FACTS & FIGURES OF THE CHEMICAL INDUSTRY 2006 was A GOOD YEAR for the chemical industry IN MANY WAYS, 2006 brought a continua- tegic areas also helped. For instance, in tion of the growth in the chemical industry the U.S., chemical employment fell, but that began in earnest in 2004 and extended worldwide, U.S. companies generally into 2005. Around the world, major chemiadded employees. cal companies last year saw The European chemical continued growth based on industry provided a pleasant CONTENTS good economics. surprise in 2006. Demand, The cost-price squeeze including export demand, FINANCES 30 that was prevalent for so which grew between 6.6% EMPLOYMENT 51 long seems to have abated. and 15.3%, was strong for PRODUCTION 55 Although all costs, and in European chemicals. Thus, TRADE 65 particular raw material costs, sales growth was good at Euwere still high, they had deropean chemical companies. creased somewhat and companies were, by This growth translated into higher earnings and large, able to keep their product prices at most firms, and a few that had been in at reasonable growth levels. the red in 2005 realized significant profits in 2006. The increase in prices led to higher shipment values, producing greater The strong growth in the value of exsales values despite slow growth in proports was not confined to Europe. Other duction and volumes for some products. regions also saw their export values grow, Keeping employment in check in strasometimes significantly. In North America, WWW.CEN-0NLINE.ORG
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JULY 2, 2007
U.S. chemical exports rose 12.6%, and in Canada, exports rose 7.7%, with exports to the U.S., its major customer, rising 6.3%. In Japan, exports of chemicals increased 8.9%; in South Korea, exports jumped 14.6%; and in China, exports increased 18.5% over 2005. C&EN STAFF members who collected industry data from the major chemicalproducing countries and regions were Assistant Managing Editor Michael McCoy, Senior Correspondent Marc S. Reisch, and Senior Editor Alexander H. Tullo (all three in C&EN's Northeast News Bureau); Senior Correspondent Patricia L. Short (London); and Asia-Pacific Bureau Head Jean-François Tremblay (Hong Kong). Senior Correspondent William J. Storck (Northeast News Bureau) coordinated the work. •
FACTS & FIGURES
FUNDAMENTALS RAISE COMPANY FORTUNES FINANCES were helped by higher prices and cost restraints; R&D and capital spending rose THE CHEMICAL INDUSTRY around the world had a pretty good year financially in 2006. Demand for chemicals increased, as seen in the Commerce Department's tally of shipments and prices that produc ers got for their products. These values climbed, although not as much as they did in 2005. Shipments of all chemicals from U.S. plants increased 5.0% to $576.8 billion, according to government data. When pharmaceuticals are excluded, the value of all other chemical shipments rose by only 2.7%, well below the 5.7% growth achieved in 2005. In Canada, shipments of all chemicals increased just 1.8% to $45.1 billion. Ex cluding drugs, however, the value of all other chemical shipments rose even more slowly, just 1.1%. In Europe, the value of shipments from seven major chemical-producing coun tries rose but unevenly, with gains ranging
from just 0.4% in France to 15.1% in the Netherlands. The U.S. producer price index for all chemicals rose 7.2%, and the value of chemical shipments rose a slower 5.0%. This outcome indicates that shipment volumes were probably slightly lower in 2006 than in the year before. The rise in the U.S. producer price in dex, although slowing considerably from 2005's year-to-year 10.1% jump, was still well above its 10-year average of 3.8%. The largest increase from 2005 among the U.S. chemical sectors, 12.7%, was for industrial chemicals, which has had to fight hardest to make up for strong raw material and en ergy costs over the past few years. In other parts of the chemical world, the increase in the producer price index was generally lower than that in the U.S. In neighboring Canada, the index for all chemicals rose just 1.6%, and inorganic industrial chemicals showed the high
DEMAND AND PRICES U.S. shipments grew 5.0%, while Canada's rose just 1.8% ... $ Billions 600 Π ^
$ Billions 50 Canada 40
400
30 20
200 0
1996 97 98 99 00 01 02 03 04 05 06
. l l
r~ iron 111111111
ι mm mu SÊÊ ΗΗ ΗΗ ΒΒ HI BH HH
10 0 1996 97 98 99 00 01 02 03 04 05 06
, as the increase in the U.S. price index beat Canada's 7.2% to 1.6% Price index, 1997 : 100 130 ΓCanada
Price index, 1997 = 100 150 [U.S.
120 130 110 110
100
90 1996 97 98 99 00 01 02 03 04 05 06
90 1996 97 98 99 00 01 02 03 04 05 06
SOURCES: U.S. Departments of Labor and of Commerce, Statistics Canada
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JULY 2, 2007
est growth among the sectors, 7.6%. But Canada's price index for synthetic resins actually fell 1.3% from 2005. In Europe, year-to-year changes in the price indexes for all chemicals ranged from an 8.5% increase in the Netherlands to a 1.9% decline in the U.K. The price increases boosted com panies' total sales, while cost-cutting measures and higher sales helped raise earnings. Compared with sales in 2005, t o t a l sales in 2006 for the 31 U.S. chemical firms that C&EN tracked increased 7.7% to $203.2 billion, and their earnings rose 10.3% to $14.3 billion. The result is an aggregate profit margin of 7.1% in 2006, compared with 6.9% in 2005. In Canada, the country's four major chemical companies had sales of $16.8 bil lion in 2006, a 14.7% increase over sales in 2005. Earnings grew 18.3% to $1.35 billion; the group's profit margin rose to 8.0% in 2006 from 7.2% the year before. Likewise, in Europe, earnings at 20 major companies rose 48.3% in 2006 on an 8.0% increase in sales to $255.7 billion. Profitability rose to 6.6% from just 4.8% in 2005. And in Japan, the 12 chemical com panies surveyed by C&EN realized total sales of $127.4 billion a n d earnings of $5.89 billion in 2006, representing increases of 10.2% and 11.1%, respectively, from the year before. The aggregate 2006 profit margin was 4.6%, slightly better than the 4.2% margin in 2005. The industry's good fortunes in 2006 produced increases in capital and R&D spending. In the U.S., R&D spending at 22 of the chemical companies rose 5.9% to a total of $5.05 billion. By contrast, eight major pharmaceutical firms spent a combined $33.3 billion on R&D, an 11.6% increase over 2005. R&D expenditures of European and Japanese chemical firms in creased even more than did those of their U.S. counterparts. In Europe, R&D spend ing at 20 companies totaled $10.6 billion, a 7.4% increase over the previous year. And 12 Japanese firms shelled out $3.91 billion on R&D, a 7.2% rise over 2005. In 2006, expenditures on new plant and equipment for the 22 U.S. companies reached $8.32 billion, a 22.6% jump from 2005. Capital spending by the 20 Euro pean firms rose 14.4% to $14.3 billion, and that by the 12 Japanese companies amounted to $9.41 billion, a 32.7% in crease from the prior year. •
U.S. SHIPMENTS All categories of chemical products realized positive demand growth in 2006 $ BILLIONS
1996
All chemicals Chemicals, excluding pharmaceuticals Agricultural chemicals Coatings & adhesives All other chemicals Pharmaceuticals
1997
1998
1999
$385.3 299.3
$415.6 322.7
$416.6 313.2
23.5 24.7 251.0 86.0
24.2 26.4 272.1 92.9
24.2 26.8 262.1 103.4
2004
2005
2006
$427.4 $420.5 315.1 307.7
$459.1 341.4
$506.1 389.2
$549.1 411.2
$576.8 422.1
19.7 28.4 267.0 105.4
18.7 28.5 294.2 114.3
20.7 30.5 338.0 116.9
24.8 30.4 356.0 137.9
26.9 32.5 362.2 154.7
2001
$419.5 $442.2 311.7 320.4 21.6 27.5 262.5 107.8
2003
2000
20.3 29.7 270.3 121.8
2002
20.7 30.0 256.9 119.7
ANNUALCHANGE 2005-06 1996-06
5.0% 4 . 1 % 2.7 3.5 8.5 6.9 1.7 12.2
1.4 2.8 3.7 6.0
SOURCE: C&EN calculations using Department of Commerce data
CANADA SHIPMENTS Demand for chemicals rose, as that for all manufactured products fell $ BILLIONS
1996
All manufacturing $352.8 Chemical manufacturing 26.7 Basic chemicals 7.1 Petrochemicals 2.1 Resins & synthetic rubber 4.6 Pesticide, fertilizer & other 2.3 agricultural chemicals Pharmaceuticals & medicine 4.1 Paints, coatings & adhesives 1.9 Soaps, cleaners & toilet preparations 2.6
1997
1998
$376.1 28.7 7.9 2.5 5.2 2.4
1999
2000
2003
2004
2005
2006
$479.1 $493.7 33.9 35.7 10.4 10.1 3.9 3.6 5.7 ; 63 2.2 2.3
$496.1 38.0 11.1 4.2 6.6 2.9
$516.8 41.8 12.1 5.3 9.2 3.4
$521.3 44.3 12.3 6.0 10.6 3.9
$518.2 45.1 13.0 6.5 11.2 3.5
6.7 2.3
7.0 2.5
6.8 2.6
6.6 3.0
2.7
3.1
2.9
3.1
2001
$389.1 $450.2 $495.0 277 30.2 32.8 8.1 9.7 7.5 2.2 2.6 4.0 4.9 5.4 6.2 2.4 2.2 2.2
4.3 2.0
4.2 2.1
4.5 2.3
4.9 2.2
6.0 2.3
2.6
2.6
3.4
3.0
2.7
2002
;
ANNUALCHANGE 2005-06 1996-06
-0.6% 1.8 5.8 8.8 5.8 -9.1
3.9% 5.4 6.1 11.9 9.3 4.4
7.0 2.6
5.3 -14.7
5.3 2.8
3.0
-2.9
1.3
NOTE: Monetary statistics for all years were converted at the 2006 average exchange rate of $1.00 U.S = $1,134 Canadian. SOURCE: Statistics Canada
EUROPE SHIPMENTS Pickup in shipments from the Netherlands spurred the growth of European shipments $ BILLIONS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Belgium France Germany Italy Netherlands Spain U.K. (a)
$34.4 82.1 138.5 69.5 28.1 32.7 56.6
$37.1 87.0 148.4 72.0 31.5 35.2 67.9
$36.4 88.5 146.7 72.0 30.3 37.3 64.9
$37.0 92.1 152.5 73.4 31.7 38.9 68.9
$44.4 103.2 169.6 81.5 40.7 36.5 73.9
$53.2 106.9 168.2 83.0 40.4 38.3 71.1
$53.7 106.4 166.5 85.5 40.6 39.0 67.3
$55.5 110.7 171.4 85.6 42.7 40.4 91.8
$59.4 117.7 178.6 88.3 45.7 42.8 92.6
$60.3 121.4 191.0 94.7 49.6 45.0 94.3
$64.3 121.9 202.4 99.4 57.1 47.9 96.0
ANNUALCHANGE 2005-06 1996-06
6.6% 0.4 6.0 4.9 15.1 6.5 1.8
6.5% 4.0 3.9 3.6 7.3 3.9 nm
NOTE: Monetary statistics for all years were converted from local currencies at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros and 0.542 pounds sterling, a Source of data changed in 2003; prior years' data are not comparable, nm = not meaningful. SOURCES: European Chemical Industry Council, national agencies, C&EN estimates
GOT A THING FOR DATA? If you're itching to do your own calculations with all these numbers, let yourself go . . to www.cen-online.org, that is, where you can access downloadable versions of these tables, starting on July 16.
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JULY 2, 2007
FINANCES
U.S. PRICE INDEX Year-to -year increases beat the 10-year averages for most chemical sectors PRODUCER PRICE INDEX, 1997 - 1 0 0
1996
1997
1998
1999
2000
2001
All commodities Industrial commodities Finished goods Chemicals & allied products Industrial chemicals Prepared paint Paint materials Drugs & pharmaceuticals Fats & oils, inedible Agricultural chemicals Plastic resin & materials Other chemicals & products
100.1 99.7 99.6 99.0 100.2 96.8 99.9 98.0 100.8 100.8 96.9 99.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.1 100.0 100.0 100.0
97.5 97.7 99.2 100.2 96.0 101.8 101.6 110.7 88.3 96.8 91.3 101.1
98.4 99.1 100.9 100.4 94.1 103.5 101.8 114.8 66.9 93.1 91.6 101.5
104.0 105.6 104.7 105.2 102.1 105.7 104.9 117.5 53.0 93.8 103.1 102.9
105.2 106.3 106.8 105.7 101.6 108.1 105.9 119.5 58.7 98.6 97.7 104.7
2003
2004
2005
2006
108.2 108.9 108.7 112.7 112.1 112.3 122.2 125.4 93.3 101.9 106.4 105.9
115.0 115.6 112.7 121.4 128.8 115.5 127.0 129.8 116.2 108.4 118.8 107.9
123.4 125.5 118.1 133.7 149.1 123.5 134.6 136.1 111.1 115.3 140.6 113.2
129.1 132.2 121.7 143.3 168.0 132.3 140.3 142.4 111.9 119.4 144.5 118.6
2002
102.7 103.7 105.4 105.8 ' 100.7 109.7 117.2 121.4 68.3 93.3 95.2 104.8
ANNUALCHANGE 2005-06 1996-06
4.6% 5.4 3.0 7.2 12.7 7.1 4.3 4.7 0.7 3.5 2.8 4.8
2.6% 2.9 2.0 3.8 5.3 3.2 3.5 3.8 1.0 1.7 4.1 1.8
SOURCE: Department of Labor
CANADA PRICE INDEX Rise in chemical prices was more modest than the aggregate change for all commodities PRODUCER PRICE INDEX, 1997 = 100
1996
ANNUALCHANGE 2005-061996-06
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
All commodities 99.3 Chemicals & chemical products 99.8 Inorganic industrial 102.9 chemicals Sulfuric acid 103.6 Caustic soda 117.7 Ammonia 106.6
100.0 100.0 100.0
100.4 96.9 99.7
102.2 98.6 97.7
106.5 104.8 98.6
107.6 107.4 104.4
1076 1073 104.9
106.2 110.4 106.7
109.5 113.8 109.1
111.2 121.0 118.2
113.8 122.9 127.2
100.0 100.0 100.0
87.5 100.4 88.4
84.4 90.2 84.0
82.1 91.3 86.5
91.1 118.6 91.4
90.9 101.4 89.4
87.4 99.4 97.8
88.4 90.8 100.6
91.2 102.0 115.4
98.9 99.4 101.5
8.4 -2.5 -12.1
-0.5 -1.7 -0.5. ν
Organic industrial chemicals Benzene-toluene-xylene Olefins
97.2 92.0 100.3
100.0 100.0 100.0
91.6 80.2 95.7
98.4 90.4 115.3
119.1 144.3 142.4
128.3 119.8 158.3
123.8 107.3 145.0
133.4 122.7 169.8
144.1 207.9 183.4
163.7 226.9 227.0
165.8 233.3 228.1
1.3 2.8 0.5
5.5 98 8.6
Synthetic resins Polyethylene (a) Polystyrene Thermosets
98.0 96.3 106.7 99.1
100.0 100.0 100.0 100.0
90.6 87.7 96.2 98.4
92.8 91.2 95.8 93.9
103.2 97.3 100.9 103.2
100.7 94.7 100.4 133.1
99.0 91.0 100.0 1084
101.3 96.2 103.6 108.4
104.0 96.0 111.8 107.8
111.0 102.6 116.5 107.8
109.6 107.6 116.6 109.5
-1.3 4.9 0.1 1.6
1.1 1.1 0.9 1.0
Agricultural chemicals Pharmaceuticals Paints & varnishes Soaps & cleaners Toilet preparations Pigments, lakes, & toners
99.3 100.5 97.7 101.3 98.5 96.2
100.0 100.0 100.0 100.0 100.0 100.0
105.0 99.8 101.4 99.3 102.6 103.4
103.8 100.6 102.9 100.0 104.8 105.2
103.7 101.2 106.0 100.3 107.4 107.0
103.7 101.8 109.8 101.5 108.9 105.2
103.7 105.9 111.9 100.7 110.4 103.3
104.1 107.4 113.8 100.7 111.5 101.3
104.9 108.3 117.0 100.7 110.7 101.5
105.0 109.2 122.7 100.7 109.5 106.8
105.0 111.6 128.9 100.9 107.8 108.7
0.0 2.2 5.1 0.2 -1.6 1.8
0.6 1.1 2.8 0.0 0.9 1.2
2.3% 1.6 76
1.4% 2.1" 2.1
a Includes high- and low-density polyethylene. SOURCE: Statistics Canada
EUROPE PRICE INDEX Producer prices rose the fastest in the Netherlands while dropping in the U.K. CHEMICAL PRODUCER PRICE INDEX, 1997 = 100
Belgium France Germany Italy Netherlands Spain U.K.
