FACTS \m FIGURES 1 2 3 4 . . . ffte products it makes
Growth trends. 50 biggest-volume chemicals. Man-made fibers. Organics and inorganics. Plastics. Rubber. Fertilizers. Drugs.—23
. . . the money it earns
Profit margins. Stock prices. 50 biggest chemical makers. 10-year record. Working capital. Funds. Debt. Capital spending. Industry and company data.—29 . . . the way it performs
Productivity and unit labor costs. Comparative company performance. Shipments. Inventories. Prices. Chemical production.—43
. ..the
people it employs
Employment trends. Employment by company. Employment by industry. Earnings. Professional unemployment. Employment of women.—47
5 4
...the
R&D it conducts
Chemical R&D spending. R&D as percentage of sales. Total industry R&D. R&D spending by company. R&D employment.—49 ...the
foreign trade it generates
U.S. chemical trade balance. U.S. share of world trade. World chemical trade. U.S. chemical trade by area and by product.—51
THE U.S. CHEMICAL INDUSTRY
On the following pages, C&EN presents, as it has annually since 1956, a broad statistical profile of the U.S. chemical industry. Much of the data come from the standard sources: government agencies, industry associations, the producers who make up the industry. In many instances, though, raw figures have been manipulated and massaged by the C&EN staff to develop indicators, indexes, or other comparative statistics useful as analytical insights to better point up the performance of the industry and its many components. The pages are divided, as a convenience but necessarily in a rather arbitrary fashion, into six sections. But a common upbeat theme runs strongly through the entire package this year. Although there are scattered exceptions, certainly, the figures in general depict— especially when compared with those of some recent years—an industry in a striking expansionary phase. More production. More employment. More trade. More research. More spending. More profits. This record probably is most deeply impressive if viewed as a whole. Obviously, too, the statistics to be found in the separate sections are closely intertwined. The number of people working in chemical plants has increased (see section 4) because those plants are turning out more products (section 1). High plant operating rates—coupled with strong demand—result in a sellers' market that has brought higher prices and has done much to improve the industry's overall performance (section 3). All of which has led to considerable financial gains (section 2). Increased foreign trade (section 6) has bolstered domestic production and put an added sheen on the overall record of U.S. chemical firms. Finally, it is the improved economic status of the industry that provides the wherewithal, not only for greater capital investment but for stepped-up research (section 5). And, coming full circle, it is from this R&D effort that will spring the new products and improved processes on which increased output and higher profits in the future will depend. It is important not only to look at the industry figures in their entirety, but to view them from the perspective of time, as well—as the milestones in an ongoing process. A decage ago, the industry likewise found itself in an expansionary binge, only to stumble into a disappointing period of excess capacity, weakening prices, and plummeting profits during the latter 1960's. There are few, if any, signs in the current edition of Facts & Figures pointing to a similar slump ahead. But the chemical industry is by no means a closed system. Worrisome strains are clearly apparent in the nation's economic environment as a whole. In the current euphoria, let the reader—and the industry—beware.
June 3, 1974 C&EN
21
Reichhold Chemicals •••a secret ally in mass transportation. Until now, the role of Reichhold Chemicals in mass transportation has only been known by a few specialists. Because our resin products aren't normally end-products in themselves—but rather, chemical intermediates that make end products possible. Aiding in the conservation of fuels in all sorts of mass transportation is a major
RCI contribution. For example, Reichhold polyesters and other resins make possible highly durable lightweight paneling, seating and other interior components in many types of vehicles-in buses, subways, trucks, trains, even jet aircraft. The more you reduce the vehicle's weight, the less fuel needed to propel it. Electrical systems are an important part of just about all mass transportation vehicles. RCI is there with phenolics and epoxies in circuit boards and electrical components, and with cross-linked polyethylene for insulating power cables. Reichhold products help these 22
C&ENJune3, 1974
end-products last longer, resist all sorts of conditions. The way a bus or aircraft is painted has a certain importance, for appearance' sake. But those coatings are more than just a pretty face. They're critical for their ability to resist moisture, corrosion and temperature extremes—so the vehicle lasts longer. Reichhold resins help put properties into paints and coatings that add so much to vehicular life. Good mass transportation requires good, safe roads. RCI is there, too—with an epoxy that, combined with grit surfacing, reduces skidding on highways. And yellow traffic paint for greater visibility on the road is made with Reichhold pigments and alkyd resins. Mass transportation is one of a number of key markets Reichhold has successfully penetrated to the tune of almost $300 million in sales last year. RCI's success is more than just serving growing markets—it is also highly skilled technology that shows customers how to use those products more efficiently.
REICHHOLD > Reichhold Chemicals, Inc., RCI Building, White Plains, New York 10602
U.S. CHEMICAL INDUSTRY
1
the products it makes
Chemical production gained solidly in 1973, but rate of growth was down from unusually high levels of 1972 Chemical production has been gradually losing steam since early last year. Output is still growing, in most cases, but the overall rate of growth is now well down from the exceptionally high levels attained in 1972 when the industry was making major gains compared with the still depressed conditions of 1971.
Chemical growth rate has been falling for more than year % annual growth rate 3 30
25
20
The combined production of the 50 biggest-volume chemicals moved up only 4.1% last year. This compares with a 9.7% increase during 1972.
15
Plastics production remained strong last year—up 10% from 1972—in spite of some raw material shortages. Manmade fibers also had a good yearoutput up 14%. However, in both cases production gains have slipped considerably during the first quarter of this year.
10
5
^^j[^\y -5 1972
1971
1974
1973
a Average running annual growth rates in production of major plastics, organics, inorganics, and a II chemicals and in shipments of man-made fibers. Sources: Tariff Commission, Bureau of Census, Textile Econorr ics Bureau
Exports took 20% of U.S. plant nutrients
Polyester led fiber gains in 1973
ANNUAL CHANGE Thousands of tons
1971
1970
197273
8971 8924
3834
5%
1973' 1972
196373
PRODUCTIOh\
Millions of pounds
ANNUAL P H A N R E
1972
1971
462
429
476
370
895
965
915
979
1973
1963
1972-73
1963-73
is
NITROGEN (N)
CELLULOSIC FIBE
Domestic production
9450
Imports Exports Domestic supply
881 843 929 344 1358 1032 1077 196 8973 8782 8776 3982
5 32 2
10 21 8
PHOSPHATE (P205) Domestic production Imports Exports Domestic supply
6387 6150 5736 3329 4 312 326 283 117 - 4 1424 1102 898 275 29 5275 5374 5121 3171 - 2
7 10 18 5
POTASH (K 2 0) Domestic production Imports Exports Domestic supply
2680 2432 2490 2569 3117 3088 2510 486 922 657 620 411 4875 4863 4380 2644
0 20 8 6
10 1 40 0
9%
Acetate
NONCELLULOSIC Acrylic Nylon Olefins Polyester Textile glass Other TOTAL
FIBERS 742 626 545 210 2175 1975 1595 692 30 424 347 262 1568 1376 1143 167 689 572 468 192 1401 1033 748 58 8355 7322 6152 2697
8%
-7 19 10 22 14 20 36 14%
2%
-1 13 12 30 25 14 38 12%
a Mostly polyester yarn. Source: Textile Economics Bureau
a Years ending June 30. Source: Department of Agriculture
June 3, 1974 C&EN
23
U.S. CHEMICAL INDUSTRY
1
the products it makes
1973 median growth rate for 50 biggest chemicals was 4%, down from 10% in 1972 PRODUCTION (Billions of pounds) (Common units b ) Rank 1973 1972a
~T 2 3 4 5
1 3 2 4 5
6 6 7 9 8 8 9 7 10 10
1973
AVERAGE ANNUAL CHANGE
1972a
1973
1972-73
0.9% 9.1 1.8 7.4 4.5
1971-72
1968-73
1963-73
7.8% 10.7 4.5 13.0 5.7
2.0% 9.2 5.0 11.3 3.8
4.2% 11.6 8.7 11.5 6.3
63.18 31.87 30.94 22.41 21.36
62.60 29.22 30.39 20.85 20.43
31,588 385 15,468 22,405 10,678
tt bcf tt mp tt
31,300 tt 353 bcf 15,193 tt 20,852 mp 10,217 tt
Chlorine, gas Nitrogen, high and low purity Sodium carbonate, synthetic and natural Nitric acid Ammonium nitrate, original solution
20.60 16.38 14.99 14.86 13.89
19.75 14.06 14.88 15.96 13.76
10,302 tt 226 bcf 7,496 tt 7,430 tt 6.943 tt
9,873 tt 194 bcf 7,439 tt 7,981 tt 6.881 tt
4.3 16.5 0.8 -6.9 1.3
5.6 15.5 4.0 4.5 3.7
4.1 13.7 2.5 1.2 3.9
6.6 16.1 2.6 5.8 5.7
13.00 13.06 10.65 9.18 8.76 8.47 7.90 7.81 7.12 6.95
6,498 tt 1.453 mg 8,764 mp 7,903 mp 7,120 mp
6,531 tt 1,252 mg 8,472 mp 7,809 mp 6,950 mp
-0.5 16.1 3.4 1.2 2.4
9.4 16.4 22.9 3.3 11.2
4.3 7.8 4.5 10.5 7.9
8.4 8.4 12.4 16.0 12.6
11 12 13 14 15
11 12 13 14 15
Phosphoric acid, total Benzene, all grades Propylene Ethylene dichloride Urea, primary solution
15 17 18 19 20
17 16 19 20 18
Methanol, synthetic Toluene, all grades Ethylbenzene Formaldehyde, 37% by weight Styrene
7.12 6.78 6.50c 6.17 6.01
6.06 6.63 5.68 5.65 5.95
7,118 mp 936 mg 6,500 mpc 6,173 mp 6,014 mp
5,956 916 5,676 5,650 5,950
mp mg mp mp mp
17.5 2.2 14.5 9.3 1.1
22.4 4.6 13.9 24.9 27.1
13.3 6.1 10.0 7.5 10.2
11.8 8.7 10.2 9.3 10.8
CNJ
Sulfuric acid Oxygen, high and low purity Ammonia, synthetic anhydrous Ethylene Sodium hydroxide, 100% liquid
22 23 24 25
21 22 23 26 24
Xylene, all grades Vinyl chloride Hydrochloric acid, total Ammonium sulfate Ethylene oxide
5.90 5.35 4.78 3.97 3.88
5.33 5.09 4.60 3.72 3.95
818 5,348 2,389 1,985 3,875
mg mp tt tt mp
739 mg 5,175 mp 2,302 tt 1,858 tt 3,950 mp
10.7 5.1 3.8 6.8 -1.9
20.8 17.4 9.7 2.0 9.8
8.8 12.5 6.5 -0.2 8.1
9.3 14.1 8.5 5.1 7.5
26 27 28 29 30
27 28 25 30 29
Butadiene (1,3-), rubber grade Carbon black Ethylene glycol Sodium sulfate, high and low purity Carbon dioxide, all forms
3.66 3.50 3.29 2.85 2.77
3.53 3.21 3.76 2.65 2.96
3,663 mp 3,500 mp 3,290 mp 1,424 tt 1,387 tt
3,527 mp 3,210 mp 3,761 mp 1,327 tt 1,481 tt
3.9 9.0 -12.5 7.3 -6.3
5.6 6.1 22.5 -2.2 10.2
4.5 4.5 10.0 -0.8 5.6
4.7 5.4 7.1 1.5 3.6
31 32 33 34 35
37 34 40 35 32
Dimethyl terephthalate Cumene Terephthalic acid Acetic acid Calcium chloride, solid and liquid
2.69c 2.17 2.67 2.29 2.49c 1.93 2.42 2.24 2.40c '2.34
2,690 mpc 2,665 mp 2,490 mpc 2,419 mp 1,200 ttc
2,167 2,293 1,928 2,235 1,169
mp mp mp mp tt
24.1 16.2 29.1 8.2 2.7
24.6 6.9 21.9 14.2 -3.7
15.5 14.6 21.2 6.8 0.7
23.7 19.9 na 8.9 2.7
36 37 38 39 40
33 36 31 39 43
Cyclohexane p-Xylene Aluminum sulfate, commercial Phenol, total Acetone
2.35 2.32 2.27 2.25 1.99
2.30 2.20 2.51 2.00 1.74
2,354 2,315 1,136 2,249 1,987
mp mp tt mp mp
2,298 2,200 1,256 1,995 1,707
mp mp tt mp mp
2.4 5.2 -9.6 12.7 14.4
31.4 32.4 5.5 11.8 12.9
2.9 12.0 -0.6 8.2 7.8
8.1 24.3 1.8 9.2 7.7
41 42 43 44 45
41 38 41 45 44
Ethanol, synthetic Sodium tripolyphosphate Isopropanol Propylene oxide Acetic anhydride
1.97c 1.83 1.76 1.75 1.55
1.85 2.07 1.85 1.51 1.56
1,965 914 1,755 1,753 1,550
mpc tt mp mp mp
1,850 1,033 1,850 1,513 1,560
mp tt mp mp mp
6.2 -11.5 -5.1 15.9 -0.6
13.5 -0.7 7.5 26.7 4.0
-1.7 -5.0 -3.3 12.8 -1.5
0.1 1.2 1.8 13.4 2.0
46 47 48 49 50
48 50 49 47
Titanium dioxide Vinyl acetate Sodium silicate (water glass) Acetaldehyde Acrylonitrile
1.54 1.48 1.46 1.401.35
1.44 1.20 1.32 1.45 1.12
772 tt 1,483 mp 730 tt 1,400 mpc 1,353 mp
718 tt 1,204 mp 661 tt 1,448 mp 1,115 mp
7.5 22.3 10.4 —3.3 21.3
5.9 30.1 3.9 -2.8 13.9
4.3 15.6 2.9 -2.5 5.8
4.0 13.9 2.8 2.0 11.5
a R e v i s e d . b t t = t h o u s a n d t o n s , b c f = billion c u b i c f e e t , m p =
Bureau of Census, Bureau of Mines, Tariff Commission
24
1972"
C&EN June 3, 1974
m i l l i o n p o u n d s , m g = m i l l i o n ig a l l o n s , c C & E N e s t i m a t e . na =
not available. Sources:
fireMaster 200 * The pajama time product
Flame retardant treatment for 100% polyester fabrics Fabric of 100% polyester treated with fireMaster 200 flame retardant meets the requirements of the Federal Children's Sleepwear Regulation, DOC FF 3-71. C o m p l i a n c e is m a i n t a i n e d in p r o p e r l y e n g i n e e r e d garments of polyester fabric treated with fireMaster 200. DOC FF 3-71 requires improved fire safety initially and after 50 launderings. fireMaster 200 gives you this as well as fabric tensile and tear strength retention and good hand characteristics. Apply fireMaster 200 in conventional finishing equip-
ment using a pad, dry, cure and afterwash procedure. Effective on white, dyed or printed fabrics. Best of all, the remarkable effectiveness of fireMaster 200 results in low add-on and low chemical costs. f i r e M a s t e r 200 is t h e l a t e s t p r o d u c t of M i c h i g a n Chemical's 15 years of flame retardant technology— your best tool for w o r k i n g with today's flammability standards dependably and profitably. Like all fireMaster products, "200'' comes complete with full technical aid on use, storage and handling. Write today for additional information.
