DOCSLIB.ORG

Company Update Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Company Update Company October 30, 2017 OUTPERFORM Indorama Ventures (IVL TB) Share Price: Bt45.75 Target Price: Bt55.0 (+20.2%) Company Update Company Ready to take it all . 65% of newly acquired BOPET is HVA, underscoring healthy EBITDA margins in FY18F onward . M&G’s bankruptcy is an opportunity for IVL to gain more market share in North America . OUTPERFORM, raised TP to Bt55/sh; share price weakness upon weak 3Q17 results is an opportunity to buy IVL could become a major player of BOPET Early this month, IVL signed a share purchase agreement with DuPont Teijin Films (DTF) to acquire 100% stake in their PET film business. This marks an important step for IVL to diversify into PET film used in packaging, industrial, electrical, imaging, and magnetic media. 65% of Naphat CHANTARASEREKUL DTF’s products is ‘thick’ film, which commands the same EBITDA 662 - 659 7000 ext 5000 margin as IVL’s HVA portfolio of automotive and hygiene products. DTF [email protected] COMPANY RESEARCH | RESEARCH COMPANY is a leading producer of biaxially oriented Polyethylene Terephthalate (BOPET) and Polyethylene Naphthalate (PEN). Their business Key Data comprises of eight production assets in the US, Europe, and China with 12-mth High/Low (Bt) 46.5 / 28.25 global innovation center in UK with annual capacity of 277k tons. PET Market capital (Btm/US$m) 239,957/ 7,205 film uses the same feedstock as PET but the market is small at 4.1m ton 3m avg Turnover (Btm/US$m) 747.8 / 22.5 consumption p.a. We are optimistic IVL could become a major player in Free Float (%) 29.5 this market. Issue Shares (m shares) 5,245 Major shareholders: M&G’s bankruptcy opens an opportunity for IVL to fill in PET -INDORAMA RESOURCES L 58.5 market in North America -STOCK EXCHANGE OF TH 6.7 One of IVL’s PTA customers, M&G, filed a Chapter 11 bankruptcy due -BANGKOK BANK PCL 4.4 to financial difficulties. This led IVL to book a net tax provision for receivables of US$39m (Bt1.3bn) in 3Q17. IVL supplied 220k tons of Share Price Performance PTA to M&G but now plans to use half of that volume for its PET plant in US and the other half to third parties or supply to their PET plant in Mexico (currently buy from Alpek). M&G has 1.4m tons of PET capacity in US, Mexico, and Brazil and this will allow IVL to penetrate the PET market immediately. This will also affect M&G’s PTA (1.2m tons) and PET (1.0m tons) plants currently under construction in Texas. This could be an opportunity for IVL to acquire and consolidate the PET market in the North America. OUTPERFORM, raised DCF-based TP to Bt55/sh (from Bt50/sh) We incorporate BOPET and PEN of DTF into our model. Our key assumptions is 85% utilization and spreads of US$420/ton, US$470/ton and US$520/ton in FY18-20F respectively. This increases our earnings YTD 1Mth 3Mth 12Mth by 9%, 11%, 13% and raises our DCF-based TP to Bt55/sh, implying Absolute (%) 36.6 7.6 23.6 57.8 17.5x FY18F PE. We expect IVL to post core profit of Bt4.2bn in 3Q17, Relative to index (%) 25.3 4.9 15.3 42.8 +11% qoq, driven by higher production volume and PET spreads. Factoring in Bt1.3bn provision, net profit should be Bt2.9bn, flat qoq. Krungsri Securities vs Market Positive Neutral Negative Financial Summary (Btm) Market Year to Dec 2015 2016 2017F 2018F 2019F Recommend 16 1 1 Sales (Btm) 234,698 254,620 318,165 376,789 379,525 