Presentation - Synthomer
68
Being part of all our lives
Transcript of Presentation - Synthomer
Being part of all our lives
www.synthomer.com
Presentation Overview
• Yule Catto - key themes (slide 3) • Yule Catto - the Synthomer Polymers business (slide 4) • Synthomer - an introduction (slides 5-20) • Integration – synergy update (slides 21-24) • Synthomer - products and markets (slides 25-34) • Synthomer – profitable growth in Asian (slides 35-49) • Synthomer – product development (slides 50-X) • Synthomer – operational excellence (slides X-X)
Being part of all our lives
Key Themes • Continued strong progression in Group profitability • Group clearly focused on Polymers • The acquisition of PolymerLatex will drive medium term
profitability improvement from commercial integration and cost synergies
• Significant and increasing exposure to high growth emerging markets
• Geographic balance and market leadership positions create good growth dynamics
• Strong balance sheet
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Being part of all our lives
SYNTHOMER – the Polymer Chemical business of Yule Catto Europe & North America Asia & ROW 56% of Group turnover 39% of Group turnover 13 manufacturing plants 8 manufacturing plants • Water based polymers used in a diverse
range of applications including: • Protective gloves • Adhesives • Paints • Carpets • Varnishes and lacquers • Paper
• Speciality chemicals including Lithenes,
Polyvinyl Alcohol and Poly Chloroprene for applications such as:
• Regulation of PVC manufacture • Motor industry sealants
Yule Catto – Dominated by Polymer Chemicals
Pharma Chemicals - 5% of Group turnover • Manufacture of Active Pharmaceutical Ingredients for both generic and ethical drug manufacture
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Introduction to Synthomer – Yule Catto’s Polymer business
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Overview of Synthomer
Construction & Coatings
23.1%
Health & Protection
22.0%Carpet & Foam
19.1%
Paper14.7%
Functional Polymers
14.4%
Performance Polymers
6.7%
West Europe 55%
Asia 27%
East Europe and ROW
4%
South Africa and Middle
East10%
Americas4%
Sales by Product Sales by Destination Sales by Business Unit
H1 2011 Sales £664.3 million (Underlying Pro-forma Basis)
Compounds5%
Dispersions23%
Latex50%
Specialities22%
Nitrile37%
SBR63%
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Scale & Scope of Synthomer - Aqueous Emulsion Polymers and Speciality Chemicals Producer - Sales H1 2011 £664.3 million (Pro-forma Basis) - 1.3 Million wet tonnes per annum - 34 production & toll units globally - 1,900 people
- Strong heritage from our Parent Companies - Lattices [Styrene Butadiene (XSBR) & Acrylonitrile Butadiene (XNBR)] - Dispersions [Acrylic Polymers & Vinylic Homo/Co Polymers] - Specialities [Liquid Polybutadiene & Polyvinyl Alcohol]
- Health & Protection (22%) - Coatings & Construction (23%) - Carpet & Foam (19%) - Paper (15%) - Functional Polymer (14%) - Performance Polymer (7%)
Our Business
Our Technology
Our
Markets
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Key Facets of the Aqueous Emulsion Polymers Business
• 50% Water
− Logistics costs rapidly become a significant proportion of total cost. − Need to manufacture close to customers − “In Built” defence mechanism to “Out of Region” competitors.
• We don’t sell a chemical – We sell a formulation
− Intimate knowledge of customers products/production process. − Significant technical service element to sales. − Deep “know how” required.