AWFNUAL
1996
1997
102.5 101.5 101.8 96.6 99.2 101.1 86.5
100.0 100.0 100.0 100.0 100.0 100.0 100.0
1998
99.0 98.9 99.1 97.8 95.6 95.9 98.9
1999
2000
2001
2002
2003
2004
2005
2006
99.1 98.6 98.3 98.5 94.3 96.2 100.0
105.7 103.0 103.0 1070 110.1 105.7 108.3
111.9 104.2 105.1 107.5 109.1 105.9 111.6
112.2 103.5 104.0 110.1 ; 109.4 106.8 111.8
106.3 105.1 109.4 109.9 112.7 109.9 115.6
1073; 108.3 1104 113.8 120.0 113.0 115.6
111.8 111.2 113.7 117.9 129.6 117.9 120.6
ai5.5
SOURCES: European Chemical Industry Council, national chemical associations, C&EN estimates
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JULY 2, 2 0 0 7
112.0 116.4 120.5 140.6 122.4 118.3
2005-06
3.3% 0.7 2.4 2.2 8.5 3.8
-1.9
i^naixut 1996-06
1.2% 1.0 1.3 2.2 3.5 1.9 3.2
TOP 50 CHEMICAL COMPANIES Chemical sales remained strong, and most of last year's top companies held on to leading positions
DAM|i
^ ^ 2006 2005
1 2 3 4 5
1 2 3 4 6
6 7 8 9 10
5 7 9 8 11
11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
COMPANY
CHEMICAL CHEMICAL SALES SALES CHANGE AS % OF ($ MILLIONS) FROM TOTAL 2006 2005 SALES
Dow Chemical $49,124.0 ExxonMobil (d) 34,098.0 DuPont(e) 28,928.0 Lyondell Chemical 19,507.0 Chevron Phillips 11,839.0
Huntsman Corp. 10,623.6 PPG Industries 8,808.0 Praxair (e) 8,324.0 Air Products (f) 7,743.1 Eastman 7,450.0 Chemical 10 Rohm and Haas 7,401.0 13 Celanese 6,656.0 12 General Electric 6,649.0 16 Mosaic (g) 5,305.8 15 Hexion Specialty 5,205.0 Chemicals 14 Occidental 4,815.0 Petroleum 20 Honeywell (e) 4,631.0 18 Dow Corning 4,391.6 17 Lubrizol 4,036.4 22 Chemtura 3,722.7 19 Nalco 3,602.6 23 Cytec Industries 3,329.5 21 Monsanto (h) 3,316.0 24 Solutia 2,905.0 26 W.R.Grace 2,826.5 28 Sunoco 2,544.0 32 Cabot Corp. (f) 2,543.0 27 Westlake ~ 2,484.4 Chemical Momentive 2,414.2 33 Albemarle 2,368.5 31 FMC Corp. 2,3470 25 Rockwood 2,334.6 Specialties 30 Georgia Gulf 2,201.9 Ferro Corp. (e, i) 2,041.5 34 Hercules 2,035.3 36 CF Industries 1,949.5 37 Ashland (f) 1,927.0 35 Terra Industries 1,828.7 39 ISP 1,536.0 38 H.B. Fuller (j) 1,472.4 42 Arch Chemicals 1,434.7 41 Tronox 1,411.6 40 Wellman 1,332.0 43 Kronos Worldwide 1,279.4 45 NewMarket Corp. 1,263.3 48 Texas 1,237.7 Petrochemicals (k) 44 Stepan 1,172.6 46 Sigma-Aldrich 1,078.5 47 Kraton Polymers 1,015.8 International 769.0 Paper
6.1% 9.3 2.8 4.8 10.6
HEADQUARTERS
-18.0 10.6 8.7 13.0 5.5
, 100.0 79.8 100.0 87.5 100.0
Midland, Mich. Irving, Texas Wilmington, Del. Houston The Woodlands, Texas Salt Lake City Pittsburgh Danbury, Conn. Allentown, Pa. Kingsport.Tenn.
4.7 9.7 0.7 20.7 16.4
89.9 100.0 4.1 100.0 100.0
Philadelphia Dallas Fairfield, Conn. Plymouth, Minn. Columbus, Ohio
na 834.0 674.0 396.1 336.0
na 29.5 -22.9 24.4 28.2
na 100.0 2.6 100.0 100.0
na 12.5 10.1 7.5 6.5
5,283.0 7,895.0 na 8,720.6 3,508.0
55.4 100.0 na 100.0 100.0
3.7
27.3
Los Angeles
901.0
48.4
11.4
18.7
3,762.0
11.6
24.0
14.8 100.0 100.0 100.0 100.0 100.0 45.2 100.0 100.0 6.6 100.0 100.0
Morristown, N.J. Midland, Mich. Wickliffe, Ohio Middlebury, Conn. Naperville, III. West Paterson, NJ. St. Louis St. Louis Columbia, Md. Philadelphia Boston Houston
568.0 na 411.7 448.4 503.1 267.2 na 103.0 356.8 61.0 126.0 313.3
121.0 na -1.5 378 18.4 40.0 na 94.3 5.1 -59.9 -6.0 -14.6
13.9 na 100.0 100.0 100.0 100.0 na 100.0 100.0 3.9 100.0 100.0
12.3 na 10.2 12.1 14.0 8.0 na 3.5 12.6 2.4 5.0 12.6
4,674.0 5,972.3 4,386.2 4,399.4 5,656.5 3,831.5 4,229.0 2,055.0 3,637.4 1,598.0 2,534.0 2,082.1
15.1 100.0 100.0 100.0 100.0 100.0 36.1 100.0 100.0 14.6 100.0 100.0
12.2 na 9.4 10.2 8.9 70 na 5.0 9.8 3.8 5.0 15.1
3.1 12.4 9.2 9.3
100.0 100Ό 100.0 78.5
Wilton, Conn. Richmond, Va. Philadelphia Princeton, N.J.
111.6 266.7 326.7 248.3
-49.9 64.6 16.7 5.4
100.0 100.0 100.0 73.4
4.6 11.3 13.9 10.6
4,418.2 2,530.4 2,735.0 na
100.0 100.0 100.0 na
2.5 10.5 11.9 na
-3.2 8.5 -1.6 2.2 9.3 -5.3 10.9 -2.6 9.9 3.5 -3.3 6.9 175 32.2
90.7 100.0 100.0 100.0 26.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0100.0
Atlanta Cleveland Wilmington, Del. Long Grove, III. Covington, Ky. Sioux City, Iowa Wayne, N.J. St. Paul, Minn. Norwalk, Conn. Oklahoma City Shrewsbury, N.J. Dallas Richmond, Va. Houston
221.6 109.6 280.9 92.7 126.0 41.3 na 115.4 75.0 48.2 -16.6 152.5 84.6 97.3
15.4 48.7 176 -39.1 273 -50.7 na 32.2 18.7 -54.1 nm -134 122.1 69.5
142.0 100.0 100.0 100.0 74.1 100.0 na 100.0 100.0 100.0 100.0 100.0 100.0 100.0
10.1 5.4 13.8 4.8 6.5 2.3 na 78 5.2 34 def 11.9 6.7 7.9
1,318.1 1,732.9 2,808.5 1,290.4 1,309.0 1,572.7 na 1,478.5 1,149.6 1,823.4 993.3 1,421.5 744.8 731.5
53.6 100.0 100.0 100.0 19.9 100.0 na 100.0 100.0 100.0 100.0 100.0 100.0 100.0
16.8 6.3 10.0 7.2 9.6 2.6 na 7.8 6.5 2.6 def 10.7 11.4 13.3
8.7 79 6.6 11.1
100.0 60.0 100.0 3.5
Northfield, III. St. Louis Houston Stamford, Conn.
15.8 na 106.0 na
-38.0 na -4.2 na
100.0 na 100.0 na
1.3 na 10.4 na
546.1 na 989.2 496.0
100.0 na 100.0 2.1
2.9 na 10.7 na
43.2 13.2 -0.1 24.6 8.8 13.8 9.0 2.8 10.0 4.3 19.7 1.8
100.0% 9.3 99.8 87.8 100.0
CHEMICAL OPERATING CHEMICAL CHEMICAL PROFITS AS IDENTIFIABLE ASSETS OPERATING AS % OF RETURN ON OPERATING CHANGE % OF TOTAL OPERATING CHEMICAL PROFITS (a) FROM OPERATING PROFIT ASSETS TOTAL CHEMICAL ($ MILLIONS) 2005 PROFIT MARGIN (b) ($ MILLIONS) ASSETS ASSETS (c)
'
$4,771.0 4,382.0 3,598.0 686.0 1,443.0
-11.9% 11.1 3.8 -45.9 54.5
628.8 -35.8 1,371.0 29.3 2,183.0 12.1 1,070.6 19.2 673.0 '; -14.6
"
100.0% 11.1 84.0 64.2 100.0
9.7% 12.9 124 3.5 12.2
100.0 96.1 100.0 100.9 100.0
5.9 15.6 26.2 13.8 9.0
$45,581.0 19,537.0 19,410.0 14,260.0 7,119.0
100.0% 8.9 98.4 79.9 100.0
10.5% 22.4 18.5 4.8 20.3
8,444.9 6,783.0 11,102.0 9,703.1 6,173.0
100.0 677 100.0 86.8 100.0
7.4 20.2 19.7 11.0 10.9 na 10.6 na 4.5 9.6
~
a Operating profit is sales less administrative expenses and cost of sales, b Chemical operating profit as a percentage of sales, c Chemical operating profit as a percentage of identifiable chemical assets, d Profits and profitability ratios are after tax. e Sales include a significant amount of nonchemical products, f Fiscal year ended Sept. 30. g Fiscal year ended May 31. h Fiscal year ended Aug. 31. i Ferro didn't report its annual results in time for last year's survey. Its $1,882.3 million in 2005 revenues would have placed it at number 37. j Fiscal year ended Dec. 2. k Fiscal year ended June 30. def = deficit, na = not available, nm = not meaningful.
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22
JULY 2, 2007
FINANCES
U.S. FINANCIAL ANALYSIS Financial measures for most major companies improved
YEAR Air Products & Chemicals (e)
Albemarle
Arch Chemicals
Cabot (e)
Calgon Carbon
Celanese (f)
Chemtura (g)
Cytec Industries (h)
Dow Chemical
DuPont(i)
Eastman Chemical
FMCCorp.
2006
RETURN ON PROFIT INVEST- RETURN ON MARGIN (a) M E N T ( b ) EQUITY (c) 9.0%
4.9%
16.1%
DEBT AS % OF DEBT SALES PER DIVIDENDS PLUS EMPLOYEE AS % OF EQUITY (d) EARNINGS 31.7%
$428
ΓΔΡΙΤΔ1 SPENDING -AL b H t N U I N f a AS % OF AS % OF R&D AS % SALES NET PLANT OF SALES UAHI
SALES AS %OF ASSETS
NET PLANT AS % OF GROSS PLANT
36.9%
14.3%
20.5%
1.7%
79.2%
45.3%
2005
8.7
4.6
15.6
31.0
403
38.8
11.4
15.8
1.6
78.2
45.4
2004
8.2
4.1
13.6
32.8
372
36.2
9.5
12.4
1.7
73.8
46.7
2003
7.4
3.4
12.3
36.4
340
40.4
9.7
10.9
1.9
66.8
48.1
2006
8.5
6.4
19.6
39.9
665
15.7
4.2
10.2
2.0
93.6
45.2
2005
5.5
3.7
12.4
45.5
570
23.0
3.3
7.3
2.0
82.7
44.1
2004
3.6
2.0
7.7
55.9
409
54.5
3.8
6.5
2.1
62.0
43.1
2003
7.3
3.9
12.7
26.4
370
28.6
3.7
7.8
1.6
80.0
32.8
2006
2.7
3.0
10.5
14.6
543
50.3
1.9
13.8
1.3
124.8
24.8
2005
3.1
3.2
10.9
37.4
479
47.5
1.4
9.6
1.6
128.3
25.1
2004
1.5
1.4
4.7
37.4
419
108.8
1.6
8.5
4.7
101.9
28.0
2003
1.5
1.1
4.4
39.3
349
120.0
2.0
7.1
6.3
103.4
30.9
2006
3.5
2.4
7.5
27.7
591
55.6
7.4
19.5
2.3
100.4
38.1
2005
5.0
3.0
9.6
29.6
483
48.1
8.8
22.4
2.8
89.5
36.8
2004
6.3
3.4
10.2
29.8
450
37.7
6.2
13.0
2.7
79.7
38.8
2003
4.2
2.2
7.0
32.4
408
48.0
7.2
14.1
3.6
77.8
41.5
2006
def
def
def
33.6
373
def
4.1
12.2
1.3
98.1
28.2
2005
def
def
def
35.8
242
def
5.5
14.7
1.6
83.6
30.0
2004
1.8
1.1
3.6
33.6
293
78.2
3.6
9.3
1.5
92.6
33.2
2003
1.4
0.8
2.5
25.0
297
84.9
3.2
7.0
1.8
92.1
35.4
2006
6.1
6.8
51.7
80.2
748
ne
3.8
11.7
1.1
84.3
75.8
2005
5.0
6.0
129.8
93.3
653
ne
3.5
10.4
1.5
81.5
82.1
2006
def
def
def
38.8
600
def
3.4
11.2
1.8
84.6
52.0
2005
4.8
4.0
8.1
42.5
454
24.8
3.5
8.8
1.7
59.9
58.0
2004
def
def
def
72.4
531
def
2.5
8.8
2.0
95.2
45.5
2003
def
def
def
71.3
397
def
4.0
11.4
2.4
86.4
48.3
2006
5.0
5.5
10.7
36.4
497
11.2
3.1
10.3
2.2
86.9
52.7
2005
4.9
4.5
11.5
49.7
401
12.5
3.6
9.8
2.3
76.8
52.1
2004
7.3
5.0
13.9
24.9
382
12.5
5.2
13.1
2.3
77.3
41.7
2003
6.2
4.1
12.1
35.5
327
0.0
6.4
14.2
2.4
72.7
43.1
2006
8.4
6.7
24.3
32.0
1,153
33.9
3.6
12.9
2.4
107.8
30.9
2005
9.8
7.7
29.7
37.5
1,092
28.3
3.4
11.8
2.3
100.8
32.3
2004
7.0
4.8
22.8
48.7
930
44.8
3.3
9.6
2.5
87.5
33.0
2003
3.9
7.5
14.0
56.2
703
95.6
3.4
7.7
3.0
77.9
348.4
2006
11.5
8.2
33.4
39.0
465
43.8
5.6
14.6
4.7
86.3
40.8
2005
7.7
5.5
23.1
43.2
444
70.1
5.0
13.0
5.0
80.1
41.3
2004
9.0
6.2
21.5
32.8
456
57.4
4.5
12.1
4.9
76.7
42.6
2003
6.2
3.9
17.1
30.5
333
84.3
6.3
17.3
5.0
72.9
41.0
2006
5.5
3.6
20.2
43.9
677
35.2
5.2
12.7
2.2
120.7
34.7
2005
7.9
4.8
34.6
50.1
588
25.5
4.9
10.8
2.3
122.3
32.9
2004
2.6
1.5
14.4
63.5
548
80.6
3.8
7.8
2.3
112.1
33.2
2003
1.4
0.7
8.1
66.7
387
161.9
4.0
6.7
3.0
93.1
34.7
2006
6.2
3.6
14.2
40.8
469
14.5
4.9
11.3
4.1
85.8
34.5
2005
5.2
2.8
11.6
40.0
430
ne
4.3
9.2
4.4
78.5
35.7
2004
8.6
4.4
20.1
48.4
402
ne
4.1
7.6
4.5
68.9
37.4
2003
3.5
1.8
11.6
63.7
363
ne
4.5
7.7
4.5
67.9
39.4
NOTE: Earnings are from continuing operations but may include significant nonrecurring and extraordinary items, a Earnings as a percentage of sales, b Earnings as a percentage of current assets plus gross plant, c Earnings as a percentage of stockholders' equity, d Thousands of dollars, e Fiscal year ends Sept. 30. f Celanese was restructured as a stand alone company in March 2 0 0 4 ; data for years prior to 2005 are not comparable, g Crompton and Great Lakes Chemical merged in 2005 to become Chemtura; earlier figures are for Crompton. h Acquired Surface Specialties in 2005. i Sold majority of textile and interiors unit in 2 0 0 4 . def = deficit, ne = nonexistent.