Krungsri Market % +/- Growth (%) (4) 8 25 18 1 Target Price (Bt) 55.0 48.2 14.2 EBITDA (Btm) 18,148 25,384 32,584 35,460 36,969 ’17 Net Profit (Btm) 12,124 12,954 (6.4) Growth (%) 21 40 28 9 4 ’18 Net Profit (Btm) 16,390 15,748 4.1 Recurring profit (Btm) 2,935 9,563 13,489 16,455 17,441 Growth (%) 685 226 41 22 6 Krungsri's earnings revision Net profit (Btm) 6,609 16,197 12,124 16,390 17,376 2018F 2019F FDEPS (Bt) 1.37 3.36 2.31 3.12 3.31 Earnings revision (%) 8.8 10.5 Growth (%) 295 145 (31) 35 6 Source: Bloomberg, Krungsri Securities PE (x) 75.0 23.0 17.8 14.6 13.8 DPS (Bt) 0.48 0.66 0.90 1.10 1.16 Yield (%) 1.0 1.4 2.0 2.4 2.5 BVPS (Bt) 16.58 18.50 21.47 23.59 25.77 P/BV (x) 2.8 2.5 2.1 1.9 1.8 Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions, suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities. 1 Company Update | IVL October 30, 2017 Acquiring DuPont Teijin Films (DTF) IVL signed a share purchase agreement with DuPont Teijin Films (DTF) on 10 October 2017 to acquire 100% stake in their PET film. DTF is a leading producer of biaxially oriented Polyethylene Terephthalate (BOPET) and Polyethylene Naphthalate (PEN, made from Naphthalene Dicarboxylate (NDC) and Mono Ethylene Glycol (MEG)). Their business comprises of eight production assets in the US, Europe, and China (51% stake) with global innovation center in the UK with film and polymer capacity of 277k tons per annum and a revenue of US$525-550m. IVL produces NDC from its BP Chemical plant in Decatur, Alabama. IVL did not disclose the acquisition price but should be around 6-7x EBITDA multiples, the same multiples IVL paid for previous acquisitions. This implies US$300-350m, which IVL will use the proceeds from IVL warrant (IVL-W1) exercise (Bt15.5bn) to fund the transaction, which is expected to be completed by early 2018. BOPET market is split into ‘thin’ and ‘thick’ films. Thin film is 50 microns or less, while thick film is over 50 microns. The industry capacity is identified by film thickness. The major end uses of BOPET can be categorised into five segments - packaging, industrial, electrical, imaging, and magnetic media. Thin film accounts for 75% of total global PET film consumption, and the balance is thick film. Of total production, DTF produces 65% thick film and 35% thin films. Thick films command higher margins ranging US$50/ton or higher, depending on application. DTF’s target industries Source: Company, Krungsri Securities Krungsri Securities Research 2 Company Update | IVL October 30, 2017 Value chain of polyester business 0.35x 0.65x=1 Ethylene MEG Polyester fiber Clothing, fiber, automotive tires 0.67x=1 0.86x Paraxylene (PX) PTA Polyester PET resin Bottles, packaging Chip 0.7x=1 0.02x Food wrap, packaging, electrical appliances, Metaxylene IPA PET film LCD screen DuPont Teijin Films (DTF) Source: Company data, Krungsri Securities Leverage on the same feedstocks as PET BOPET is using PTA and MEG as feedstocks while PEN is using NDC and MEG as feedstocks. PEN offers more heat resistance, which is used in electronics such as smart phone and LCD screens. BOPET is used in food packaging. There is a total of 6.0m tons of PET film capacity globally at end 2016, while demand is 4.1m tons (68% utilization). We estimate demand will grow by 200-300k tons per annum in 2017-19, outpacing new capacity. But, starting from this year, there will not be new capacity addition. This would reduce the