Michigan Chemical Corporation T h e m a s t e r s of f l a m e r e t a r d a n t c h e m i s t r y 351 East Ohio Street-Chicago, Illinois 60611 -Phone:(312)828-9500
© Michigan Chemical Corp., 1!
INTERNATIONAL SALT RESEARCH WORKS FOR YOU.
In important ways, to help you get the most from your salt and brine use. To make your process more precise. For example, our scientists pioneered in publishing brine tables which have be come worldwide standards. Led the way in assembling data on the phys ical properties of salt, relating them to a wide range of industrial applications. Our research service is avail able to you for the asking. So, if you have any analysis or appli cations problems with any saltrelated product or process, our research specialists can help. Call us, at 717-587-5131 or write to International Salt Company, Clarks Summit, Pa., 18411. Re gional Offices: Atlanta, Chicago, Cleveland, Stamford.
ι m Η11 INTERNATIONAL SALT COMPANY /Mczorma INCORPORATED
26
C&EN June 3, 1974
U.S. CHEMICAL INDUSTRY
1
the products it makes
Only spotty gains for inorganics... T h o u s a n d s of tons unless o t h e r w i s e noted
ACIDS Hydrochloric, 100% Nitric, 100% Phosphoric, P2O5 Sulfuric, 100%
as most organics continued uptrend ANNUAL CHANGE
1973"
2,389 7,430 6,498 31,588
1972
1971
2,302 2,099 7,981 6,742 6,531 6,240 31,300 29,422
1963
1,079 4,243 2,904 20,935
197273
4% -7 -1 1
196373
8% 6 9 4
CHLORINE AND ALKALIES Chlorine gas 10,302 9,873 Sodium carbonate^ 3,837 4,308 Sodium carbonate 0 3,659 3,131 Sodium hydroxide 10,678 10,217
9,352 4,275 2,865 9,667
5,464 4 4,682 - 1 1 1,115 2 5,814 5
7 -2 13 6
INDUSTRIAL GASES Carbon dioxide 1 Hydrogen, e bcf Nitrogen, e bcf Oxygen, ( bcf
1,270 56 165 319
1,083 50 129
-6 7 16 9
3 na 16 12
15,193 14,029 6,881 6,605 1,858 1,821
6,682 3,992 1,202
2 1 7
9 6 5
948 - 1 0 488 - 6 818 - 1 2 551 10 1,232 7 519 8
2 1 1 3 2 4
1,387 63 226 385
FERTILIZER MATERIALS Ammonia 15,468 Ammonium nitrate 1 6,943 Ammonium sulfates 1,985 OTHER CHEMICALS Aluminum sulfate 11 Phosphorus 1 Sodium phosphate* Sodium silicate k Sodium sulfate* Titanium dioxide
ANNUAL CHANGE
PRODUCTION
1,136 525 914 730 1,424 772
1,481 59 194 353
1,256 556 1,033 661 1,327 718
1,195 545 1,040 628 1,356 678
na
a P r e l i m i n a r y f i g u r e s . b S y n t h e t i c , 5 8 % . :c N a t u r a , 58%. t S o l i d , l i q u i d , a n d g a s . e H i g h p u r i t y a n d l o w p u r i t y , f Or g i n a l s o l u t i o n , g S y n t h e i ic a n d n o n c o k e b y - p r o d u c t , h C o m m e r c i a l , i E l e m e n t a l , w h i t e ( y e l l o w ) an d r e d . j T r i p o l y p h o s p h a t e . k Liquid a n d solid, a n h y d r o u s . Note: bcf = billion c u b i c f e e t , na = n o t a v a i l a b l e . S o u r c e s : D e p a r t m e n t of C o m m e r c e T a r i f f Commission
No trend in specialties production
Millions of pounds unless o t h e r w i s e noted
PRODUCTION 19731
1972
Acetic anhydride 1,550 l,573 a Acetone 1,987 l,737 a Acrylonitrile 1,353 l,115 a Aniline 457 388 Benzene, mg 1,252 1,453 1,3-Butadiene 3,663 3,527 Carbon tetrachloride 1,049 997a Cyclohexane 2,354 2,285 Dioctyl phthalates 431 467a Dodecylbenzene 498 522 Ethanol, synthetic 1,970 1,870 Ethanolaminesb 294 284a Ethylene 22,406 20,852a Ethylene oxide 3,875 3,950a Formaldehyde, 37% 6,174 5,652a Maleic anhydride 274a 279 Methanol, synthetic 6,060a 7,118 Perchloroethylene 734a 693 Phenol, synthetic 2,248 1,995 Phthalic anhydride 936 1,027 Propylene 8,764 8,472a Propylene oxide 1,753 l,513 a Styrene 6,014 5,950 Toluene, mg 936 916 Urea 7,120 6,950a Vinyl acetate 1,482 l,211 a Vinyl chloride 5,348 5,089* Xylenes, mg 818 739 784 o-xylene 1,071 2,200 2,315 p-Xylene
1971
1963
197273
1,512 1,538 979 366 1,076 3,340 1,009 1,748 437 550 1,630 259 18,450 3,598 4,527 229 4,949 704 1,744 794 6,891 1,194 4,682 876 6,250 931 4,336 612 785 1,662
1272 944 455 156 647 2324 519 1079 276 490 1950 146 7517 1889 2537 87 2333 325 936 458 2710 497 2154 406 2182 405 1435 334 304 263
- 1 % 14 21 18 16 4 5 3 -8 -5 5 4 7 -2 9 2 17 -6 13 10 3 16 1 2 2 22 5 11 37 5
Millions of pounds
19731
1972
1971
1963 120.4 489.9 72.4
INTERMEDIATES Cresylic acidb Dodecylbenzene Bisphenol A
193.3
146.1* 157.2
497.8 319.9
521.8a na 249.6* 186.7
MEDICINALS Aspirin Choline chloride Tetracycline
32.1 51.5 4.1
35.0 54.5 3.9
31.7 45.7 4.8
28.4 23.8 0.4
Synthetic rubber had an above-average year
197273
196373
32% -5 28
5% 0 16
-9 -6 4
PLASTICIZERS Diisodecyl phthalate Dioctyl phthalates
169.7 431.1
153.3 467.3
135.7 437.3
66.9 275.8
11 -8
MISCELLANEOUS n-Butanol Carbon disulfide Ethyl acetate (85%) Ethyl acrylate 2-Ethylhexanol Methyl ethyl ketone Pentaerythritol
559.3 774.8 219.1 270.5 402.3 540.8 117.4
590.2 767.8 222.0 275.3 526.1 509.0 110.1
465.9 753.3 159.3 210.7 287.0 483.8 88.1
294.6 652.0 117.5
6 1 -1 -2 -31 6 7
79.8 na na 69.2
a Preliminary figures, b Includes mixed cresols. na Source: Tariff Commission
2% 8 12 11 8 5 7 8 5 0 0 7 12 7 9 12 12 8 9 8 12 13 11 9 13 14 14 9 13 24
a P r e l i m i n a r y f i g u r e s . b M o n o - , di-, a n d t r i e t h a n o l a m i n e s . c P r i m a r y s o l u t i o n . Note: m g = rr ill ion g a l o n s . Sou rce: T a r i f f C o m m i s s i o n
ANNUAL CHANGE
ANNUAL CHANGE PRODUCTION
196373
25
10 5
PRODUCTION Thousands of long tons
19731 1972 1971 1963
197273
196373
btyrene-Dutadiene ruDDer Polybutadiene Butyl Polyisoprene Nitrile Ethylene-propylene0 Neoprene and others TOTAL
1512 1476 1416 1159 332 294 254 139 157 129 106 108 117 132 117 na 83 73 65 48 118 90 60 na 266 223 222 154 2585 2417 2240 1608
2 % 3% 13 15 21 4 -11 na 14 6 31 na 19 6 7% 5%
a Preliminary, b Excludes high-styrene latex, c Includes chlorosulfonated polyethylene, polyisobutylene plus acrylic, fluoro, polysulfide, and silicone elastomers. Excludes polyurethane elastomers, na = not available.
7 2 6 13 na na 5
not available.
June 3, 1974 C&EN
27
U.S. CHEMICAL INDUSTRY
1
the products it makes
Total plastics production gained about 10% ANNUAL CHANGE
PRODUCTION Millions of pounds
1973
1972
THERMOSETTING RESINS Epoxy 223 Melamine 170 Phenolic 1,387 Polyester 1,051 Urea 867 TOTAL 3,698
1971
165 168 1,194 730 636 2,893
81 21% na - 1 741 - 5 255 13 17 na 1595 6%
11% na 6 15 na 9%
62
31
13
1754 516 197
10 13 25
13 18 27
1079
6
12
Nitrogen (N) 8,189 8,022 8,134 Phosphate (P20:)) 5,039 4,864 4,803 Potash (K20) 4,622 4,327 4,231 TOTAL 17,850 17,213 17,168
Annual change
na $5018 4667 4322 4008 3655 3226 3011 2779 2479 2317
a E s t i m a t e , na Association
Dosage only na
na
$7827 7020 6442 5832 5280 4707 4256 3841 3405 3152
7.5% 8.0 7.8 9.7 13.3 7.1 3.3 12.1 7.0 5.4
j-iiiiiucii change
bulk
na 11.5% 9.0 10.5 10.5 12.1 10.6 10.8 12.8 8.0 7.5
$9080a 8181 7383 6853 6208 5665 5102 4660 4219 3717 3469
= not a v a i l a b l e . S o u r c e : P h a r m a c e u t i c a l
A M na nn Ug d e1 ch
u.o% 10.8 7.7 10.4 9.6 11.0 9.5 10.5 13.5 7.1 7.2
Manufacturers
U.S. SALES
na
13
na
na
8
na
na na
23 54
na na
1386 na na
7 3 11%
13 na na
$ Millions
TOTAL SALES*
DOSAGE FORM Human use Veterinary use BULK FORM Human use Veterinary use TOTAL
Total
1963
2% 4 7 4
To governments
FOREIGN SALES
$5018 150
$4597 148
$420
$2504
2
155
217 137
118 89
117 89
1 0
99 48
$8181 (100%)
$5375 (66%)
$4951 (61%)
$423 (5%)
$2806 (34%)
a 1972 p r e s c r i p t i o n p h a r m a c e u t i c a l sales of U . S . - b a s e d d r u g c o m p a n i e s . Source: P h a r m a c e u t i c a l M a n u f a c t u r e r s A s s o c i a t i o n
Paint production fell in 1973
1972-73 1963-73
3,939 3,073 2,503 9,515
To 1j r i v a t e sector
$7522 305
ANNUAL CHANGE
CONSUMPTION 1971
Human dosage
. . . with more than one third overseas
Fertilizer consumption resumes its climb 1972^
1973 1972
1966
na = n o t a v a i l a b l e . Sources: S o c i e t y of t h e Plasti cs I n d u stry, T a r i f f C o m mission
19731
Dosage $ Millions
184 171 1,453 933 740 3,481
G L O B A L SALES
U.S. SALES
1972-73 1963-73
1963
THERMOPLASTIC RESINS Polyamide, nylon type 205 157 110 Polyethylene Low density 5,803 5,274 4,458 2,637 2,325 1,924 High density Polypropylene 2,162 1,726 1,288 Polystyrene Solid (straight and rubbermodified) 3,322 3,139 2,553 Styrene-butadier e copolymers an other styrene resins 624 433 703 Acrylonitrilebutadiene877 810 na styrene Styreneacrylonitrile 121 na 99 Polyvinyl alcohol 95 62 na Polyvinyl chloride 4,562 4,259 3,471 and copolymers 199 194 na Other vinyl resins 20,686 18,669 15,102 TOTAL
T h o u s a n d s of tons
Drug sales posted usual big increase.
