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Chemtura (CHMT: NYSE) Chemtura (CHMT: NYSE) Seth Shevlin, Wei Ming Wong, Subeg Singh, Manan Bhandari 1. Industry Overview 2. Company Overview 3. Thesis 4. Risks 5. Conclusion 2 Thesis ¢ Chemtura has emerged from successful restructuring in the 2010 to become a global powerhouse in the specialty Recent Share Price Decline chemicals space. Now, Chemtura is streamlining its $24.00 business by capitalizing on divestitures to improve capital structure and position for further growth as a pure $23.50 play IPP and IEP company. $23.00 – Even without sale of the business the IEP and IPP $22.50 businesses are set to perform very well long term $22.00 ● Once the market notices this the company will be $21.50 valued more in line with peers $21.00 – Potential sale of the business could drive over 40% upside $20.50 – Weak IEP business has been overblown and driven down stock price to make to an attractive entry point 3 1. Industry Overview Industry Overview The Chemical Industry ¢ The chemicals industry converts raw materials such as oil, natural gas, air, waster, metals and minerals into various different products ¢ The global chemical industry had sales of $3.6 trillion (as of 2010), where US sales amounted to $689 billion (19% of global sales) ¢ Four general categories: Basic and intermediate chemicals, Specialty chemicals, Life science chemicals, Science and technology chemicals ¢ Outperformed the market and most of its customers in recent years, is very profitable, still growing and earning its cost of capital KPMG, McKinsey, Innovest, ValueLine 5 Industry Overview Chemical Industry - Products Basic and Intermediate Specialty Life Sciences Science and Technology • Largest segment By sales • High value-added, low • Differentiated biological and • Enhance the characteristics • Employs one-third of the volume products with many chemical substances used to of traditional specialty or life workers in the industry differentiations induce specific outcomes in science chemical products humans, animals, plants or • • Produces fine chemicals, • Produces advanced materials Produces polymers, bulk other life forms petrochemicals and adhesive sealants, catalysts, that transform current intermediates, fertilizers, and dyes and pigments, industrial • Produces agrochemicals, technologies inorganic chemicals gases, resins and plastic pharmaceuticals and • Highly valued by specialty additives • End uses: plastic for biotechnology products chemical companies to packaging, home • Strength measured upon remain innovative and construction, appliances, intellectual property and adaptable to changing PVC, piping, toys and games R&D capabilities consumer preferences Sources: KPMG 62 Industry Overview Production of Chemical Goods Processing Strategies Manufacturing Facilities ¢ Required inputs vary between raw materials, natural gas, crude oil, ¢ Scale of manufacturing (from largest to smallest): basic and among others intermediate ‰ life sciences ‰ specialty chemicals ‰ fine chemicals ¢ Renewable feedstock and cleantech/green chemistry strategies have ¢ Elevated feedstock prices and rapid growth of Asian markets have been developed by over twenty specialty chemical companies over the caused many companies to expand production into China, Malaysia and past seven years due to increasing regulation other low-cost emerging markets ¢ Such strategies include: “smart” plastics, nanomaterials, oxidation of ¢ Manufacturing locations are often clustered, share utilities and large alkanes, etc. scale infrastructure, in order to promote industrial symbiosis and ¢ Future value to come from the first movers within the cleantech space achieve economies of scale – DuPont – Focus on revenues from non-depletable resources – BASF – move towards alternative plasticizer to reduce toxicity within toys ¢ The process in which specialty chemicals are created is called batch processing - a finite quantity of product is made during a period of a few hours or days Sources: KPMG, Innovest, Bain Insights, BASF Investor Presentation, Pbworks, SOCMA 7 Industry Overview Specialty Chemicals ¢ The Specialty Chemicals industry is a mature and cyclical sector that develops specialized chemical products such as adhesives, industrial gases, lubricants, agrichemicals, and polymers for various sectors including aerospace, agriculture, and manufacturing ¢ Traditionally a fragmented industry now moving towards consolidation ¢ Currently an industry in international transition with a focus on expansion into Asian markets ¢ With improving economic conditions, posits the industry to capture cyclical upswing ¢ Revenue Drivers - Intangible value from innovation, improvements towards resource efficiency, access to scarce raw materials ¢ Major Players - Dow Chemicals, Chemtura, AkzoNobel, BASF, DuPont, Bayer ¢ Outperforms similar sectors (8.8% vs 8.0% vs 7.8%) Sources: McKinsey, Innovest, KPMG, ValueLine 8 2. Company Overview Company Overview Revenue Segments ¢ Leading diversified global developer, manufacturer and marketer of performance-driven engineered specialty chemicals for industrial manufacturing customers Sales by Segment Industrial Performance Provides synthetic base-stocks, Products (IPP) petroleum additives, synthetic finished lubricants and greases for a diversified set of industries 20% Industrial Engineered Offers catalyst components, 44% Products (IEP) surface treatments, flame retardants and a bromine based product line for industrial 36% intermediates Chemtura AgraSolutions Provides seed treatments and other key products for the agriculture and health industries for use in their core operations Industrial Performance Prodcuts Industrial Engineered Products Chemtura AgraSolutions Investor Relations 10 Company Overview Chemtura’s 3 Operating Segments Industrial Performance Industrial Engineered Products Chemtura AgraSolutions Products Key Products Key Products Key Products • Synthetic Lubricants and Greases • Brominated Performance Products • Seed Treatment • Synthetic Basestocks • Flame Retardants • Fungicides, Miticides, Insecticides • Lubricant Additives • Fumigants • Growth Regulators • Urethanes • Organomettalics • Herbricides End-Use Markets End-Use Markets End-Use Markets • Automotive • Agriculture • Agriculture • Aviation • Construction • Public and Animal Health • Consumer Products • Electronics • Energy • Furniture • Refrigation • Pharmaceuiticals • Transportation Investor Relations 11 Company Overview Competitors and Products ¢ Key Competitors ¢ Branded Products Company Wesbite 12 Company Overview Chemtura’s Geographic Reach ¢ Chemtura is a global leader in its 3 operating segments and is looking to continue to expand in emerging markets Sales By Geography – “In 2014, in order to better serve our customers in growth North America 19% markets for our products, we opened new capacity in Nantong, China; Ankerweg, the Netherlands; and Europe/Africa 44% Bergkamen, Germany; and we operate major development 9% Latin America centers in North America, Europe and Asia” Asia Pacific 28% ¢ Geographic Reach – North America – EMEA – Latin America Annual Report 13 Company Overview Recent Events: Restructuring ¢ March 18, 2009 – Chemtura and its 26 US based affiliates filed for Chapter 11 Bankruptcy looking for voluntary reliefs – "Like other companies in our industry and around the world, Chemtura's order volumes have declined markedly in recent months due to the impact of the global economic recession. This has led to a significant decrease in our liquidity and cash flow. Despite our efforts to increase liquidity, including through the potential sale of a business, our reduced liquidity position, combined with the anticipated expiration of our bank waiver, led us to determine that a court-supervised restructuring was the best course of action.” - Craig A. Rogerson, CEO of Chemtura – Received $400 million in expensive DIP financing from Citibank at LIBOR plus 750 basis points, advised by The Shearman & Sterling Group ¢ November 10, 2010 – Chemtura announces a successful financial restructuring – “With the successful completion of our financial restructuring, we have significantly reduced our debt, improved our cost structure and resolved a considerable amount of environmental and other liabilities.”- Craig A. Rogerson, CEO TURNAROUND: Focus on Electronics and Energy, Transportation and Agriculture Investor Relations 14 Company Overview Recent Events: Discontinued Operations ¢ Chemtura underwent major divestitures in the past couple of years to focus on Share Price Impact: its core businesses and discontinue non-essential / underperforming business Post Sale of Consumer Products Segment segments $27.00 – Sale of Consumer Products- October 2013 $26.00 ● Developed, manufactured and sold performance chemicals to consumers for in- $25.00 home and outdoor use, such as recreational water treatment products, Branded $24.00 cleaners and degreasers $23.00 ● Sold Consumer Products segment including dedicated manufacturing plants to $22.00 KIK (private label manufacturer of consumer products) for $300 million in cash $21.00 – Sale of Antioxidants and UV Stabilizers Business- April 2013 ● Sold Antioxidants and UV Stabilizers segment, including dedicated plants, to SK Capital Partners (private investment firm) for $200 million Share Price Impact ● Proceeds from the sale will be used for repayment of debt and investment in Chemtura’s continued growth. Post Sale of Antioxidants and UV Segment $25.00 $24.00 “This divestiture simplifies our business portfolio as we continue to invest in businesses with $23.00 less economic sensitivity
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