excess supply for at least two years. We expect PET film spreads to stay around US$400-500/ton, compared to US$1,000+ in 2008- 11. The improving balanced demand-supply dynamics should support spreads and utilization in the next two years. PET film demand vs. supply (unit: m tons) 2015 2016 2017F 2018F 2019F Demand 3.8 4.1 4.3 4.5 4.8 Supply 5.8 6.0 6.1 6.1 6.1 Demand growth - 0.3 0.2 0.2 0.3 Net capacity addition - 0.2 0.1 - - Supply - demand situation - 1.9 1.8 1.6 1.5 Source: PCI, Company data Krungsri Securities Research 3 Company Update | IVL October 30, 2017 Price, cost and spread of BOPET Source: Krungsri Securities Revise up earnings in FY18-20F by incorporating DTF into our model We incorporate BOPET and PEN of DTF into our model. Our key assumptions is 80% utilization and spreads of US$420/ton, US$470/ton and US$520/ton in FY18-20F respectively. This increases our earnings by 9%, 11%, 13% and raises our DCF-based TP to Bt55/sh, implying 17.5x FY18F PE. We expect IVL to post core profit of Bt4.2bn, +11% qoq, driven by higher production volume at 2.3m tons (vs. 2.2m tons in 2Q17) and PET spreads. The former comes from higher operating rate of PET because of production disruption at M&G and JBF, start-up of its new PTA Rotterdam (+320k tons) in August, and higher utilization rate of MEG (shutdown for five weeks in 2Q17). Note that M&G and JBF have financial difficulties. JBF has PET plants in India, Belgium, Bahrain and UAE with total 1m ton capacity.
Load more

Recommended publications
  • Flexible Packaging Buyers Guide 2018 - 2019 Flexible Packaging
    FLEXIBLE PACKAGING BUYERS GUIDE 2018 - 2019 FLEXIBLE PACKAGING • Innovative • Creates Shelf Appeal • Widely Extendible Into Diverse • Enables Visibility of Contents Product Categories • Provides Efficient Product to Package • Maintains and Indicates Freshness Ratios • Offers Consumer Conveniences • Uses Less Energy • Provides Reclosure and Dispensing • Creates Fewer Emissions Options • Creates Less Waste in the First • Is Easily Transported and Stored Place® As one of the fastest growing segments of the packaging industry, flexible packaging combines the best qualities of plastic, film, paper and aluminum foil to deliver a broad range of protective properties while employing a minimum of material. Typically taking the shape of a bag, pouch, liner, or overwrap, flexible packaging is defined as any package or any part of a package whose shape can be readily changed. Flexible packages are used for consumer and institutional products and in industrial applications, to protect, market, and distribute a vast array of products. Leading the way in packaging innovation, flexible packaging adds value and marketability to food and non-food products alike. From ensuring food safety and extending shelf life, to providing even heating, barrier protection, ease of use, resealability and superb printability, the industry continues to advance at an unprecedented rate. The life cycle attributes of flexible packaging demonstrate many sustainable advantages. Flexible packaging starts with less waste in the first place, greatly reducing landfill discards. Innovation and technology have enabled flexible packaging manufacturers to use fewer natural resources in the creation of their packaging, and improvements in production processes have reduced water and energy consumption, greenhouse gas emissions and volatile organic compounds.