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Emulsion Polymers Market Acrylic
Dispersions35%
Vinyl Dispersions
27%
Lattices35%
Others3% Global Emulsion Polymers Market
17.5 Million Tonnes (wet)
€18 Billion Value
Europe – 29% Americas – 31% Asia – 36% ROW – 4%
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Company Products
SBR NBR HSSBR Acrylics Vinylics
Synthomer (Global)
BASF (Global)
Dow (Global)
Trinseo/Styron(Global)
Celanese (Global)
Kumho (Asia)
LG ( Asia)
Optimised offer to the customer - the right product for the right application
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Broad Product Offering
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Synthomer’s Strategy In Europe • Create a strong, defendable and highly cash generative
business by:
• Market leading product range as a result of intimate knowledge of our customers requirements and a highly capable R&D resource
• Operating highly efficient “State of the art” production facilities which are well
located for access to customers and raw materials • Use these products and processes to create strong market positions that
deliver growth and defend unit margins through the cycle
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Synthomer’s Strategy
In Asia and other developing economies
• Grow strongly in existing and new business locations:
• Using the cash generated in Europe to finance growth both organically and through “Bolt on”
acquisitions • Use our market leading products and production processes to build strong and lasting
relationships with Asian regional customers and expand our relationships with Global multi-nationals
• Utilise our existing management infra-structure in the region
Consistent EBIT growth of 5% per annum
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Strategic Priorities Task Key Actions Status
• Achieve integration synergies of at least £20m
• Detailed implementation plans
• Annualised run rate after 3 months - £4m • Confident of achieving target
• Increase exposure to “High Growth” economies
• €25m expansion in Pasir Gudang to provide further NBR and SBR capacity • “Bolt on” acquisitions and “Greenfield” investments
• Main plant items on order • Completion target of Q3 2012 • Ongoing review of options
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Strategic Priorities Task Key Actions Status
• Innovation • Global head of R&D • Centres of excellence in key markets • Prioritised list of developments by key markets
• New organisation fully implemented • Resources consolidated into state of the art facilities in Marl, Harlow and Kluang
• High quality, cost effective production
• Quality focus • Continue to drive production/process efficiencies • Targeted investments in production capacity
• Global production function • Continuous improvement targets set • £20m to be invested in optimising production
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The Global Emulsion Polymers Business
CAGR +3.9%
Asia ~ 8%
NAM ~1%
Europe ~1%
ROW ~6%
Global Emulsion Polymers Market 17.5 Million Tonnes (wet) €18 Billion Value
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Sant Celoni Uquifa SA
Lliçà de Vall Uquifa SA
Filago
Marl (2 plants) Dormagen (Tolling)
Synthomer World Map
Dammam Synthomer Middle East Company (JV)
Durban Revertex Chemicals (Pty) Ltd
Batley Synthomer Ltd
Ossett Synthomer Ltd
Accrington William Blythe Ltd
Harlow Synthomer Ltd
Stallingborough Synthomer Ltd
Langelsheim Synthomer GmbH
Oss Synthomer BV
Hasselt Synthomer BV
Mouscron Synthomer SA
Oulu, Finland (JV)
Worms
Johor Bahru Malaysia
Ho Chi Minh City Synthomer Vietnam Co. Ltd
Kluang Revertex (Malaysia) & Synthomer Sdn Bhd
Filago
Dormagen (Tolling) Marl (2 plants)
Dubai UAE (Tolling)
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Synthomer Has Strong Market Positions both Globally and Regionally
In Europe Top 5 suppliers represent 80% of the market BUT
In Asia Top 5 suppliers represent ONLY 25% of the market
#1 - Global NBR
- Global HSSBR
- MEA Dispersions
- SEA Dispersions
#2 - European SBR
#3 - European Dispersions
Synthomer is #2 Emulsion Polymers producer in Europe
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Synthomer Vision - TOP 5 Global Emulsion Polymer supplier - Very strong position in Europe - Solid base in S E Asia for continued expansion - Excellent products and production processes
- No 1 or 2 in target markets - > 50 % sales from high growth emerging markets - Consistent EBIT growth 5 % p.a.