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2 A
JULY 2, 2007
Η.Β. Fuller (e)
YEAR 2006 2005 2004 2003
1DEBT AS % RETURN ON OF DEBT SALES PER DIVIDENDS PROFIT INVEST RETURN ON PLUS EMPLOYEE AS % OF EARNINGS MARGIN (a) MENT (b) EQUITY (c) EQUITY (d) 5.5% 18.2% 5.4% 10.4% 22.4% $398 3.8 4.1 24.5 16.1 380 9.8 2.6 36.4 2.6 313 6.5 20.0 3.4 3.4 28.8 286 8.6 24.0
CAPITAL SPENDING
SALES AS %OF AS % OF AS % OF R&D AS % SALES NET PLANT OF SALES ASSETS 1.1% 99.6% 1.4% 7.1% 136.5 1.1 8.2 1.6 124.2 1.1 2.2 8.9 127.7 1.4 11.2 3.0
NET PLANT AS % OF GROSS PLANT 36.0% 36.4 40.7 42.1
Georgia Gulf (f)
2006 2005 2004 2003
2.1 4.2 4.8 0.9
2.1 6.9 7.6 1.0
13.2 26.3 39.6 9.6
78.8 38.7 32.5 75.8
362 2,025 1,828 1,205
21.2 11.4 10.0 79.9
3.7 1.4 1.0 1.7
8.9 8.0 5.4 5.2
ne ne ne ne
98.8 227.2 228.8 168.5
59.5 38.7 41.2 45.2
W.R.Grace
2006 2005 2004 2003
0.6 2.6 def def
0.5 2.1 def def
-3.3 -11.3 def def
-0.0 0.0 -0.2 0.0
442 402 353 314
ne ne ne ne
4.2 3.1 2.8 4.3
17.9 13.7 9.8 13.1
2.3 2.3 2.3 2.6
77.7 73.1 63.9 68.9
30.6 30.2 32.7 35.1
Hercules
2006 2005 2004 2003
9.4 1.0 1.4 4.0
7.0 0.8 0.9 2.6
78.6 -81.8 27.8 112.1
79.8 1023 92.6 95.3
459 445 399 362
ne ne ne ne
4.6 3.3 3.9 2.6
15.6 12.6 11.1 7.1
1.9 2.0 2.2 2.1
72.5 80.5 73.7 66.7
34.4 32.2 33.3 33.2
Intl. Flavors & Fragrances
2006
10.9
10.6
25.2
46.6
412
29.5
2.8
11.8
8.9
84.5
46.1
2005 2004 2003
10.5 10.9 10.5
9.4 10.8 10.5
22.8 23.7 26.9
12.5 42.3 48.2
386 379 349
32.5 29.3 29.1
4.7 3.6 3.5
18.7 14.2 12.9
9.0 8.9 8.4
75.6 83.4 82.4
48.7 48.5 50.6
Lubrizol (g)
2006 2005 2004 2003
4.5 5.0 4.2 5.2
4.1 4.9 3.1 3.7
10.6 13.0 8.7 11.1
47.4 51.5 56.3 28.9
600 538 405 407
39.2 34.6 43.6 50.5
3.2 3.4 4.2 4.3
12.1 11.5 10.1 12.8
5.1 5.1 6.0 4.6
92.1 92.6 69.2 103.4
42.5 45.2 48.3 35.2
Lyondell (h)
2006 2005 2004 2003
4.1 3.5 2.0 def
5.0 4.8 0.8 def
28.8 21.9 4.4 def
71.6 66.5 73.9 78.2
2,039 1,861 601 1,201
24.3 33.7 107.6 def
1.8 1.3 1.4 7.1
4.4 3.8 1.2 10.2
0.4 0.5 0.7 1.0
124.6 124.2 37.5 49.8
68.5 69.5 75.1 75.9
Monsanto (i)
2006 2005 2004 2003
9.5 2.3 5.0 7.6
6.4 1.6 2.8 3.9
10.7 2.8 5.2 7.3
20.1 20.6 17.0 12.8
420 420 433 374
29.7 110.8 52.0 34.2
5.0 4.1 3.8 4.2
15.3 11.8 10.1 9.0
9.9 8.5 9.4 10.3
62.6 65.5 59.5 52.2
44.6 46.7 45.3 49.4
Nalco Holding (j)
2006 2005 2004
2.7 1.4 def
4.2 2.3 def
11.1 6.8 def
77.3 82.1 82.8
331 298 289
ne ne ne
2.6 2.3 3.0
12.6 9.9 10.8
1.7 1.8 4.0
63.7 59.7 51.1
64.0 72.6 85.6
Newmarket Corp.(k)
2006
4.3
4.4
17.8
33.6
1,149
16.0
2.1
16.2
5.6
169.6
21.6
2005 2004 2003
3.3 3.0 2.8
3.0 2.4 2.0
13.2 11.6 10.5
36.5 44.2 50.2
978 813 687
ne ne ne
1.7 1.7 1.6
11.6 9.0 6.9
6.1 3.7 3.7
153.3 132.2 117.2
20.1 21.4 23.1
2006 2005 2004 2003
4.7 2.6 def 0.2
6.9 3.6 def 0.2
21.9 15.1 def 0.8
49.7 60.6 62.8 67.3
570 488 413 442
ne ne ne ne
1.5 1.3 1.1 1.5
9.3 7.4 5.2 6.0
0.8 0.7 0.7 1.0
150.1 142.8 121.6 103.4
38.2 38.9 46.3 50.7
Polyone
NOTE: Earnings are from continuing operations but may include significant nonrecurring and extraordinary items, a Earnings as a percentage of sales, b Earnings as a percent age of current assets plus gross plant, c Earnings as a percentage of stockholder's equity, d Thousands of dollars, e Fiscal year ends Dec. 2. f Acquired Royal Group Technologies in October 2006. g Acquired Noveon in 2004. h Acquired Millennium Chemicals in December 2004; acquired, in August 2006, Citco's 41.25% interest in Houston Refining, giving Lyondell sole ownership, i Fiscal year ends Aug. 31. j Nalco became a stand-alone company in November 2003; data prior to 2004 are not comparable, k Formerly Ethyl Corp. def = deficit, ne = nonexistent.
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2C
JULY 2, 2007
FIN AN C ES
PPG Industries
YEAR 2006 2005 2004 2003
DEBT AS % RETURN ON OF DEBT SALES PER DIVIDENDS PROFIT INVEST- RETURN ON PLUS EMPLOYEE AS % OF MARGIN (a) MENT (b) EQUITY (c) EARNINGS EQUITY (d) 6.4% 10.3% 22.0% 44.4% $343 26.3% 7.6 6.6 25.4 40.7 27.7 331 7.2 5.7 19.7 44.9 25.4 299 5.7 4.5 17.2 58.8 31.5 266
CAPITAL SPENDING
SALES AS %OF AS % OF AS % OF R&D AS % SALES NET PLANT OF SALES ASSETS 2.9% 110.1% 14.9% 3.4% 117.5 3.0 12.5 2.8 106.5 3.2 2.6 9.9 103.9 3.5 8.5 2.5
NET PLANT AS % OF GROSS PLANT 29.9% 29.5 31.5 33.7
Praxair
2006 2005 2004 2003
8.4 10.8 10.6 10.4
4.4 5.6 5.1 4.8
15.3 21.1 19.3 18.9
39.6 42.9 44.4 46.3
308 280 244 221
46.4 28.3 28.0 25.5
13.2 11.5 10.1 17.5
16.4 14.4 11.2 18.7
1.1 1.0 1.2 1.3
75.0 73.0 66.8 67.6
48.2 48.2 49.4 48.7
Quaker Chemical
2006 2005 2004 2003
2.5 0.4 2.2 4.4
3.4 0.6 2.8 5.4
10.5 1.6 7.3 13.4
43.5 38.9 10.9 12.5
358 346 325 298
72.4 494.1 91.6 52.8
2.7 1.6 2.2 3.8
20.3 12.3 14.3 21.0
2.8 3.3 3.5 2.9
128.8 127.7 123.4 118.5
38.3 40.4 42.9 45.6
Rohm and Haas
2006 2005 2004 2003
9.2 8.0 6.8 5.9
6.5 5.8 4.4 3.7
18.7 91.4 25.3 22.5
29.5 34.6 40.9 42.4
521 484 437 371
37.5 392 43.8 50.0
4.9 4.2 4.4 5.3
15.1 12.4 11.0 11.4
3.5 3.4 3.6 3.7
86.2 82.2 72.3 68.0
32.7 34.0 36.5 38.6
Sigma-AIdrich
2006 2005 2004 2003
15.4 15.5 15.5 14.6
11.1 11.7 10.5 7.2
19.6 20.9 18.0 19.0
19.3 15.0 12.7 15.0
246 243 230 219
20.1 19.9 21.6 18.5
4.1 5.5 5.0 4.5
11.5 15.0 12.0 10.6
2.9 3.0 3.1 3.3
77.0 78.2 80.7 83.9
46.9 48.9 49.1 50.3
Solutia
2006 2005 2004 2003
def 0.4 def def
def 0.3 def def
def -0.8 def def
-17.4 -20.5 -24.6 -35.4
570 523 473 386
ne ne ne ne
3.6 2.9 2.3 3.2
13.3 10.1 7.3 8.6
1.5 1.6 1.6 2.2
141.4 142.4 129.9 99.3
24.0 24.0 25.1 25.9
Stepan
2006 2005 2004 2003
0.6 1.3 1.0 0.6
0.6 1.3 0.9 0.5
3.7 8.1 5.4 3.1
37.3 39.5 35.9 36.2
766 714 669 561
122.2 58.3 85.9 151.6
3.9 3.8 3.6 4.2
20.4 19.7 16.3 15.6
2.5 2.7 1.6 1.9
214.7 208.9 189.9 169.2
26.2 26.2 26.9 28.3
Terra Industries (e)
2006 2005 2004 2003
def 0.9 4.5 def
def 0.9 3.3 def
def 3.4 14.8 def
40.7 40.2 48.7 60.3
1,481 1,597 1,139 1,185
ne ne ne ne
2.8 1.6 1.3 0.7
7.1 4.2 2.4 1.3
ne ne ne ne
116.8 126.7 89.4 119.9
47.1 50.7 55.1 55.3
AVERAGE
2006 2005 2004 2003
7.1% 6.9% 5.6% 4.4%
5.8% 5.4% 3.8% 3.3%
13.1% U.6% 9.4% 11.3%
2.8% 2.8% 3.3% 3.6%
95.6% 92.2% 78.5% 76.5%
40.7% 40.6% 41.1% 53.2%
20.8% 21.1% 15.1% 12.4%
42.3% 44.6% 46.5% 46.1%
$596.2 $558.0 $476.9 $397.2
37.0% 38.4% 46.7% 72.8%
4.7% 4.2% 4.0% 5.2%
NOTE: Earnings are from continuing operations but may include significant nonrecurring and extraordinary items, a Earnings as a percentage of sales, b Earnings as a percentage of current assets plus gross plant, c Earnings as a percentage of stockholder's equity, d Thousands of dollars, e Acquired Mississippi Chemical in December 2004. def = deficit. ne = nonexistent.
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2(}
JULY 2, 2007
EXPLANATION
ferred stock or debt to common stock or the exercise of stock options outstanding.
Column Headings In Tables Of Company Results Year. Data are for the calendar year unless otherwise indicated. Data for earlier years are not restated to reflect subsequent acquisitions or divestitures. Net sales. Gross sales less discounts, allowances, and returns; generally excludes excise taxes and other operating income or revenues. Earnings. Net sales and other income less operating costs, nonoperating charges, depreciation, depletion, interest expense, deferred charges, minority interest in income, and taxes. Nonrecurring or extraordinary credits and charges may be included. Total assets. Sum at year's
cluding 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 are deducted insofar as possible.
end of current assets, investments, prepaid expenses, net plant and equipment, and other tangible assets. Excludes insofar as possible intangible assets, including goodwill, value of patents, and the like. Net plant and equipment. Value at year's end of fixed assets less accumulated depreciation, amortization, and depletion.
Earnings (breakdown). Percent of sales is earnings divided by net sales. Percent of. stockholders' equity is earnings divided by stockholders' equity. Dollars per share is earnings less preferred dividends, divided by the number of shares of 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 or for dilution that might result from the conversion of pre-
Capital expenditures. Total spending during the year for new fixed assets, such as plants, equipment, and land, and for replacement and modernization of facilities. Stockholders' equity. Equity at year's end of preferred and common stockholders, in-
Dividend per share. Cash dividends paid (or declared) on each share of common stock; excludes the value of stock dividends and adjusted for stock splits. Dividend yield. Dividend per share divided by the average of the high and low prices of the common stock during the year. Stock price range. High and low market prices of common stock during the year, adjusted for stock splits but not stock dividends. Price/earnings ratio. Average of the high and low prices of the common stock during the year divided by earnings per share.
U.S. COMPANY RESULTS Most U.S. chemical companies saw financial imf movement, but pharmaceutic al firms did not CHEMICALS
EARNINGS
%OF STOCKCAPITAL STOCKNET TOTAL NET PLANT& EXPEN- HOLDERS' %OF HOLDERS' $PER YEAR SALES EARNINGS ASSETS EQUIPMENT DITURES EQUITY SALES EQUITY SHARE (Money figures, except stock price, are in millions of dollars)
AIR PRODUCTS & CHEMICALS (a) 2006 $8,850 $795 2005 8,144 712 2004 7,411 604 2003 467 6,297 ALBEMARLE 2006 2005 2004 2003
DIVIDEND DIVIDEND YIELD, % $PER SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARNINGS RATIO
$10,079 9,390 9,209 8,259
$6,162 5,869 5,702 5,637
$1,261 930 706 613
$4,924 4,576 4,444 3,783
9.0% 8.7 8.2 7.4
16.1% 15.6 13.6 12.3
$3.38 3.15 2.70 2.21
$1.34 1.25 1.04 0.88
2.2% $69.54 $53.00 51.85 65.81 2.1 44.12 55.76 2.1 36.15 46.50 2.1
18.1 18.7 18.5 18.7
$2,369 2,108 1,514 1,110
$201 115 55 81
$2,127 2,153 2,039 1,268
$981 967 890 527
$100 70 58 41
$1,028 930 711 636
8.5% 5.5 3.6 73
19.6% 12.4 7.7 12.7
$1.51 2.41 1.29 1.91
$0.35 0.62 0.59 0.57
1.2% $3735 1.7 39.50 1.7 40.65 30.70 2.2
$19.29 32.04 26.97 22.10
18.8 14.8 26.2 13.8
ARCH CHEMICALS 2006 $1,435 2005 1,305 2004 1,121 2003 1,009
$14 40 17 15
$793 665 756 778
$193 191 212 281
$27 18 18 20
$366 365 360 338
1.0% 3.1 1.5 1.5
3.9% 10.9 4.7 4.4
$0.61 1.67 0.84 0.67
$0.80 0.80 0.80 0.80
2.3% $31.00 3.0 31.14 2.7 30.87 25.80 3.9
$37.21 21.96 28.78 15.15
55.9 15.9 35.5 30.6
CABOT (a) 2006 2005 2004 2003
$90 106 122 75
$2,498 2,349 2,308 2,189
$964 832 918 913
$188 186 119 129
$1,196 1,099 1,191 1,079
3.5% 5.0 6.3 4.2
7.5% 9.6 10.2 7.0
$1.32 1.77 1.79 1.08
$0.64 0.64 0.60 0.54
1.8% $39.50 $30.42 27.66 39.27 1.9 40.81 26.68 1.8 28.51 30.30 1.8
26.5 18.9 18.9 27.2
$2,543 2,125 1,934 1,795
a Fiscal year ends Sept. 30.