8% 5 6 7
ANNUAL CHANGE
PRODUCTION Millions of gallon;5
1973
1972
1971
1963
Trade sales Industrial finishes TOTAL
430 475 905
452 475 927
427 399 826
373 305 678
1972-73 1963-73
-5%
i%~
0 -2
5 3
S o u r c e : D e p a r t m e n t of C o m m e r c e
a Y e a r s e n d i n g J u n e 30. b R e v i s e d . Source: D e p a r t m e n t of Agricu Iture
Fiber plant utilization moved up again
Magnesium exports soared last year Thousands of tons
Production51 Shipments*
ANNUAL CHANGE
PRODUCTION 1973
1963
1972-73
1963-73
122.4b 120.8b 123.5 75.8 137.3b 111.2b 120.2 72.3 3.3 4.7 3.7 1.9 39.6 17.6 24.3 15.5
1972
1971
1% 23 -42 125
5% 7 6 10
a Primary, b Excludes production by NL Industries at Great Salt Lake. Source: Bureau of Mines
28
C&EN June 3, 1974
Billions of pounds
1973
1972
1971
1970
1963
Production Capacity at midyear Plant utilization
8.35 9.00 93%
7.32 8.15 90%
6.15 7.48 82%
5.43 7.03 77%
2.70 3.09 87%
Source: Textile Economics Bureau
U.S. CHEMICAL INDUSTRY
the money it earns
Basic chemical earnings were at record level in 1973, finally exceeding previous high set seven years earlier Profits are the vital nutrient feeding the growth and building the future well-being of the chemical industry. During a long period in the late 1960's, they were hard-earned indeed. Recently, however, the industry has been doing very well in pulling down the money it needs. Basic chemical producers had considered 1972 a good year. Recovering from the late 1970 recession trough, earnings advanced 23% from the year before. That performance, however, pales beside last year's 41% thrust.
Chemical profitability on strong upsurge... Per cent 14 RETURN ON INVESTMENT3 — — —
12
10
8
6 PROFIT MARGINb
Stellar reports on business to date and generally optimistic predictions from industry executives suggest that this year promises to bring another strong gain. The year-to-year comparison is unlikely to match 1973's showing over 1972, though. Profitability, to be sure, still has not climbed to the level it enjoyed a decade ago. Then basic chemical producers earned 8.7 cents on every dollar of sales, compared with 6.5 cents last year. Return on stockholders' equity was 13.8% in 1964, 12.6% in 1973. But the reversal in form since 1970 and 1971, when the industry was netting only a nickel per sales dollar, is striking. The latest figures certainly suggest, too, that despite all the poor-mouthing of not long ago, chemical plants can still be money-making machines— when they can be operated full tilt, that is, and their output sold in markets relatively free from cutthroat pricing.
Basic chemical industry All manufacturing industries
""
"""" ^ ^ ^
——
— Basic chemical industry — — All manufacturing industries
4 0 1963
1964
1965
1966
1967
1969
1968
1970
1971
1972
1973
a After-tax earnings as percentage of stockholders equity at the end of the period, b After-tax earnings as percentage of sales. Source: Federal Trade Commission
but chemical stocks have not responded Stock price index, 1954 == 100 a 300 V¥;-:V3HH^ v-;>$^>Sl0il
! ! f^-i-'-r **' L 1
';";/ A •;'
§jm:
250
iAA: aiA t'&A^
200
if
W'-k 150
100 ' 1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973 1974"
a C&EN weighted stock price index of Allied Chemical, American Cyanamid, Celanese, Dow Chemical, Du Pont, Monsanto, and Union Carbide; weighted according to number of shares outstanding for each company, b First quarter.
June 3, 1974 C&EN
29
U.S. CHEMICAL INDUSTRY
2
the money it earns
All but one of C&EN's Top 50 companies show chemical sales gains CHEMICAL SALES $ MILLIONS
Rank 1973
1 2 3 4 5
PROFIT MARGIN*
1972
1971
1973
1972
1971
1973
$4250 2400 2355 2250 1563
$3550 1960 1924 1800 1258
$2950 1884 1776 1550 1077
$ 5,276 3,939 2,648 3,068 25,724
$ 4,366 3,261 2,225 2,404 20,310
$ 3,848 3,038 2,087 2,053 18,701
11.4% 7.4 9.0 8.8 9.5
1508 1317 1114 1080 1000
1279 1088 1001 831 795
1131 974 892 705 678
1,609 2,808 1,665 3,456 1,155
1,385 2,315 1,501 2,721 932
1,236 2,049 1,326 2,635 812
1973
Du Pont Union Carbide Monsanto Dow Chemical Exxon
TOTAL SALES $ MILLIONS
Company SIC classb
1972
1971
9.5% 6.2 5.5 7.9 7.5
9.3% 5.0 4.5 7.5 8.1
281 281 281 281 291
4.7 3.1 5.7 2.2 7.9
3.7 2.6 4.4 0.7 7.6
4.8 2.4 3.9 6.6
281 281 281 509 281
6 7 8 9 10
Celanese W. R. Grace0 Allied Chemical Occidental Petroleum Hercules
11 12 13 14 15
Eastman Kodak Rohm and Haas Shell Oil FMC American Cyanamid
792 750 748 745 708
694 588 645 657 644
612 482 556 646 600
4,036 789 4,884 1,719 1,472
3,478 619 4,076 1,498 1,359
2,976 507 3,892 1,354 1,283
16.2 8.3 6.8 4.6 7.7
15.7 7.5 6.4 4.6 8.0
14.1 7.2 6.3 3.6 7.3
383 281 291 281 281
16 17 18 19 20
Phillips Petroleum Borden Stauffer Chemical Mobil Oil Standard Oil (Ind.)
697 690 621 570 510
490 515 543 470 410
408 450 493 420 341
2,990 2,554 621 11,390 5,416
2,513 2,193 543 9,166 4,503
2,363 2,070 493 8,243 4,054
7.7 2.9 7.5 6.7 9.4
5.9 3.0 6.2 6.3 8.3
5.6 2.9 5.1 6.6 8.4
291 202 281 291 291
21 22 23 24 25
Ethyl Corp.0 Akzona Texaco NL Industries0 Gulf Oil
499 485 480 480 455
458 391 400 415 363
416 351 350 388 300
699 704 11,407 1,334 8,417
632 572 8,693 1,014 6,243
577 506 7,529 925 5,940
7.6 6\ 9 11.3 3.5 8.1
7.1 4.1 10.2 3.6 7.2
6.6 5.1 12.0 2.5 9.4
281 281 291 285 291
26 27 28 29 30
Diamond Shamrock B. F. Goodrich0 PPG Industries Ashland Oil0 Standard Oil of California
454 452 440 427 422
404 363 405 352 304
368 286 359 327 277
651 1,661 1,513 2,053 7,762
617 1,507 1,396 1,780 5,829
573 1,237 1,238 1,635 5,143
7.8 3.7 6.2 4.2 10.9
5.4 3.2 5.9 3.8 9.4
4.3 2.4 5.1 2.5 9.9
281 301 321 291 291
31 32 33 34 35
U.S. Steel Air Products0 d Ciba-Geigy Olin Cities Service0
394 388 380 370 367
310 342 350 329 424
298 297 380 281 391
6,952 399 550 1,239 2,035
5,429 351 500 1,098 1,862
4,963 308 550 1,145 1,810
4.7 6.0 na 3.8 6.7
2.9 5.2 na 3.4 5.3
3.1 5.3 na 2.1 5.8
331 281
36 37 38 39 40
BASF Wyandotte Baychem Goodyear Tire Williams Cos. El Paso Natural Gas
356 333 325 312 301
299 263 250 205 254
254 209 236 50 271
378 333 4,675 744 983
316 263 4,072 578 1,097
254 209 3,602 412 1,037
na na 4.0 6.5 5.4
na na 4.7 6.6 5.8
na na 4.7 7.2 5.5
— — 301 509 492
41 42 43 44 45
Tenneco Reichhold Chemicals Merck Pfizer0 Lubrizol
299 294 280 279 274
277 217 235 222 217
254 194 210 204 198
3,910 294 1,115 1,284 274
3,275 217 958 1,093 217
2,841 194 829 952 198
5.9 3.8 16.0 9.4 13.4
6.2 3.6 15.4 9.4 12.1
6.5 1.9 15.3 9.5 11.8
291 281 283 283 289
46 47 48 49 50
Borg-Warner Aircod American Hoechst Chemetron Pennwalt
264 262 260 249
201 240 220 224
165 192 200 224
1,547 584 339 353
1,283 492 260 314
183
504
441
4.6 6.9 na 2.6 3.6
371 281
199
4.6 3.3 na 3.0 4.0
4.1 4.3
246
1,148 441 235 276 406
—
— 281 291
na
—
1.5 3.2
281 281
a Net income (excluding extraordinary and nonrecurring credits) as percentage of net sales, b According to "Directory of Companies Filing Annual Reports with the Securities and Exchange Commission." c Significant nonchemical sales (welding and cryogenic equipment, fabricated plastics products, coatings, metals, textiles, and the like) included with the chemical sales, d For fiscal year ended Sept. 30. na = not available. SIC classifications are as follows: 202 Dairy; 281 Basic chemicals; 283 Drugs; 285 Paints; 289 Other chemicals; 291 Petroleum; 301 Tires; 321 Glass; 331 Iron and steel; 371 Motor vehicles and equipment; 383 Optical and photographic equipment; 492 Gas; 509 Miscellaneous wholesalers.
30
C&EN June 3, 1974
Big earnings gains brought profitability back toward levels of 10 years ago $ Billions
1973
BASIC CHEMICAL INDUSTRY Sales $39.6 After-tax earnings As % of sales As % of stockholders' equity Stockholders' equity*
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963
$33.2
$29.4
$27.5
$27.2
$26.2
$24.4
$23.6
$20.9
$18.4
$15.8
2.56
1.81
1.46
1.37
1.62
1.65
1.60
1.90
1.74
1.59
1.33
6.5% 12.6%
5.6% 9.8%
5.0% 8.4%
5.0% 8.4%
6.0% 10.4%
6.3% 11.1%
6.5% 10.7%
8.1% 13.6%
8.3% 13.8%
8.7% 13.8%
8.5% 12.5%
14.9
13.9
12.7
11.5
10.7
$44.5
$40.1 3.19 7.9% 14.7%
$36.6
$32.4
2.86 7.9% 14.3%
2.43 7.5% 12.9%
21.6
20.0
18.8
20.3
18.5
17.5
16.2
15.7
14.9
CHEMICALS AND ALLIED PRODUCTS Sales $83.6 $70.4
$62.0
$58.1
$55.5
$52.0 3.53 6.8% 13.1%
$47.5 3.26 6.9% 12.6%
3.47 7.8% 14.7%
26.9
25.9
23.6
After-tax earnings As % of sales As % of stockholders' equity
5.69 6.8% 14.3%
4.51 6.4% 12.5%
3.78 6.1% 11.5%
3.43 5.9% H.2%
3.59 6.5% 12.5%
Stockholders' equity
39.9
36.1
32.8
30.6
28.6
ALL MANUFACTURING INDUSTRIES Sales $1017 $850 After-tax earnings As % of sales As % of stockholders' equity Stockholders' equity1 a Year-end figures.