    [Show full text]
  • Küresel Ambalaj Trendleri Global Packaging Trends
    6. ULUSLARARASI MATBAA TEKNOLOJİLERİ SEMPOZYUMU 6th INTERNATIONAL PRINTING TECHOLOGIES SYMPOSIUM 6. INTERNATIONAL TECHINOLOGIE SYMPOSIUM FÜR DRUCK İSTANBUL ÜNİVERSİTESİ - CERRAHPAŞA / 01-03 KASIM / NOVEMBER 2018 KÜRESEL AMBALAJ TRENDLERİ GLOBAL PACKAGING TRENDS BEKİR KESKİN1 BİLGE NAZLI ALTAY2,3 MERVE AKYOL4 GÜVEN MERAL5 OLGUN UYAR6 PAUL D. FLEMİNG2 ABSTRACT The packaging sector is one of the massive traditional fields in the printing industry. The rapid developments in technology and environmental regulations have been affecting the expectations from packaging. User demands and the concerns to protect the environment are the two main factors that now demanding change in material properties. The choice used to depend on the physical and chemical requirements of the products, although today’s global mind set on the concepts such as biodegradability, recyclability, reusability, sustainability and carbon footprint reduction are becoming the reason to tailor packaging properties. In general, the choices have been switching from petroleum to bio based materials as well as functional package designs to reduce transportation and storage needs. In this study, today’s packaging trends and the potential developments in the near future are discussed. Key words: packaging, design, material, recycling, sustainability ÖZET Ambalaj sektörü, baskı endüstrisinin çok geniş ve geleneksel bir alanıdır. Bununla birlikte hızlı gelişen teknoloji ve çevreye dair yönetmelikler ambalaj beklentilerini değiştirmektedir. Kullanıcı talepleri ve çevreyi korumaya dair kaygılar, malzeme özelliklerinin değişmesini gerektiren iki önemli faktördür. Malzeme özelliklerinin seçimi, ürünün fiziksel ve kimyasal özelliklerine göre seçilirken; günümüzdeki biyo-çözünürlük, geri dönüşüm, tekrar kullanıla- bilirlik, sürdürülebilirlik ve karbon ayak izini azaltmaya dair küresel bakış açıları ambalajın özelliklerini değiştiren nedenler haline gelmektedir. Genel olarak bu seçimler, petrol bazlı ürünlerden doğal kaynaklara, depolama alanı ve nakliye ihtiyacını azaltan fonksiyonel am- 1 Öğr.
    [Show full text]
  • Der Decal-Prozess Zur Herstellung Katalysatorbeschichteter Membranen Für PEM-Brennstoffzellen
    Konstantin Frölich DER DECAL-PROZESS ZUR HERSTELLUNG KATALYSATORBESCHICHTETER MEMBRANEN M-Brennstoffzellen FÜR PEM-BRENNSTOFFZELLEN E SCHRIFTENREIHE DES INSTITUTS ecal-Prozess für P FÜR ANGEWANDTE MATERIALIEN BAND 47 D K. FRÖLICH 47 Konstantin Frölich Der Decal-Prozess zur Herstellung katalysatorbeschichteter Membranen für PEM-Brennstoffzellen Schriftenreihe des Instituts für Angewandte Materialien Band 47 Karlsruher Institut für Technologie (KIT) Institut für Angewandte Materialien (IAM) Eine Übersicht aller bisher in dieser Schriftenreihe erschienenen Bände finden Sie am Ende des Buches. Der Decal-Prozess zur Herstellung katalysatorbeschichteter Membranen für PEM-Brennstoffzellen von Konstantin Frölich Dissertation, Karlsruher Institut für Technologie (KIT) Fakultät für Maschinenbau Tag der mündlichen Prüfung: 09. Oktober 2014 Impressum Karlsruher Institut für Technologie (KIT) KIT Scientific Publishing Straße am Forum 2 D-76131 Karlsruhe KIT Scientific Publishing is a registered trademark of Karlsruhe Institute of Technology. Reprint using the book cover is not allowed. www.ksp.kit.edu This document – excluding the cover – is licensed under the Creative Commons Attribution-Share Alike 3.0 DE License (CC BY-SA 3.0 DE): http://creativecommons.org/licenses/by-sa/3.0/de/ The cover page is licensed under the Creative Commons Attribution-No Derivatives 3.0 DE License (CC BY-ND 3.0 DE): http://creativecommons.org/licenses/by-nd/3.0/de/ Print on Demand 2015 ISSN 2192-9963 ISBN 978-3-7315-0334-7 DOI 10.5445/KSP/1000045306 Der Decal-Prozess zur Herstellung katalysatorbeschichteter Membranen für PEM-Brennstoffzellen Zur Erlangung des akademischen Grades Doktor der Ingenieurwissenschaften der Fakultät für Maschinenbau Karlsruher Institut für Technologie (KIT) genehmigte Dissertation Dipl.-Wi.-Ing. Konstantin Frölich Tag der mündlichen Prüfung: 09.10.2014 Hauptreferent: Prof.
