BP licenses the Innovene® polypropylene technology line to Sinopec
BP and China Petrochemical International Company, a Sinopec Corporation company, have reached an agreement to license BP’s Innovene gas phase polypropylene process technology for the upgrading of Sinopec’s Beijing Yanhua Petrochemical Company Limited Polypropylene manufacturing complex.
The plant will produce homopolymers and random copolymers and will have an initial capacity of 120,000 MT/year.
Since 1996, BP has licensed four polypropylene plants in China, and in total has now licensed globally about 2.2 million tons of annual Innovene® polypropylene capacity of which 670,000 tons are now under construction.
Comments: BP acquired the polypropylene process technology as a result of the BP Amoco merge. Formerly known as the Amoco or Amoco-Chisso process, the Innovene PP technology was developed by Amoco, in conjunction with Chisso Corporation, in the 1970s. Amoco and Chisso collaborated on PP technology for about 25 years in both slurry and gas phase processes until mid-1995, when the relationship was dissolved. Both parties retain the rights to license the process technology, however, Chisso’s rights do not include recent improvements in the process claimed to be made by BP.
The BP Innovene PP technology provides several key performance benefits including (1) simple and efficient process design and operation (2) high-performance CD catalyst support system with high catalyst yield, and no need for pre-polymerization and (3) rapid product transitions due to plug-flow type flow characteristics. As a result of the high-performance CD catalyst and unique plug flow reactor, manufacturers are able to produce products that allow for a larger processing window, further downgaugability, excellent balance of impact and stiffness, and lot-to-lot consistency. The process has also been making inroads into the reactor TPO markets for automotive applications. The uniform rubber distribution has allowed licensees to move towards higher modulus materials while maintaining properties such as paintability, ductility, and durability.
Borealis to increase polyolefins capacity at Ronningen, Norway
Borealis announced its plans to increase the polyolefins capacity at Ronningen, Norway. The company is adding about 70,000 MT/year of PP capacity, making its total capacity to be 175,000 MT/year after expansion. At the same site, Borealis plans to increase HDPE and LDPE capacity by a combined 25,000 MT/year with total capacity reaching 280,000 MT/year. All these expansions are scheduled for completion by the end of 2005.
Comments: The Ronningen plant was started up as an El Paso CSTR slurry process in 1977, but in 1989 it was converted to Spheripol technology when a gas-phase second stage was added. The expansion of the PP facility coincides with Borealis’ intent to debottleneck olefins capacity at Rafnes, Norway, cracker by 100,000 tons/year. Improvements at these facilities are a part of Borealis’ strategic initiatives to streamline European facilities and increase profitability. Borealis experienced a strong demand for polyolefin in the third quarter of this year with volumes increasing by 12% over the second quarter. At the same time, Borealis suffered from lower polyolefin prices and higher feedstock costs resulting in an operating profit of EUR 7 million and a net profit of EUR 3 million in the third quarter.
Andrew N. Liveris Elected Dow President and COO; William S. Stavropoulos Continues as Chairman and CEO
The Dow Chemical Company’s Board of Directors announced the election of Andrew N. Liveris, 49, Business Group President, Performance Chemicals, as President and Chief Operating Officer (COO). William S. Stavropoulos will relinquish his role as President but will continue as Chairman of the Board and Chief Executive Officer (CEO).
In addition to continuing a sharp focus on Dow’s action plan for financial recovery, Liveris also will initially be responsible for reviewing Dow’s long-term strategy and aligning an organizational structure for improving shareholder value.
Stavropoulos also announced the formation of the Office of the CEO, a newly-created executive leadership team. Comprising the Office will be Arnold A. Allemang, Executive Vice President; Liveris; J. Pedro Reinhard, Executive Vice President, and Chief Financial Officer; and Stavropoulos.
Reporting to Liveris in his new executive capacity will be the businesses in the Performance Plastics, Performance Chemicals, Chemicals, Plastics, and Hydrocarbons & Energy operating segments; the functions of Research and Development; Marketing and Sales; and Information Technology; and most geographic regions of the Company. Dow AgroSciences and the Latin American regions will continue to report to Reinhard. Allemang and Reinhard, as well as the functions of Operations, Finance, Human Resources, Environment, Health and Safety, Public Affairs, and Legal, will continue to report to Stavropoulos.