386
$751
36.5 4.3% 10.4%
48.1 4.7% 12.5%
353
31.0 4.1% 9.5% 327
$709
$695
311
$632
33.3 4.8% 11.2%
28.6 4.0% 9.2%
297
273
237
254
$413 19.5 4.7% 10.1%
23.2 5.2% 11.4%
27.5 5.6% 12.6%
30.9 5.6% 13.0%
29.0 5.0% 11.4%
$443
$492
$554
$575
32.1 5.1% 11.7%
192
204
218
Source: Federal Trade Commission
Fertilizer earnings gained nearly 200% 1973a b
Fertilizer sales ($ millions) Net income6 ($ millions) Net income as % of salesd R&D as % of sales Selling, general, and administrative expenses as % of sales Retail sales per ton of fertilizer ($)
1972-
1971*
Industry debt ratios continue to decline 1970^
$3100
$2157
$1892
$1676
$ 421.3
$ 144.4
$ 83.7
$ 15.4
13.7%
5.9%
3.9%
0.8%
0.1% 11.9%
0.1% 15.0%
0.2% 15.7%
0.2% 16.8%
$ 69.00
$ 68.00
BASIC CHEMICAL INDUSTRY $ 8.03 Stockholders'equity 20.30 28.3%
1963
1971
1972
1973
$ Billions
$ 7.64 18.50 29.2%
$
7.58 17.47 30.3%
$
3.40 10.70 24.1%
CHEMICALS AND ALLIED PRODUCTS
$ 64.02
$ 56.55
a All calendar years; all data for basic fertilizer producers, b Fertilizer sold for agricultural use only, c Net income before interest and taxes, d Based on sales of fertilizer for all uses including nonagricultural uses. Source: Fertilizer Institute
Stockholders' equity
$ 12.27 39.90
$ 11.50 36.10
23.5% 24.2% ALL MANUFACTURING INDUSTRIES Long-term debt $126.8 $118.3 Stockholders' equity 386.4 353.1
24.7%
25.1%
$ 10.73 32.80 24.6%
$ 4.37 18.80 18.9%
$111.5 327.1 25.4%
$ 38.10 192.4 16.5%
a Debt ratio is long-term debt as a percentage of long-term debt plus stockholders' equity. Source: Federal Trade Commission
Surge in chemical companies' earnings supports higher capital outlays $ Millions, % off total
1973
1972
1970
1971
1969
SOURCES OF FUNDS* Depreciation and depletion Deferred taxes Other internal sources Long-term debt Sales of stock TOTAL APPLICATION OF FUNDSa Dividends Capital expenditures Addition to working capital Reduction of long-term debt Other applications TOTAL
$3177 1976 131 604 613 144
47.8% 29.7 2.8 9.1 9.2 2.2
$2401 1888 80 495 811 148
41.2% 32.4 1.4 8.5 13.9 2.5
$1992 1778 98 548 989 158
35.8% 32.0 1.8 9.9 17.8 2.8
$1839 1692 88 527 902 87
35.8% 32.9 1.7 10.3 17.6 1.7
$1966 1591 89 398 541 99
42.0% 34.0 1.9 8.5 11.5 2.1
$6645
100.0%
$5823
100.0%
$5563
100.0%
$5135
100.0%
$4684
100.0%
$1340
20.2%
$1260
21.6%
$1211
21.8%
$1180
23.0%
$1153
24.6%
3082 1110 448 665 $6645
46.4 16.7 6.7 10.0 100.0%
2448 1127 564 424 $5823
42.0 19.3 9.7 7.3 100.0%
2594 699 647 412 $5563
46.6 12.6 11.6 7.4 100.0%
2788 283 435 449 $5135
54.3 5.5 8.5 8.7 100.0%
2389 328 263 552 $4684
51.0 7.0 5.6 11.8 100.0%
a Combined data of 25 leading chemicals and allied products companies—Abbott Laboratories, Airco, Allied Chemical, American Cyanamid, American Home Products, Bristol-Myers, Celanese, Diamond Shamrock, Dow Chemical, Du Pont, GAF, Hercules, Eli Lilly, Merck, Monsanto, Olin, Pennwalt, Pfizer, Rohm and Haas, SmithKline, Stauffer Chemical, Sterling Drug, Union Carbide, Upjohn, and Warner-Lambert. Source: Company annual reports
June 3, 1974 C&EN
31
U.S. CHEMICAL INDUSTRY
2
the money it earns
A lot more money is being targeted for expansion
Chemical capital spending moves up relative to sales Capital spending as % of sales 14
Chemical firms' investment in new plant, up sharply last year, will surge higher again this year. The move is in response to continuing heavy demand for the industry's products and the near-capacity operation of most of its plants, and is supported by a strong earnings recovery. But it is being tempered by shortages of construction manpower and materials. And much of the rise only reflects inflated building costs and bigger outlays for pollution control.
1964
1965
1966
1967
1968 1969
1970 1971
1972
1973 1974
a For basic chemical industry. Sources: Company data, C&EN estimates
Largest U.S. chemical firms plan 29% increase in worldwide capital spending this year $ Millions
1974
1973
1972
1968
1967
1966
1965
1964
44 30 185 92
$ 35 37 22 92 50
$ 43 39 39 128 52
$ 33 45 44 224 108
$ 45 45 22 180 125
$ 53 25 26 144 46
135 23 53 348 475 64 71 116 91
179 31 35 371 403 53 79 142 64
132 20 55 306 334 64 70 136 112
170 20 70 192 455 27 72 130 131
283 22 30 242 528 59 68 158 69
289 21 29 248 329 58 52 155 63 30
186 18 14 166 294 36 50 101 28 16
205 77 99 52 335
301 90 86 47 394
220 76 56 54 322
135 81 41 21 347
166 75 42 37 479
220 43 51 39 394
299 90 44 52 283
220 57 29 41 293
$2542
$2722
$2531
$2122
$2397
$2709
$2459
$1843
1971
1970
Airco Air Products Akzona Allied Chemical American Cyanamid
$ 45 95 80 300 120
$ 29 64 42 185 64
$ 41 42 43 128 72
68 73 132 109
$ 50 46 46 139 91
Celanese Chemetron Diamond Shamrock Dow Chemical Du Pont Ethyl Corp. FMC W. R. Grace Hercules Koppers
188 30 100 500 833 60 200 168 225 70
159 24 103 402 727 35 200 156 144 62
128 11 61 359 522 32 118 133 80
169 17 56 365 464 24 87 98 53
Monsanto Olin Rohm and Haas Stauffer Chemical Union Carbide
325 100 140 75 375
205 108 92 45 289
168 89 73 35 244
$4029
$3135
$2426
TOTAL
1969
Note: Where possible, figures are for actual spending on facilities construction, new equipment, and new land in consolidated businesses. Acquisition costs and investments in nonconsolidated businesses are excluded. Figures are given on a consistent (restated) basis where possible. Source: Company data, C&EN estimates
Capital spending8 for manufacturing is up 19% Overseas capital spending is also up 19% $ Billions
1974fc
Chemicals and allied products Food and beverage Paper Petroleum Rubber Textile All manufacturing
5.31 3.59 2.50 7.18 1.67 0.80 45.37
1973
C&EN June 3, 1974
1971
1970
4.46 $ 3.45 3.44 $ 3.44 3.11 2.55 2.69 2.84 1.86 1.38 1.25 1.65 5.45 5.25 5.85 5.62 1.56 1.08 0.84 0.94 0.77 0.73 0.61 0.56 38.01 31.35 29.99 31.95
a Domestic capital spending, b Estimate. Source: Department of Commerce
32
1972
$ Billions1
Chemicals and allied products Food products Metals, primary and fabricated Paper and allied products Rubber products All manufacturing Petroleum
1974h
1973*
1972
1971
1970
$ 1.8 $1.5 $1.3 $1.4 $1.3 0.6 0.5 0.4 0.3 0.3 0.7 0.8 0.7 0.8 0.7 0.7 0.6 0.6 0.5 0.3 0.4 0.4 0.4 0.2 0.2 10.1
8.5
7.1
7.1
6.7
8.1
6.7
5.4
5.0
3.9
a Capital spending by foreign affiliates of U.S. firms, b Projected figures. Source: Department of Commerce
Comparative financial data by industry and company: 1970-73 Explanation of table headings Year. Data are for calendar year unless otherwise indicated. Net sales. Gross sales, less discounts, allowances, and returns; generally excludes other operating income or revenues. Net income. Net sales and other income, less operating costs, nonoperating charges, depreciation, depletion, interest expense, and taxes. Nonrecurring or extraordinary credits and charges have been excluded in most cases, but are indicated by a footnote. Total assets. Sum at year's end of current assets, investments, prepaid expenses, net plantand equipment, and other tangible assets. Excludes insofar as possible intangible assets including goodwill, value of patents and trademarks, and the like. Current ratio. The ratio of current assets (cash, marketable securities, receivables, and in-
ventories but excluding prepaid expenses) to total current liabilities. Net plant and equipment. Value at year's end of fixed assets, including plant, equipment, and land, less accumulated depreciation, amortization, and depletion. Capital expenditures. Total spending during the year for new fixed assets, such as plant, equipment, and land, and'for replacement and modernization of facilities. Net worth. Equity at year's end of preferred and common stock holders, including value of capital stock, capital and earned surplus, and surplus reserves, as well as contingency and miscellaneous reserves for which no definite purpose is stated. Intangible assets have been deducted insofar as possible. Net income (breakdown). Per cent of sales: net income divided by net sales. Per cent of net worth: net income divided by tangible net worth. Dollars per share: net income, less preferred dividends, divided by the number of shares of
Capital Net expendiCurrent plant and tures 1 ratio equipment Money figures in millions of dollars
Net income
Total assets
CHEMICALS AND AL 1973 $83,581 1972 b 70,427 1971c 62,075 1970 58,075
PRODUCTS $5,686 4,499 3,780 3,434
$70,643 62,796 56,917 53,246
2.3 2.4 2.4 2.4
$28,602 26,448 24,889 23,517
BASIC CHEMICALS* $39,612 1973 33,162 1972b 29,475 1971« 27,447 1970
$2,553 1,809 1,465 1,365
$37,877 33,957 31,976 29,840
2.2 2.3 2.4 2.2
DRUGS* 1973 1972b 1971c 1970
$1,545 1,347 1,287 1,213
$13,880 12,235 9,870 11,170
common stock outstanding. All figures are adjusted for stock splits but no adjustment has been made for earlier years as a result of stock dividends nor for dilution that might result from the conversion of preferred stock or debt to common stock or the exercise of stock options outstanding. Dividends per share. Cash dividends paid (or declared) on each share of common stock; excludes the value of stock dividends, which are indicated by a footnote. Dividend yield. Dividends per share divided by the average of the high and low prices of the common stock duringthe calendar year. Stock price range. High-low market prices of common stock during the calendar year, adjusted for stock splits but not for stock dividends. Price-earnings ratio. Average of the high and low prices of the common stock during the calendar year divided by net income per share of common stock.