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37
JULY 2, 2007
EARNINGS
NET SALES
YEAR
EARNINGS
TOTAL ASSETS
CAPITAL STOCKNET PLANT & EXPEN- HOLDERS' EQUIPMENT DITURES EQUITY
% OF SALES
o/0 O F STOCKHOLDERS' $ PER EQUITY SHARE
STOCK PRICE RANGE, PER SHARE HIGH LOW
DIVIDEND, DIVIDEND $ PER YIELD. % SHARE OF PRICE
PRICE/ EARNINGS RATIO
(Money figures, except stock price, are in millions of dollars)
CALGON CARBON 2006 $316 2005 291 2004 337 2003 278
-$9 -8 6 4
$286 348 344 280
$106 109 129 129
$13 16 12 9
$148 151 168 162
def def 1.8% 1.4
def -$0.23 def -0.27 3.6% 0.15 2.5 0.11
CELANESE (a) 2006 2005
$6,656 6,070
$407 305
$6,557 6,015
$2,155 2,040
$252 212
$787 235
6.1% 5.0
CHEMTURA (b) 2006 2005 2004 2003
$3,723 2,987 2,550 2,185
-$253 144 -35 -119
$3,849 4,365 2,271 2,110
$1,147 1,192 -735 775
$128 104 65 88
$1,679 1,775 329 303
def 4.8% def def
CYTEC INDUSTRIES (c) 2006 $3,330 2005 2,926 2004 1,721 2003 1,472
$168 143 126 91
$2,789 2,307 1,794 1,616
$999 1,076 679 663
$103 105 89 94
$1,570 1,238 907 755
5.0% 4.9 7.3 6.2
10.7% 11.5 13.9 12.1
POWCHEM1CAL 2006 $49,124 46,307 2005 2004 40,161 2003 32,632
$4,141 4,546 2,797 1,285
$41,882 42,351 42,198 38,086
$13,722 13,537 13,828 14,217
$1775 1,597 1,333 1,100
$17,065 15,324 12,270 9,175
DUPONT (d) 2006 2005 2004 2003
$3,148 2,053 2,447 1,669
$27,190 28,479 30,702 32,114
$10,498 10,309 10,224 9,892
$1,532 1,340 1,232 1,713
$9,422 8,907 11,377 9,781
E
A
S
T
M
A
N
$27,421 26,639 27,340 26,996
C H E M I C A L
'
.
•
•
•
.
0.0% 11.8 1.6 2.2
$4.15 4.94 5.25 4.24
def def 49.8 50.6
$26.33 20.06
$16.80 13.54
8.6 10.1
$775 9.89 5.02 3.63
ne ne
def -$1.05 8.1% 0.60 def -0.32 def -1.05
$0.20 0.20 0.20 0.20
1.9% $13.53 1.4 1795 2.4 11.80 3.5 775
$3.45 3.07 2.84 2.34
$0.40 0.40 0.40 0.00
0.7% $62.30 $45.80 0.9 53.90 39.34 0.9 51.37 32.97 0.0 38.59 25.98
15.7 15.2 14.8 13.8
8.4% 9.8 70 3.9
24.3% $4.30 29.7 4.62 22.8 2.93 14.0 ; 1.38
$1.46 1.34 1.34 1.34
3.7% $45.15 $33.00 2.8 56.75 40.18 3.1 51.34 36.35 4.0 42.00 25.16
9.1 10.5 15.0 24.3
11.5% 77 9.0 6.2
33.4% 23.1 21.5 171
$1.48 1.46 1.40 1.40
3.4% $49.68 $38.52 3.2 54.90 3760 3.1 49.39 39.88 3.5 46.00 34.71
13.1 22.2 18.3 24.2
.•••.·
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;
$3.38 2.08 2.44 1.67 ;•
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ne ne
$8.69 10.25 9.70 6.89
$2.51 1.67
·,.-.••
51.7% 129.8
$0.00 0.90 0.12 0.12
. · - · :
-
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def 23.2 def def-
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2006 2005 2004 2003
$7,450 7059 6,580 5,800
$409 557 170 84
$5,859 5,461 5,533 5,880
$3,069 3,162 3,192 3,419
$389 343 248 230
$2,029 1,612 1,184 1,043
5.5%20.2% 79 34.6 2.6 14.4 1.4 8.1
$4.98 6.81 2.18 1.08
$1.76 1.76 1.76 1.76
3.2% $61.29 $4730 3.3 61.80 44.10 3.7 58.17 38.00 5.2 39.53 2789
10.9 78 22.1 31.2
FMC CORP. 2006 2005 2004 2003
$2,347 2,150 2,051 1,921
$145 111 176 68
$2,571 2,591 2,808 2,673
$1,025 1,012 1,112 1,128
$116 94 85 87
$1,020 959 876 588
6.2% 5.2 8.6 3.5
14.2% 11.6 20.1 11.6
$3.67 2.83 3.20 1.90
$0.54 ne ne ne
0.8% $7798 ne 63.87 ne 50.50 ne 34.85
$51.73 43.25 32.95 14.38
177 18.9 13.0 13.0
H.B. FULLER (e) 2006 2005 2004 2003
$1,472 1,512 1,410 1,287
$81 57 36 44
$1,111 1,010 1,018 912
$298 299 349 349
$21 25 31 39
$778 584 553 509
5.5% 3.8 2.6 3.4
10.4% 9.8 6.5 8.6
$1.38 0.99 0.52 0.63
$0.25 0.48 0.46 0.45
1.1% $15.60 $28.25 3.1 18.06 12.63 3.3 15.18 12.36 3.6 14.79 9.89
15.9 15.5 26.5 19.6
$52 96 106 13
$1,993 923 964 779
$1,023 401 426 461
$91 32 23 24
$394 363 268 136
13.2% 26.3 39.6 9.6
$1.51 2.79 3.17 0.38
$0.32 0.32 0.32 0.32
1.2% $34.65 0.8 55.90 0.8 58.75 1.4 2975
176 13.9 13.2 61.4
GEORGIA GULF (f) 2006 $2,428 2005 2,274 2004 2,206 2003 1,444
"
2.1% 4.2 4.8 0.9
$18.36 21.40 24.68 16.94
a Celanese was restructured as a stand-alone company in March 2 0 0 4 ; data for years prior to 2 0 0 5 are not comparable, b Crompton and Great Lakes Chemical merged in 2 0 0 5 to become Chemtura; earlier figures are for Crompton. c Acquired Surface Specialties in 2005. d Sold majority of textile and interiors unit in 2 0 0 4 . e Fiscal year ends Dec. 2. f Acquired Royal Group Technologies in October 2006. def = deficit, ne = nonexistent.
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2 N
JULY 2, 2 0 0 7
EARNINGS o/0 OF CAPITAL STOCKSTOCKNET TOTAL NET PLANT & EXPEN- HOLDERS' % OF HOLDERS' $ PER YEAR SALES EARNINGS ASSETS EQUIPMENT DITURES EQUITY SALES EQUITY SHARE (Money figures, except stock price, are in millions of dollars)
W.R. GRACE 2006 2005 2004 2003
$2,827 2,570 2,260 1,981
$18 67 -402 -55
$3,521 3,413 3,427 2,789
HERCULES 2006 2005 2004 2003
$2,035 2,069 1,997 1,846
$191 20 27 74
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARNINGS RATIO
$665 590 645 657
$119 81 63 86
-$550 -595 -622 -184
0.6% 2.6 def def
-3.3% -11.3 def def
$0.27 1.00 -6.11 -0.84
ne ne ne ne
ne ne ne ne
$20.35 13.79 14.95 5.52
$8.12 6.75 2.51 1.48
52.7 10.3 def def
$2,184 1,985 1,998 2,060
$600 535 695 677
$94 68 77 48
$243 -25 97 66
9.4% 1.0 1.4 4.0
78.6% -81.8 278 112.1
$1.71 0.18 0.25 0.69
ne ne ne ne
ne ne ne ne
$19.87 $10.98 15.24 10.20 15.09 9.99 12.50 7.40
9.0 70.7 50.2 14.4
INTERNATIONAL FLAVORS & FRAGRANCES 2006 $2,095 $229 $1,733 2005 1,993 209 1,866 2004 1,975 216 1,578 2003 1,902 200 2,018
$495 499 501 511
$58 93 71 66
$905 915 911 743
10.9% 10.5 10.9 10.5
25.2% 22.8 23.7 26.9
$2.50 2.02 2.27 2.12
$077 0.73 0.69 0.63
1.9% $49.88 $32.53 2.0 42.90 31.19 1.8 43.20 32.77 1.9 36.61 29.18
16.5 18.3 16.7 15.5
LUBRIZOL (a) 2006 2005 2004 2003
'
DIVIDEND, DIVIDEND $ PER YIELD. % SHARE OF PRICE
$4,041 4,043 3,160 2,049
$182 204 132 106
$2,987 2,823 2,976 1,711
$1,081 1,184 1,318 690
$131 137 133 88
$1,707 1,567 1,524 953
4.5% 5.0 4.2 5.2
10.6% 13.0 8.7 11.1
$3.09 2.89 2.36 2.05
$1.04 1.04 1.04 1.04
2.3% $50.75 $38.02 2.6 44.51 35.25 3.1 3736 29.86 3.3 34.40 29.23
14.4 13.8 14.2 15.5
MONSANTO (b) 2006 $6,924 2005 5,457 2004 5,457 2003 4,936
$157 271 271 374
$8,178 7,990 7,990 8,122
$2,378 2,087 2,087 2,280
$281 210 210 206
$6,525 5,613 5,258 5,156
2.3% 5.0 5.0 7.6
10.7% 2.8 5.2 7.3
$0.29 0.50 0.50 0.19
$0.34 0.34 0.34 0.25
1.3% $34.62 2.2 19.25 2.2 19.25 2.4 13.18
$17.08 11.54 11.54 7.76
89.1 30.8 30.8 55.1
NALCO HOLDING (c) $3,603 2006 2005 3,312 2004 3,033
$99 48 -139
$2,187 2,128 2,242
$743 755 847
$93 75 92
$891 706 710
2.7% 1.4 def
11.1% 6.8 def
$0.67 0.33 -1.42
ne ne ne
$21.51 $15.83 22.03 14.25 20.24 15.00
279 55.0 def
NEWMARKET CORP. (d) 2006 $1,263 2005 1,076 2004 894 2003 756
$54 35 27 21
$693 652 620 582
$162 154 166 174
$26 18 15 12
$301 266 232 200
4.3% 3.3 3.0 2.8
17.8% 13.2 11.6 10.5
$3.08 2.02 1.45 1.22
$0.50 ne ne ne
1.1% $70.00 $23.55 ne 25.26 12.95 ne 25.57 17.35 ne 22.30 6.47
15.2 9.5 14.8 11.8
$2,662 2,451 2,162 1,965
$126 63 -95 3
$1,477 1,390 1,194 1,547
$442 436 441 486
$41 32 23 29
$574 4.7% 416 2.6 380 def 367 0.2
21.9% 15.1 def 0.8
$1.36 0.68 0.26 -1.05
ne ne ne ne
ne ne ne ne
$6.31 5.31 5.28 3.08
6.0 11.4 28.8 -4.8
PPG INDUSTRIES 2006 $11,037 2005 10,201 2004 9,513 2003 8,756
$711 776 683 500
$8,039 7,027 7,219 6,772
$2,496 2,304 2,471 2,566
$372 288 244 217
$3,234 3,053 3,472 2,911
6.4% 7.6 7.2 57
22.0% 25.4 19.7 17.2
$4.27 4.54 3.98 2.92
$1.91 1.86 179 173
3.0% $69.80 $56.53 2.9 7473 55.64 2.9 6879 54.81 3.2 64.42 43.61
14.8 14.4 15.5 18.5
$696 824 697 585
$9,418 8,865 8,239 7,174
$6,694 6,108 5,946 5,252
$1,100 877 668 983
$4,554 3,902 3,608 3,088
8.4% 10.8 10.6 10.4
15.3% 21.1 19.3 18.9
$3.00 2.22 2.10 177
$1.00 072 0.60 046
1.7% $6370 $50.65 1.5 54.31 41.06 1.5 46.25 34.52 1.5 38.26 25.02
19.1 21.5 19.2 17.9
POLYONE 2006 2005 2004 2003
PRAXAIR 2006 2005 2004 2003
$8,324 7,656 6,594 5,613
ne ne ne
$9.89 10.25 9.70 6.95
a Acquired Noveon in 2004. b Fiscal year ends Aug. 31. c Reorganized as a stand-alone company in November 2003; data prior to 2004 are not comparable; 2003 stock prices are from initiation of trading on Nov. 10 to Dec. 31. d Formerly Ethyl Corp. def = deficit, ne = nonexistent.
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2Q
JULY 2, 2007
EARNINGS
CAPITAL STOCKNET TOTAL NET PLANT& EXPEN- HOLDERS' YEAR SALES EARNINGS ASSETS EQUIPMENT DITURES EQUITY (Money figures, except stock price, are in millions of dollars)
%OF SALES
%OF STOCKHOLDERS- $ P E R EQUITY SHARE
DIVIDEND, DIVIDEND $ PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARNINGS RATIO
QUAKER CHEMICAL 2006 $461 2005 424 2004 401 2003 340
$12 2 9 15
$311 288 -109 244
$61 57 63 62
$12 7 9 13
$111 106 123 112
2.5% 0.4 2.2 4.4
10.5% 1.6 7.3 13.4
$1.19 0.17 0.90 1.52
$0.86 0.86 0.86 0.84
4.5% $21.94 25.07 4.2 30.70 3.3 30.75 3.4
$16.70 15.80 21.84 18.17
16.2 120.2 29.2 16.1
ROHM AND HAAS 2006 $8,230 2005 7,994 2004 7,300 2003 6,421
$755 638 496 382
$6,525 6,508 8,361 7,783
$2,669 2,681 2,929 2,966
$404 333 322 339
$4,031 3,917 3,697 3,357
9.2% 8.0 6.8 5.9
18.7% 16.3 13.4 11.4
$3.41 2.86 2.21 1.72
$1.28 1.12 0.97 0.86
2.6% $53.86 50.00 2.5 45.41 2.4 43.05 2.5
$42.77 39.47 35.90 26.26
14.2 15.6 18.4 20.1
SIGMA-ALDRICH 2006 $1,798 2005 1,667 2004 1,409 2003 1,298
$277 258 218 190
$1,847 1,665 1,587 1,435
$645 613 584 547
$75 92 70 58
$1,411 1,233 1,212 999
15.4% 15.5 15.5 14.6
19.6% 20.9 18.0 19.0
$2.05 3.76 3.16 2.68
$0.42 0.76 0.68 0.50
1.2% $39.68 67.10 1.2 1.2 61.62 57.46 1.0
$31.27 55.34 53.22 41.17
SOLUTIA 2006 2005 2004 2003
$2,905 2,825 2,697 2,430
-$47 11 -316 -78
$1,935 1,873 1,962 2,306
$795 804 841 909
$106 81 61 78
-$1,417 -1,454 -1,444 -1,125
def 0.4% def def
def -0.8% def def
-$0.45 0.11 -3.02 -1.10
ne ne ne ne
ne ne ne ne
$0.75 1.69 0.15 4.89
$0.28 0.33 1.39 0.23
def 9.2 def def
STEPAN 2006 2005 2004 2003
$1,173 1,078 936 785
$7 14 9 5
$531 500 475 444
$226 211 209 211
$46 42 34 33
$181 167 168 162
0.6% 1.3 1.0 0.6
3.7% 8.1 5.4 3.1
$0.63 1.39 0.89 0.45
$0.81 0.79 0.77 0.76
2.8% 3.3 3.2 3.1
$33.00 27.48 26.15 26.80
$25.05 20.80 21.70 21.55
46.1 174 26.9 53.7
TERRA INDUSTRIES (a) 2006 $1,837 2005 1,931 2004 1,507 2003 1,349
-$i 17 68 -22
$1,567 1,516 1,661 1,125
$721 734 798 708
$51 31 19 9
$483 493 459 265
def 0.9% 4.5 def
-$0.01 0.18 0.87 -0.28
ne ne ne ne
ne ne ne ne
$12.40 9.27 9.38 3.55
$5.45 4.87 3.20 0.97
def 39.3 7.2 def
def 3.4% 14.8 def
•
17.3 16.3 18.2 18.4
PHARMACEUTICALS
EARNINGS
YEAR
NET SALES
EARNINGS
TOTAL ASSETS
CAPITAL STOCKNET PLANT& EXPEN- HOLDERS' EQUIPMENT DITURES EQUITY
%OF SALES
%OF STOCKHOLDERS' $ P E R SHARE EQUITY
DIVIDEND, DIVIDEND $ PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH
PRICE/ EARNINGS
LOW
RATIO
(Money figures, except stock price, are in m illions of dollars)
ABBOTT LABORATORIES 2006 $22,476 2005 22,338 2004 19,680 2003 19.681 BRISTOL-MYERS 2006 2005 2004 2003
SQUIBB $17,914 19,207 19,380 20,849
$1,717 3,372 3,176 3,734
$26,217 19,190 17,910 18,176
$6,946 6,003 6,008 6,282
$1.338 1,207 1,292 1.247
$14,054 14,415 14,326 13,072
7.6% 15.1 16.1 19.0
12.2% 23.4 22.2 28.6
$1.12 2.17 2.02 1.75
$1.18 1.10 LOO 0.98
2.7% $49.87 50.00 2.5 47.63 2.3 2.4 47.15
$39.18 37.50 38.26 33.75
39.8 20.2 21.3 23.1
$1,585 2,992 2,378 3,106
$18,898 21,394 23,270 20,903
$4,829 5,693 5,768 5,712
$785 738 676 937
$9,991 11,208 10,202 9,786
8.8% 15.6 12.3 14.9
15.9% 26.7 23.3 31.7
$0.81 1.52 1.21 1.60
$1.12 1.12 1.12 1.12
4.8% $26.32 4.7 26.48 30.64 4.2 28.86 4.5
$20.24 21.03 22.50 21.13
28.7 15.6 22.0 15.6
a Acquired Mississippi Chemical in December 2004. def = deficit, ne = nonexistent.
