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Braskem to be delisted from New York Stock Exchange

  5/16/2019 - New York, NY - The New York Stock Exchange has suspended trading of Braskem's American depository shares and will initiate delisting procedures because the Brazilian petrochemical producer will not be able to file its 2017 annual report with the U.S. Securities and Exchange Commission by an extended deadline this week, Braskem said. "The board of directors and senior management will continue to dedicate significant efforts and resources and are working towards filing the 2017 20-F and our annual report on Form 20-F for the year ended December 31, 2018, as expeditiously as possible, in order to resume trading of the company's ADS on the NYSE," Braskem said in a statement. Braskem's shares will be available to trade over the counter "as soon as possible." A 20-F is an annual report that must be filed by all foreign private issuers with shares traded on U.S. exchanges by certain deadlines. Braskem missed a March deadline and the New York Stock Exchange extended it to May 16. Last week, Pedro Teixeira Carvalho, Braskem's investor relations officer, said during the company's quarterly earnings call that the company was working hard to file the report on time, but could not be sure of meeting the deadline. He said Braskem needed to assess "consistency of the control environment," and a 20-F has an internal controls component that needs review "to make sure that we are reporting directly to the market." The company's 20-F for 2018 meets the requirements, but the 2017 report does not, and it must be filed before Braskem can file the 2018 report. "We'll still be trading on the OTC market, but the process is suspended until the appeal is evaluated and analyzed and decided by the NYSE, which I mean could take some time," Carvalho said. "We have seen a precedent where it took roughly six months for that to happen but as far as I know, there is no established time period for that to happen." If the company files the 20-F while the appeal is under way, Braskem's ADRs would be relisted on the NYSE, he added.

Friday, May 17, 2019

Nexen Tire and The Purple Heart Foundation to give away 2020 Jeep Gladiator to a combat-wounded veteran - click to expand

Bridgestone launches company's first all-weather touring tire in the U.S. and Canada - click to expand

Global automotive elastomer market forecast to reach $62.9 billion by 2024 - click to expand

Book of the day - Fatigue, Stress and Strain of Rubber Components, by Judson Bauman - click to expand

Goodyear and Just Tires offering free care care checks for U.S. military this Memorial Day - click to expand

Thursday, May 16, 2019

Braskem to be delisted from New York Stock Exchange - click to expand

Huntsman announces dividend - click to expand

Continental announces first quarter 2019 results - click to expand

Evonik reorganizes its polyamide business - click to expand

Lubrizol enters Material Alliance program with desktop 3D printer maker Ultimaker - click to expand

Wednesday, May 15, 2019

NTB Tire & Service Centers offer free tire care checks for National Tire Safety Week - click to expand

Global adhesives and sealants market forecast with a CAGR of 5.1 percent through 2026 - click to expand

Cabot Corporation completes Responsible Care 14001 certification for all operating manufacturing sites in China - click to expand

Apollo opens first tire service center in Malaysia - click to expand

ExxonMobil completes expansion of specialty elastomer plant in Wales - click to expand

Tuesday, May 14, 2019

AB Specialty Silicones' Waukegan plant employees return to work - click to expand

Latex saturated paper market forecast with a CAGR of 4.3 percent through 2027 - click to expand

Simtec Silicone Parts adds Class 8 clean room - click to expand

Asahi Kasei relocates European headquarters, Asahi Kasei Europe (AKEU), within Düsseldorf - click to expand

Global carbon black market projected to reach $13.79 billion by 2021 - click to expand

Monday, May 13, 2019

Michelin ranked eighth among the world's most reputable companies by Forbes - click to expand

Trinseo to acquire Dow Chemical latex production facilities in Rheinmünster, Germany - click to expand

Toyota RAV4 to use Toyo Tire's Open Country tire as original equipment - click to expand

Sumitomo Rubber continues with its environmental conservation efforts across Japan - click to expand

ExxonMobil to spend $2 billion to expand its Baytown chemical plant - click to expand

Market Reports

Automotive all-season tires market forecast with a CAGR of about 5% by 2023 - click to expand

Global polyolefin elastomer market forecast with a CAGR of 8.7% through 2027 - click to expand

Global automotive elastomer market forecast to reach $62.9 billion by 2024 - click to expand

Global carbon black market is projected to reach $13.79 billion by 2021 - click to expand

Global adhesives and sealants market forecast with a CAGR of 5.1% through 2026 - click to expand

Latex saturated paper market forecast with at CAGR of 4.3% through 2027 - click to expand

Low rolling resistance tire market forecast with a CAGR of 10.8% through 2028 - click to expand

Global styrene butadiene latex market forecast with at CAGR of 2.6% through 2025 - click to expand

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