August 31, 2014 5:22 AM ET

Chemicals

Company Overview of Versalis S.p.A.

Company Overview

Versalis S.p.A. produces and markets petrochemical products for customers in Italy and internationally. It offers intermediates and thermoplastics; phenol and derivatives, DMC and DPC, polystyrene, elastomers, and proprietary catalysts; polyethylene and elastomers; basic chemicals for industrial uses, such as the production of polyethylene, polypropylene, and polystyrene; and ethylene, propylene, butadiene, cumene, phenol and derivatives, acetone, toluene, pseudocumene and mesitylene, cyclopentane, and dicyclopentadiene. The company also provides paraxylene, metaxylene, and orthoxylene; benzene, ethylbenzene, and styrene; and styrenics for applications, such as industrial packaging and in th...

Piazza Boldrini 1

San Donato Milanese, MI 20097

Italy

Key Executives for Versalis S.p.A.

Chief Executive Officer and Director
Age: 52
Compensation as of Fiscal Year 2014.

Versalis S.p.A. Key Developments

Versalis Reports Earnings Results for the Second Quarter of 2014

Versalis reported earnings results for the second quarter of 2014. For the period, the company reported adjusted net loss of EUR 78 million, in line with the same period of last year, as a result of higher feedstock costs and weak demand. Net sales fell by 7.8% year on year to EUR 1,400 million. The adjusted net profit attributable to parent’s shareholders rose by 50.7% year on year to EUR 868 million, with net sales from operations down 2.7% at EUR 27,400 million.

Versalis Closes Hythe SBR Plant

Versalis's Hythe emulsion styrene butadiene rubber (E-SBR) plant closed on March 18, 2014, the company confirmed on March 30, 2014. The closure of the 75,000 tonne/year plant at Hythe, Hampshire, UK had been notified in November 2013, but the closure was only completed in March 2014.

Versalis SpA, Eni S.p.A. and Trade Unions Sign Agreement on Project at Porto Marghera

Eni S.p.A. announced that its wholly-owned subsidiary Versalis SpA, Eni and the trade unions have reached an agreement on the project at the Porto Marghera site to redesign production facilities and regain competitiveness. The project is an integral part of Versalis's strategy, which aims to develop new initiatives to strengthen its product portfolio, including the development of the green chemistry project, and to optimize exposure to commodities products. The Porto Marghera site, which belongs to Versalis, is in a strategic location, which benefits from proximity to markets in Northern Europe and connections with other Versalis sites including Mantova, Ferrara and Ravenna, guaranteeing supply of raw material. Versalis expects a EUR 200 million investment in Porto Marghera which will focus on the optimization and reorganization of cracker utilities, energy saving, and on the new initiative of green chemistry. The innovative green chemistry project, already launched with American company Elevance Renewable Science Inc., provides development and industrialization opportunities; world-scale plants which are the first of their kind; and new technology for the production of bio-chemical intermediates and vegetable oils for sectors with high added value applications such as detergents, bio-lubricants and chemicals for the oil industry. The project will take advantage of existing infrastructures and Versalis's production stream. Within this investment programme, an agreement was reached to temporarily pause the cracking/aromatic cycle for six months in order to absorb the current downturn in the market and to optimize the material balance of Versalis's industrial system, without any impact on the downstream products of Mantova, Ferrara and Ravenna. The agreement signed by Versalis, Eni and the trade unions demonstrates how a collaborative model of industrial relations is key to managing the project efficiently. This agreement activates solutions outlined within the national collective bargaining agreement for employees of the Chemical Industry from September 2012. The agreement aims to support business competitiveness and innovation throughout the process of reviving the plant.

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