Today
Vision 2015
Values
- We create value for our customers - We care about our employees and our neighbours - We are responsible for minimising our impact on the environment - We deliver for our shareholders
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Polymers Profit Development (2006-2011)
37.0 38.3 41.0
53.7 60.2
18.1 18.4 21.7
25.4 30.8
64.8
0
10
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011
Full Year H1 (2011 pro-forma)
EBIT £’M
New segmentation basis. History excludes Finewaters – sold in 2010 19
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Key Factors for Synthomer’s Profitable Growth • Access to multiple Polymer technologies • Differentially managed product portfolio • Commercial toughness & value selling
• Access to Asian & Emerging Markets • Manufacturing close to customers • Proximity to suppliers • Cost effective production • Flexible and effective organisation • Fast & Commercially Focussed R&D
• Customer understanding & relationships • Applications Technology & understanding • Highly experienced & expert personnel
The Right Knowledge
The Right Choice
The Right Product
The Right Locations
The Right Processes
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PolymerLatex Acquisition Status Update
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Acquisition Drivers • Excellent strategic fit
− Complementary products/market positions − Well invested and located facilities in Europe and Asia − Similar but slightly stronger margins than Synthomer’s through the cycle − Accelerates Synthomer’s Asian expansion plans
• Attractive returns and growth opportunities − Annual “hard” cost synergies of at least £20m − Earnings accretive in first 12 months of ownership − Improved cash flow to invest in organic growth particularly in
“Developing” markets
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Synergy Update • New organisation in place and operating successfully • Numerous projects running to improve operational and commercial
efficiency • Highly confident of at least £20m of “hard” synergies • Anticipate £20m delivered in the second twelve months of ownership as
announced at the time of the acquisition • Annualised run rate on £4m p.a. At the end of Q2 – three months post
completion • Costs of delivery still expected to be in line with the original announcement
- £20m cash costs and £23m capex
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Synthomer’s Key Growth Drivers
• Delivering the benefits from the PolymerLatex acquisition • Excellent products and market positions • High percentage of current sales to Asia and other high growth economies • Established strategy of growing around existing hubs, particularly in developing
economies • New product development pipeline
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Products and Markets Highly fragmented, highly specialised
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• Industry focused
• Strategy formulated globally, executed regionally
• Differential management according to segment
• Transfer of best practice and expert knowledge
• Cross-regional leverage
• Close alignment with R&D
Construction & Coatings
Health & Protection
Carpet, Compounds
& Foam
Paper
Functional Polymers
Performance Polymers
Six global Strategic Business Units focused on user industries
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Construction & Coatings
Functional Polymers
Paper Carpet & Foam
Performance Polymers
Health & Protection
SBR Latex
Nitrile Latex
Acrylic/ Vinylic
Speciality Latex
Speciality Resins
A wide range of polymers to a wide range of end uses
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Product Line
Type Size (€m)
End-uses Overview Our Position Competitors
Synthetic Latex
XSBR > €3bn Coated Paper, Carpet, Construction, Textiles
Regional, (some niches), High entry barrier
#1 EMEA Niche in Asia/Nam
Styron, BASF
HS-SBR <€0.5bn Bedding, Carpet, Asphalt Global, High entry barrier #1 Global
Polimeri, BASF
Nitrile ,<€1bn Gloves, Medical Devices Global (but 95% Asia), High Growth
#1 Global Nantex, Nippon Zeon, Kumho. LG
Dispersions Acrylic >€3bn Paint, Adhesives, Construction, Textiles, Paper
Regional, Speciality #3 EU, #1 ME, #1 SEA
BASF, Dow, Arkema
Vinylic >€3bn Regional #4 EU, #1 ME
Celanese, Wacker, Vinavil
Speciality Latex
Lipren® Adhesives, Gloves, Textiles
Global, Speciality #2 EU and N Am Lanxess, DuPont
Pyratex® <€0.5bn Tyres Global, Speciality #2 EU Omnova
Speciality Resins
Alcotex® <€0,5bn PVC Manufacture Global, Speciality #1 Global Kuraray, Nippon Gohsei
Lithene® <€0.5bn Sealants, Encapsulants, Rubber, Coatings
Global, Speciality #2 EU Evonik
#1 or 2 in most targeted segments or regions
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Overview Over 5 mio tonnes of polymer dispersions and redispersible powders worldwide. Multi-product, multi-market Architectural and industrial paints, mortars, sealants, tile adhesives, waterproofing, insulation, flooring, bitumen Massive and fragmented, full spectrum from volume to niche, mainly regional (but some major MNCs), GDP + in Asia as markets become more sophisticated