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40
JULY 2, 2007
EARNINGS
YEAR
NET SALES
EARNINGS
TOTAL ASSETS
CAPITAL STOCK NET PLANT& EXPEN- HOLDERS' EQUIPMENT DITURES EQUITY
%OF SALES
%OF STOCK HOLDERS' $PER EQUITY SHARE
DIVIDEND DIVIDEND YIELD, % $PER SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARNINGS RATIO
(Money figures except stock price, are in millions of dollars)
ELILILLY&GO. 2006 $15,691 2005 14,645 2004 13,858 2003 12,582
$2,663 3,122 1,810 2,561
$21,955 24,581 24,867 21,67.8
$8,125 7,913 7,551 6,539
JOHNSON & JOHNSON 2006 $53,324 2005 50,414 2004 47,348 2003 41,862
$11,053 $41,868 10,411 45,850 8,509 41,475 7,197 36,724
$13,044 10,830 10,436 9,846
MERCK (a) 2006 2005 2004 2003
$22,636 22,012 22,939 22,486
$4,334 4,631 5,813 6,590
$42,194 43,242 41,808 38,639
$13,194 14,398 14,714 14,169
PFIZER (b) 2006 2005 2004 2003
$48,371 $11,024 8,094 51,298 52,516 11,332 45,188 12,722
$69,611 66,005 66,677 58,119
$16,632 17,090 18,385 18,287
SCHERING-PLOUGH 2006 $10,594 2005 9,508 2004 8,272 2003 8,334
$1,121 269 -15 507
$15,579 14,900 15,331 14,48.3
$4,365 4,487 4,593 4,527
WYETH 2006 2005 2004 2003
$4,197 3,656 4,361 3,259
$32,197 31,725 29,562 23,130
$10,146 9,353 9,524 8,661
$20,351 18,756 17,358 15,851
$10,981 10,896 10,920 9,765
17.0% 21.3 13.1 20.4
24.3% 28.7 16.6 26.2
$2.45 2.87 1.66 2.37
$1.60 1.52 1.42 1.36
2.9% $58.86 $50.41 60.44 49.76 2.8 2.2 76.26 50.44 73.89 53.70 2.1
22.3 19.2 38.2 26.9
$2,666 $39,318 2,632 37,871 2,175 31,813 2,262 26,869
20.7% 20.7 18.0 17.2
28.1% 27.5 26.7 26.8
$3.73 3.46 2.84 2.40
$1.46 1.28 1.01 0.93
2.3% $69.41 $56.70 59.76 2.0 69.99 64.25 49.25 1.9 59.08 48.05 1.7
16.9 18.8 20.0 22.3
$17,560 17,917 17,288 15,576
19.1% 21.0 25.3 29.3
24.7% 25.8 33.6 42.3
$1.03 2.10 2.62 2.92
$1.52 1.52 1.49 1.45
3.9% $46.37 35.20 5.0 4.0 49.33 63.50 '2.8
$31.81 25.50 25.60 40.57
38.0 14.5 14.3 17.8
$2,050 $71,358 2,106 65,627 2,601 68,278 2,629 65,377
22.8% 15.8 21.6 28.2
15.4% 12.3 16.6 19.5
$1.52 1.10 1.51 1.73
$0.96 0.76 0.68 0.60
3.8% $28.60 $22.16 29.21 20.27 3.1 21.99 39.89 2.2 36.92 26.95 1.9
16.7 22.5 20.5 18.5
$7,908 7,387 7,556 15,102
10.6% 2.8 def 6.1
14.2% 3.6 def 3.4
$0.71 0.12 -0.67 0.35
$0.22 0.22 0.22 0.57
1.1% 1.1 1.2 3.0
$23.90 $18.00 17.68 22.45 21.12 15.96 14.52 23.68
29.5 167.2 def 54.6
$1,290 $14,653 1,081 11,994 5,780 9,848 1,906 9,294
20.6% 19.5 25.1 20.6
28.6% 30.5 44.3 35.1
$3.08 2.70 3.24 2.44
$1.01 0.94 0.92 0.92
2.1% 2.2 2.4 2.2
$54.13 47.88 44.70 49.95
$41.91 38.48 33.50 32.75
15.6 16.0 12.1 16.9
$1,078 1,298 1,898 1,707
$980 1,403 1,726 1,916
$458 478 489 701
BIOPHARMACEUTICALS EARNINGS
YEAR
NET SALES
R&D EARNINGS SPENDING
R&D AS % OF SALES
TOTAL ASSETS
NET PLANT & STOCK EQUIP HOLDERS' EQUITY MENT
%OF SALES
%OF STOCK HOLDERS' EQUITY
$PER SHARE
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARN INGS RATIO
(Money figures except stock price, are in m illions of dollars)
AMGEN 2006 2005 2004 2003
$15,858 12,022 9,977 7,868
$2,950 3,674 2,363 2,260
$3,366 2,314 2,028 2,260
21.2% 19.2 20.3 28.7
$7,739 15,060 14,663 12,068
$5,921 $33,788 5,038 20,451 4,712 19,705 3,799 19,389
18.6% 30.6 23.7 28.7
8.7% 18.0 12.0 11.7
$2.48 2.93 1.10 1.69
$80.36 $63.92 86.17 57.20 64.76 52.70 71.54 48.88
29.1 24.5 53.4 35.6
BIOGEN IDEC (c) 2006 $1,781 2005 1,617 2004 1,486 2003 1,852
$214 161 25 428
$718 748 688 546
40.3% 46.2 46.3 29.5
$4,652 4,261 4,722 4,715
$1,280 1,174 1,525 1,253
$7,150 6,906 6,826 7,053
12.0% 9.9 1.7 23.1
3.0% 2.3 0.4 6.1
$0.63 0.47 0.07 1.22
$52.72 $40.24 70.00 33.18 67.92 36.60 42.15 27.80
73.8 109.8 746.6 28.7
a Spun off Medco Health Solut ons in August 2003. b Acquired Pharmacia in April 2003. c Biogen and Idee Pharmaceuticals merged in November 2003. def = (deficit.
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Λ\
JULY 2, 2 0 0 7
EARNINGS
NET R&D R&D AS % YEAR SALES EARNINGS SPENDING OF SALES (Money figures, except stock price, are in mi lions of dollars)
GENENTECH (a) 2006 $7,640 2005 .5,488. 2004 3,749 2003 2,621 GENZYME 2006 2005 2004 2003
$2,887 2,453 1,979 1,564
NET PLANT& STOCK TOTAL EQUIP HOLDERS' %OF SALES ASSETS MENT EQUITY
$2,113 1,279 894 635
$1,773 1,262 948 722
23.2% $13,051 23.0 10,258 25.3 7,420 27.5 6,611
$4,173 $14,842 7,470 3,349 2,191 6,782 6,520 1,618
27.7% 23.3 23.8 24.2
-$17 442 70 -68
$650 503 392 335
22.5% $4,400 20.5 3,800 19.8 2,991 21.4 3,489
$1,611 1,321 1,310 1,151
$5,611 5,150 4,380 2,936
def 18.0% 3.5 def
PRICE/ %OF STOCK PRICE EARN STOCK HOLDERS' $PER RANGE, PER SHARE INGS RATIO HIGH LOW EQUITY SHARE
$1.97 1.18 0.78 0.60
$95.16 $75.58 100.20 43.90 68.25 41.00 15.77 47.68
43.3 61.1 70.0 52.9
def -$0.06 1.73 8.6% 0.97 1.6 0.42 def
$75.34 $54.64 77.53 55.90 14.00 58.16 52.45 28.45
def 38.6 37.2 def
•14.2% 17.1 13.2 9.7
a Genentech had a two-for-one! stock split in 2004. def == deficit.
CANADA CO MPANY RESULT"S Overall, results for Canaciian firms were positive in 2006 EARNINGS NET PLANT CAPITAL STOCKNET TOTAL & EQUIP- EXPEN- HOLDERS' YEAR SALES EARNINGS ASSETS MENT DITURES EQUITY (Money figures are in millions of dollars unless otherwise indicated)
AGRIUM 2006 2005 2004 2003
%OF SALES
%OF STOCK HOLDERS' EQUITY
$PER SHARE
DIVIDEND, DIVIDEND STOCK PRICE RANGE, PRICE/ PER SHARE EARNINGS YIELD, % $PER HIGH LOW RATIO SHARE OF PRICE
$4,373 3,491 3,001 2,630
$33 283 266 -37
$3,016 2,777 2,261 2,273
$1,332 1,285 1,239 1,260
$209 175 82 99
$984 1,172 948 821
0.8% 8.9 8.1 def
3.4% 24.1 30.0 def
$0.25 2.12 1.91 0.29
$0.11 0.11 0.11 0.11
0.4% 0.5 0.7 0.7
C$36.88 C$22.32 17.75 32.66 14.26 22.76 21.47 14.28
104.4 10.5 8.5 54.3
METHANEX 2006 $2,108 2005 1,658 2004 1,719 2003 1,394
$483 207 236 187
$2,401 2,047 2,067 2.015
$1,353 1,396 1,367 1,320
$53 118 157 243
$1,167 900 892 717
22.9% 12.5 13.7 13.4
414% 23.0 23.5 26.1
$4.41 1.75 1.95 1.52
$0.49 0.41 0.28 0.47
2.1% 2.3 1.7 3.7
C$32.79 C$20.37 16.46 24.58 13.91 22.70 16.27 12.40
5.3 10.3 8.3 8.3
NOVA CHEMICALS 2006 $6,519 2005 5,616 2004 5,270 2003 3,949
$198 16 176 -116
$4,155 5,217 5,047 4,413
$2.719 3,626 3,454 3,336
$198 419 242 130
$546 1,215 1,484 1,309
3.0% 0.3 3.3 def
36.3% 1.3 11.9 def
$2.39 0.19 1.85 -1.34
$0.35 0.35 0.35 0.35
1.1% 0.8 0.9 1.4
C$41.25 C$29.50 36.65 64.25 31.71 58.75 24.65 35.05
13.1 234.2 21.6 def
POTASH CORP. 2006 $3,767 2005 3,847 2004 3,244 2003 2,466
$632 543 268 77
$6,091 5.226 4,993 4,470
$3,526 3,263 3,099 3,108
$509 383 221 151
$2,654 2,001 2,252 1,877
16.8% 14.1 8.3 3.1
23.8% 27.1 11.9 4.1
$5.95 4.89 2.42 0.73
$0.60 0.60 0.55 0.50
0.5% C$170.89 C$86.79 137.99 84.76 0.7 50.96 104.06 0.9 57.75 40.75 1.2
19.1 20.1 28.2 59.5
NOTE: Stock price ratios were converted at the 2006 average exchange rate of $1.00 U.S. = $1.134 Canadian (C$). def = deficit.
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Λ_2
JULY 2, 2007
!
EUROPE CO MPANY RESULTS New companies and acquisitioris spurred growth in sales and earnings CHEMICALS
CAPITAL STOCKNET TOTAL NET PLANT & EXPEND HOLDERS' YEAR SALES EARNINGS ASSETS EQUIPMENT ITURES EQUITY (Money figures are in millions of dollars unless otherwise indicated)
%OF SALES
EARNINGS %OF STOCKHOLDERS' $PER EQUITY SHARE
DIVIDEND $PER SHARE
DIVIDEND YIELD, % OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARNINGS RATIO
BELGIUM Solvay 2006 $11,808 2005 10,756 9,896 2004 9,494 2003
$994 1,025 603 497
$13,946 14,121 12,609 11,862
$4,861 4,754 4,338 4,346
$730 634 709 697
$5,601 4,925 4,764 4,410
8.4% 9.5 6.1 5.2
17.7% 20.8 12.7 11.3
$12.02 9.51 5.92 4.78
$3.52 2.00 1.90 1.80
3.5% 2.2 2.6 3.1
€ 116.20 104.1 83.9 69.3
€ 83.10 79.95 64.1 47.6
10.4 9.7 12.5 12.2
FINLAND Kemira 2006 $3,169 2005 2,505 2004 3,183 3,440 2003
$151 111 95 92
$3,479 2,928 2,567 3,134
$1,240 1,087 945 1,364
$206 142 270 296
$1,370 1,280 1,163 1,341
4.8% 4.4 3.0 2.7
11.0% 8.6 8.2 6.9
$1.21 0.73 0.64 0.62
$0.60 0.36 0.34 0.33
4.3% 3.0 3.3 4.4
€ 17.17 14.02 11.69 9.3
€ 11.07 9.86 9.2 5.75
14.7 16.4 16.3 12.1
FRANCE Air Liquide 2006 $13,755 2005 13,109 2004 11,779 2003 10,545
$1,259 1,172 977 912
$20,472 20,387 18,122 13,826
$10,040 10,262 8,689 7,447
$1,417 1,225 1,099 920
$8,250 7,800 6,751 6,381
9.2% 8.9 8.3 8.6
15.3% 15.0 14.5 14.3
$10.49 8.66 7.2 7.36
$5.03 3.85 3.50 3.20
3.1% 2.6 2.7 2.6
€ 182.40 € 141.91 129.9 166.1 119.09 138.5 105 140.9
19.4 18.8 17.9 16.7
Arkema (a) 2006 $7,369 2005 7,173 2004 6,681 2003 6,341
$57 -538 -786 -475
$5,705 5,872 5,597 5,901
$1,729 1,572 1,634 2,124
$422 418 377 372
$2,435 1,838 2,202 3,064
0.8% def def def
2.3% def def def
$2.46 -7.05 -10.2 -6.27
ne ne ne ne
ne ne ne ne
€ 41.48 ne ne ne
€ 24.94 ne ne ne
16.9 ne ne ne
$423 -773 -785 -1,697
$6,112 7,093 6,869 8,202
$2,025 2,682 2,480 3,173
$188 319 250 293
$820 -837 117 317
7.0% def def def
51.6% def def def
$0.09 -0.95 -1.33 -7.53
ne ne ne ne
ne ne ne ne
€2.71 1.94 3.95 8.44
€1.35 1.18 0.97 2.91
29.0 def def def
GERMANY BASF 2006 $66,094 $4,039 2005 53,712 3,778 2004 47,158 2,366 2003 42,545 1,143
$56,899 44,812 42,609 42,214
$18,721 17,572 15,633 16,420
$5,111 2,433 2,425 2,881
$23,340 22,014 19,806 19,949
6.1% 7.0 5.0 2.7
17.3% 17.2 11.9 5.7
$8.00 5.73 3.43 1.62
$3.77 2.00 1.70 1.40
5.7% 2.8 3.6 3.8
€ 74.24 77.26 53.00 44.58
€ 58.97 63.68 40.49 28.41
10.5 12.3 13.6 22.5
Bayer(b) 2006 $36,377 2005 34,401 2004 29,781 2003 28,632
$2,114 2,006 773 -457
$70,216 46,134 42,075 41,981
$11,140 10,454 9,627 10,535
$2,185 1,744 1,251 1,793
$16,145 14,017 13,740 13,637
5.8% 5.8 2.6 def
13.1% 14.3 5.6 def
$2.51 2.19 0.83 -1.86
$1.26 0.95 0.55 0.50
3.5% 3.3 2.5 3.0
€ 40.92 35.92 24.94 23.22
€ 30.56 22.11 19.49 10.28
179 13.2 26.8 def
Degussa (c) 2006 $13,718 2005 14,764 2004 14,126 2003 14,356
-$242 -602 428 -200
$16,868 16,946 17,127 17,593
$5,153 6,117 5,927 6,353
$798 1,023 906 989
$5,687 5,259 5,881 6,303
def def 7.3 def
$8.48 -2.39 1.45 -0.77
ne ne 1.10 1.10
ne ne 3.8 4.4
ne € 44.50 32.98 29.47
ne € 30.50 24.7 20.62
ne def 19.9 def
Rhodia 2006 2005 2004 2003
$6,087 6,388 6,635 6,851
def def 3.0 def
NOTE: Monetary statistics, except share prices, for all years were converted at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros, 0.542 pounds sterling, and 1.253 Swiss francs, a Spun off from Total in 2006; 2003-05 data are pro forma, b Data for 2003 and 2004, except per-share data, exclude Lanxess. c Became wholly owned subsidiary of RAG in mid-2006, def = deficit, ne = nonexistent, nm = not meaningful.