    [Show full text]
  • Additively Manufactured Dielectric Elastomer Actuators: Development and Performance Enhancement
    PhD Dissertations and Master's Theses 7-2021 Additively Manufactured Dielectric Elastomer Actuators: Development and Performance Enhancement Stanislav Sikulskyi Follow this and additional works at: https://commons.erau.edu/edt Part of the Aerospace Engineering Commons This Dissertation - Open Access is brought to you for free and open access by Scholarly Commons. It has been accepted for inclusion in PhD Dissertations and Master's Theses by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. ADDITIVELY MANUFACTURED DIELECTRIC ELASTOMER ACTUATORS: DEVELOPMENT AND PERFORMANCE ENHANCEMENT By Stanislav Sikulskyi A Dissertation Submitted to the Faculty of Embry-Riddle Aeronautical University In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Aerospace Engineering July 2021 Embry-Riddle Aeronautical University Daytona Beach, Florida ii ADDITIVELY MANUFACTURED DIELECTRIC ELASTOMER ACTUATORS: DEVELOPMENT AND PERFORMANCE ENHANCEMENT By Stanislav Sikulskyi This Dissertation was prepared under the direction of the candidate’s Dissertation Committee Chair, Dr. Daewon Kim, Department of Aerospace Engineering, and has been approved by the members of the Dissertation Committee. It was submitted to the Office of the Senior Vice President for Academic Affairs and Provost, and was accepted in the partial fulfillment of the requirements for the Degree of Philosophy in Aerospace Engineering. DISSERTATION COMMITTEE Digitally signed by Marwan Al-Haik Digitally signed by Daewon Kim DN: cn=Marwan Al-Haik, o=Embry-Riddle Date: 2021.08.04 12:05:57 Aeronautical University, ou=Aerospace Daewon Kim Marwan Al-Haik Engineering, [email protected], c=US -04'00' Date: 2021.08.04 21:19:27 -04'00' Chairman, Dr.
    [Show full text]
  • 1 DANIELA R. RADU, Ph.D
    DANIELA R. RADU, Ph.D. Associate Professor, Mechanical and Materials Engineering, College of Engineering and Computing Florida International University, 10555 West Flagler Street, Miami, FL 33174 Tel. (O): (305) 348-4506 | Email: [email protected] EDUCATION Ph.D. in Chemistry (2004) Iowa State University, Ames, IA, USA Advisor: Professor Victor S.-Y. Lin M.S. in Chemistry (1996) “Babes-Bolyai” University, Cluj-Napoca, Romania Advisor: Professor Paul S. Agachi B.S. in Chemical Engineering (1994) “Babes-Bolyai” University, Cluj-Napoca, Romania Thesis Advisor: Professor Paul S. Agachi PROFESSIONAL EXPERIENCE Associate Professor with Tenure Department of Mechanical and Materials Engineering Florida International University, Miami, FL 33174 August 2018 – Present Associate Dean College of Mathematics, Natural Sciences and Technology January 2018 – July 2018 Delaware State University, Dover, DE Associate Professor with Tenure Department of Chemistry, Delaware State University, Dover, DE August 2017 – July 2018 Affiliated Professor Department of Materials Science and Engineering, University of Delaware October 2015 – Present Newark, DE Assistant Professor, Tenure-Track Department of Chemistry, Delaware State University, Dover, DE January 2013 – July2017 Senior Research Scientist DuPont CR&D, Experimental Station, Wilmington, DE August 2010 – December 2012 Research Scientist DuPont Central Research and Development, Experimental Station October 2007 – July 2010 Wilmington, DE Postdoctoral Research Fellow The Scripps Research Institute, La Jolla, CA
    [Show full text]
  • Foodservice Disposables Guide