Construction & Coatings is a major engine of growth worldwide
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Overview 1 million tonnes in Europe, estimated 3 million worldwide Industrial textiles & papers, nonwoven fabrics, glassfibre, leather finishing, textile printing, packaging, wood and graphic adhesives, tyre cord adhesive, impact modifiers Highly fragmented, very diverse, largely speciality, a few MNCs but primarily SMEs. Segmentation is critical. Application technology transferable globally
Functional Polymers boasts a rich portfolio of speciality niches
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Overview Europe – 1.25 mio tonnes Coated paper & board for advertising, magazines, packaging Technically demanding, high barrier to entry, consolidating customer base
Paper highly cash-generative in Europe with excellent growth opportunities in Asia
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Overview Carpet – 340kt in Europe/M East Moulded Foam 120kt worldwide Textile Floorcoverings, Synthetic Turf, Mattresses Stable in EU/N Am, growth in M East (Carpet) and Asia (Foam), High entry barrier in High Solids SBR for Foam
Carpet & Foam highly cash-generative with growth opportunity in Middle East
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Overview 100k tonnes worldwide PVC polymerisation, polyester composite (transport and construction), automotive sealants, electrical encapsulation, rubber modification, flooring adhesives, glazing sealants, printing plates……. True speciality, global, multiple end uses Distinct product lines with common market approach
Performance Polymers high performing global niches
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Overview 550k tonnes worldwide, 95% in Asia Thin film nitrile gloves for medical and general hand protection, cleanrooms. Industrial nitrile gloves. Medical devices, condoms. Technically demanding, 15% pa growth also driven by allergy issues with natural latex
Health & Protection enjoys high growth and global leadership
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Profitable Growth in Asia
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Asia – Geared for Growth
Population Million GDP Thousand USD
~7%
GDP growth rates 2010
~9% ~10%
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Synthomer Presence in Asia
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Key Product Groups and Market Positions
Product Group Applications Market Position
Growth Indication
(PA)
Health & Protection
Disposable and industrial gloves, medical products, condoms
Global No. 1
10 -15%
Coatings & Construction
Decorative paints, adhesives and building products
South East Asia No. 1
+6%
Performance Polymers
PVC additives Asia No. 1
(Excl Japan)
6-8%
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Health & Protection
Nitrile Latex
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Glove Market at a Glance
STRONG GROWTH MOMENTUM • Worldwide glove market expected to
grow at least 8% • Worldwide synthetic nitrile glove
market expected to grow at 10 - 15%
• South East Asia is the world’s leading producer of rubber gloves with a >85% market share
• South East Asia is also the world’s leading producer of nitrile gloves with a >85% market share
Geographical Distribution of Glove Production
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Nitrile Glove Market STRONG GROWTH MOMENTUM
• Nitrile glove sector has experienced huge growth in US
and Europe
• Natural Latex is being replaced on fears of allergic reactions. Some US hospitals have already banned the use of natural latex.
• Safeskin, the largest supplier of gloves to the US market have publicly abandoned natural latex gloves
• Thinner nitrile gloves are now competing with vinyl
gloves in food applications • Topglove, the largest glove producer in the world, target
a capacity mix of 50%NR: 50%SR (current 87% NR: 13% SR)
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US Market for Medical Gloves
Source: Major US Customer
Mill
ion
$
Nitrile Gloves CAGR 22%
Vinyl Gloves CAGR 10%
Natural Latex Gloves CAGR 0%
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Sustainable high growth rates
Source: Malaysia Rubber Export Council
• USA and EU27 with only
11% of world population consumed 68% of global glove usage
• Other regions with 89% of
world population consumed only 32% of global glove usage
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Global leaders in Nitrile Latex • The demand for Nitrile Latex is growing by 10-15% per year and this is forecast to continue for
the foreseeable future
• Nitrile gloves are taking share from natural and vinyl gloves
• The market for glove production is centred in South East Asia, with >85% share of the global disposable glove market
• Synthomer is the only supplier with Nitrile Latex plants located in South East Asia
• Our customer relationships and differentiated products have established a strong global no. 1 position, with 40% market share.