Liveris’ 27-year Dow career has spanned manufacturing, sales, marketing, new business development, and management. He has worked for Dow in Australia, Thailand, Hong Kong, and the United States. Liveris has been Business Group President since April 2000 of the $5.1 billion Performance Chemicals portfolio of more than 30 diverse specialty chemical businesses organized in seven global business units.
Liveris is a board member and member of the Executive Committee of the OPTIMAL Group of Companies, a set of joint ventures in Malaysia that serve as Dow’s first major integrated petrochemical facility in Asia. He has served in leadership positions for the Soap and Detergent Association and for the American Chemistry Council. Liveris graduated with a bachelor’s degree in Chemical Engineering from the University of Queensland, Brisbane, Australia.
Comments: Mr. Liveris has all the perquisite qualifications to lead Dow Chemical: (1) a career Dow employee, (2) extensive international experience, (3) background in basic and performance chemicals – the core product group.
Texas Pacific Group buys Kraton Polymers for $770 million
Texas Pacific Group agreed to buy Kraton Polymers from Ripplewood Holdings in a $770 million deal. With sales of $600 million a year, Houston-based Kraton is the world’s biggest maker of styrenic block copolymers, which is a family of chemicals used in adhesives, sealants, and other materials. New York-based Ripplewood, which manages about $4 billion, bought Kraton in February 2001 from Royal Dutch/Shell Group for $520 million.
The deal comes amid a spate of similar private equity to private equity deals. The industry had previously shunned such transactions, preferring to sell portfolio companies to larger companies who often were willing to pay more.
UBS AG advised Texas Pacific in the Kraton deal, while Morgan Stanley and Credit Suisse advised Ripplewood.
Comments: We have always maintained that “Kraton SB copolymers are crown jewels… it does not matter which crown they adorn..” TPG the young and aggressive Texas group based in California will do wonders with the Kraton… it is only their first venture into chemicals .., just wait and see…,
Bayer Group restructures combining Bayer Chemicals in a new company NewCo
Bayer Group has announced its plan to combine Bayer Chemicals with certain parts of the polymers business in a new company with the provisional name “NewCo”. Following its successful reorganization, the Bayer Group intends to maintain its focus on its core businesses and in the future concentrate on health care, nutrition, and innovative materials. The aim is for NewCo to be listed on the stock market under a new name by early 2005 at the latest. Dr. Axel Claus Heitmann, currently a member of the Executive Committee of Bayer Polymers and head of that company’s Asia region is the CEO of NewCo.
In the future, Bayer aims to concentrate all its financial and management resources on developing and expanding its core activities in health care, nutrition, and innovative materials, which are predominantly research-intensive areas. Following the reorganization, Bayer will have three operating subgroups: Bayer HealthCare, Bayer CropScience, and Bayer MaterialScience.
Bayer’s new realignment also includes repositioning the Pharmaceuticals business. Bayer will concentrate its research effort on the therapeutic areas where it already plays a leading role and has developed successful products: anti-infectives, cardiovascular (including diabetes and obesity), and urology. The company intends to further expand the activities of Bayer’s Consumer Care, Diagnostics, and Animal Health divisions.
NewCo will have a total sales of about €5.6 billion and a workforce of around 20,000, and the company will rank among Europe’s leading chemicals suppliers, occupy leadership positions in more than two-thirds of global market segments, and be a technology leader in manufacturing.
Independence from Bayer should provide NewCo several benefits including (1) efficient utilization of capital resources for the enhancement of its competitiveness, (2) easy-to-focus management resources on the specific needs of the chemicals business, and activating niche markets utilizing new business models.
NewCo will have a broad-based portfolio of around 5,000 products covering basic, specialty, and fine chemicals as well as polymers. These products include intermediates for the manufacture of active ingredients for pharmaceuticals and crop protection products; material protection products; chemicals for the leather, textile, and paper industries; ion exchange resins for water treatment applications; inorganic pigments for coloring concrete and plastics; polymer additives such as flame-retarding agents and plasticizers; solid rubber and rubber chemicals for the rubber and tire industries; ABS (styrenics) and semi-crystalline thermoplastics which are used primarily in automotive engineering, as well as for the manufacture of covers and housings. NewCo will have a global presence with production facilities and sales organizations in 40 companies and 20 countries.