    MANUFACTURERS REPRESENTATIVES “Connecting Partnerships” FOODSERVICE DISPOSABLES ENVIRONMENTAL MATERIALS GUIDE 5th Edition 2021 NEXUS CORPORATE HEADQUARTERS 7042 Commerce Circle Suite B, Pleasanton CA 94588 | T 800.482.6088 | F 510.567.1005 www.nexus-now.com rev. 3/21 MISSION STATEMENT OF THIS PUBLICATION “Our mission, as manufacturer’s representatives, is to strive to be good stewards to the environment in our marketplaces by educating, training and informing our customers on all of the different packaging materials and substrates that are used to make a wide array of disposable foodservice products. In this publication we also seek to advise our customers on how each packaging substrate should be used in operational applications like microwaves, freezers and ovens as well as which materials can be recycled and or composted in each respective region in the Western United States.” Chris Matson President, Nexus The information provided in this guide may vary in accuracy due to the ever changing city, state and federal rules, regulations, ordinances and laws that govern recycling, landfills and commercial compost facilities. 3 FOODSERVICE DISPOSABLES ENVIRONMENTAL MATERIALS GUIDE “Connecting Partnerships” TABLE OF CONTENTS 3 MISSION STATEMENT 4 TABLE OF CONTENTS 6 INTRODUCTION 8 ENVIRONMENTAL WASTE 13 LANDFILLS 14 RECYCLABLES 17 INTERNATIONAL RECYCLING 18 PLASTICS 36 GOVERNMENT REGULATIONS 41 FOODSERVICE PACKAGING 43 CLEAN PACKAGING 46 BACTERIA 47 HACCP 49 FOODSERVICE GLOVES 55 MYTHS & FACTS 59 PAPER 65 GREEN 4 5 INTRODUCTION The world of foodservice packaging disposables can be very confusing in today’s ever changing marketplace. There are so many different packaging materials that are used in a variety of food applications made by hundreds of manufacturers.
    [Show full text]
  • Cosmo Films to Set up a New Line for Speciality Polyester (BOPET) Films
    Cosmo Films to set up a new Line for Speciality Polyester (BOPET) Films DELHI, September 1st, 2020– Cosmo Films Ltd., a global leader in films for packaging, lamination, labeling and synthetic paper has announced plans to re-commence the installation of a Speciality Polyester Films line (Biaxially-Oriented Polyethylene Terephthalate) by the second quarter of 2022-23. The new line will be commissioned at the Waluj plant site in Aurangabad, Maharashtra, India with a capacity of 30,000 MT per annum. This plant already houses BOPP lines, extrusion coating lines, chemical coating lines, metallizers and a CPP line. The new production line will complement the existing BOPP capacity of 200,000 MT per annum and allow Cosmo Films to offer a more comprehensive speciality product basket for flexible packaging, labeling, lamination and industrial applications. The project cost is estimated to be Rs.300 crores, which will be financed through a mix of internal accruals and loans. The company’s key financial parameters for the quarter ended June 2020 are well placed - Debt/EBITDA @ 1.8 times and net debt to equity @ 0.7 times. Mr. Pankaj Poddar, CEO, Cosmo Films Ltd said, “Speciality BOPET is a niche segment which caters to multiple application segments, with high margins and opportunities for import substitution as well as worldwide exports.The new specialty BOPET line shall be unique and a majority of the products made on the line would focus on sustainability and creation of a greener future as the key theme. The Debt/EBIDTA and other financial ratios expect to remain in a comfortable range even post the capex.” BOPET films (Biaxially-Oriented Polyethylene Terephthalate films) offer high tensile strength, chemical and dimensional stability, transparency, reflectivity, gas and aroma barrier properties and electrical insulation.