• Innovation is core to Synthomer – latex for accelerator free gloves – Enhanced protection
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Coatings & Construction
Water Based Dispersions
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The Asian Paints Market
0
200
400
600
800
1000
1200
1400
1600
0
5
10
15
20
25
Indonesia India Vietnam Philippines China Thailand Malaysia Japan South Korea
Singapore
Pain
t Con
sum
ptio
n (li
tre/
head
)
Paint Consumption (litre/head) vs Population (millions)
Paint Consumption (litre/head) Population (millions)
Source: IRL
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The Asian Paints Market
Source: IRL
SOUTH KOREA
JAPAN
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Water-Based Dispersions
• Close customer relationships and a strong product portfolio allow us to achieve high market share in our local markets: – >50% in Malaysia & Singapore – >15% after only 3 years in Vietnam
• Technology capability will lead to a strengthening of our product offer with
opportunities to improve earnings
• Strong customer relationships will be leveraged to benefit from their geographic expansion
• We already sell to 8 of the top 10 global paint companies in Asia
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Summary
• Target is 50% of sales from Asia and emerging markets in three years
• Already established a strong number 1 position in high growth markets
• Sustainable competitive advantage, with healthy innovation pipelines
• Well developed plans for growth by organic investment and bolt-on acquisitions
• Trading Company now established in China to accelerate our growth plans there
• Strong management team who have already delivered substantial growth
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Operational Excellence in Synthomer
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Operations – Leading technology, well positioned geographically
Merging the production networks and technology will deliver synergies
Production network matched to multiple product strategy
Broad geographical coverage
Leading process and product technology
Best practice globally deployed
Highest standards in Health, Safety, Environmental Compliance and Quality
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Network Optimisation provides synergies
Production network synergies
Expansion in Asia by using complementary strength in technology Capitalise on strong
market and technology positions
Competitive network • Highly flexible • In the right region • Close to customers
- Low freight costs - Fast response time
• Close to raw material suppliers - Low freight costs - High availability - Integrated sites
Optimisation Strategy • Consolidation in Europe • Expansion in Asia • Leverage of complementary technology
– Conversion and cycle times – Yield improvement
• Complexity reduction in raw material and finished products
Consolidation in Europe by depletion of overlaps and creating of economy of scale
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Production network with well-balanced mix of capabilities to serve the markets
Flexible plants aligned to multiple product strategy enabling – diversification – fast reaction to changing
requirements
Well-balanced mix of capacities – cost leadership positions in
plants of global production scale
– highly flexible mid-sized plants for smaller product groups
Effectively managed network -“one large virtual plant” - Select cost-optimal plant based
on raw material cost position and logistics
- ensure supply by approving more than one plant
Europe Latex • 6 plants • 4 countries
Europe Dispersions • 5 plants • 4 countries
MEA Dispersions • 3 plants • 3 countries
Asia Latex • 2 plants • Malaysia
Asia Dispersions • 2 plants • 2 countries
Perf.Polym., Comp. • 9 plants • 5 countries
Nitrile HS-SBR XSBR Acrylics Production sites VAc(Co) Others
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European geographical coverage ensures competitive supply chain
• Freight optimisation crucial for minimisation of total product cost
• Excellent geographic reach across North/South axis
• Plants in proximity to key customer concentrations
Northern European market
Western and Central European market
Southern European market
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Asian geographical coverage ensures proximity to key markets and customers
Malaysia as a hub to Asia
•Two world scale latex facilities
- Nitrile-latex in the centre of a booming glove industry - option to deliver SBR-latex to SEA and China
•Acrylics plants to participate on fast growing paints and construction industry
Vietnam will further strengthen presence in SEA
•Acrylic plant to continue serving markets with plants close to customer needs
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Leading process technology based on specific know-how
Reactor technology
External seed
Direct feeding
Direct upscaling
Specific know-how
Competitive advantages
Constant product quality
High innovation potential
Low process
costs
Fast time to market
World scale reactors Multiple reactor geometry
and technology for XSBR, Acrylics/VAc and XNBR
Long-life productive assets in stainless steel and glass lined reactors