Comments: In 2002, Bayer Group reorganized its chemicals and polymers portfolio as part of a plan to prepare the chemicals unit for a possible joint venture with another partner. The company formed four separate operating subsidiaries: Bayer Polymers; Bayer Healthcare; Bayer CropScience, and Bayer Chemicals, which started operations in January 2003.
Upon the failure of the company’s efforts to find a partner for the entire chemical group in 2002, Bayer Chemicals has been undergoing restructuring since earlier this year. Under the restructuring program, Bayer cut about 1,300 jobs representing 9% of the global headcount of Bayer Chemicals and closed about 90,000 MT/year of chemicals capacity. Closures included a paper chemicals unit at Leverkusen and an iron oxide pigments capacity at New Martinsville, WV.
Bayer Group has now decided to combine chemicals with polymers into a new company, NewCo, and focus Bayer’s activities on HealthCare, CropScience, and MaterialScience.
The name BAYER has always been associated with pharmaceuticals, especially aspirin. Until recently they were not allowed to use the BAYER name in North America, thus Mobay was used. In the last six years, the Mobay name was changed back to BAYER.
This still creates confusion in the minds of the general public. The decision to use BAYER for life sciences and separate the chemicals/plastics to NewCo is a good move, except the name NEWCO is new.
BASF to restructure styrenics
BASF has announced its plans to close a 20,000 MT/year plant in Ludwigshafen that makes Styrolux®, styrene-butadiene-styrene block copolymers for food packaging. The production of Styrolux in Europe will be concentrated at their 65,000 MT/year plant in Antwerp, Belgium. The supply to the North American market will be shifted from Europe to a 45,000 MT/year Styrolux unit in Mexico that is due to come on stream at the end of 2003.
BASF is also planning to cease production of 100,000 MT/year polystyrene compounds at Ludwigshafen, Germany, beginning July 2004. The company is also selling its polystyrene with special additives business to concentrate solely on the production of commodity polystyrene.
Comments: With the explosion of Phillip’s plant in 2000, there was a significant global shortage of high styrene SB copolymers. The global suppliers during that time partly satisfied demand by adjusting their regional production levels and shifting products from one region to another. At the same time, suppliers of high styrene SBC including (1) BASF, (2) Asahi, and (3) Atofina started to increase their capacities to take advantage of the supply void that was created as a result of the explosion. The shortage also prompted new players to come into the market like Kraton Polymers and Taiwan’s ChiMei. These factors have essentially led to an overcapacity of High Styrene SBC in the market, forcing suppliers to consider restructuring, finding new applications, and closing old plants.
The anticipated start of BASF’s capacity in Mexico would have significantly lowered the global utilization rate of high styrene copolymer but the closure of the Ludwigshafen plant will lessen the effect of over capacity.
Adhesive Road Rolls-out with KRATON® Polymers
A consortium of leading Dutch construction industry players has taken advantage of the performance benefits of KRATON® polymers to launch a pioneering concept in asphalt road construction.
The “Adhesive Road” road-on-a-roll consists of a rolled-up pre-fabricated asphalt layer with an adhesive base layer. KRATON polymers are used in both the asphalt binder and the adhesive layer of “Adhesive Road.”
“Adhesive Road” was developed by the construction firm Dura Vermeer, and building materials consultants Intron and Esha, a manufacturer and supplier of road and roof-building products, in response to the “Road Surface for the Future” competition led by the Dutch road authorities. The road components meet Dutch standards on recycling and environment-linked legislation.
“Adhesive Road” is suitable for use in motorway-wearing courses, urban roads, bridge decks, and parking decks. It is ideal for temporary road constructions, for example on building sites, thanks to its ease and speed of laying and removal.
Comments: The concept of the road on a roll is both revolutionary and unique. This concept should provide the SB copolymers for pavement asphalt modification a shot in the arm it needs.
The advantage of using KRATON polymers in asphalt modification which is essentially styrene butadiene styrene (SBS) is that they improve the performance of asphalt by increasing the tensile strength, elastic recovery, and temperature susceptibility. This property improvement will lead to (1) roads having superior rutting resistance (2) improvement in the wear and tear of asphalt by reducing cracking, (3) good adhesion properties, and (4) thermo-reversibility that enables the adhesive to loosen upon heat treatment.
