Chemical

Charter Next Generation (CNG), a leading provider of sustainable films, announced that it has expanded its GreenArrow portfolio with a new line of cavitated polyethylene (PE) films.. Adoption of MDO PE film is a rapidly growing industry trend as it enables recyclable, high-performing flexible packaging.. This in turn allows our customers to reduce their use of virgin materials and process their packaging in existing polyethylene film recycling streams," said Brent Greiner, Vice-President of Technology at Charter Next Generation.. “We are very proud of the significant steps we have taken to enhance Callon’s asset base, operational performance and balance sheet over the past several years,” said Joe Gatto, Callon’s president and CEO. “This combination with APA now provides for an enhanced value proposition for our shareholders built on their depth of experience and strong execution in the Permian Basin, flexibility for increased capital allocation, and ongoing delineation and optimization efforts.. About Callon PetroleumCallon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian Basin in West Texas.

trade

<h3>UK chemicals urges leaders to sign a post-Brexit trade deal </h3> The UK synthetic compounds industry on Wednesday cautioned again that a no-bargain end to Brexit would harm synthetic substances exchange and venture. In front of what is broadly observed as the basic gathering in post-Brexit exchange talks between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen on Wednesday night, the Chemical Industries Association (CIA) encouraged the two leaders to conclude and consent to a deregulation arrangement (FTA). "Synthetic organizations in the UK close by those in EU part states, have reliably set out the case with the expectation of complimentary exchange and administrative consistency," said Steve Elliott, CIA's CEO. "We don't look for such a result for it – UK firms need it to guarantee that they can keep on sending out on a serious premise to our greatest market, without the enormous disturbance and cost that levies, border postponements and copy administrative prerequisites would all bring through an inability to concur an arrangement. "A 'no arrangement' result for an exchange concentrated industry that sends over 60% of its absolute fares to the EU 27 would obviously harm the possibilities for that exchange, and for speculation and occupations the nation over". A no-bargain end to UK-EU post-Brexit exchange talks would imply that levies are applied to fares and imports from and to the UK. The expenses and strategic weight would put synthetic compounds makers and customers that exchange intermediates and completed products with the 27-nation coalition under exceptional short-and long haul operational and cost pressure. Administrative arrangement is viewed as an intricate test for synthetics makers and purchasers in both the UK and the EU from 1 January 2021. Exchange talks among London and Brussels have arrived at a basic point with time nearly depleted for the inking of an arrangement. With exchanges pushed to the wire, Johnson and von der Leyen will meet in Brussels to endeavor to beat the last obstacles to an understanding which is purportedly being held up on basic issues of power and rivalry. The UK's public telecaster BBC provided details regarding Wednesday that there stay significant contradictions on "fishing rights, business rivalry rules and how an arrangement would be policed". Charter Next Generation | January 30, 2024 Charter Next Generation (CNG), a leading provider of sustainable films, announced that it has expanded its GreenArrow portfolio with a new line of cavitated polyethylene (PE) films. Developed in collaboration with VOID Technologies (VOID), the new recycle-ready films meet the rapidly growing demand for flow wrap and confectionery applications. Using VOID's patented VO+ PE Voiding Agent Masterbatch and Machine Direction Orientation (MDO) film processing, CNG has successfully developed high-performing PE film structures that are opaque yet compatible with existing PE recycling streams making more packaging suitable for recycling.Adoption of MDO PE film is a rapidly growing industry trend as it enables recyclable, high-performing flexible packaging. By using VO+ Masterbatch, CNG can now produce thin gauge voided MDO PE films that offer a combination of low density and high opacity not achievable with mineral additives such as TiO2 pigments or CaCO3 cavitation agents. This innovation creates a unique PE-based recycle-ready alternative to conventional PP-based substrates that often require biaxial orientation."CNG continues to raise the bar and re-invent packaging with a sustainability-first mindset. Using VOID's patented VO+ technology enables us to achieve the high opacity, ease of processing, and recycle-ready performance we are targeting for these films. This in turn allows our customers to reduce their use of virgin materials and process their packaging in existing polyethylene film recycling streams," said Brent Greiner, Vice-President of Technology at Charter Next Generation.The VO+ PE Masterbatch is added to PE resin to create nano and micro-scale voids, reducing density and creating high levels of opacity via light scattering through the voided structure. VOID's latest VO+ PE Masterbatch product is compliant with direct food contact standards in North America and Europe and has passed key recycling standards.James Gibson, CEO of VOID Technologies, commented, "CNG is a highly innovative and forward-thinking company. We are delighted with this collaboration and to be part of launching this new generation of recycle-ready voided PE films. As we look to the future, we are excited to be working with CNG across a range of projects that directly address sustainability and recycling targets."About Charter Next GenerationCharter Next Generation (CNG) is North America's leading producer of highly engineered solutions used in the food, consumer, healthcare, and industrial markets. Committed to a sustainability-first approach, CNG leverages material science to engineer materials that help companies meet and exceed their sustainability goals. Known for world-class manufacturing capabilities and an innovation-driven approach, CNG operates fifteen facilities and employs over 2,200 employees and is a proud partner of Ownership Works—a nonprofit partnering with companies to enable shared ownership, granting employees a stake in the value they create.About VOID TechnologiesVOID is a materials science company accelerating the transition to more sustainable plastics and packaging. The company combines its VO+ cavitation technology and R&D labs to help plastic and packaging companies rapidly develop new innovative products with a reduced environmental footprint. VOID's extensively patented VO+ technology was first conceived as part of a research initiative at Kimberly-Clark. Soon after, in 2015, VOID was launched as an independent company. Today, VOID has R&D labs and a compound manufacturing facility based in Neenah, Wisconsin (USA) and has commercial teams in Canada, France, and the UK. APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock. The transaction is expected to be accretive to all key financial metrics and add to APA’s inventory