Best-in-class cycle
Reactor technology
Note: XSBR: Carboxylated Styrene Butadiene Rubber, XNBR: Carboxylated (Acrylo-) Nitrile Butadiene Rubber;
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Initi
ator
C
hain
TA
Stab
ilize
rs
Mon
omer
s
Water
Raw Materials
Process & Technology know-how deployed production
W
Mixer
Polymerization
Reactor
QA Lab Loading Bay
1 m³ Container Drums
Road Tanker & Flexibag Container
Control Room
Degassing
Cooler
Steam
Waste Water Treatment
Air Treatment
Splitter
Stripper
Prod
uct L
atex
Storage
Storage tank
Latex
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Process & Technology know-how deployed production
Initi
ator
C
hain
TA
Stab
ilize
rs
Mon
omer
s Water
Raw Materials
W
Mixer
Polymerization
Reactor
QA Lab Loading Bay
1 m³ Container Drums
Road Tanker & Flexibag Container
Control Room
Degassing
Cooler
Steam
Waste Water Treatment
Air Treatment
Splitter
Stripper
Prod
uct L
atex
Storage
Storage tank
Latex
Quality & Consistency
Reactor Technology
Recipe know how
Low VOC
Flexibility in customer
supply
Automation
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HSEQ-Management worldwide according to highest International standards
Best-in-class standards implemented – Safety: German /UK
chemical industry
– Environmental: EMAS II / III or ISO 14001:2004
– Quality: ISO 9001:2008 standard
Strong position on REACH & regulatory compliance
Globally operated management systems worldwide to guarantee to meet HSEQ and compliance policy - annually reviewed
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Sustainable Profitable Growth through outstanding Innovation
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Value Added Formulating Components in Performance Applications
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Market Driven Innovation Generating Long Term Growth
• Responding to global megatrends – e.g., sustainability, urbanisation, energy efficiency, hygiene
• Targeted innovation in high growth segments
• Global co-ordination
• Highly networked organisation
– Internal and external
• Efficiently managed for fast delivery and high commercial impact
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●
●
●
Global R&D Organisation • Centres of Excellence
– Marl, Germany – Harlow, UK – Kluang, Malaysia
• Over 100 R&D Staff – Leadership team with 100+ years experience
and strong track record of delivery – 20% of staff with PhD
• R&D co-located with applications and commercial teams
• Well invested state of the art facilities
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Polymerisation process know-how is core to innovation success
64
~ 20 process Parameters determine product properties • Direct monomers feed • Activator feed • Emulsifier, modifier feed • Temperature profile • Cooling • Stirring • Base • pH/buffer • Pressure • Process mode • Other
Process parameters Lab polymerisation
Monomers Water
Others
• Styrene • Butadiene • Acrylate • Other
Test lab reactor
3 to 15kg
New latex particle
~ 20 end use properties • Binding power • Rheology • Cross-linking • Glass transition
temperature • Surface groups • Mottling • VOCs • Printability • Opacity • UV-stability • Adhesion • Other
Product properties
Illustrative latex research and development parameters
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Technology leadership in fast paced glove dipping market
• Rapid evolution of customer needs – Natural latex type feel – Low residual chemicals – Double dipping process
• Advanced nitrile latex systems
– “Soft & strong” grades – Proprietary self cross-linking technology – Tailored film formation systems
• 45% of nitrile dipping sales from products
launched in last 3 years and #1 global position
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Responding to megatrends in global coatings market
• Green coatings systems • Low or no solvents • Free of harmful components • Cool roof technology
• Strong growth in Asia and MEA • Speed to market
• Dispersions technology in new applications • Direct to metal coatings • Elastomeric roof and wall coatings • Solvent free trim paints
• Over 20 coatings products launched globally in last 3 years
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Innovation in growing speciality pressure sensitive adhesives segment
• Diversification of applications • New substrates, e.g., metals, plastic • Thermal and water resistance • Environmental standards
• Acrylic technology • High solids systems • Balance of cohesion and adhesion • Low volatile organic solvent
• Recent product launches • Building insulation systems • Protective films, e.g., for electronic screens • Removable labels
• ̴20% of PSA sales from products launched in last 3 years and strong #2 position in Europe
www.synthomer.com
Delivering growth through technology development and product innovation
• Dynamic global organisation with extensive innovation network
• State of the art equipment and high calibre staff
• Excellent core technology with next generation platforms under development
• Effective management of the product development pipeline
• Strong track record of delivering commercially successful formulating solutions
