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Composites Industry News

News for 25 July 2000


Reichhold Sponsors Colin Powell at Composites 2000

25th July 2000 0 comments

Reichhold, Inc. will sponsor the Opening General Session of CFA’s Composites 2000 trade show and conference, featuring keynote speaker, Gen. Colin Powell (Ret.) in Las Vegas. “General Powell is one of the most distinguished leaders of our time,” said Richard Rodriguez, vice president and general manager of Reichhold’s North American Composites Strategic Business Unit. “Reichhold is honored to continue our longstanding tradition of sponsoring CFA’s general session,” he continued. “And we are extremely proud to bring Colin Powell before the membership of CFA and all attendees to Composites 2000. Composites 2000 runs from September 27-30. Reichhold is a total solutions provider and a leader in the development of innovative products for key composites applications.

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Cytec’s Second Quarter EPS of $0.81 Exceeds Consensus Estimates

25th July 2000 0 comments

Cytec Industries Inc. announced on Thursday that net earnings for the second quarter of 2000 were $41 million on sales of $381 million. Results for the quarter include an after tax gain of $5.9 million from an insurance settlement. This compares to net earnings of $28 million on sales of $359 million in the same quarter of 1999. “Specialty Materials sales volume declined 5% primarily due to lower Boeing commercial build rates, and their transition from carbon to glass fiber composites for certain interior applications. Exchange rate changes and divestments decreased sales 1% each. Operating earnings grew to $24 million, and our operating margin increased 200 basis points to 22%. This improvement eflects a favorable product mix, and the continuing benefits of productivity programs. This quarter’s results were enhanced by strong demand from our military and regional jet markets.” Cytec Industries is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, paper and water treatment.

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Hexcel Reports 2000 Second Quarter Results

25th July 2000 0 comments

On Wednesday Hexcel Corporation reported net income for the 2000 second quarter of $50.4 million, including a net after-tax gain from the sale of the Bellingham aircraft interiors business of approximately $44 million. This compares with net income of $4.3 million for the second quarter of 1999, and net income of $2.6 million for the first quarter of 2000. Excluding business consolidation expenses and the gain from the sale of the Bellingham business, adjusted net income was $6.5 million for the second quarter of 2000. This represents a 25% increase compared with adjusted net income for the 1999 second quarter of $5.2 million and a 91% increase compared with the 2000 first quarter of $3.4 million. Adjusted net income for the 2000 second quarter reflects a portion of the interest expense reduction that will result from the use of the Bellingham transaction proceeds to pay down debt. In addition, Hexcel benefited from an increase in its equity share of the earnings of affiliated companies, primarily as a result of the improved operating results of the Company’s electronic fabrics venture in Asia. The year-on-year decline in commercial aerospace revenues primarily reflects the impact of The Boeing Company’s reductions in aircraft production rates during the second half of 1999. Recently, Boeing has publicly indicated that it may be able to sustain aircraft production at the current rate of about 490 per year, and Hexcel’s sales to Boeing and related subcontractors appear to have stabilized. According to industry analysts, Airbus Industrie plans to increase aircraft deliveries to about 320 in 2000 and to more than 350 in 2001. The benefit the Company obtains from any increases in build rates in 2001 will depend upon the mix of aircraft that are produced, the continuing impact on the aerospace supply chain of the pressure to reduce the cost of commercial aircraft, and the results of productivity improvement. Commenting on Hexcel’s second quarter 2000 results, John J. Lee, chairman and CEO, said, “The second quarter benefited from a continuation of the positive trends that began to emerge in the first quarter. Airbus and Boeing appear to be on track to deliver a combined total of more than 800 aircraft in 2000, and there are strong indications that they expect to do the same or better in 2001. The Company is also beginning to reap additional benefits from its emphasis on high-growth market segments. Sales of lightweight glass and aramid fabrics to electronics, architectural and ballistics markets continued to rise, while use of the Company’s advanced composites for wind energy, automotive and other industrial applications continued to climb. Further, as we enter 2001, the ramp up of production on a number of new military aircraft will start to contribute to Hexcel’s growth.”

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TXU Electric and FPL Energy Announce Major Wind Power Project

25th July 2000 0 comments

One of the largest wind power contracts in U.S. history was announced on Wednesday by TXU Electric & Gas and FPL Energy, LLC. The 160-megawatt project will generate enough electricity to annually power about 29,000 homes for Texas customers. FPL Energy will build, own and operate 242 wind turbines in West Texas. Each white wind turbine stands 166 feet tall and weighs a total of 143,000 pounds. The fiberglass blades are 76 feet long. Construction will begin late this year, and FPL Energy officials say that TXU Electric customers should be receiving the renewable energy by the third quarter of 2001. Under the contract, FPL Energy will provide approximately 500 million-kilowatt hours of electricity per year.