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/Vl
JULY 2, 2007
FINANCES
CAPITAL NET TOTAL NET PLANT& EXPEND YEAR SALES EARNINGS ASSETS EQUIPMENT ITURES (Money figures are in millions of dollars unless otherwise indicated)
Lanxess(a) 2006 $8,724 2005 8,983 7,604 2004 7,256 2003
STOCK HOLDERS' EQUITY
%OF SALES
EARNINGS %OF STOCK HOLDERS' $PER SHARE EQUITY
DIVIDEND, $PER SHARE
DIVIDEND YIELD, % OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARN INGS RATIO
$247 -79 -15 -1,253
$5,283 5,454 5,418 5,062
$1,840 1,917 1,911 1,949
$335 315 351 392
$1,794 1,578 1,672 1,706
2.8% def def def
13.8% def def def
-$2.93 -0.94 -0.2 -1715
$0.31 ne ne ne
0.9% ne ne ne
€ 43.55 27.65 ne ne
€ 24.46 13.63 ne ne
def def ne ne
Linde (b) 2006 $15,627 $2,309 2005 11,949 646 2004 11,836 334 2003 11,297 136
$35,171 15,852 14,562 14,969
$9,147 4,879 4,792 4,741
$1,220 1,085 902 1,075
$10,333 5,619 5,127 4,882
14.8% 5.4 2.8 1.2
22.3% 11.5 6.5 2.8
$16.71 5.40 2.80 1.14
$1.88 1.76 1.57 .1.42
2.8% 3.2 3.5 4.3
€ 79.56 63.36 49.1 43.4
€ 56.32 45.55 40.5 22.8
5.1 12.7 20.1 36.4
Merck 2006 2005 2004 2003
$7,863 7,374 7,361 9,048
$1,235 828 828 262
$10,179 9,147 7,189 8,771
$2,236 2,334 2,332 2,538
$318 337 294 353
$4,783 4,182 3,637 2,968
15.7% 11.2 11.2 2.9
25.8% 19.8 22.8 8.8
$6.37 4.33 4.36 1.44
$1.13 1.07 1.26 1.01
1.2% 1.7 3.0 3.7
€ 89.10 74.90 51.19 34.06
€ 63.96 48.45 32.00 20.01
15.1 14.2 9.5 18.7
Wacker (c) 2006 $4,192 2005 3,462
$391 181
$4,093 3,672
$2,409 2,334
$607 382
$1,992 1,174
9.3% 5.2
19.6% 15.4
$8.12 ne
$2.51 ne
2.0% ne
€ 127.35 ne
€ 74.31 ne
15.6 ne
NETHERLANDS Akzo Nobel 2006 $17,258 2005 16,332 2004 16,197 2003 16,396
$1,449 1,207 1,187 1,019
$16,062 15,610 15,001 14,473
$4,204 4,312 4,441 4,984
$665 644 692 730
$5,356 4,493 3,299 3,319
27.0% 26.9 36.0 30.7
$5.05 4.22 3.38 2.65
$1.51 1.51 1.51 1.51
2.7% 4.2 5.1 6.2
€ 49.41 40.18 33.79 32.44
€38.30 30.82 24.87 16.00
10.9 j 8.4 8.7 9.1
DSM (d) 2006 $10,493 2005 10,295 2004 9,739 2003 7,601
$692 662 451 175
$12,706 12,594 11,226 11,809
$4,711 4,711 4,785 3,028
$629 504 420 544
$6,995 6,877 6,073 6,178
6.6% 6.4 4.6 2.3
9.9% 9.6 7.4 2.8
$3.58 3.61 4.42 1.56
$1.26 1.26 2.20 2.20
2.9% 3.5 5.3 5.8
€ 39.70 35.22 47.50 45.00
€ 28.58 23.07 35.75 31.29
12.0 10.2 \ 9.4 ! 24.5
SWITZERLAND Ciba Specialty Chemicals 2006 $5,069 -$33 2005 5,920 -204 2004 5,607 226 2003 5,303 274
$7,246 8,468 8,782 8,856
$2,056 2,174 2,406 2,364
$188 219 235 186
$2,565 3,114 3,312 3,387
def def 4.0 5.2
def def 6.8 8.1
-$0.50 -3.13 3.76 4.01
$2.39 2.39 0.80 0.00
3.2% 3.0 0.9 0.0
CHF 84.95 CHF 63.30 85.00 72.51 76.70 96.14 72.13 98.65
def def 18.3 17.0
Clariant 2006 $6,463 2005 6,528 2004 6,807 2002 7,445
-$62 153 120 -517
$5,736 5,844 6,228 6,823
$1,933 2,079 1,947 2,438
$286 278 231 271
$1,941 2,068 1,757 729
def 2.3 1.8 def
def 7.4 6.8 def
-$0.30 0.65 0.57 -3.43
$0.20 0.20 0.20 0.00
1.2% 1.0 1.1 0.0
CHF 20.54 21.30 19.99 40.30
16.70 14.80 21.50
def 23.5 24.5 def
Givaudan 2006 $2,321 2005 2,226 2004 2,139 2003 2,166
$330 325 279 172
$3,750 3,604 3,430 3,629
$910 902 820 808
$135 128 119 126
$2,231 1,945 1,807 2,064
14.2% 14.6 13.1 8.0
14.8% 16.7 15.5 8.4
$46.78 45.14 36.99 21.57
$15.00 14.04 7.82 7.10
1.5% CHF 1,160.00CHF 888.50 729.50 890.59 1.7 788.00 620.00 1.1 650.00 427.00 1.3
17.5 14.3 15.2 19.9
8.4% 7.4 73 6.2
CHF 14.10
NOTE: Monetary statistics, except share prices, for all years were converted at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros, 0.542 pounds sterling, and 1.253 Swiss francs, a Separated from Bayer in 2004; 2003 and 2 0 0 4 data are pro forma, b Acquired BOC in 2 0 0 6 c Became a publicly traded company in 2006; data for 2005 are pro forma, d Shares split two-for-one in September 2005. def = deficit, ne = nonexistent, nm = not meaningful.
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AΛ
JULY 2, 2007
|
YEAR
NET SALES
1EARNINGS
TOTAL ASSETS
CAPITAL NET PLANT & EXPEND EQUIPMENT ITURES
STOCKHOLDERS' EQUITY
%OF SALES
EARNINGS %OF STOCKHOLDERS' $PER EQUITY SHARE
IDIVIDEND, DIVIDEND $PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARNINGS RATIO
(Money figures are in millions of dollars unless otherwise indicated)
Lonza 2006 2005 2004 2003
$2,325 2,012 1,741 1,789
$177 150 110 73
$3,122 3,456 2,666 2,643
$2,074 1,683 1,537 1,732
$296 217 199 338
$1,282 1,189 1,025 985
7.6% 75 6.3 4.1
13.8% 12.6 10.7 7.4
$3.74 3.17 2.32 3.34
$1.20 1.04 1.04 1.04
1.3% 1.4 1.6 1.4
CHF 108.70 CHF 78.30 63.35 80.65 52.60 74.75 59.75 86.35
19.9 18.1 21.9 175
Syngenta 2006 $8,046 2005 8,104 2004 7,269 2003 6,578
$637 626 762 363
$11,852 11,608 12,008 10,965
$1,957 1,887 2,188 2,374
$217 174 166 211
$5,666 5,403 5,658 5,053
7.9% 77 10.5 5.5
11.2% 11.6 13.5 7.2
$6.43 6.22 4.37 3.56
$3.03 2.63 2.15 1.36
1.6% 1.9 2.1 1.9
CHF 234.40 163.50 122.50 87.85
3HF 146.93
115.48 79.22 55.10
29.7 22.4 23.1 20.1
UNITED KINGDOM ICI 2006 $8,931 $621 2005 10,714 649 2004 10,325 590 2003 10,782 404
$8,968 9,525 9,099 9,600
$2,972 2,948 3,058 3,307
$277 291 295 284
$2,197 5,049 5,270 5,497
7.0% 6.1 5.7 3.7
28.3% 12.9 11.2 7.3
$0.46 0.33 0.18 0.19
$0.16 0.08 0.07 0.06
4.2% 2.7 3.3 3.9
£4.52 3.36 2.47 2.41
£3.30 2.31 1.93 0.82
15.7 8.6 12.4 8.7
FRANCE Sanofi-Aventis (a) 2006 $35,645 $5,033 2005 34,311 3,258 2004 31,933 2,143 2003 22,381 2,388
$97,694 108,868 96,427 35,524
$7,803 7,769 7,395 5,189
$1,433 1,436 908 1,050
$57,564 58,828 44,692 13,108
14.1% 9.5 6.7 10.7
8.7% 5.5 4.8 18.2
$3.73 2.12 1.6 3.04
$2.20 1.91 1.51 1.03
3.1% 2.9 2.7 2.2
€79.25 75.95 63.25 54.55
€ 64.85 56.45 49.77 37.50
24.3 39.2 44.5 19.0
SWITZERLAND Novartis 2006 $36,031 2005 32,212 2004 28,247 2003 24,864
$7,202 6,141 5,767 5,016
$68,008 57,732 54,469 49,317
$10,945 8,679 8,497 7,597
$1,802 1,188 1,269 1,329
$41,294 20.0% 33,164 19.1 33,783 20.4 30,429 20.2
17.4% 18.5 17.1 16.5
$3.06 3.28 2.94 2.53
$1.35 1.15 1.05 1.00
1.9% 1.8 1.9 2.0
CHF 76.80 CHF 64.20 55.35 71.50 52.10 59.95 46.05 56.15
28.9 24.2 23.9 25.3
Roche 2006 $33,531 2005 28,336 2004 24,955 2003 24,912
$7,318 5,370 3,466 2,449
$59,379 55,350 46,342 47,467
$13,100 12,047 9,901 9,970
$3,094 2,648 1,870 1,807
$37,356 21.8% 19 33,309 22,521 13.9 18,808 9.8
19.6% 16.1 15.4 13.0
$7.21 6.71 5.73 4.61
$2.71 2.50 2.00 1.65
1.2% 1.4 1.2 1.1
CHF 252. 50CHF 198.00
UNITED KINGDOM Astra Zeneca 2006 $26,475 $6,063 2005 23,950 4,724 2004 21,426 3,527 2003 18,849 3,036
$29,932 24,840 25,616 23,573
$7,453 6,985 8,083 7,536
$832 810 1,063 1,239
$15,416 13,597 14,418 13,178
22.9% 19.7 16.5 16.1
39.3% 34.7 24.5 23.0
$3.86 1.6 1.2 0.97
$1.72 0.74 0.70 0.80
GlaxoSmithKline 2006 $42,813 $9,934 2005 39,928 8,878 2004 37,530 7,930 2003 39,526 8,266
$47,104 50,137 42,295 28,348
$12,775 12,262 11,929 11,873
$2,931 1,665 1,595 1,604
$17,785 13,477 10,922 14,231
23.2% 22.2 21.1 20.9
55.9% 65.9 72.6 58.1
$1.76 1.52 1.26 1.33
$0.88 0.81 0.77 0.76
PHARMACEUTICALS
230.00 193.00 185.00
139.00 137.20 121.00
24.9 27.5 28.8 33.2
9.0% 3.1 3.0 2.0
£23.60 28.37 27.49 49.47
£14.68 18.61 18.63 29.98
2.7 8.0 10.4 22.2
6.1% 6.0 6.6 6.3
£15.77 15.44 12.90 13.90
£13.26 11.75 10.42 10.00
15.2 16.5 17.1 16.5
NOTE: Monetary statistics, except share prices, for all years were converted at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros, 0.542 pounds sterling, and 1.253 Swiss francs, a In 2004, Sanofi and Aventis merged; 2 0 0 4 data are pro forma; earlier data are for Aventis only.
