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AirBoss announces third quarter financial results and dividend

  11/8/2019 - Newmarket, Ontario, Canada - During the third quarter of 2019, AirBoss’ core Rubber Solutions segment continued to grow volumes with a 5.5 percent increase in pounds shipped, although net sales (in dollars) dropped slightly (3.5 percent) due to the increase in tolling versus non-tolling sales. The slight drop in net sales in Rubber Solutions was partially offset by a 1.7 percent increase in net sales in the Engineered Products segment. To support longer-term growth, AirBoss is investing in a series of key strategic initiatives across the business in 2019. Capital expenditures for 2019 are expected to fall in the range of $18 to $20 million dollars before decreasing to levels closer to depreciation in 2020. Capital expenditures through September 30, 2019, were $13.0 million. For the Rubber Solutions segment, areas of investment include new mixing lines in Kitchener, Ontario, Canada, and Scotland Neck, NC, that, in addition to increasing annual capacity by 20 and 50 million pounds, respectively, will support production of a broader array of compounded products (white and color), as well as provide enhanced flexibility in attracting and fulfilling new business. The company also recently acquired a new “tilt” mixer, which should support the production of increasingly specialized, higher margin compounds. In Kitchener, AirBoss has finished upgrading its office and laboratory facilities to support enhanced collaboration with customers and better reflect the company’s focus on innovative research and development, and proprietary technical solutions. In the Engineered Products segment, AirBoss is piloting new presses for the anti-vibration business that are intended to reduce cycle times and lower labor costs, which is expected to support improved margins. More broadly, the company is also investing in developing new anti-noise, vibration and harshness products, as well as the next generation of the low-burden mask marketed by the defense business. Within the Engineered Products segment, the defense business remains focused on fulfilling the key contracts secured in 2018 and 2019, including the recent MALO contract award from the U.S. Department of Defense. Management in the anti-vibration business is continuing to work to address key challenges directly, with the near-term focus remaining on driving margins through better cost management and improved pricing strategies. In addition, the recently strengthened sales and marketing team is working to both increase penetration with existing customers, as well as target new ones, including major automakers and Tier I and II parts suppliers. Over the medium and longer-term, the team is focused on launching new products that diversify initially into opportunities adjacent to the automotive space, such as trucking, buses, construction and motorcycles/ATVs, but increasingly across a range of sectors where anti-noise, vibration and harshness solutions are required, including renewable energy, marine, rail and appliances. In May 2019, AirBoss announced a transaction to create AirBoss Defense Group through the merger of the AirBoss defense business with privately-owned Critical Solutions International. While management believes there are numerous synergies associated with transaction, most important is the creation of a strong platform with the scale, capabilities and flexibility to act on an array of growth opportunities, both organic and transactional. AirBoss’ defense business continues to identify and submit to tenders internationally, cumulatively valued at hundreds of millions of dollars. In the third quarter AirBoss received approval from the Committee on Foreign Investment in the United States to proceed with the transaction, which is expected to close by January 1, 2020. The board of directors of the company has approved a quarterly dividend of $0.07 per common share, to be paid on January 15, 2020, to shareholders of record at December 31, 2019.

Tuesday, January 21, 2020

Kraiburg TPE introduces Thermolast K flame retardant TPE series - click to expand

Minnesota Rubber and Plastics awarded 2019 Medtronic Supplier Excellence Award - click to expand

Greene, Tweed appoints William Rottschaefer as director of business development - click to expand

Synthomer receives European Commission clearance for Omnova acquisition - click to expand

Ashland to report first quarter results January 27 - click to expand

Global RTV silicone market to grow at a CAGR of 4.13 percent through 2029 - click to expand

Monday, January 20, 2020

Freudenberg finalizes acquisition of Filc - click to expand

Goodyear selects VI-grade driving simulators to increase product development capabilities - click to expand

Silicone rubber power cable market forecast at $1 billion by 2025 - click to expand

Sumitomo Rubber establishes a natural rubber procurement subsidiary in Singapore - click to expand

Soo II Lee assumes role of president of Hankook Tire America - click to expand

Milliken & Company to acquire Borchers from The Jordan Company - click to expand

Friday, January 17, 2020

Global reactives and other adhesives market forecast at $19.8 billion by 2023 - click to expand

Borealis to acquire Nova Chemicals' ownership interest in Novealis - click to expand

Goodyear declares quarterly dividend of 16 cents per share - click to expand

Global liquid silicone rubber market is forecast to reach $1.82 billion by 2025 - click to expand

Book of the Day - Rubber Extrusion Technology Short Course Notes - click to expand

BFGoodrich returns to the farm tire market - click to expand

Thursday, January 16, 2020

ADM and P2 Science collaborate on plant-based specialty chemicals and materials - click to expand

Isoprene rubber latex market forecast to reach $367.8 billion by 2026 - click to expand

Evonik opens multi-purpose silicones manufacturing facility in Germany - click to expand

Global automotive adhesive market expected to expand at a CAGR of 5.4 percent - click to expand

Solvay’s HMW HALS capacity now online - click to expand

Cabot Corporation declares quarterly dividend of $0.35 per share - click to expand

Wednesday, January 15, 2020

McMaster University researchers find way to dissolve rubber used in car tires - click to expand

Albright Silicone announces launch of 3D printing capability for silicone parts - click to expand

Injection molding machine market size forecast at $38.7 billion by 2026 - click to expand

Safic-Alcan announces distribution agreement with Evonik in Greece - click to expand

Asia-Pacific process oil market forecast with a CAGR of 4.23 percent through 2027 - click to expand

Tuesday, January 14, 2020

Safic-Alcan extends distribution agreement with Eurotec in Poland - click to expand

Rahco Rubber adds two Pan Stone 350 ton vacuum presses - click to expand

Registration and housing open for Rubber Division, ACS 197th Technical Meeting - click to expand

Industrial rubber products market forecast to reach $174 billion by 2027 - click to expand

Automotive tubeless tires market forecast at $196 billion by 2024 - click to expand

Market Reports

Global conductive silicone market forecast at $3.8 billion by 2025 - click to expand

Global reactives and other adhesives market forecast at $19.8 billion by 2023 - click to expand

Global tire pressure monitoring system market to surpass $8 billion by 2026 - click to expand

Asia-Pacific process oil market forecast with a CAGR of 4.23 percent through 2027 - click to expand

Global automotive adhesive market is expected to expand at a CAGR of 5.4% - click to expand

Global RTV Silicone Market to grow at a CAGR of 4.13% through 2029 - click to expand

Silicone rubber power cable market forecast at $1 billion by 2025 - click to expand

Global liquid silicone rubber market is forecast to reach $1.82 billion by 2025 - click to expand

Isoprene Rubber Latex market forecast to reach $367.8 billion by 2026 - click to expand

Injection molding machine market size forecast at $38.7 billion by 2026 - click to expand

Industrial rubber products market forecast to reach $174 billion by 2027 - click to expand

Global Specialty Silica Market is expected to grow at a CAGR of 6.18 percent through 2025 - click to expand

Automotive tubeless tire market forecast at $196 billion by 2024 - click to expand

Farm Tire Market to reach $10 billion by 2025 - click to expand

Global liquid silicone rubber market forecast with a CAGR of 8% through 2025 - click to expand

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