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ZCL Composites Inc – Quattro Capital and Other Conclude Share Sale

25th July 2000 0 comments

ZCL Composites Inc. announced that Quattro Capital Inc and Messrs. Ven Cote, Robert Day, and Kuldip Delhon and their respective holding companies, have concluded a share sale transaction with Mr. Simon Sochatsky that has resulted in all of the shares in Quattro being sold to Mr. Simon Sochatsky. Mr. Sochatsky now beneficially owns and controls all of the issued and outstanding shares of Quattro. Quattro owns approximately 14.5% of the issued and outstanding shares of ZCL. ZCL is Canada’s largest manufacturer of fiberglass underground storage tanks and the leading supplier of tanks to the retail petroleum market. ZCL markets its tanks under the “Greentank”, “Prezerver” and “Protektor” trademarks and provides complete fuel, storage systems securing a $2 million insurance backed warranty against pollution.

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Metamorphosis: How a Two-Ton Termite Became a State Icon

25th July 2000 0 comments

The world’s biggest sculpture of a termite, Nibbles Woodaway, is revered as an icon in the state of Rhode Island. The 20-year-old, 58 feet long, two-ton fiberglass blue bug was built to advertise the services of the New England Pest Control Co., a local exterminator. Providence Mayor Vincent A. “Buddy” Cianci explains the bug’s popularity: “It’s kind of our own little symbol of … uh … uh … I don’t know what.” Victoria “Vicky” Vona, Mrs. Rhode Island International 2000, who plans to speak about the termite in next month’s competition for the title of Mrs. International, says, “Each contestant is required to speak about her state, and in my opinion, nothing says ‘Rhode Island’ like the big blue bug.”

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Donald Trofholz Named Vice President Of Guardian Industries

25th July 2000 0 comments

Guardian Industries Corp. yesterday announced the appointment of Donald Trofholz to the position of Vice President and Chief Accounting Officer. Trofholz will be responsible for Guardian’s global accounting functions. These activities include financial and operational reporting and analysis as well as accounting and operations support. Guardian Industries Corp. is a privately-owned, multinational corporation based in Auburn Hills, Michigan. Together Guardian and its subsidiaries and affiliates constitute one of the largest global manufacturers of float glass and fabricated glass products for the commercial and residential construction industries and are a leading supplier of vehicle glass and exterior trim systems to the global automotive industry. Guardian Fiberglass, Inc., a Guardian subsidiary, is one of the largest manufacturers of fiberglass in the world and occupies a significant and growing position in the building materials distribution business.

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Lance Armstrong Slices Through the Record Books Aboard new Carbon Fiber Bike

25th July 2000 0 comments

Lance Armstrong put his stamp on the 2000 Tour de France today by winning the Stage 19 individual time trial with the second fastest time trial average speed in the Tour’s 87-year history. Aboard his new Trek Time Trial frame, Armstrong’s average speed of 53.986 kph (33.5 mph) was second only to Greg LeMond, the only other American to win the Tour de France. Armstrong, who won last year’s three Tour de France time trial events, was racing on a new frame this year. Two month’s after last year’s inspirational victory, Armstrong approached Trek’s Advanced Concept Group (ACG) in Waterloo, Wis. about creating a time trial bike in carbon, the company’s flagship material that he had grown to love on his standard race bike. Trek Bicycle Corporation has grown over the past 25 years from a five-man operation housed in a barn in Wisconsin, to a globally oriented company with distribution in 65 countries and over 1500 employees worldwide.

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Conoco Earnings Continue To Grow

25th July 2000 0 comments

Conoco said higher crude oil and natural gas prices and a six-percent jump in production combined with stronger demand for refined products to produce record-setting results for the second consecutive quarter. Net income before special items totaled $460 million, 18 percent above the previous record set in the first quarter and 304 percent higher than second quarter 1999. Customer interest in Conoco’s new petroleum-based carbon fiber product is high, as new application opportunities for theproduct continue to grow. The revolutionary, high-value-in-use product has unique electrical, thermal and physical properties to enable manufactured goods such as computer and cell phone batteries, fiber-reinforced plastic, concrete and other materials to be stronger, lighter and more durable. Construction of the manufacturing facility is underway in Ponca City, Oklahoma.

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Aldila Reports 35% Sales Increase

25th July 2000 0 comments

Yesterday Aldila, Inc. reported net sales of $17.1 million for the second quarter ended June 30, 2000, a 35% increase compared to net sales of $12.6 million in the second quarter of 1999. Net income increased to $1.7 million in the second quarter of 2000, from a loss of $72,000 in the second quarter of 1999. For the six months ended June 30, 2000 net sales increased 46% to $33.8 million compared to $23.2 million in the first six months of 1999. Net income increased to $2.2 million or in the first six months of 2000, from a loss of $0.4 million in the same period of 1999. “Fiber production at Carbon Fiber Technology, LLC, a joint venture operation in Evanston, Wyoming, continues to be strong, with a 32% volume increase in the first half of 2000, compared to the same 1999 period.” said Peter R. Mathewson, Chairman and CEO, Aldila, Inc. “Aldila’s share of the fiber produced is being consumed by its prepreg operation in Poway, California, which set a record in the first six months of 2000 for number of pounds produced,” Aldila, Inc. is the golf industry’s leading manufacturer of graphite golf shafts used in clubs assembled and marketed throughout the world by major golf club companies, component distributors and custom clubmakers. Aldila internally manufactures composite prepreg for its golf shaft business and external sales, and through its ownership interest in Carbon Fiber Technology LLC, externally manufactures carbon fiber for internal use.

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