the year sales grew 20.8% on a 14.4% total increase in selling prices
to •7bn. First half earnings were up 61.3% at •1.7bn, primarily driven by
earnings growth in polyurethanes. Free operating cash flow also increased
significantly by 68.8% to •530m.
http://www.plasticsnewseurope.com/article/20170725/PNE/170729949/covestro-results-buoyed-by-high-pupolycarbonates-demand
Health Ministry Releases Draft List Of
Devices & In Vitro Diagnostics Along With Risk-Based Classifications
After notifying the Medical Devices Rules 2017, which will
come into force in the country from January 1, 2018, the Union health ministry
has now issued the draft list of medical devices and in vitro diagnostics along
with their risk-based classifications.
As per the Medical Devices Rules 2017, medical devices other
than in vitro diagnostic medical devices will be classified on the basis of
parameters specified in part I of the first schedule, namely low risk as Class
A; low to moderate risk as Class B; moderate to high risk as Class C; and high
risk as Class D. In vitro diagnostic medical devices will be classified on the
basis of parameters specified in part II of the First Schedule, namely low risk
as Class A; low to moderate risk as Class B; moderate to high risk as Class C;
and high risk as Class D.
The devices intended for internal or external use in the
diagnosis, treatment, mitigation or prevention of disease or disorder in human
beings or animals, as may be specified from time to time by the Central
government by notification in official Gazette, after consultation with the
Drugs Technical Advisory Board, fall under the definition of drug. The list of
15 devices notified so far in the country include disposable hypodermic
syringes; disposable hypodermic needles; disposable perfusion sets; in vitro
diagnostic devices for HIV, Hbsag and HCV; cardiac stents; drug eluting stents;
catheters; intra ocular lenses; I.V. cannulae; bone cements; heart valves; scalp
vein set; orthopedic implants; internal prosthetic replacements; and ablation
device.
The new Medical Devices Rules will be applicable to
substances used for in vitro diagnosis and surgical dressings, surgical
bandages, surgical staples, surgical sutures, ligatures, blood and blood
component collection bag with or without anticoagulant covered under sub-clause
(i); substances including mechanical contraceptives (condoms, intrauterine
devices, tubal rings), disinfectants and insecticides notified under sub-clause
(ii); and devices notified from time to time under sub-clause (iv), of clause
(b) of section 3 of the Drugs and Cosmetics Act, 1940 (23 of 1940).
As per the draft list issued by the ministry, Radiofrequency
Ablation Device, Percutaneous Conduction Tissue Ablation, Suction Ablation
Catheter System, Fiberoptic Oximeter Catheter, Cardiac Catherization Kit,
Balloon for Cerebrovascular Occlusion, Intra-Aortic System Balloon and Control,
Keratoprosthesis, Detachable coils, Bone heterograft, Vena cava clip,
Implantable Infusion pump, Glenoid fossa prosthesis, Vascular clip, Vascular
embolization device, Intervertebral body fusion device, Haemo-Dialyzer System,
Implantable cardiac pacemaker including accessories, Drug eluting stent,
Vascular graft/occluders/Cardiac Patches and Implanted intracerebral /
subcortical stimulator for pain relief, to name only a few, have been listed in
the high risk Class D category.
A-V Shunt or Fistula Adapter, Enternal infusion Pump,
Transcervical(Aminosco pe) Endoscope and accessories, Forceps, endoscopic,
Anastomotic Microvascular Device, Angiographic Guide Wire and Accessories,
Vessel Dialator for percutaneous Catheterization, Angioscope, Aspiration Needle
and Syringe, Tracheobronchial Suction Catheter, Cervical Drain, Rectal Balloon,
Biliary Stone Retrieval Basket, Contact Lens Bifola and Daily, Blood
Administration kits, Biopsy Kit, Tracheostomy Tube/Tracheal Tube, Irrigating
Syringes, Intravenous Cannula, Vial Adapter, Suprapubic, nondisposable Cannula
and Trocar, Aortic Cannula, Arterial Cannula, Coronary Artery Cannula,
Arthroscopy Drainage Cannula, Lacrimal, Hemodialysis Cannula, Cannula Injection,
Uterine Insufflation Cannula, Continuous Positive Airway Pressure Nasal Oxygen
Cannula, Salpngography Catheter, etc have beenl isted in the Class B category.
Likewise, Vein Ablation Device, Thermal Ablation Device,
Injector Type actuator syringe, Transabdominal (Fetoscope) Aminoscope and
Accessories, Anastomosis Device for Microvascular Surgery, Anastomosis Device
for Gastroenterology Urology Use, Anaesthetic Conduction Kit, Ophthalmic Laser
and Accessories, Embolic Particles System, Elbow joint humeral (hemi-elbow)
metallic uncemented prosthesis, Peritoneal Automatic Delivery System, Implanted
Subcutaneous Intravascular Port & Catheter, Elbow joint humeral (hemi-elbow)
metallic uncemented prosthesis, Pacemaker lead adaptor, Surgical Dressings, etc
have been listed in the moderate to high risk Class C category.
Bolster Suture, Cyclodialysis eye Cannula, Nasopharyngeal
Catheter/Nasopharyngea l Class A, Umbilical occlusion device, Incontinence
Urosheath Device, Pharynscope, etc have been included in the Class A category.
http://www.pharmabiz.com/NewsDetails.aspx?aid=103045&sid=1
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