NET INCOME Net worth
%^f sales
%of net worth
$4,460 3,450 3,440 3,440
$39,910 36,129 32,802 30,576
6.8% 6.4 6.1 5.9
14.3% 12.4 11.5 11.2
$2,354 2,152 2,003 1,925
$17,899 16,705 16,359 15,438
na na na na
$20,338 18,495 17,466 16,202
6.5% 5.5 5.0 5.0
12.6% 9.8 8.4 8.4
$1,030 970 915 937
2.6 2.6 2.4 2.5
$4,205 3,933 3,233 3,728
na na na na
$8,529 7,723 6,297 7,056
10.2% 10.1 9.5 9.4
18.1% 17.4 20.4 17.2
$651 585 602 571
PETROLEUM REFINING A N D RELATED INDUSTRIES $97,806 1973 $7,434 $112,684 1.7 1.7 100,444 1972 b 79,082 5,201 1.8 95,037 1971c 71,710 5,867 1.8 88,572 1970 64,100 5,926
$61,350 57,383 55,192 52,055
$5,450 5,250 5,850 5,620
$66,592 61,014 58,079 55,069
7.6% 6.6 8.2 9.2
11.2% 8.5 10.1 10.8
$3,452 3,325 3,267 3,177
RUBBER A N D MISCELLANEOUS PLASTICS PRODUCTS 1973 $26,410 $1,061 $18,966 2.0 2.2 1972 21,663 859 16,908 2.1 15,328 1971° 18,345 664 13,517 2.1 1970 16,668 456
$7,149 6,357 5,709 5,238
$1,560 1,080 840 940
$9,055 8,326 7,488 6,565
4.0% 4.0 3.6 2.7
11.7% 10.3 8.9 6.9
$259 242 227 232
Year
Net s a l e s
$15,188 13,341 13,543 12,952
Total cash dividends
/
PRIMARY METAL INDUSTRIES 1973 $66,284 $3,046 1972b 51,880 1,708 c 1,370 1971 47,519 1970 48,587 1,991
$60,738 56,555 53,615 53,835
2.1 2.2 2.2 2.1
$29,574 28,549 27,613 27,518
$3,430 2,750 2,780 3,240
$30,943 29,177 27,939 28,300
4.6% 3.3 2.9 4.1
9.8% 5.9 4.9 7.0
$1,101 832 976 1,197
STONE, CLAY, A N D GLASS PRODUCTS 1973 $26,063 $1,263 1972 22,519 1,060 1971c 19,110 853 17,562 627 1970
$20,418 18,559 16,453 15,797
2.2 2.3 2.3 2.1
$9,831 9,000 8,220 8,050
$1,490 1,200 850 990
$11,660 10,877 9,630 9,157
4.9% 4.7 4.5 3.6
10.8% 9.8 8.9 6.8
$447 415 358 342
PAPER A N D ALLIED PRODUCTS 1973 $26,503 $1,441 1972 23,324 941 197121,994 501 1970 21,069 719
$21,377 19,810 19,582 19,679
2.3 2.4 2.3 2.0
$10,616 9,903 9,987 9,969
$1,860 1,380 1,250 1,650
$11,536 10,615 10,326 10,305
5.4% 4.0 2.3 3.4
12.5% 8.9 4.9 7.0
$416 377 415 430
$742,266 663,419 612,828 578,234
2.0 2.0 2.0 2.0
$278,383 257,221 243,708 232,743
$38,010 31,350 29,990 31,950
$386,383 353,092 327,084 310,817
4.7% 4.3 4.1 4.0
12.4% 10.3 9.5 9.2
$17,767 16,110 15,252 15,070
ALL MANUFACTURING 1973 $1,017,163 1972b 849,523 1971c 751,061 1970 708,810
$48,058 36,467 31,038 28,572
a In the U.S. only, b Revised, c During 1971, a number of corporations were reclassified by industry; thus figures for earlier years are not entirely comparable to those for 1971 nor those for 1971 with 1972 and 1973. d Included in chemicals and allied products category above, na = not available. Source: Federal Trade Commission
June 3, 1974 C&EN
33
U.S. CHEMICAL INDUSTRY
P 1
the money it earns
Jto Net sales
Year
Divi-
NET INCOME
Net income
> 1,101,379 1971 l,145,061 f 24,551 1,190,930 f 1970 l,125,301 26,589 1,114,739 PENNWALT CO 1973 $504,034 $20,113 $420,415 1972 16,042' 441,010 377,974 1971 13,050 405,507 376,781 1970 409,749 12,647J 369,514 PFIZER INC 1973 $1,284,434 $120,699 $1,345,921 1972 1,093,360 103,238 1,214,122 1971 951,544 90,585 985,458 1970 870,430 81,061 854,390 PROCTER 1 1973 $3,906,744 $302,103 $2,658,566 1972' 3,514,438 276,310 2,331,985 1971' 3,178,081 237,590 1,990,880 1970' 2,978,750 211,907 1,832,854 REICHHOLD CHEMICALS, IN( 1973 $294,274 $11,268 $192,581 1972 217,480 7,872 163,023 1971 194,228 3,630 152,950 1970 177,913 3,259k 132,420 RICHARDSON-MERRELL, INC. 1973' $505,384 $41,400 $355,090 1972* 446,478 36,740 310,491 1971' 408,520 32,490' 283,112 1970' 380,620 31,887 255,956
DiviDividend dends, yield, $ per % of share price
Stock price range
Priceearnings ratio
2.4 2.3 1.9 1.8
$319,531 308,215 303,833 284,680
$39,637 33,183 34,756 77,985
$715,910 603,590 515,425 455,384
16.0% 15.4 13.9 15.9
21.7% 20.9 19.5 20.7
$2.26 1.85 1.48 1.40
$0.79 0.73 0.70 0.65
1.0% 1.1 1.2 1.4
$92y2-693/4 80 -54% 641/4-491/4 543/8-383/8
35.9 36.5 38.3 33.1
2.8 3.0 2.7 2.4
$77,769 74,793 73,041 66,681
$12,744 11,255 14,517 14,007
$169,449 141,693 124,511 108,385
13.4% 12.1 11.8 11.9
21.7% 18.5 18.8 20.2
$1.81 1.30 1.16 1.09
$0.53 0.42 0.375 0.325
1.3% 0.9 0.8 1.1
$511/2-323/4 55 -361/4 56i/2-36i/4 39i/8-19i/2
23.3 35.1 40.0 27.0
2.4 2.7 2.7 2.6
$344,907 300,041 260,770 225,738
$86,380 68,990 65,615 67,793
$695,510 608,233 520,653 470,838
16.0% 15.4 15.3 15.2
25.7% 24.3 24.4 24.1
$2.40 1.99 1.74 1.56
$1,235 1.12 1.10 1.00
1.4% 1.5 2.0 2.1
$101i/2-76i/4 901/8-61% 65%-47i/8 563/8-363/4
37.0 38.2 32.4 29.9
1.5 1.7 1.6 1.5
$107,644 96,127 94,402 99,709
$22,596 11,151 13,471 20,386
$71,848 60,889 50,898 50,526
4.9% 4.8 3.7 3.6
23.7% 25.0 23.5 21.0
$3.19 2.85 2.25 1 2.01
$1.28 1.22 1.20 1.20
2.9% 2.1 2.5 2.1
$60 -28 69y 8 -45i/ 2 591/8-373/4 78%-371/s
13.8 20.2 21.5 28.9
3.1 $1,152,400 3.2 1,133,300 2.7 1,170,300 2.7 1,169,945
$205,300 168,300 205,200 300,811
$1,483,700 1,293,800 1,225,700 1,194,231
9.0% 5.5 4.5 3.9
16.1% 9.4 7.6 6.5
$6.90 3.49 2.65 2.17 h
$1.90 1.80 1.80 1.80
3.2% 3.5 4.2 5.5
$753/4-431/8 571/4-46 523/4-32% 38 -273/4
8.6 14.8 16.2 15.1
5.8% 6.6 6.3 7.0
13.4% 14.9 14.7 16.1
$1.89 1.95 1.75 1.82
$0.84 0.81 0.80 0.80
3.5% 2.6 2.5 2.5
$33y 8 -13% 353/8-271/8 401/4-23 40 -22 3 / 4
12.6 16.0 18.1 17.2
2.6 2.7 3.0 2.1
$183,370 173,762 161,199 135,715
$24,512 26,522 31,926 25,948
$176,534 163,491 147,706 140,313
3.3 3.0 2.9 2.7
$42,981 40,282 39,234 41,349
$10,540 8,891 6,779 9,882
$120,315 104,848 91,846 81,426
11.4% 10.3 9.4 7.9
20.7% 19.1 18.6 16.5
$1.25 1.01 0.85 0.68'1
$0.43 0.41 0.39 0.35
1.3% 1.4 1.4 1.4
$413/4-25 333/8-27 321/2-21 341/4-16%
26.7 30.0 31.3 37.4
2.4 2.8 3.2 2.9
$361,592 341,284 303,533 281,309
$51,640 59,771 83,990 58,462
$421,770 398,405 386,542 403,582
3.5% 3.6 2.5 3.9
11.2% 9.2 5.9 8.8
$1.95 1.53 0.95' 1.50
$1.00 1.00 1.00 1.525
6.9% 6.6 5.5 6.9
$18 -11 183/8-113/4 251/8-lli/s 28 -16
7.4 9.8 19.1 14.7
1.9 2.0 2.3 2.2
$563,354 516,485 595,529 573,063
$107,737 89,254 77,691 89,916
$559,561 523,994 602,999 596,255
3.8% 2.4 2.1 2.4
8.5% 5.8 4.1 4.5
$2.02* 1.261' 1.02 1.12
$0.88 0.88 0.88 0.88
5.7% 5.0 4.4 4.8
$19%-lli/ 4 203/8-15 26 -143/s 223/4-13%
7.7 14.0 19.8 16.3
2.6 2.5 2.2 2.4
$145,892 140,701 151,023 145,175
$24,365 20,295 22,595 31,859
$204,720 199,908 203,002 201,744
4.0% 3.6 3.2 3.1
9.8% 8.0 6.4 6.3
$2.13 1.58' 1.22 1.20J
$1.20 1.20 1.20 1.20
5.1% 4.5 4.4 4.5
$29 -I81/2 31 -223/4 333/4-203/s 36y2-17i/8
11.2 17.0 22.2 22.3
1.8 2.3 1.7 1.9
$437,858 399,382 343,680 284,733
$73,800 86,436 85,100 54,900
$697,025 635,927 459,950 488,216
9.4% 9.4 9.5 9.3
17.3% 16.2 16.5 16.6
$1.74 1.50 1.38 1.28
$0.70 0.67 0.65 0.63
1.5% 1.6 1.7 1.9
$523/8-38i/2 46 -36% 431/8-34% 383/8-26%
26.1 27.5 28.2 25.4
2.2 $1,377,846 2.4 1,190,143 2.3 996,479 2.4 876,830
$271,351 265,080 183,514 118,724
$1,728,620 1,538,542 1,378,378 1,250,521
7.7% 7.9 7.5 7.1
17.5% 18.0 17.2 16.9
$3.68 3.38 2.91 2.60
$1.56 1.50 1.40 1.325
1.5% 1.6 2.0 2.6
$120 -89 1123/4-761/s 81V4-56 603/4-40y8
28.4 27.9 23.6 19.4
3.8% 3.6 1.9 1.8
12.3% 9.7 4.8 4.4
$1.65 1.18 0.54 0.48 k
$0.40 0.30 0.20 0.425
4.0% 2.3 2.0 4.1
$133/4-61/2 I61/2-91/8 12i/2-75/8 131/4-73/8
6.1 10.9 18.5 21.2
8.2% 20.1% $1.75 8.2 20.8 1.56 8.0 21.6 1.381 8.4 21.4 1.35
$0.52 0.505 0.50 0.45
1.5% 1.4 1.5 1.6
$421/4-25 39i/2-335/8 361/4-293/g 325/8-23
19.2 23.4 23.7 20.6
2.1 2.8 3.0 2.8
$101,210 84,749 86,575 69,995
$27,658 9,858 19,541 22,616
$91,312 80,806 75,788 73,357
2.3 2.3 2.3 2.8
$109,433 99,468 88,668 77,119
$21,369 22,987 19,000 14,991
$205,562 176,872 150,301 149,290
a Excludes extraordinary charge for termination of corn wet milling operation of $7.0 million ($1.32 per share), b Excludes extraordinary net charge of $11.3 million ($0.34 per share), c Fiscal year en'ds June 30. d Excludes extraordinary net gain from sale of catalyst plant of $1.9 million ($0.19 per share), e Excludes extraordinary net charge from abandonment of titanium pigment facilities of $19.5 million ($0.81 per share), f Includes other operating revenues, g Excludes extraordinary net gain of $13.6 million ($0.58 per share), h Excludes extraordinary net charge from discontinued businesses and facility write-downs of $82.3 million ($3.43 per share), i Excludes extraordinary net gain of $30,000. j Includes capital gains of $490,000, but excludes extraordinary net charge of $248,000 ($0.04 per share), k Excludes extraordinary net charge of $22,000. I Excludes extraordinary net charge of $2.7 million ($0.23 per share).