Sumitomo Chemical selects a site for its TPO plant at Conyers, GA
Sumitomo Chemical announced that it has selected a site at Conyers, GA to build its previously announced U.S. thermoplastic olefins (TPO) plant. Currently, Sumitomo has a 15,000 MT/year TPO capacity at Chiba, Japan. The company’s Phillips Sumika Polypropylene joint venture with Chevron Phillips Chemical also supplies TPOs in the U.S. Sumitomo plans to begin construction of the plant in early 2004 and predicts it will be operational within six months and reach full capacity by January 2005.
Comments: Sumitomo is one of the major suppliers of physically blended TPOs and TPVs in Japan. The company markets its products under the trade name Sumitomo TPE®. This will be the first TPO plant for Sumitomo in the United States. The TPO plant will provide Sumitomo with its production unit to supply thermoplastic elastomers for North American automotive customers. The plant will initially produce two types of thermoplastic elastomer resins for body seals, automotive interior sheet skins, and airbag covers. The plant is expected to produce 10 million pounds of TPO per year.
Physically blended TPOs are used in a variety of automotive applications such as bumpers, automotive exterior trims, interior trims, under-the-hood, and cover skin. The largest automotive applications for TPOs are bumpers and exterior and interior trims. Nonautomotive applications for TPOs include molded goods, roofing membranes, wire & cable, medical, grips, and others. TPVs are widely used in automotive under-the-hood applications.
TPOs have seen significant growth in the automotive industry as the prevailing trend in the automotive industry is to use homogeneous plastic materials in order to facilitate recycling and reduce component weight and cost. Sumitomo in its efforts to capitalize on this trend is adding TPO capacity in the United States.
Bayer Polymers considers divesting the butadiene rubber business
Bayer Polymers is considering divesting its acrylonitrile butadiene styrene (ABS) and butadiene rubber (BR) businesses, or spinning them off into joint ventures. ABS and BR account for a combined €2 billion ($2.4 billion) of Bayer Polymers’ €10.8-billion/year sales.
Bayer Polymers said earlier this year that it is not happy with its money-losing BR business. Bayer produces BR at Dormagen, Germany; Orange, TX; and Port-Jérôme, France, and will close a cobalt-BR unit at Marl, Germany in 2004.
Bayer Polymers closed ABS plants in Belgium and Brazil during the last two years. Bayer Polymers shelved plans earlier this year to sell rubber chemicals producer Rhein Chemie and fibers manufacturer Bayer Faser because it could not secure high enough offers. The company has also announced a series of restructuring moves in its polyurethanes business.
Comments: Bayer is the largest producer of butadiene rubber in the world and it is the second-biggest producer of ABS after Chi Mei, with a 13% market share. LG Chemical is the third-biggest producer of ABS, followed by BASF.
The major producers of butadiene rubber (BR) including Enichem and Goodyear have put their BR business for sale. The potential buyer for Bayer’s BR business would be a private equity capital company.
DuPont’s third-quarter profits drop 66 %
DuPont’s third-quarter profit fell by 66% due to weak US and European economies, high raw material costs, and flat pricing. DuPont’s third-quarter profit was $135 million, despite 12% higher sales of $6.14 billion. The earnings per share of 13 cents came in 2 cents ahead of already reduced Wall Street estimates.
Shares of DuPont fell $1.75 to $39.20 on the earnings and DuPont’s global volumes rose 4% while local prices were down slightly less than 1 percent. The US volumes were up 1 percent and European volumes stayed flat, volumes rose 14 percent in Asia Pacific and 9% in South America. Volumes were strong in September and continue to show strength in October. DuPont took a charge of $987 million to write down the value of the assets of its textiles and interior business Invista. DuPont is continuing negotiations with Koch Industries Inc. on the sale of Invista.
Adjusted after-tax operating income fell across the board in coatings and color technologies (-29 percent), electronic and communication technologies (-52 percent), and performance materials (-57 percent). The agriculture and nutrition segment posted a loss of $142 million versus a loss of $98 million in the year-ago period, and textiles and interiors generated a loss of $8 million versus a profit of $59 million last year. Segments showing improvement were safety and protection (+2 percent) and pharmaceuticals (+18 percent). DuPont confirms its guidance of earning $1.60 per share for all of 2003, including a projected 36 cents for the upcoming fourth quarter.
Comments: The current DuPont status is a result of its last decade of re-organization to explore biotechnology and pharmaceuticals and a move away from newer innovations in materials.