of high quality, short-cycle opportunities. Callon’s assets provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 BOE per day and enterprise value increases to more than $21 billion.Key HighlightsCombination of Callon’s Delaware-focused footprint with APA’s Midland-focused footprint provides scale and balance in the Permian Basin;APA’s oil-prone acreage in the Midland and Delaware Basin combined will increase by more than 50% following the transaction;Expected to be accretive on key financial and value metrics;Estimated overhead, operational and cost-of-capital synergies to exceed $150 million annually; andAdditional scale anticipated to improve credit profile; pro forma balance sheet will remain strong with leverage at 1.1x net debt / adjusted EBITDAX.Management Commentary“This transaction is aligned with APA’s overall portfolio strategy and fits all the criteria of our disciplined approach to evaluating external growth opportunities. Callon has built a strong portfolio in the Permian Basin that is complementary to our existing Permian assets and rounds out our opportunity set in the Delaware,” said John J. Christmann IV, APA’s CEO and president. “The acquisition is accretive and unlocks value for both shareholder bases, as increased scale will enable us to realize significant overhead and cost-of-capital synergies. The pro forma footprint in the Permian will also create opportunities to capture meaningful operating synergies.”“We are very proud of the significant steps we have taken to enhance Callon’s asset base, operational performance and balance sheet over the past several years,” said Joe Gatto, Callon’s president and CEO. “This combination with APA now provides for an enhanced value proposition for our shareholders built on their depth of experience and strong execution in the Permian Basin, flexibility for increased capital allocation, and ongoing delineation and optimization efforts. Importantly, I would like to personally thank each and every Callon employee for their role in building this company. I am very proud of this team and what we have achieved together.”Combined Permian Asset Position and Preliminary 2024 Planned ActivityPro forma average daily Permian Basin production was 311 Mboe/d in 3Q 2023, which represents a 48% increase from APA’s Permian Basin production on a standalone basis. APA's oil production as a percentage of BOE’s in the Permian increases from approximately 37% to 43% in 3Q 2023, on a pro forma basis.APA will provide additional activity plans and details post closing.Pro Forma APA Positioning“APA has a proven ability to deliver strong results from its unconventional assets in the Permian Basin, and we look forward to building on the progress that the team at Callon has made within its asset base. This transaction is aligned with our strategy of maintaining and growing a diversified portfolio, underpinned by large-scale core areas of operation while continuing to build a portfolio of medium and longer-term exploration-driven development opportunities,” Christmann said.Following the closing, the company’s worldwide pro forma production mix will be approximately 64% U.S. / 36% international.APA’s global portfolio includes ongoing development on large-scale legacy assets in the U.S. and Egypt. The company is also advancing a FEED process for a large-scale FPSO development offshore Suriname. In addition to current production and development activities across the globe, APA maintains a differentiated exploration portfolio, which includes newly acquired large-scale blocks offshore Uruguay and onshore state-land leases in Alaska.About APAAPA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.About Callon PetroleumCallon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian Basin in West Texas.Pro forma enterprise value is derived from the addition of each company’s market capitalization based on closing stock prices on 1/3/24, plus the net debt of each company as of 9/30/23. Shrieve Chemical Company a portfolio company of Gemspring Capital and a leading, value-added chemicals distributor, announced that it has acquired TLC Ingredients ("TLC"), a distributor of food ingredients, industrial chemicals, and phenolic resins based in Crest Hill, Illinois. Terms of the transaction were not disclosed.Founded in 2001, TLC has built a reputation as a premier distributor, distinguished by a dedication to operational excellence, food safety, and responsible distribution. With a class-leading facility in the Midwest, the company is well-equipped to meet the evolving needs of customers with high service levels.The acquisition expands Shrieve's presence in the Midwest and enhances the company's ability to serve the attractive – and growing – food ingredients end-market. Additionally, it positions Shrieve strategically to leverage its existing product lines to serve TLC's high-growth specialty industrial customers, who have relied on TLC as a trusted supplier of Durez phenolic resins for more than two decades."I am thrilled to welcome TLC Ingredients to the Shrieve Chemical family. This acquisition underscores our commitment to excellence and focus on long-term growth as we look to thoughtfully increase our presence and the value-added services we can provide across the country," said George Fuller, CEO of Shrieve. "The TLC team has built an exceptional business with an industry-leading distribution facility, long-standing supplier relationships, and a broad product offering that serves several attractive global end-markets. TLC's expertise, innovative approach, and customer focus aligns very well with our broader strategic vision. Together, we look forward to delivering enhanced value to our customers and supplier partners.""We are excited about the future as we partner with Shrieve and continue to expand, building on our reputation as one of the highest-quality food ingredient and chemical distributors in the United States," said Tommy Turiff, President of TLC Ingredients. "Our shared commitment to excellence and dedication to our customers make this an ideal partnership. We look forward to bringing our combined expertise and capabilities to the market and continuing to serve our customers with enhanced resources and innovation."About ShrieveShrieve, based in The Woodlands, TX, is a leading, value-added chemicals distributor serving attractive markets and end-use applications globally. Since its founding in 1978, Shrieve has leveraged its knowledge network to find the best match between suppliers, customer needs, and product applications. Through its four operating segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging, Shrieve markets nearly 1,500 products across more than 40 countries.About TLC IngredientsBased in Crest Hill, IL, TLC Ingredients is a distributor of food ingredients, industrial chemicals, and phenolic resins. The company was founded in 2001 and provides its customers and suppliers with the highest levels of service. TLC's corporate culture is built on the twin pillars of Food Safety and Responsible Distribution.About Gemspring CapitalGemspring Capital, a Westport, Connecticut-based private equity firm with $3.5 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. #J-18808-Ljbffr

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