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AC
JULY 2, 2 0 0 7
JAPAN COMF•ANY RESULTS Performance continued to impro^ve at 12 major chemical companies EARNINGS NET PLANT CAPITAL NET TOTAL & EXPENDYEAR SALES EARNINGS ASSETS EQUIPMENT ITURES (Money figures are in m liions of dollars unless otherwise indicated)
ASAHIKASEI 2006 $13,961 2005 12,885 2004 11,845 2003 10,778
STOCKHOLDERS' EQUITY
%OFSTOCKo/o OF HOLDERS' $PER SHARE SALES EQUITY
DIVIDEND. DIVIDEND $ PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER SHARE HIGH LOW
PRICE/ EARNINGS RATIO
| $590 513 485 238
$12,552 11,831 10,920 10,740
$3,671 3,563 3,611 3,682
$726 570 589 743
$5,619 5,109 4,400 3,873
4.2% 4.0 4.1 2.2
10.5% 10.0 11.0 6.1
$0.42 0.37 0.35 0.17
$0.10 0.09 0.07 0.05
1.5% 1.5 1.5 1.3
¥906 857 448 633
¥661 499 647 298
16.0 16.0 13.6 23.7
DAINIPPON INK & CHEMICALS 2006 $8,732 $193 $8,527 2005 8,639 46 8,335 8,623 2004 91 8,588 2003 8,381 55 8,742
$2,760 2,755 3,027 3,181
$424 362 393 393
$1,997 1,618 1,241 1,206
2.2% 0.5 1.1 0.7
9.7% 2.8 73 4.5
$0.24 0.06 0.11 0.07
$0.04 0.03 0.03 0.03
1.1% 1.0 1.5 1.9
¥510 528 312 256
¥370 274 225 176
15.5 62.2 20.5 279
JSR CORP. 2006 2005 2004 2003
$3,145 2,907 2,626 2,365
$289 263 238 166
$3,516 3,277 2,795 2,653
$844 791 735 730
$190 201 156 147
$2,063 1,829 1,569 1,371
9.2% 9.0 9.1 7.0
14.0% 14.4 15.2 12.1
$1.14 1.03 0.92 0.65
$0.21 0.170.12 0.08
0.8% 0.7 0.7 0.5
¥3,590 ¥2,300 2,025 3,780 2,465 1,684 1,141 2,540
22.1 24.3 19.3 24.5
KANEKA 2006 2005 2004 2003
$4,068 3,992 3,766 3,441
$158 242 213 134
$4,016 3,896 3,414 3,375
$1,371 1,239 1,075 1,104
$306 298 199 197
$2,332 2,242 1,927 1,761
3.9% 6.1 5.6 3.9
6.8% 10.8 11.0 7.6
$0.46 0.69 0.61 0.38
$0.14 0.14 0.12 0.07
1.3% 1.2 1.3 1.0
¥ 1,448 1,596 1,217 1,055
¥970 1,079 923 501
22.6 16.6 15.1 177
MITSUBISHI CHEMICAL (a) 2006 $22,550 $863 2005 20,711 736 2004 18,824 476 2003 16,553 297
$19,937 18,284 16,942 17,209
$6,229 5,904 5,803 6,218
$1,125 841 577 596
$6,524 5,641 3,834 3,414
3.8% 3.6 2.5 1.8
13.2% 13.0 12.4 8.7
$0.63 0.60 0.22 0.14
$0.12 ' 0.07 0.05 0.03
1.6% 1.1 2.0 1.6
¥ 1,003 815 361 318
¥741 672 254 187
11.9 10.7 12.1 16.0
MITSUI CHEMICALS 2006 $14,514 $450 2005 12,660 379 2004 10,554 225 2003 9,367 107
$12,881 11,425 10,362 10,218
$4,663 4,577 4,478 4,718
$625 700 405 393
$4,903 3,990 3,489 3,296
3.1% 3.0 2.1 1.1
9.2% 9.5 6.5 3.3
$0.57 0.48 0.29 0.14
$0.09 0.07 0.06 0.05
1.1% 1.1 1.3 1.1
¥ 1,084 954 632 680
¥660 570 484 406
13.1 13.6 16.8 34.4
SHIN-ETSU CHEMICAL 2006 $11,217 $1,324 2005 9,698 989 2004 8,318 801 2003 7,160 643
$15,992 14,369 12,692 11,918
$4,689 4,031 3,853 3,739
$1,811 1,030 913 876
$11,351 10,091 8,566 7,744
11.8% 10.2 9.6 9.0
11.7% 9.8 9.4 8.3
$3.08 2.29 1.88 1.52
$0.60 0.30 0.30 0.14
1.0% 0.6 0.8 0.4
¥ 8,150 ¥ 5,460 7,010 3,800 4,760 3,590 4,980 3,500
19.0 20.3 19.1 23.9
$248 134 65 89
$8,923 8,479 8,116 8,081
$4,729 4,393 4,457 4,627
$781 354 257 351
$2,283 1,778 1,528 1,428
3.2% 1.9 1.0 1.5
10.9% 7.5 4.3 6.2
$0.22 0.12 0.06 0.08
$0.03 0.03 0.03 0.02
0.8% 0.8 1.2 1.0
¥540 247 275 251
¥414 470 215 146
19.1 26.2 36.8 21.9
SUMITOMO CHEMICAL 2006 $15,390 $807 2005 13,383 779 2004 11,145 554 2003 9,960 295
$19,989 18,729 14,176 13,320
$5,361 4,904 4,435 4,143
$1,374 1,074 1,081 947
$8,860 6,171 4,897 4,352
524.3% 5.8 5.0 3.0
9.1% 12.6 11.3 6.8
$0.49 0.47 0.33 0.18
$0.10 0.09 0.07 0.05
1.3% 1.4 1.6 1.5
¥ 1,073 964 575 505
¥751 493 448 317
16.1 13.3 13.1 19.8
$1,774 1,635 1,448 870
$309 191 328 64
$1,858 1,531 1,326 815
9.3% 8.1 7.5 4.8
$0.43 0.30 0.28 0.13
$0.10 0.09 0.08 0.05
1.2% 1.4 2.1 1.5
¥ 1,131
¥849 535 363 329
19.8 20.1 12.8 26.8
SHOWA DENKO 2006 $7,863 2005 6,981 2004 6,368 2003 5,927
\ ί !
!
:
;
;
ΤΑΙΥΟ NIPPON SANSO (b) 2006
$3,943
$173
$4,710
2005 2004 2003
3,416 2,580 1,980
124 100 39
4,055 3,479 2,266
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4.4% 3.6 3.9 2.0
λβ
JULY 2, 2007
890 478 496
i
EARNINGS NET PLANT
CAPITAL NET TOTAL & EXPEND YEAR SALES EARNINGS ASSETS EQUIPMENT ITURES (Money figures are in millions of dollars unless otherwise indicated)
TEIJIN 2006 2005 2004 2003
% OF STOCK STOCK HOLDERS' %OF HOLDERS' $PER SHARE EQUITY SALES EQUITY
STOCK PRICE/ PRICE RANGE, PER SHARE EARNINGS HIGH LOW RATIO
DIVIDEND. DIVIDEND YIELD, % $PER OF PRICE SHARE
$293 214 79 73
$8,597 8,116 7,326 7,863
$5,008 4,686 2,774 3,386
$651 574 465 456
$3,506 2,911 2,498 2,526
3.4% 2.6 1.0 1.0
8.4% 7.3 3.2 2.9
$0.32 0.23 0.08 0.08
$0.09 0.06 0.06 0.06
1.3% 1.2 1.6 2.1
¥895 845 466 361
¥596 447 326 253
20.3 24.3 40.7 34.3
TORAY INDUSTRIES 2006 $13,296 $504 2005 12,273 408 2004 11,165 296 2003 9,359 180
$14,396 13,218 12,056 11,137
$5,532 5,040 4,574 4,671
$1,087 895 628 420
$5,586 4,617 3,891 3,562
3.8% 3.3 2.6 1.9
9.0% 8.8 7.6 5.1
$0.36 0.29 0.21 0.13
$0.09 0.07 0.06 0.05
1.0% 1.1 1.4 1.5
¥ 1,109 1,010 554 492
¥807 460 447 264
22.9 21.8 20.5 25.4
$8,680 8,065 7,810 7,519
NOTE: Monetary statistics, except share prices, for all years were converted at the 2006 average rate of $1.00 U.S. = 116.31 yen. Statistics were prepared on the basis of consolidated results. The fiscal year ends on March 31 of the following calendar year, except for Showa Denko's, which ends on Dec. 31. a From 2005, numbers are for Mitsubishi Chemical Holdings Corp. b Formerly Nippon Sanso, until it acquired Taiyo Toyo Sanso in October 2004.
U.S. CAPITAL SPENDING Big increases by industrial gas companies Air Products and Praxair sparked a 23% rise in total spending $ MILLIONS Air Products & Chemicals (a) Albemarle Arch Chemicals Cabot (a) Chemtura (b)
1996 $951 90 ne 209 39
1997 $870 85 ne 163 50
1998 $771 77 84 187 67
1999 $889 78 59 166 132
2000 $768 52 62 137 155
2001 $708 50 45 122 137
2002 $628 38 35 146 100
2003 $613 41 20 129 88
2004 $706 58 18 119 65
2005 $930 70 18 186 104
2006 $1,261 100 27 188 128
Cytec Industries (c) Dow Chemical (d) DuPont (e) Eastman Chemical FMC Corp.(f)
73 1,344 1,395 789 485
91 1,198 1,781 749 317
104 1,546 2,240 500 266
77 1,412 2,055 292 236
77 1,349 1,925 226 240
64 1,587 1,634 234 146
62 1,623 1,280 427 84
94 1,100 1,713 230 87
89 1,333 1,232 248 85
105 1,597 1,340 343 94
103 1,775 1,532 289 116
Η.Β Fuller (g) W.R.Grace Hercules Lubrizol (h) Monsanto (i) NewMarket Corp. (j)
90 457 120 94 692 29
69 259 119 101 644 44
62 101 157 93 979 23
56 83 196 65 976 14
49 65 187 86 582 14
31 63 63 66 382 10
36 91 43 65 224 13
39 86 48 89 206 12
31 63 77 133 210 15
25 81 68 137 281 18
21 119 94 131 370 26
PPG Industries Praxair Quaker Chemical Rohm and Haas Solutia (k) Stepan
489 893 7 334 ne 45
466 902 6 254 165 36
487 781 8 229 158 44
490 653 6 323 257 33
561 704 6 391 221 28
291 595 8 401 94 34
238 498 11 407 59 36
217 983 13 339 78 33
244 668 9 322 61 34
288 877 7 92 81 42
372 1,100 12 404 106 46
$8,625
$8,369
$8,963
$8,548
$7,885
$6,764
$6,257
$5,820
$6,784
$8,320
TOTAL (1)
$6,145
NOTE: Figures are for worldwide spending on construction, equipment, and land in consolidated businesses. Prior years are not restated to reflect company revisions, a Fiscal year ends Sept. 30. b Crompton and Great Lakes Chemical merged in 2005 to become Chemtura; earlier figures are for Crompton. c Acquired Surface Specialties in 2005. d Acquired Union Carbide in 2001. e Acquired all of Pioneer Hi-Bred in 1999 and all of DuPont Merck Pharmaceutical in 1998; sold drug operations in 2001. f Split off machin ery business in December 2001. g Fiscal year ends Dec. 2. h Acquired Noveon in 2004. i Merged with Pharmacia in 1999; spun off from Pharmacia in August 2002. j Formerly Ethyl Corp. k Spun off from Monsanto in 1997.1 For companies reporting, ne = nonexistent.
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JULY 2, 2007
EUROPE CAPITAL SPENDING Total spending in 2006 built on the previous year's gain $ MILLIONS Air Liquide (France) Akzo Nobel (Netherlands) Arkema (France) (a) BASF (Germany) Bayer (Germany) Ciba Specialty Chemicals (Switzerland) (b) Clariant (Switzerland) (c) Degussa (Germany) DSM (Netherlands) Givaudan (Switzerland) (d) ICI (U.K.) Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) (f) Lonza (Switzerland) (g) Merck (Germany) Rhodia (France) (h) Solvay (Belgium) Syngenta (Switzerland) (i) Wacker (Germany) (j) TOTAL (k)
1996 $1,313 991 ne 2,338 2,426
1997 $1,594 805 ne 2,800 2,928
1998 $1,802 1,029 ne 3,642 3,396
1999 $1,419 1,001 ne 3,472 3,307
2000 $1,143 911 ne 4,562 3,325
2001 $967 1,033 ne 3,815 3,288
2002 $1,143 866 ne 3,363 2,994
2003 $920 730 372 2,881 1,793
2004 $1,099 692 377 2,425 1,251
2005 $1,225 644 418 2,433 1,744
2006 $1,417 665 422 3,047 2,185
446 452 303 608 ne
417 377 342 575 ne
316 369 na 735 ne
213 339 1,312 813 132
199 427 1,221 773 104
207 403 1,420 819 91
199 271 1,207 632 73
186 240 907 544 126
235 231 906 420 119
219 278 1,023 504 128
188 286 798 629 135
1,891 254 ne 712 ne
1,322 265 ne 715 ne
1,021 320 ne 734 326
492 211 ne 1,112 222
533 274 ne 1,230 118
439 374 ne 913 211
396 305 ne 1.089 278
284 294 392 1,075 338
295 201 351 902 199
291 142 315 1,085 217
277 205 335 1,220 296
332 682 872 ne ne
342 426 933 ne ne
401 422 804 ne ne
451 467 1,155 ne ne
536 632 1,020 185 ne
590 607 906 253 ne
474 470 785 165 ne
353 293 697 211 ne
294 250 709 166 ne
337 319 634 174 382
318 335 730 217 608
$13,619
$13,842
$15,317
$16,117
$17,193
$16,335
$14,711
$12,636
$11,119
$12,512
$14,313
NOTE: Monetary statistics for all years were converted at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros, 0.542 pounds sterling, and 1.253 Swiss francs, a Spun off from Total in 2006; prior figures are pro forma, b Spun off from Novartis in 1997. c Spun off from Sandoz in 1995, merged with Hoechst Specialty Chemicals in 1997. d Spun off from Roche in 2000; prior figures are pro forma, e Spun off from Bayer in January 2005; prior figures are pro forma, f Acquired BOC in 2006. g Became an independent, publicly traded company in 1999; prior figures are pro forma, h Spun off from Rhône-Poulenc in 1998; prior figures are pro forma. 1 Became an independent company in 2000; prior figures are pro forma, j Became a publicly traded company in 2005. k For companies reporting, totals may not sum because of rounding, ne = nonexistent.
JAPAN CAPITAL SPENDING Taken together, leading Japanese companies sharply boosted their capital expendit ures last year $ MILLIONS Asahi Kasei Dainippon Ink & Chemicals JSR Corp. Kaneka Mitsubishi Chemical Mitsui Chemicals (a) Shin-Etsu Chemicals Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (b) Teijin To ray TOTAL (c)
1996 $630 497 157 272 896 ne
1997 $645 844 193 245 1,006 516
1998 $606 671 197 211 902 448
1999 $544 798 106 210 728 468
2000 $595 469 94 210 742 529
2001 $643 434 114 208 858 1,011
2002 $808 371 138 153 734 592
2003 $743 393 148 198 596 393
2004 $589 393 156 199 577 405
2005 $570 362 201 299 841 700
2006 $726 424 190 306 1,125 625
798 368 619 170 na 827
1,173 550 713 202 na 1,296
633 421 581 196 272 1,040
688 320 702 121 372 942
832 344 534 103 424 517
701 278 628 149 481 562
564 245 1,307 152 603 492
876 351 947 64 456 420
913 257 1,082 328 465 628
1,030 354 1,074 191 574 895
1.811 781 1,374 309 651 1,087
$5,234
$7,382
$6,177
$5,997
$5,392
$6,066
$6,158
$5,584
$5,993
$7,091
$9,408
NOTE: Monetary statistics for all years were converted at the 2006 average exchange rate of $1.00 U.S. = 116.31 yen. Fiscal year ends March 31 of the following calendar year, except for Showa Denko's, which ends on Dec. 31. a Mitsui Chemicals was formed in 1997 by the merger of Mitsui Toatsu and Mitsui Petrochemical, b Nippon Sanso became Taiyo Nippon Sanso in October 2004 after the acquisition of Taiyo Toyo Sanso; for 2003 and earlier, numbers are for Nippon Sanso. c For companies reporting, na = not available. ne = nonexistent.
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j X
JULY 2, 2007
CANADA CAPITAL SPENDING Spending eased in 2006 but was still relatively high $ MILLIONS
1996
1997
1998
Agrium Methanex Nova Chemicals (a) Potash Corp. TOTAL (b)
$153 174 175 59 $561
$144 154 223 160 $681
$174 178 367 190 $909
1999
$253 139 620 119 $1,131
2000
2001
2002
2003
2004
$179 19 440 186 $824
$164 91 168 514 $937
$52 160 71 212 $495
$99 243 130 151 $623
$82 157 242 221 $702
2005
2006
$175 118 419 383 $1,095
$209 53 198 509 $969
a Nova Chemicals was spun off from Nova Corp. in 1998; figures for 1996 and 1997 are pro forma b For companies reporting. SOURCE: Company data
U.S. R&D SPENDING Most chemical companies and all pharmaceutical firms surveyed increased research spending CHEMICAL $ MILLIONS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
$114 30 ne 79 52
$114 31 ne 83 54
$112 30 16 83 53
$123 34 18 73 68
$124 26 17 43 85
$123 22 25 48 82
$121 17 23 48 82
$121 18 24 64 52
$127 31 15 53 50
$133 42 21 59 52
$151 46 18 58 66
Cytec Industries (c) Dow Chemical (d) DuPont (e) Eastman Chemical FMC Corp.(f)
40 761 1,032 184 177
45 785 1,116 191 174
43 807 1,308 185 158
44 845 1,617 187 152
39 892 1,776 149 155
32 1,072 1,588 160 100
34 1,066 1,264 159 82
35 981 1,349 173 87
40 1,022 1,333 154 93
69 1,073 1,336 162 94
74 1,164 1,302 167 97
H.B. Fuller (g) W.R.Grace Hercules Lubrizol (h) Monsanto (i) NewMarketCorp. (j)
26 94 56 93 728 47
25 42 53 88 939 42
22 47 61 78 1,263 40
21 42 85 78 695 41
18 46 80 86 588 40
19 50 67 88 560 33
18 52 42 94 527 30
18 52 39 94 510 28
16 51 43 190 511 33
16 59 41 205 588 65
17 64 39 206 725 70
PPG Industries Praxair Quaker Chemical Rohm and Haas Solutia (k) Stepan
239 72 11 187 ne 13
250 79 10 200 60 12
271 72 10 207 62 12
284 67 9 236 58 13
282 65 9 259 67 13
266 66 9 230 58 14
289 69 9 260 39 15
306 75 10 238 53 15
303 77 14 265 44 15
309 80 14 273 45 30
318 87 13 292 45 30
$4,035
$4,393
$4,941
$4,790
$4,859
$4,712
$4,338
$4,342
$4,481
$4,766
$5,049
$ MILLIONS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Abbott Laboratories Bristol-Myers Squibb (m) Eli Lilly & Co. Johnson & Johnson
$1,206 1,276 1,042 2,109
$1,307 1,385 1,190 2,373
$1,339 1,577 1,382 2,506
$1,194 1,843 1,739 2,768
$1,351 1,939 1,784 3,105
$1,578 2,259 2,019 3,591
$1,562 2,218 2,235 2,957
$1,734 2,279 2,350 4,684
$1,697 2,500 2,149 5,203
$1,821 2,746 3,025 6,312
$2,255 3,067 3,129 7,125
1,487 2,166 723 1,429
1,684 2,536 847 1,558
1,821 3,305 1,007 1,655
2,068 4,036 1,191 1,740
2,344 4,435 1,333 1,688
2,456 4,847 1,312 1,870
2,677 5.176 1,425 2,080
3,178 7,131 1,469 2,094
4,010 7,684 1,607 2,461
3,848 7,442 1,865 2,749
4,783 7,599 2,188 3,109
$11,438
$12,880
$14,592
$16,579
$17,979
$19,932
$20,330
$24,919
$27,311
$29,808
$33,255
Air Products & Chemicals (a) Albemarle Arch Chemicals Cabot (a) Chemtura (b)
TOTAL (I) PHARMACEUTICAL
Merck & Co. Pfizer (n) Schering-Plough Wyeth TOTAL (1)
NOTE: Prior years are not restated to reflect company revisions except where noted, a Fiscal year ends Sept 30. b Crompton and Great Lakes Chemical merged in 2005 to become Chemtura; earlier figures are for Crompton. c Acquired Surface Specialties in 2005. d Acquired Union Carbide in 2001. e Acquired all of Pioneer Hi-Bred in 1999 and all of DuPont Merck Pharmaceutical in 1998; sold drug operations in 2001. f Split off machinery business in December 2001. g Fiscal year ends Nov. 30. h Acquired Noveon in 2004. i Merged with Pharmacia in 1999; spun off from Pharmacia in August 2002. j Formerly Ethyl Corp. k Spun off from Monsanto in 1997.1 For companies reporting, m Acquired DuPont Pharmaceuticals in 2001. η Merged with Warner-Lambert in 2 0 0 0 and with Pharmacia in 2003; prior years are restated for Warner-Lambert, but not Pharmacia, ne = nonexistent.