Huntsman launches major cost reduction initiative
Huntsman Corporation announced that the Huntsman companies have put in place an initiative to reduce fixed costs and overhead expenses by a minimum of $200 million over the next 18 months.
According to Huntsman, the extended economic downturn from which the chemical industry has yet to recover presents the Huntsman companies with an opportunity to reposition their businesses at the bottom of the cycle to ensure their long-term competitiveness and profitability.
Each of the six Huntsman business segments has developed cost reduction plans to meet the overall minimum $200 million goal.
The company also is reducing costs by increasing the use of shared services across its businesses. The company expects to make additional announcements of site consolidations and headcount reductions shortly. The company intends to manage its businesses so that the company may pay down debt, make necessary interest payments and invest in projects that will ensure stability and growth.
Comments: The move comes two years after Huntsman cut 1,200 jobs, mostly in North America, as part of a plan to save more than $150 million.
Now, another $200 million to be cut at Huntsman? And this is repositioning? Before this, most of the support staff has gone along with all magazine subscriptions. More cuts will be to the bone. The technical capabilities and product mix capability must be reduced. This increased “commoditization” of a particular market like surfactants will probably show reduced revenues. This begins a viscous cycle, there is no win-win… The polymers base manufacturers and distributors discovered the same phenomena.
60 Minutes Reporter Steve Croft successfully enters the Neville Chemical plant in PA – raising questions about the chemical plant security against terrorism
Popular CBS news magazine 60 Minutes reporter Steve Croft, with the help of a local reporter from Pittsburgh, was able to enter the Neville Chemical Company facilities through an open fence gate.
The reporters and the camera crew spent close to 45 minutes inside the facility, only to be intervened on their way out. The clip also showed a couple of engineers/technicians waving to the news staff. The news crew could stand under the tanks containing large amounts of anhydrous ammonia and boron trifluoride and continue filming uninterrupted.
This incident justifiably does concern the public, the chemical industry, and the fight against terrorism. The president of ACC had no comments, except to say Neville Chemicals is not a member of ACC, even though they are listed as a member on the ACC website.
This has opened up Pandora’s Box for security issues. The other major news organizations, ABC, NBC, and Fox are planning on running specials on the chemical plant (in) security.
Comments: Those of us in the chemical industry, understand, appreciate, and in most cases know how to handle a chemical emergency. However, that is not the case with the general public. Having personally analyzed the impact of the Bhopal incident, we feel all of the chemical workers should think like the general public to better monitor our valuable industry.
Braskem subsidiary Trikem debottlenecking PVC production in Brazil
Brazilian petrochemical company Braskem’s subsidiary Trikem has announced its plan to increase production at its PVC plants, at Camacari and Maceio in Brazil. Trikem currently produces a total of 470,000 MT/year at both sites. The company plans to increase PVC production by about 50,000-100,000 MT/year.
Braskem would make its decision on the expansion of polyethylene production in the first quarter of next year.
Comments: Braskem is one of the major producers of polyolefins in Brazil. PVC is produced by Trikem, a subsidiary of Braskem. The company produces PVC at 3 locations in Brazil including (1) Sao Paulo, (2) Camacari, and (3) Maceio. The company started PVC expansion at its Maceio site in March this year and had not made any decision on the expansion at its Camacari site.
The current PVC capacity at Maceio is 204,000 MT/year which will be expanded to 254,000 MT/year by 2005. Trikem produces 250,000 MT/year at its Camacari site and now will further expand the capacity. The demand for PVC in South America is expected to grow at about 5-6% per annum for the next five years. Trikem is the largest producer of PVC in South America.
Chinese company Torch Investment Co plans methanol-to-propylene & PP unit
Torch Investment Co. (Pudong, China), a unit of privately owned D’Long International Strategic Investment Co. (Shanghai), has announced its plan to construct a coal-based methanol plant; a methanol-to-propylene (MTP) unit; and a polypropylene (PP) plant. The complex will be built close to the Huaibei coal field in the eastern province of Anhui.
Shell and ChevronTexaco are competing to license Torch their respective coal gasification technologies, which would produce synthesis gas for up to 2 million MT/year of methanol. Lurgi is offering its MegaMethanol and MTP technologies. The methanol plant will feed an MTP unit that will produce 350,000 MT/year of propylene for a PP unit of the same capacity.