    [Show full text]
  • 2 0 0 1 a N N U a L R E P O
    2001 ANNUAL REPORT DuPont at 200 In 2002, DuPont celebrates its 200th anniversary. The company that began as a small, family firm on the banks of Delaware’s Brandywine River is today a global enterprise operating in 70 countries around the world. From a manufacturer of one main product – black powder for guns and blasting – DuPont grew through a remarkable series of scientific leaps into a supplier of some of the world’s most advanced materials, services and technologies. Much of what we take for granted in the look, feel, and utility of modern life was brought to the marketplace as a result of DuPont discoveries, the genius of DuPont scientists and engineers, and the hard work of DuPont employees in plants and offices, year in and year out. Along the way, there have been some exceptional constants. The company’s core values of safety, health and the environment, ethics, and respect for people have evolved to meet the challenges and opportunities of each era, but as they are lived today they would be easily recognizable to our founder. The central role of science as the means for gaining competitive advantage and creating value for customers and shareholders has been consistent. It would be familiar to any employee plucked at random from any decade of the company’s existence. Yet nothing has contributed more to the success of DuPont than its ability to transform itself in order to grow. Whether moving into high explosives in the latter 19th century, into chemicals and polymers in the 20th century, or into biotechnology and other integrated sciences today, DuPont has always embraced change as a means to grow.
    [Show full text]
  • Heat Set Creases in Polyethylene Terephthalate (PET) Sheets to Enable Origami-Based Applications
    Smart Materials and Structures PAPER Heat set creases in polyethylene terephthalate (PET) sheets to enable origami-based applications To cite this article: Brandon Sargent et al 2019 Smart Mater. Struct. 28 115047 View the article online for updates and enhancements. This content was downloaded from IP address 128.187.112.27 on 23/10/2019 at 15:35 Smart Materials and Structures Smart Mater. Struct. 28 (2019) 115047 (13pp) https://doi.org/10.1088/1361-665X/ab49df Heat set creases in polyethylene terephthalate (PET) sheets to enable origami-based applications Brandon Sargent1 , Nathan Brown1, Brian D Jensen1, Spencer P Magleby1, William G Pitt2 and Larry L Howell1 1 Department of Mechanical Engineering, Brigham Young University, Provo, UT, 84602, United States of America 2 Department of Chemical Engineering, Brigham Young University, Provo, UT, 84602, United States of America E-mail: [email protected] Received 7 May 2019, revised 26 August 2019 Accepted for publication 1 October 2019 Published 24 October 2019 Abstract Polyethylene terephthalate (PET) sheets show promise for application in origami-based engineering design. Origami-based engineering provides advantages that are not readily available in traditional engineering design methods. Several processing methods were examined to identify trends and determine the effect of processing of PET sheets on the crease properties of origami mechanisms in PET. Various annealing times, temperatures, and cooling rates were evaluated and data collected for over 1000 samples. It was determined that annealing temperature plays the largest role in crease response. An increase in the crystallinity of a PET sheet while in the folded state likely increases the force response of the crease in PET sheets.
    [Show full text]
  • Wilmington Serving the Greater Delaware Valley • for Adults 50 and Older •
    5827OsherWilmCat_S16_Layout 1 12/2/15 9:09 AM Page 1 SPRING 2016 | February 8 – May 13 Wilmington Serving the greater Delaware Valley • For adults 50 and older • Reignite your passion for learning Everyday Guide Japanese Chat Room Sea Coasts 14 to Wine 27 31 www.lifelonglearning.udel.edu/wilm 5827OsherWilmCat_S16_Layout 1 12/2/15 9:09 AM Page 2 5827OsherWilmCat_S16_Layout 1 12/2/15 9:09 AM Page 3 Osher Lifelong Learning Institute at the University of Delaware in Wilmington Quick Reference Membership Registration ........................................51, 53 Refunds ........................................................11 Membership Benefits................................3 Volunteering................................15, 52, 54 Gifts................................................................21 About us Council............................................................2 