40
C&EN June 3, 1974
Divi-
NET INCOME
CurNet plant Capital % %of Total rent and equip- expendiNet of net $ per a s s e t s iratio ment tures worth sales worth share MomBy figures in thousands of dollars unless otherwise indicated i
Net sales
Year
A. H. ROBINS CO. 1973 1972 1971 1970
$192,565 166,700 151,350 132,552
Net income
dends, yield, $ per % o f share price
Stock price range
earnr ings ratio
$0.97:l 0.89 0.78 h 0.62
$0.22 0.21 0.20 0.20
0.7% 0.7 1.1 1.3
$403/4-187/8 37%-197/8 22y 4 -12 3 / 4 19%-lOVfe
30.7 32.3 22.7 24.4
15.1% 11.4 7.2 7.5
$5.16 3.62 2.152.18
$1.00 0.815 0.80 d 0.80-
1.1% 1.1 1.6 2.2
$116 -61 y2 91 -55 59 -42% 44y2-273/4
17.2 20.2 23.6 16.6
24.0% 23.3 22.7 23.3
$1.74 1.51 1.39 1.28
$0.77 2.3% 0.745 2.3 0.72 2.2 0.705 2.9
$39y 2 -27
$403,598 322,972 263,128 224,928
17.3% 26.3% 15.3 23.9 13.5 22.5 12.9 22.5
$1.97 1.44 1.11 0.95
$0.55 0.47 0.44 0.40
0.7% 0.8 1.2 1.5
$87 5 / 8 -64 7 /8 701/8-41V4
$19,057 14,275 11,098 12,967
$258,075 164,769 136,386 112,070
12.7% 23.2% 15.4 25.4 15.9 26.4 15.8 28.5
$1.24 1.01 0.87 0.77
$0.45 0.43 0.43 0.43
1.4% 1.4 2.1 2.9
$405/ 8 -22 3 / 4
$144,047 141,247 142,824 138,612
$16,042 17,354 13,278 15,486
$260,785 246,898 239,356 231,237
$4.36 3.63 J 2.68 2.52J
$2.00 2.00 2.00 2.00
5.0% 3.9 4.6 5.3
$5l5/ 8 -275/8
2.0 2.1 2.2 2.4
$106,959 103,207 95,286 85,951
$16,123 16,372 16,268 17,601
$225,348 203,976 178,877 166,169
11.9% 23.4% 12.2 24.0 12.6 25.1 12.6 26.3
$3.55 3.28 3.09 3.01
$2.00 2.00 2.00 2.00
3.7% 3.4 3.7 4.3
$61 7 /8-46 7 / 8
$906,526 812,602 721,208 582,816
2.5 2.0 2.1 2.0
$309,668 288,998 286,187 228,980
$42,484 41,581 67,744 55,428
$466,441 416,250 371,614 295,843
9.2% 17.3% 7.7 17.2 7.6 17.1 6.9 16.5
$1.80 1.60 k 1.44 1.29
$0.79 0.76 0.75 0.75
1.6% 1.6 1.9 2.4
$57 -39 y2 547/8-40y4
$629,303 578,481 504,916 476,895
3.0 3.2 4.5 3.4
$297,618 282,127 285,364 258,871
$44,682 35,134 52,210 46,669
$342,885 318,978 303,664 296,879
7.5% 6.2 5.1 5.4
13.5% 10.5 8.2 8.8
$4.69 3.35 2.48 2.60
$1.90 1.80 1.80 1.80
4.2% 4.4 4.4 5.9
$557/8-35y4 35y 2 -25y 8
9.7 12.2 16.6 11.7
$550,815 472,279 437,499 381,374
2.8 3.3 3.0 3.2
$140,157 117,765 108,735 100,824
$23,875 19,415 17,402 18,953
$379,568 353,893 314,271 277,365
9.5% 20.1% 9.6 19.5 9.7 20.1 9.6 20.7
$1:29 1.18 1.08 0.99
$0.59 0.55 0.53 0.51
1.9% 1.6 1.8 2.1
$371/4-241/4 381/2-295/8 331/8-263/a 291/8-183/s
23.8 28.9 27.6 24.1
$180,229 137,799 96,095 91,159
1.1 1.4 1.6 2.0
$49,772 42,327 30,082 28,612
$9,469 5,546 5,419 6,364
$49,475 44,864 28,543 28,255
2.7% 2.6 3.2 2.8
13.2% 8.0 13.5 10.9
$3.07' 2.05" 2.20" 1.76°
$0.40 0.40 0.40 0.40
2.0% 1.4 1.6 1.7
$25 y 2 -14
6.4 13.7 11.1 13.5
$4,151,200 3,712,000 3,545,182 3,557,534
2.4 2.5 2.5 2.1
$1,991,200 1,953,900 1,987,019 1,962,119
$288,700 243,900 335,150 393,665
$2,093,000 1,927,300 1,834,831 1,798,367
7.4% 6.4 5.0 5.2
13.9% 10.8 8.3 8.7
$4.78 3.42" 2.53" 2.60 r
$2,075 2.00 2.00 2.00
5.1% 4.3 4.5 5.7
$513/4-291/4
$585,378 504,339 416,724 400,652
2.5 2.4 2.2 2.7
$238,060 198,575 176,439 171,730
$56,023 38,^67 20,108 27,750
$354,588 311,052 290,164 274,598
10.6% 19.3% 9.1 15.0 9.1 13.7 9.5 13.7
$2.33 1.58 1.35 s 1.28
$0.86 0.825 0.80 0.80
1.1% 1.7 2.6 3.5
$1043/4-58 y2
$1,361,800 2.8 1,189,811 2.8 1,061,185 2.6 982,899 2.5
$383,362 361,879 347,690 327,033
$66,928 48,608 56,968 58,162
$878,258 792,695 721,691 657,316
8.3% 8.2 8.0 7.8
15.8% 15.5 15.0 15.0
$1.78 1.58 1.40 1.28
$0.74 0.675 0.625 0.59
1.6% 1.5 1.7 1.8
$58
2.0 2.3 2.8 2.0
$98,027 81,913 77,166 71,893
$27,797 15,762 16,023 12,633
$104,774 98,336 96,480 90,229
4.4% 4.3 4.0 4.3
15.7% 12.9 10.8 11.4
$3.05L 2.30" 1.90 v 1.88*
$0,995 0.935 0.92 0.92
5.0% 3.6 3.3 4.6
$243/4-143/4
$25,360 l 22,800 19,754 h 15,728
$144,618 118,175 100,595 82,090
4.1 3.4 3.1 3.0
$26,983 23,448 23,238 21,925
$6,882 2,433 2,209 5,178
$99,522 73,730 59,212 51,913
$65,720 46,422 27,403 c 27,335
$793,600 679,659 634,266 539,490
2.0 2.0 2.2 2.6
$403,345 351,953 325,308 269,752
$92,438 72,885 98,898 86,302
$433,953 406,539 381,123 362,655
8.3% 7.5 5.4 5.9
$138,216 129,980 114,704 96,761
2.9 2.7 2.7 2.6
$42,420 38,413 34,998 34,503
$ 9,018 4,799 3,350 15,978
$101,201 90,475 84,894 72,908
12.5% 12.7 12.9 12.7
$556,144 2.8 449,454 3.0 366,087 2.9 307,282 2.9
$145,008 118,177 104,261 85,038
$38,767 24,689 27,766 22,810
$566,432 308,721 248,873 211,605
4.8 3.0 3.8 3.2
$108,721 68,781 61,092 55,671
$439,290 421,877 408,840 388,106
3.8 3.9 4.2 4.1
$383,174 324,175 267,780 237,953
13.2% 25.5% 13.7 30.9 13.1 33.4 11.9 30.3
ROHM AND HAAS CC 1973 1972 1971 1970
$788,580 618,635 507,252 465,115
RORER-AMCHEM, INC. 1973f 1972f 1971f 1970
$194,611 166,099 149,902 133,236
$24,279 21,042 19,285 16,968
365/8-281/4 39i/4-27 3 /8 303^-185/8
19.1 21.5 24.0 19.1
SCHERING-PLOUGH CORP. 1973 $611,577 $105,977 1972 504,152 77,349 1971 436,841 59,185 1970 391,213 50,515 G. D. SEARLE & CO. 1973 $471,681 $59,793 1972 271,878 41,891 1971 226,891 36,004 1970 201,459 31,930 SHERWIN-WILLIAMS CO. h $24,502 1973* $704,729 20,497* 1972*-h 658,285 1971« h 590,969 15,341 14,543J 1970s 525,788 SMITHKLINE CORP. 1973 $444,133 $52,831 48,934 1972 402,328 44,871 1971 357,153 43,654 1970 347,023
3.5% 3.1 2.6 2.8
9.4% 8.3 6.4 6.3
45 -30 V* 313/4-23
38.7 38.6 33.9 28.8
36y 2 -24y 8 243/4-17 y4 183/8-11 %
571/2-451/8
515/8-40 7/8
487/8-26
66y 2 -52y 2 59y 2 -47y 2 551/4-37 Vfe-
25.6 30.0 24.1 19.2 9.1 14.1 17.3 14.9 15.3 18.1 17.3 15.3
SQUIBB CORP. 1973 $880,625 $80,840 71,697 k 1972 925,885 63,450 1971 830,196 48,690 1970 705,383 STAUFFER CHEMICAL CO. $46,400 1973 $621,329 33,473 1972 542,575 24,920 1971 492,798 25,979 1970 482,543 STERLING DRUG, INC. $76,245 1973 $800,430 68,983 1972 720,840 63,079 1971 652,371 57,324 1970 594,412 S U N CHEMICAL CORP. f $6,542! 1973 $246,504 3,578"' 1972f 136,852 3,848" 1971 121,873 1970 111,001 3,084° UNION CARBIDE CORP. f 1973 $3,938,800 $290,900 207,400" 1972f 3,261,300 1971f 3,037,529 152,973«» 1970 3,026,326 157,312 r
45 -331/4 361/8-253/8
461/4-351/4 473/8-35
345/3-21 y 2 311/4-17 y 2 331/2-14
523 -41 7 / 8 50 /8-38 5/8
40y 2 -29y 2
26.8 29.7 27.2 23.9
8.5 13.7 17.6 13.5
UPJOHN CO. 1973 1972 1971 1970
$647,483 511,337 438,387 397,693
$68,555 46,536 39,787 s 37,674
643/3-351/4 373/4-23 293/4-I61/4
35.0 31.5 22.5 18.0
WARNER-LAMBERT CO. 1973 $1,670,427 1972 1,487,504 1971 1,346,054 1970 1,256,597 WITCO CHEMICAL C 1973 $370,703 1972 293,517 1971 259,077 1970 237,219
$138,638 122,657 108,095 98,335 $16,456' 12,647 u 10,447 v 10,284 w
$240,909 214,628 180,532 170,702
-335/ 8
50 3 / 8 -38y 2 41 -33y 2 38y 8 -26 30 32
-21 -23
255/8-141/8
25.7 28.2 26.5 25.0 6.5 11.1 14.4 10.6
a Includes loss on disposal of discontinued operations of $1.0 million, b Excludes extraordinary net loss on sale of subsidiary's assets o f «5?7^'2S? ^°-°? per share), c Excludes extraordinary net gain from realignment of currencies of $2.1 million ($0.32 per share), d Plus 2% stock dividend e Plus 3%stock dividend, f Includes equity in net earnings and assets of affiliated companies owned 20 to 50%. g Fiscal year ends Aug. 31. h Includes Sherwin-Williams Co. of Canada, i Excludes extraordinary net charge for losses on disposition of chemical facilities of $2.3 million ($0.42 per share), j Excludes extraordinary net gain -from sale of securities of $534,000 ($0.10 per share), k Excludes extraordinary net gain from sales of beverage and baby food businesses or $307,000 ($0.02 per share). I Excludes extraordinary net gain of $484,000 ($0.23 per share), m Excludes extraordinary net gain of $1.3 million ($0.76 per share). n Excludes extraordinary net loss of $2.9 million ($1.69 per share), o Excludes extraordinary net loss of $7.9 million ($4.53 per share), p Excludes extraordinary net charge of $2.2 million ($0.04 per share), q Excludes extraordinary net gain of $4.9 million ($0.08 per share), r Includes nonrecurring charges ot $4.1 million ($0.01 per share), s Includes nonrecurring after-tax gain equal to $0.07 per share, t Excludes extraordinary net gain from plant dispositions OT $402,000 ($0.08 per share), u Excludes extraordinary net charge from plant dispositions and abandonments of $824,000 ($0.16 per share), v Excludes extraordinary net gain from plant dispositions of $359,000 ($0.07 per share), w Excludes extraordinary net gain from plant dispositions of $527,UUU ($u.ii per
June 3, 1974 C&EN
41
METHÛXYPROPYLÀMINE ... a good emulsiîier for
anionic coatings systems CH30-CH2-CH2-CH2-NH2 mol. wt. 89.14
Methoxypropylamine (MPA) is a clear, colorless,
icant physical properties to see if MPA might fit
moderately volatile, water-soluble liquid that may be
your applications:
used in various applications as an alternate for morpholine or dime thy let h an ola mine (DME). For example, it's been reported that MPA has b e e n used successfully in place of DME in certain anionic
Methoxypropylamine YSICAL PROPERTIES SPECIFICATIONS AND PHYSICAL Assay, wt. % Boiling point, ASTM, °C Color, Pt-Co Equivalent weight (titration) Flash point, TCC, °F pH, 1 % aqueous solution Specific gravity, 20/20°Cn C Vapor pressure, mm. Hg, 50°C
f ^' 11Q 119 15 max. 15 max. $ »0 U JO 11.7 .„ ^ 11.7 0.873 0 873 bv
f ou
water-based coatings. MPA also works well as an emulsifier in floor wax formulations. Take a look at these specifications and signif-
a0
I
m j g h t a l s o b e usefu, jn
I
insecticide emulsions,
I
I I I
dye solvents, textile as. . . , , sistants and other ap-
I I I I
plications where mild bases of moderate vol-
I
utility are needed. Di-
rect your c u e s t i o n s on
l
this versatile amine to Dr. J. E. Kmiecik, Jefferson Chemical Company, Inc., Box 53300, Houston, Texas 77052. Telephone 713-529-4471.
Jefferson
U.S. CHEMICAL INDUSTRY
3
the way it performs
Chemical industry productivity gained in 1973, but higher employment and wages also boosted unit labor costs Labor productivity moved up a relatively modest 4% last year for the chemicals and allied products industry. Production gains for most sectors of the industry were close to their longterm rates. But the first substantial increase in man-hours in five years, coupled with a 6% boost in production worker wages, sent unit labor costs moving upward for the first time since the recession year of 1970.
Chemical productivity3 gain was small... % year-to-year change 10
However, there are still signs of increasing efficiency in the industry. Unit labor costs, although up, are still 2% below the base level of 1967. Also, sales per employee and sales as a percentage of assets are still gaining strongly.
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
b
. . . as unit labor costs posted large boost % year-to-year change 4
***•**%
All manufacturing
Also, the industry apparently is learning to operate with relatively smaller inventories. For instance, industrial chemical sales have grown 27% since 1970 while inventories have remained at close to the $2 billion level. And for the total chemicals and allied products industry sales have gained 36% since 1970, inventories only 7%.