Torch says it wants to phase the investment over the next few years, starting with a methanol plant of about 500,000 MT/year, which it plans to complete in the next three years.
Comments: Coal-based methanol to olefins/propylene is not without its difficulties; environmental, floor cost, and some technical issues. Texaco holds the commanding leading gasifier technology with well over 65% of the market. China reportedly has more than 30 ammonia and methanol plants running on coal gasifiers. This project represents a unique opportunity to leverage (1) cheap coal source, (2) less stringent environmental legislation in China, (3) lower production costs resulting from the MegaMethanol technology, and (4) established channels to market to compete effectively in the Asian polyolefins markets. Although the Torch project is the first of its kind to produce olefins from coal via MTP technology examples of olefins from coal via Fisher-Tropsch chemistry already exist.
ChevronTexaco to build an LNG terminal
ChevronTexaco announced its plans to build a $650-million offshore liquefied natural gas (LNG) receiving and regasification terminal eight miles off the coast of Baja California, Mexico. The terminal will be designed to process 1,400 million cubic feet of gas/day, with the initial processing of approximately 700 million cubic feet/day.
Pending permit approvals, ChevronTexaco plans to begin construction of the plant in 2004. Commissioning and startup are projected for the fourth quarter of 2007.
Comments: There are more than 10 terminal announcements expected or planned in the US during the coming 1-2 years. Active operators in the LNG business believe that not all projects will be built but that the Chevron-Texaco Baja project is a good probability to be constructed. The timing, however, they point out, may be a little aggressive for a 2007 startup, rather they estimate 2008. Although this is not a big difference, it is a planning issue to be resolved. The economics of this terminal should coincide with the scale-up in shipping from the current 130,000 cubic meter ships to 450,000 cubic meters planned by some operators. The impact on Baja could be as much as a 50% reduction in freight operating costs.
Tyco International to close 30 plastics and adhesives facilities and lay off 1,900
Tyco Plastics & Adhesives, a division of Tyco International (West Windsor, NJ) has announced its plan to close 30 plastics and adhesives facilities as part of a move to consolidate operations in North America. Tyco will lay off 1,900 employees of its Plastics & Adhesives division which is one of the largest US film producers with annual sales of $1.9 billion.
Comments: Tyco Plastics & Adhesives is a leading maker of polyethylene film, with a processing capability of more than 1 billion lbs/year. The company’s adhesives unit, based in Norwood, MA, makes cloth- and pressure-sensitive tapes and will be sold with the plastics unit.
Tyco Plastics & Adhesives, a division of Tyco International has been in financial trouble since 2002. The company tried to sell its unit in 2002 expecting to raise about $3-4 billion from the sale but was unable to do so. The company had planned to split itself into four separate publicly traded companies: security and electronics; healthcare; fire protection and flow control; and financial services.
Dow scientist James Stevens wins Carothers Award from the American Chemical Society
James Stevens, a senior research scientist at Dow has been named the 2004 recipient of the Carothers Award by the American Chemical Society (ACS).
ACS is honoring Stevens’ contributions to the discovery and development of organometallic single-site polyolefin catalysts. He will be recognized at a dinner in Wilmington, DE on March 17, 2004.
Monsanto to Eliminate 1,200 Jobs
Monsanto Company is eliminating up to 1,200 jobs, terminating its European breeding and seed business for wheat and barley, and discontinuing its plant-made pharmaceuticals program due to restructuring. The move will allow Monsanto to achieve after-tax cost savings of $80 million to $95 million in fiscal 2005 and $90 million to $105 million in fiscal 2006. Monsanto will take charges of up to $159 million, or 56 cents per share, in fiscal 2004.
Monsanto also changed its fiscal year to end on August 31 and announced fourth-quarter results a penny shy of Wall Street estimates.
For the fiscal fourth quarter that ended August 31, Monsanto posted a 43 percent decline in underlying earnings to $58.2 million (22 cents per share) despite 10 percent higher sales of $1.31 billion. The results exclude an after-tax charge of $254 million related to Monsanto’s contribution to the settlement of polychlorinated biphenyls litigation in Anniston, AL, which was announced in August. For fiscal 2004, Monsanto estimates it will earn $1.40 to $1.50 per share, excluding the impact of the restructuring actions.
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