Committees ..................................................2 Staff ..................................................................2 About Lifelong Learning Where we’re located The Osher Lifelong Learning Institute at the University of Delaware in Wilmington is a membership organization for adults 50 and over to enjoy classes, teach, Directions....................................................56 exchange ideas and travel together. The program provides opportunities for intellectual development, cultural stimulation, personal growth and social interaction Parking ..................................................55, 56 in an academic cooperative run by its members,
    [Show full text]
  • MIVOLT CL300 MATERIALS COMPATIBILITY Based Upon Testing with Ester Based Dielectric Liquids
    + Single-phase + High fire point (K-class fluid) + Readily biodegradable + High oxidation and moisture stability + Low pour point + Non-volatile + Halogen free + Non-toxic Dielectric CL300 Liquid Technical Brochure INTRODUCING MIVOLT CL300 A new, immersive approach to cooling electrical systems. MIVOLT CL300 is a new liquid for the immersive cooling of electrical systems. The unique chemistry of MIVOLT CL300 allows it to act as a dielectric coolant, removing heat directly from all areas of a component. Not only does this liquid have a high fire point(>310°C) and readily biodegradable status, but as a single phase coolant it does not require any of the complex systems necessary to evaporate and condense multiphase fluids. Key Features: • High fire point (K-class fluid) • Readily biodegradable • High oxidation and moisture stability • Low pour point • Non-volatile • Halogen free • Non-toxic MIVOLT CL300 PROPERTIES Thermal Properties Units Method MIVOLT CL300 Density at 20°C g/cc ISO 3675 0.97 Specific Heat at 40°C J/kg-K ASTM E1269 1945 Thermal Conductivity at 40°C W/m-K ASTM D7896 0.146 Kinematic Viscosity at 40°C mm2/s ISO 3104 29.5 Kinematic Viscosity at 100°C mm2/s ISO 3104 5.3 Coefficient of Expansion at 40°C 1/K ASTM D1903 0.00076 Pour Point °C ISO 3016 <-50 Chemical Properties Neutralisation Value mg KOH/g IEC 62021-2 <0.03 Net Calorific Value MJ/kg ASTM D 240-02 <31 Dielectric Properties AC Breakdown Voltage kV IEC 60156 >70 Volume Resistivity at 20°C GΩ.m IEC 60247 >80 Fire Safety Flash Point °C ISO 2719 >250 Fire Point °C ISO 2592 >310 Auto-Ignition Temperature °C ASTM E659 >400 Environmental Impact Biodegradability OECD 301 Readily Biodegradable Global Warming Potential GWP <1 Ozone Depleting Potential ODP 0 2 MIVOLT CL300 MATERIALS COMPATIBILITY Based upon testing with ester based dielectric liquids.
    [Show full text]
  • Effect of Stoichiometric Ratio on the Interfacial Polymerization Of
    Effect of stoichiometric ratio on the interfacial polymerization of polyamides Why worry about polymer science? John Droske Polymer Education "Approximately 50% of all chemists will work with polymers at some time in their careers," says John Droske, professor of chemistry at the University of Wisconsin–Stevens Point and director of the POLYED National Information Center for Polymer Education. "Because polymer science touches on many areas, it is important for chemists to be trained in polymer science." The POLYED has been working with a National Science Foundation grant to develop materials for polymer chemistry courses at the undergraduate level. http://portal.acs.org/portal/acs/corg/content?_nfpb=true&_pageLabel=PP_ARTICLEMAIN &node_id=1188&content_id=CTP_003399&use_sec=true&sec_url_var=region1 Students should be exposed to the principles of macromolecules across foundation areas, which could then serve as the basis for deeper exploration through in depth course work or degree tracks ACS Guidelines for Undergraduate Professional Education in Chemistry http://portal.acs.org/portal/fileFetch/C/WPCP_008491/pdf/WPCP_0084 91.pdf What is a polymer (a.k.a macromolecule)? Poly-mer Two latin roots: πολυ (poly)? µεροζ (meros)? Polymers are everywhere (and we did not come up with the concept) Examples from nature: Examples from synthetic chemistry: http://pslc.ws/macrog.htm Commodity (most commonly used) recyclable plastics (Who is PETE?) Step growth polymerization The “polymer revolution” Wallace Carothers 1896-1937 B.S. Chemistry, Tarkio College, 1920 1930: Neoprene Ph.D. U. Illinois, 1924 1930: Polyesters Organic chemistry Instructor 1934: Polyamides Harvard U., 1926-1928 1935: Nylon Dupont’s Central Research & Development (1928-1937) 1938: Teflon (then 3 Ph.D.
    [Show full text]