/>
«:.„
«&**
0
1973 a Productivity is labor output per man-hour, calculated by dividing indexes for physical production and man-hours of production workers, b Unit labor costs are labor costs per unit output, calculated by dividing indexes for hourly production wages and labor output per man-hour. Sources: Department of Labor, Federal Reserve System
For first time since 1970 gain in production fell behind labor cost increase Indexes, 1967 = 100
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963
CHEMICALS AND ALLIED PRODUCTS 150.2 Production 102.2 Man-hours
139.6 98.7
126.4 98.0
120.2 101.6
120.4 105.6
109.9 103.5
100.0 100.0
92.8 98.1
82.2 93.0
73.9 89.4
67.3 88.7
PRODUCTIVITY Hourly production wages
147.0 144.2
141.4 135.5
129.0 127.1
118.3 119.0
114.0 111.9
106.2 105.2
100.0 100.0
94.6 96.5
88.4 93.2
82.7 90.3
75.9 87.7
98.1
95.8
98.5
100.6
98.2
99.1
100.0
102.0
105.4
109.2
115.5
ALL MANUFACTURING Production Man-hours
125.1 102.2
114.0 96.8
105.2 92.3
105.2 96.2
110.5 103.3
105.7 101.8
100.0 100.0
98.3 101.8
89.1 95.3
81.2 89.6
75.8 87.5
PRODUCTIVITY Hourly production wages
122.4 143.8
117.8 134.6
114.0 125.8
109.4 117.7
107.0 112.7
103.8 106.4
100.0 100.0
96.6 96.1
93.5 92.2
90.6 89.4
86.6 86.9
UNIT LABOR COSTS
117.5
114.3
110.4
107.6
105.3
102.5
100.0
99.5
98.6
98.7
100.3
UNIT LABOR COSTS
1973
Sources: Department of Labor, Federal Reserve System
June 3, 1974 C&EN
43
U.S. CHEMICAL INDUSTRY
3
the way it performs
Small companies get higher sales from their workers and assets than do big companies
SALES OVER $500 M I L L I O N Airco Akzona Allied Chemical American Cyanamid Celanese
Employ- DiviR&D dends CAPITAL SPENDING* ment Sales spending Sales costs as % of per As % of As % of as % of as % of net as % of emsales assets sales net plant ployee* sales income
Hi
Profit margin
Debt as Return on %debt invest-1 plus ment equity
9% e
Net plant as % of gross plant
15 32 25"
$42 36 50 37 43
25% 23' 26 na 25
48% 39 37 55 . 43
4.9% 6.0 11 4.3 9.9
9.2% 13 20 11 16
1.5% 1.8 1.7 3.3 3.0
99% 124 94 102 92
59% 54 40 49 51
31 44 6.2 38 30
na 46 22 15« 18
70 62 45 na 35
21 23 31 25 na
47 33 49 27 40
16 13 14 5.0 7.0
23 23 30 12 23
1.8 3.9 5.2 3.1 2.5
81 79 109 101 125
54 54 38 51 48
3.8 6.2 4.1 5.8 3.8
41 23 29 28 40
35 24
38 48 45 45 45
22 28 26 26 na
49 33 36 29 51
5.6 13 8.5 7.8 3.9
22 28 29 18 13
1.0 2.4 1.1 3.8 1.5
140 111 139 104 135
57 48 47 40 50
2.9 3.7 5.7 5.9 4.2 4.8 4.5
34 33 26 32 31 51 31
na 23 35 11 34 na 24
39 36 43 55^ 36 90 44
na 28h 23' na 29 na 25
43 65 19 41 43 0 41
8.7 4.8 12 7.2 7.3 11 7.8
19 17 23 15 15 16 18
1.5 3.6 4.4 2.7 1.9 na 2.5
104 115 97 99 95 77 102
51 49 49 60 40 79 50
SALES FROM $50 M I L L I O N TO $500 M I L L I O N Air Products 3.6 6.0 Ansul 5.1 4.0 Big Three 5.6 11 Cabot 3.4 7.3 Chemetron 3.0 2.4
37 39 24 36 28
20 49 na na 9.4-
39 42 na 46 37
na na na na na
8.0 0 22 20 36
16 3.0 22 30 6.9
18 19 23 31 17
2.1 1.8 na 3.3 0.99
77 140 71 63 114
67 59 63 59 50
Commercial Solvents Crompton & Knowles Emery Foster Grant Philip A. Hunt
4.2 4.2 6.4 5.1 12
2.6 4.8 5.3 4.8 14
26 31 23 31 0
21 20 14* na 17*
45 49 na na 52
24 na na na na
30 43 39 13 16
5.8 17 3.3 13 5.3
15 13 7.3 28 24
na 2.4 na na 4.4
103 146 101 121 137
36 46 58 65 61
International Flavors & Fragrances Kewanee Oil Lubrizol Mallinckrodt Millmaster Onyx
16 8.1 13 6.6 4.6
13 4.6 13 7.5 5.9
0 15 0 11 22
63^ Ilk 9.6 17i
62 na 83 52 44
na na na na na
29 26 29 18 0
9.0 8.9 4.6 5.3 4.2
27 17 16 19 20
6.2 na 4.6 3.5 1.4
93 100 122 125 141
64 39 56 59 59
Nalco National Starch Reichhold Chemicals Rorer-Amchem Stepan
11 8.1 3.8 13 5.0
12 9.0 4.8 16 5.1
1.1 11 35 3.8 33
18 25 na 16 na
68 na 68 na 91
21 na na na 15
34 26 24 44 16
4.8 6.2 4.0 4.6 6.7
25 20 12 21 21
na 4.5 na 4.1 2.7
139 143 148 131 137
41 54 68 68 52
3.7 4.4 6.2
4.8 5.1 5.1
13 34 24
na 20 19
na 74 52
na na 21
33 35 26
12 7.5 6.5
48 28 20
2.3 1.6 2.7
193 143 128
51 50 59
3.3% 5.1 5.7 7.7 4.7
2.4% 4.2 3.2 6.1 2.9
39% 27 28 21 39
7.8 8.8 11 7.6 4.6
4.6 5.6 7.0 5.8 4.5
W. R. Grace Hercules Koppers Monsanto NL Industries
3.1 7.9 4.1 9.0 3.5
Olin Pennwalt Rohm and Haas Stauffer Chemical Union Carbide Williams Companies MEDIAN
3.8 4.0 8.3 7.5 7.4 6.5 6.5
Diamond Shamrock Dow Chemical Du Pont Ethyl Corp. FMC
Virginia Chemicals Witco MEDIAN
na
na
29 18
60J
a Calculated by dividing after-tax earnings by the sum of current assets plus gross plant, b Consolidated sales only, c Thousands of dollars, d Actual spending on new facilities construction, new equipment, and new land in consolidated businesses, e Excludes exports, f Payroll only, g Foreign chemical sales only, h Payroll and pensions only, i U.S. only, j Sales outside North America, k Chemical sales excluding exports. I Latin American subsidiaries' sales, na = not available. Note: Companies surveyed generally have at least one third of sales in chemicals.
44
C&EN June 3, 1974
Industrial chemical inventories were unchanged last yean shipments moved up 17% ANNUAL CHANGE
MANUFACTURERS' !SHIPMENTS $ Billions
Chemicals and allied products Industrial chemicals Drugs, soap, a n d toiletries Petroleum and coal products Rubber and plastics products Paper and allied products
1972
1963
1972-73
1963-73
$866.3 $749.6 $671.0 $634.3 $420.4 57.4 49.4 67.0 51.9 31.8 16.7 19.6 15.4 10.6 15.9 18.6 17.0 14.9 15.7 29.9 35.8 26.9 24.9 18.0 19.2 20.5 9.1 15.5 17.0 32.4 25.5 28.3 16.4 24.8
15.6% 16.7 17.4 9.4 19.7 6.8 14.5
7.5% 7.7 6.3
1973
All manufacturing industries
1971
1970
7.1 8.5 7.0
MANUFACTURERS' INVENTORIES AT END OF YEAR 1972
1973
1971
1963
1970
$120.3 $107.4 $102.1 $101.3 $59.9 6.8 3.8 6.9 7.1 7.3 1.2 2.0 2.1 2.0 2.0 2.0 2.2 2.0 2.5 2.3 1.8 2.4 2.3 2.6 1.2 2.2 2.2 2.4 2.6 1.8 2.7 2.8 2.9 3.3
Source: Bureau of Census
Chemical prices started big gain in 1973, but still lag other industrials ANNUAL CHANGE
ANNUAL AVERAGE Wholesale price indexes, 1967 = 100
1973*
Industrial commodities Chemicals and allied products Industrial chemicals Drugs a n d p h a r m a c e u t i c a l s Fats a n d oils, i n e d i b l e Plastic resins a n d m a t e r i a l s Agricultural chemicals and chemical products Prepared paint Paint materials Other c h e m i c a l s a n d allied p r o d u c t s Rubber and plastics products a Preliminary figures.
135.5 127.0 110.0 103.4 104.3 228.3 92.1 96.6 122.2 113.2 118.1 112.4
1972
1971
119.1 117.9 104.2 101.2 103.0 115.8 88.7 91.7 118.0 104.1 113.5 109.3
113.9 114.0 104.2 102.0 102.4 133.5 88.9 92.2 115.6 101.5 112.1 109.2
1970
1963
1972-73
1963-73
110.4 110.0 102.2 100.9 101.1 133.3 90.7 88.4 112.4 101.4 108.6 108.6
94.5 94.7 97.9 97.3 101.2 98.8 100.8 96.7 95.0 100.2 95.4 96.8
13.8% 7.7 5.6 2.2 1.3 97.2 3.8 5.3 3.6 8.7 4.1
3.7% 3.0 1.2 0.6 0.3 8.7 —0.9 0 2.5 1.2 2.2 1.5
2.8
Source: Bureau of Labor Statistics
Chemical production gain exceeded long-term rate, but some sectors are weak ANNUAL CHANGE Industrial production indexes, 1967 = 100
1973*
1972
1971
1970
1963
1972-73
1963-73
TOTAL INDEX
125.6
115.2
106.8
106.6
76.5
9.0%
5.1%
MANUFACTURING, TOTAL
125.2
114.0
105.2
105.2
75.8
9.8
5.1
Nondurable manufacturing
129.6
122.1
113.6
110.6
79.2
6.1
5.0
CHEMICALS AND PRODUCTS
150.2
139.6
126.4
120.2
67.3
7.6
8.4
Chemicals and synthetic materials
162.2
146.8
129.4
122.3
67.6
10.5
9.1
Basic chemicals Alkalies and chlorine Gases, coal tar, etc. Basic organic chemicals Inorganic chemicals, nee
136.2 120.7 156.8 143.9 113.7
125.6 117.5 146.6 129.3 108.0
116.0 112.0 125.6 119.0 106.1
114.8 116.9 123.0 118.5 103.3
68.8 76.2 65.8 65.4 75.0
8.4 2.7 7.0 11.2 5.3
7.1 4.7 9.1 8.2 4.2
Synthetic materials Plastics Synthetic rubber Man-made fibers
214.9 213.3 135.6 234.5
189.7 192.7 126.9 201.1
156.6 155.7 117.2 166.4
137.5 137.9 114.8 142.3
65.2 65.7 84.1 61.2
13.3 10.7 6.9 16.6
12.7 12.5 4.9 14.4
Chemical products Drugs and medicines Soaps and toiletries Soaps and related products Paints Agricultural chemicals
139.0 186.8 119.2 121.1 118.9 106.6
132.8 169.0 119.8 127.8 121.8 103.8
123.6 157.8 109.4 111.0 114.1 96.4
118.3 137.7 114.3 110.3 107.6 100.5
67.2 61.8 74.3 84.8 82.2 61.7
4.7 10.4 -0.5 -5.5 -2.4 2.7
7.5 11.7 4.8 3.6 3.8 5.6
PETROLEUM PRODUCTS
127.4
120.6
115.7
112.6
87.8
5.6
3.8
RUBBER AND PLASTICS PRODUCTS
163.8
145.5
126.0
115.7
69.2
12.6
9.0
a Preliminary,
nee = not elsewhere classified. Source: Federal Reserve Board
June 3, 1974 C&EN
45
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Dimer diprimary amine is a rela tively high molecular weight compound that is basically a cycloaliphatic diprimary amine, undergoing all of the typical reactions of primary amines. It combines the oil solubility of dimer acids and the strong protonaccepting properties of an organic base, which has led to such interesting applications as a crosslinking agent for epoxies and polyurethanes; as one modifying component in a polycondensation
#.
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White Station Tower Memphis, Tennessee
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U.S. CHEMICAL INDUSTRY
4
the people it employs
Chemical employment moved up to a new worldwide high, but chances are dimmer for big gains this year Employment in the domestic chemicals and allied products industry has been moving up for the past two years. Last year the gain was 2%. But there are now signs that it may be leveling off some 15,000 shy of the peak of more than 1,065,000 set just before the 1970 recession.
Domestic employment could be plateauing Thousands of employees 1080
1060
However, worldwide employment by major U.S.-based chemical companies did reach a new high last year after a very strong 5% gain. This followed a 1.7% increase in 1972.
1040
1020
Last year also brought continued modest improvement in the employment situation for professional and technical workers. Joblessness among this group dropped to 2.2% from 2.4% in 1972 and 2.9% in 1971. However, the number unemployed is still twice what it was in 1968.
1000
980 0
1970
1972
1971
1973
1974b
a Seasonally adjusted domestic employment, chemicals and allied products industry, b February and March figures are preliminary. Source: Department of Labor
Largest chemical producers added 5% to total employment last year WORLDWIDE EMPLOYMENT 1969 1968 1967
Thousands
1973
1972
1971
Airco Air Products Akzona Allied Chemical American Cyanamid
10 20 34
9.2 17 34
9.1 13
8.7 13
8.2 13
..
9.0 18 33 41
..
.
.
35
37 9.6 9.3 50 118
36 9.1 8.7 49 111
37 9.5 8.5 48 107
33 10 8.7 47 111
37 11 9.2 47 118
43 9.6 11 47 114
50 75 24 16 58
46 72 22 16 58
46 66 22 16 59
!
50
32 4.3 18 10 109
32 3.4 16 9.5 98
31 3.4 15 9.1 99
738 $43.0
701 $38.1
$34.7
1
Celanese Chemetron Diamond Shamrock Dow Chemical Du Pont FMC W. R. Grace Hercules Koppers Monsanto Olin Reichhold Chemicals Rohm and Haas Stauffer Chemical1 Union Carbide TOTAL SALES PER EMPLOYEE ($ Thousands)
1970
'.
14 8.5
46 9.2 9.4 36 112
1966
1965
1964
1963
8.3 11
7.9 11
7.3
6.5 9.7 34 32
45 9.4 6.6 35 115
43 8.3 6.1 34 109
34 7.8 5.5 33 101
29 7.0 5.3 32 101
• 22
1 23 9.0
33 48 22 11 50
43 2.4 12 9.6 92
40 na 11 9.8 90
39 2.6 11 7.9 85
66 15 29 3.6 15 10 102
32 3.3 16 11 104
32 3.3 15 11 100
29 2.8 14 10 100
29 2.6 13 9.9 102
$23.1
a Data for 1968 and earlier computed from sales-per-employee figures, b Domestic employment. Note: Companies surveyed are the largest basic chemical producers (SIC 281). Ethyl Corp. would qualify in terms of sales but does not release any employment data. Consistent (restated) series of data are used whenever possible, na = not available. Source: Company data
June 3, 1974 C&EN
47
U.S. CHEMICAL INDUSTRY
4
the people it employs
Employment moved up in all major chemical sectors last year PRODUCTION WORKERS1 (Thousands)
EMPLOYEES'1 (Thousands)
iM L
1973 All manufacturing Chemicals and allied products Industrial chemicals Plastics materials and synthetics Drugs Soap, cleaners, and toilet goods Paints and allied products Agricultural chemicals Other chemical products Petroleum and coal products Rubber and plastics products, nee Paper and allied products
1972
1971
1973
1963
1971
1972
WORK WEEK*. b (Hotjrs) 1973 1972 1971 1963
1963
14,575 13,838 13,434 12,555 525 580 581 600 165 170 164 167 118 141 148 156 61 72 73 75 60 69 70 72 36 37 38 39 34 32 31 34 53 59 57 57 120 117 118 117 323 448 489 539 486 523 556 537
19,820 18,933 18,529 16,995 1,030 1,002 1,008 865 302 311 285 308 228 212 175 217 150 148 113 147 126 122 122 98 70 69 68 63 52 51 56 51 91 92 96 81 190 187 191 189 683 581 419 627 718 684 619 697
40.7 41.9 42.7 42.0 41.6 40.8 41.2 42.7 41.7 42.2 41.0 42.7
40.6 41.8 42.3 42.3 40.7 41.0 41.4 42.6 41.4 42.2 41.2 42.8
39.9 40.5 41.6 41.5 42.0 41.7 42.1 41.7 40.6 40.7 40.8 40.8 40.7 41.1 42.2 43.5 41.4 41.7 42.4 41.7 40.3 40.8 42.1 42.7
a Domestic employment, b Work week of production workers, nee = not elsewhere classified. Source: Department of Labor
Production workers' wages moved up about 7% in 1973 WEEKLY EARNINGS
HOURLY EARNINGS
All manufacturing Chemicals and allied products Industrial chemicals Plastics materials and synthetics Drugs Soap, cleaners, and toilet goods Paints and allied products Agricultural chemicals Other chemical products Petroleum and coal products Rubber and plastics products, nee Paper and allied products
1973
1972
1971
1963
1973
1972
1971
$4.07 4.47 4.97 4.33 4.25 4.45 4.19 3.80 4.24 5.22 3.80 4.19
$3.81 4.20 4.68 4.10 3.98 4.16 3.91 3.56 3.98 4.95 3.60 3.94
$3.56 3.94 4.37 3.84 3.78 3.90 3.68 3.26 3.72
$2.46 2.72 3.07 2.71 2.47 2.60 2.56 2.16 2.59 3.16 2.47 2.48
$165.65 187.29 212.22 181.86 176.80 181.56 172.63 162.26 176.81 220.28 155.80 178.91
$154.69 175.56 197.96 173.43 161.99 170.56 161.87 151.66 164.77 208.89 148.32 168.63
$142.04 163.90 183.54 161.66 153.47 159.12 149.78 137.57 154.01 193.77 137.02 154.51
4.57 3.40 3.67
1963 $ 99.63 112.88 128.02 113.01 110.53 106.08 105.22 93.96 100.80 131.77 100.78 105.90
nee = not elsewhere classified. Source: Department of Labor
Joblessness among professional and technical workers dipped again Thousands
1971
1970
1969
1968
1967
1966
1965
1964
1963
% Unemployed N u m b e r unemployed
2.9% 333
2.0% 227
1.3% 144
1.2% 126
1.3% 133
1.3% 125
1.5% 133
1.7% 149
1.8% 155
MANAGERS, OFFICIALS, AND PROPRIETORS % Unemployed 1.4% 1.8% N u m b e r unemployed 123 145
1.6% 145
1.3% 112
0.9% 76
1.0% 76
0.9% 70
1.0% 76
1.1% 84
1.4% 104
1.5% 108
1973
1972
PROFESSIONAL AND TECHNICAL WORKERS
ALL WHITE-COLLAR WORKERS % Unemployed N u m b e r unemployed
2.9% 1219
3.4% 1369
3.5% 1386
2.8% 1113
2.1% 780
2.0% 725
2.2% 754
2.0% 679
2.3% 752
2.6% 816
2.9% 882
ALL CIVILIAN WORKERS % Unemployed N u m b e r unemployed
4.9% 4303
5.6% 4840
5.9% 4993
4.9% 4088
3.5% 2832
3.6% 2816
3.8% 2977
3.8% 2878
4.5% 3365
5.2% 3785
5.7% 4071
1966
1965
1964
1963
Source: Department of Labor
Women cling to about 20% of jobs in the chemical industry Thousands
1973
WOMEN EMPLOYEES 1968 1967
1972
1971
1970
1969
CHEMICALS AND ALLIED PRODUCTS N u m b e r employed 206 207 % of all employees 219^ 21%
206 20%
216 21%
220 21%
209 20%
198 20%
186 19%
172 19%
165 19%
162 19%
ALL MANUFACTURING N u m b e r employed % of all employees
5176 28%
5436 28%
5667 28%
5490 28%
5353 28%
5214 27%
4768 26%
4537 26%
4482 26%
5714 29%
Source: Department of Labor
48
C&EN June 3, 1974
5353 28%
U.S. CHEMICAL INDUSTRY
the R&D it conducts
Industrial R&D spending is on the increase but it is doing little more than staying slightly ahead of inflation It now seems certain that 1972 marked the low point for both employment and funding for industrial R&D. Last year and this have brought the beginnings of an upturn. Major U.S. chemical makers spent about 10% more on R&D last year than they did in 1972. And they are planning another 10% increase this year. However, as a percentage of sales, such spending is only about half what it was 10 years ago.
Chemical R&D will grow about 10% this year Basic chemical industry R&D spending, $ millions 1100
1000
Inflation is taking much of the heart out of the current boosts in industrial R&D spending. This is reflected in the only modest increase in R&D employment—3% last year, according to the National Science Foundation.
900 800
700
600 Constant dollarsa
500
0 1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
a Base year 1962. Sources: National Science Foundation, C&EN corporate surveys
Chemical R&D is now only 2% of sales
Total industry R&D spending keeps rising
R&D spending as % of sales3
$ Billions3
4
12
10
8
6
4
o *# §1 ?m » *m m^ **u ^>: 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 a For the basic chemical industry. Sources: National Science Foundation, C&EN corporate surveys
Ο
1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1963 1964 1965 1966 1967 1968 1969 1970 1971 a R&D spending by all industrial firms. Source: National Science Foundation
June 3, 1974 C&EN 49
U.S. CHEMICAL INDUSTRY
s
the R&D it conducts
Major chemical makers plan second solid gain for R&D spending $ Millions
Airco Air Products Akzona Allied Chemical American Cyanamid Celanese Chemetron Diamond Shamrock Dow Chemical Du Pont Ethyl Corp.
19741
1973
1972
1971
1970
$ 9.0 $ 9.0 $ 6.8 $ 8.3 $ 8.7 11 8.2 7.3 6.6 5.2 17 13 11 10 7.1 32 29 28 31 29 50 44 48 43 47 na 52 49 51 55 4.5 3.5 3.6 3.5 3.3 14 12 12 11 11 92 95 137 118 105 255 250 258 290 276 22 22 20 18 20
19741
$ Millions
W. R. Grace Hercules Monsanto Olin Rohm and Haas Stauffer Chemical Union Carbide Total for 14 firms
48 na na na 20 41 19 88 $783
1973
1972
1971
1970
43 28 28 101 19 34 17 77 $710
38 22 28 92 16 28 14 70 $642
33 21 21 87 na 29 14 78 $633
31 21 22 98 na 31 14 78 $634
a Planned spending, b Includes only those companies with 1974 figures, except Olin, which had no figures for 1970 and 1971. na = not available. Sources: Company data, C&EN survey
Total industry R&D employment apparently bottomed out in 1972 Thousands of employees1
1973
1972
1971
1970
1969
1968
1967
1966
1965
1964
1963
Chemicals and allied products Industrial chemica s Drugs Other chemicals Petroleum Rubber Paper Textiles All industry
41.6 19.5 12.5 9.6 8.2 5.8 4.9 1.8 359.9
40.9 19.7 11.8 9.5 8.3 5.8 4.9 1.8 349.9
42.8 22.4 11.6 8.8 9.2 5.9 5.0 1.8 366.8
40.2 21.9 11.4 6.9 9.9 6.8 4.9 2.9 384.1
40.3 22.6 10.1 7.6 10.0 6.3 4.8 2.6 387.1
40.8 23.3 10.0 7.5 11.2 6.1 2.8 2.5 376.7
38.7 22.7 9.3 6.7 10.4 5.8 2.8 1.9 367.2
40.0 24.7 8.0 7.4 10.2 5.7 2.6 1.4 353.2
40.0 25.7 7.7 6.6 9.7 5.8 2.4 1.2 343.6
37.8 23.6 7.3 6.9 9.0 6.0 2.6 1.2 340.2
38.3 22.9 6.9 8.5 8.9 5.8 2.5 1.0 327.3
a Full-time equivalents. Source: National Scie nee Fou idation
Drug R&D spending doubles since 1966
Outlook is for more growth $ Millions
Chemicals and allied products Industrial chemicals Petroleum Electrical equipment Aerospace All industries
INDUSTRY-FUNDED R&D 1971
1972
1975
$ 1,635 858 488 2,232 1,012 10,643
$ 1,713 870 458 2,442 945 11,347
na $ 1,025 525 3,000 1,150 13,950
$ Millions" 900 800
na = not available. Source: National Science Foundation
1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973b a Worldwide R&D spending by U.S. drug companies, b Estimate. Source: Pharmaceutical Manufacturers Association
50
C&EN June 3, 1974
U.S. CHEMICAL INDUSTRY
the foreign trade it generates
U.S. trade balance jumps back into the black, boosted by 56% rise in the strong chemicals trade balance After two years of deficits, the U.S. chalked up a $1.7 billion trade surplus last year on the strength of a staggering 44% increase in exports. The chemical industry again was a strong contributor to the U.S. trade surplus last year as the chemical trade surplus alone grew to $3.3 billion.
U.S. chemical exports exceed $ 5 billion $ Billions 3 7
Despite last year's strong export performance in chemicals and all manufactures, the U.S. continues to lose ground in world export markets. The U.S. share of the world chemical export market now is down to 18.1%.
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