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AQ
JULY2.2007
FINANCES
EUROPE R&D SPENDING R&D spending hit decade-long high, dominated by big increases at several companies $ MILLIONS
1996
Air Liquide (France) Akzo Nobel (Netherlands) Arkema (France) (a) BASF (Germany) Bayer (Germany)
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
$102 648 ne 1,469 2,318
$109 719 ne 1,538 2,491
$109 817 ne 1,544 2,569
$114 912 ne 1,675 2,829
$120 992 ne 1,917 3,006
$113 1,064 ne 1,567 3,215
$116 1,132 ne 1,426 3,237
$118 1,114 240 1,388 2,809
$129 1,034 230 1,239 2,489
$134 1,048 221 1,337 2,369
$195 1.112 211 1,604 2,886
Ciba Specialty Chemicals (Switzerland) (b) Clariant (Switzerland) (c) Degussa (Germany) DSM (Netherlands) Givaudan (Switzerland) (d)
ne
241
243
204
234
220
235
224
230
240
215
ne 303 222 ne
278 342 251 ne
267 na 317 ne
289 653 325 124
330 681 332 148
326 477 374 159
281 455 340 164
246 446 337 173
219 437 359 166
174 440 364 176
165 382 168 196
ICI (U.K.) Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) (f) Lonza (Switzerland) (g)
352 59 ne ne ne
422 60 ne ne ne
280 62 ne ne 84
269 60 ne 180 78
295 60 ne 229 77
291 49 ne 211 83
273 58 ne 215 81
277 60 211 216 55
271 49 158 209 57
269 54 127 216 50
162 64 109 253 61
Merck (Germany) Rhodia (France) (h) Solvay (Belgium) Syngenta (Switzerland) (i) Wacker (Germany)(j)
418 255 383 ne ne
492 251 357 ne ne
509 230 367 ne ne
626 222 433 769 ne
686 244 452 745 ne
725 247 428 723 ne
764 253 499 697 ne
760 235 508 727 ne
753 196 519 809 ne
896 156 593 822 185
944 176 707 796 191
$6,529
$7,551
$7,398
$9,762
$10,548
$10,272
$10,226
$10,144
$9,553
$9,871
$10,597
TOTAL (k)
NOTE: Monetary statistics for all years were converted at the 2006 average exchange rates of $1.00 U.S. = 0.796 euros, 0.542 pounds sterling, and 1.253 Swiss francs, a Spun off from Total in 2006; prior figures are pro forma, b Spun off from Novartis in 1997. c Spun off from Sandoz in 1995, merged with Hoechst Specialty Chemicals in 1997. d Spun off from Roche in 2001; prior figures are pro forma, e Spun off from Bayer in January 2005; prior figures are pro forma, f Acquired BOC in 2006. g Became an independent, publicly traded company in 1999; prior figures are pro forma, h Spun off from Rhône-Poulenc in 199S; prior figures are pro forma, i Became an independent company in 2 0 0 0 ; prior figures are pro forma, j Became a publicly traded company in 2005. k For companies reporting; totals may not sum because of rounding, ne = nonexistent.
JAPAN R&D SPENDING Companies kept on increasing their spending, and Sumitomo remained in the top spot $ MILLIONS
Asahi Kasei Dainippon Ink & Chemicals JSRCorp. Kaneka Mitsubishi Chemical Mitsui Chemicals (a) Shin-Etsu Chemical Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (b) Teijin To ray TOTAL (c)
1996
2000
2001
2002
2003
2004
2005
2006
1997
1998
1999
$478 109 35 na 632 ne
$490 119 43 na 646 348
$489 108 48 86 578 338
$430 92 52 105 572 328
$428 103 45 113 585 314
$426 110 114 113 727 335
$424 111 121 120 783 319
$312 129 130 124 761 283
$313 137 143 135 767 300
$308 127 136 145 770 319
$321 138 150 145 784 317
na 158 472 na 209 308
na 195 472 na 236 311
na 204 512 na 237 326
232 194 510 34 245 334
223 143 508 30 260 334
243 133 573 30 274 320
235 133 626 22 257 307
226 134 647 20 282 307
240 151 672 18 258 330
275 150 790 19 268 341
359 168 840 23 302 364
$2,402
$2,859
$2,926
$3,127
$3,085
$3,398
£3,456
$3,355
$3,465
$3,649
$3,910
NOTE: Monetary statistics for all years were converted at the 2006 average exchange rate of $1.00 U.S. = 116.31 yen. Fiscal year ends March 31 of the following calendar year, except Showa Denko's, which ends Dec. 31. a Mitsui Chemicals was formed in 1997 by the merger of Mitsui Toatsu and Mitsui Petrochemical, b Nippon Sanso became Taiyo Nippon Sanso when it acquired Taiyo Toyo Sanso in October 2004; for 2003 and earlier, numbers are for Nippon Sanso. c For reporting companies only, na = not available. ne = nonexistent.
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50
JULY 2, 2007
FACTS & FIGURES
JOBS INCREASE AT MAJOR COMPANIES In many cases, EMPLOYMENT rose because of acquisitions Without Georgia Gulf, employment at the other 19 companies fell by 3,800 to 259,900. In Canada, total chemical employment among the four major chemical companies there increased by 1,600 to 15,600. Agrium, though, showed the only increase, rising by 1,900 to 6,600 on the acquisition of Royster-Glark. Of the three other firms, Potash Corp. of Saskatchewan and Methanex were unchanged at 4,900 and 800, respectively, while Nova Chemicals fell by 300 to 3,300. A sample of 20 chemical companies in Europe split 12 to 8 between those who
CHEMICAL COMPANIES looking to con
trol costs are still keeping a taut rein on the number of people they employ. In the U.S., where government data are available for all employees, the total number of jobs slipped in 2006. But employment figures at major companies around the world tend to show some increase. In the U.S., average employment last year in the chemical industry, as measured by the Department of Labor, fell for the eighth straight year to 868,700, which is 10,500 fewer employees than in 2005. The number
acquired BOC, saw total employment in crease by 13,300 to 55,500. Excluding BASF and Linde, total em ployment among the remaining 18 compa nies declined by 5,400 to 495,100. Among the 12 leading Japanese chemical companies, only Dainippon Ink & Chemi cals reduced its headcount. All others either kept employment level or added to their workforces. Overall, aggregate employment at the 12 companies rose about 2.4% to some 226,100 workers. The increase was led by Toray In dustries, which added 1,900 to its rolls, bring ing the total to 36,600, and by Taiyo Nippon Sanso, which added 1,000 for a total of 8,300. In the U.S., chemical industry productiv ity, or output per workhour, continued to increase. For all chemicals, this measure increased 1.9% to an index of 145.6 (1997 = 100), well below the 2.8% for all manu facturing. The largest increase among the chemical sectors was 7.2% for soaps and
U.S. EFFICIENCY Growth slowed in U.S. chemical productivity, but unit labor costs resumed their decline % annual change
% annual change
15 |"~
9 I
Productivity
Unit labor costs
12 9 6 3
;
Β
0
1996 97
98
All manufacturing
99
00
01
02
03
04
05
1996 97
06
98
99
00
01
02
03
04
05
06
J Chemicals
SOURCES: Federal Reserve Board, Bureau of Labor Statistics, C&EN estimates
of hourly production workers dropped by just 700 to 509,300, a minuscule decline compared with the loss of 1,800 workers be tween 2004 and 2005 or the 30,300 plummet in 2002, the largest drop in the past decade. The only increase in production workers was in the pharmaceutical sector, where hourly workers increased by 5,500 to 149,600. Among a group of 20 U.S. chemical com panies, though, total worldwide year-end employment increased last year. At the end of 2006, however, 12 of the companies had fewer employees than they had at the end of 2005, with four having more employees and an equal number having the same number they had 12 months earlier. Georgia Gulf sup plied the growth, increasing the number of its employees by 5,600 to 6,700 as a result of its acquisition of Royal Group Technologies.
added employees and those whose rolls were smaller in 2006 than in 2005. But in the end, total employment at the 20 firms with headquarters in six countries rose by 22,200 to 645,800. Among the companies, two saw big gains in employment. BASF ended the year with 95,200 employees worldwide, up 14,300 from 2005. The increase came largely from the company's acquisitions of Engelhard and of Degussa's construction materials business in 2006. Although BASF's acquisi tion of the construction business helped raise its total employment, the number of jobs at Degussa naturally dropped by 10,000 to 35,600. Industrial gas producer Linde was another company where an acquisition last year made a difference. Linde, which
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JULY 2, 2007
toiletries, followed by 4.5% for paints, coatings, and adhesives and 3.7% for basic chemicals. The pharmaceutical sector had the lone decline, falling 3.6%. The increase in productivity yielded a drop in unit labor costs, derived from in dexes for hourly wages divided by output per hour. Unit labor costs for the chemical industry declined 2.5% from 2005, but all manufacturing had a larger decline of 3.2%. The decline in unit labor costs for all chemicals was certainly helped by a 9.9% drop for the soaps and toiletries sector. This was followed by basic chemicals, where unit labor costs were 4.9% below the 2005 average. Unit labor costs rose for just two chemical sectors, pharmaceuticals, up 0.5%, and resins, synthetic rubber, and fibers, up 3.8%.
•
mimmmmmmmmmmmm
OVERALL U.S. EMPLOYMENT U.S. chemical employment declined for eighth straight year ANNUALCHANGE THOUSANDS
1996
Manufacturing 17,237 Chemicals 985 Basic chemicals 224 Resins, synthetic rubber & fibers 141 Agricultural chemicals 47 Pharmaceuticals 229 Paints, coatings & adhesives 76 Soaps & toiletries 127 Other chemicals 137
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
17,419 987 219
17,560 993 213
17,322 983 195
17,263 980 188
16,441 959 181
15,259 928 170
14,510 906 162
14,315 887 156
14,232 879 151
14,197 869 148
141 49 236 77 128 137
140 50 247 78 131 135
137 51 261 78 131 128
136 48 274 80 13 127
126 46 283 75 127 120
115 45 291 72 121 114
112 42 292 69 119 111
110 42 290 68 115 107
110 41 289 68 116 105
105 39 292 67 113 105
2 0 0 5 - 0 6 1996-06
-0.2% -1.2 -2.4
-1.9% -1.2 -4.1
-4.8 -4.7 1.4 -1.0 -2.5 -0.1
-2.9 -1.8 2.5 -1.2 -1.2 -2.6
NOTE: Average annual domestic employment. SOURCE: Department of Labor
U.S. COMPANY EMPLOYMENT Total number of employees rose, largely on Georgia Gulf's acquisition of Royal Group THOUSANDS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Air Products & Chemicals Albemarle Cabot Cambrex Chemtura (a)
15.2 2.8 4.7 1.3 5.7
16.4 2.7 4.8 1.8 5.6
16.7 2.7 4.8 1.8 5.4
174 2.6 4.5 1.9 8.6
175 2.5 4.5 1.9 8.3
17.8 3.0 4.3 2.1 7.3
17.2 3.0 4.5 2.2 6.8
18.5 3.0 4.4 1.9 5.5
19.9 3.7 4.3 1.9 4.8
20.2 3.7 4.4 1.9 6.6
20.7 3.6 4.3 1.9 6.2
Cytec Industries (b) Dow Chemical (c) DuPont Eastman Chemical H.B. Fuller
5.0 40.3 970 17.5 5.9
5.2 42.9 98.0 16.1 6.0
5.1 39.0 101.0 15.9 6.0
4.9 39.2 94.0 14.7 5.4
4.8 41.9 93.0 14.6 5.2
4.5 52.7 79.0 15.8 4.9
4.3 50.0 79.0 15.7 4.6
4.5 46.4 81.0 15.0 4.5
4.5 43.2 60.0 12.0 4.5
7.3 42.4 60.0 12.0 4.0
: . 6.7 ' . 42.6 1 59.0 11.0 3.7
Georgia Gulf (d) W.R.Grace Hercules Lubrizol (e) NewMarket Corp. (f)
1.0 17.4 7.1 4.4 1.8
1.1 6.3 6.2 4.3 1.5
1.1 6.6 12.4 4.3 1.5
1.4 6.3 11.4 4.1 1.5
1.3 6.3 9.8 4.4 1.5
1.2 6.4 9.7 4.5 1.1
1.2 6.4 5.1 5.2 1.1
1.2 6.3 5.1 5.0 1.1
1.2 6.4 5.0 7.8 1.1
1.1 6.4 4.7 7.5 1.1
6.7 6.4 4.4 6.7
31.3 25.3 11.6 ne 1.3
31.9 25.4 11.6 8.8 1.3
32.5 24.8 11.3 8.7 1.4
33.8 24.1 21.5 10.6 1.4
35.6 23.4 18.5 10.2 1.4
34.9 24.3 18.2 9.2 1.5
34.1 25.0 17.6 7.3 1.5
32.9 25.4 17.3 6.3 1.4
31.8 27.0 16.7 5.7 1.4
30.8 27.3 16.5 5.4 1.5
32.2 27.0 15.8 5.1 1.5
296.6
297.9
303.0
309.3
306.6
302.4
291.8
286.8
262.9
264.8
266.6
PPG Industries Praxair Rohm and Haas Solutia (g) Stepan TOTAL EMPLOYEES (h)
u
NOTE: Data are not restated for acquisitions, divestitures, or similar developments, a Crompton and Great Lakes Chemical mer ged in 2005 to form Chemtura; earlier figures are from Crompton. b Acquired Service Specialties in 2005. c Merged in 2001 with Union Carbide, d Acquired Royal Group in 2006. e Acquired Noveon in 2004. f Formerly Ethyl Corp. g Spun off from Monsanto in 1997. h For companies reporting, ne = nonexistent. SOURCE: Company data
CANADA EMPLOYMENT Agrium's acquisition of Royster-Clark raised the number of employees THOUSANDS
Agrium (a) Methanex Nova Chemicals Potash Corp. TOTAL EMPLOYEES (b)
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
4.4 0.9 3.4 4.5
4.4 0.8 3.4 5.7
4.5 0.9 3.3 5.7
4.5 0.8 4.7 5.5
4.0 0.8 4.7 5.3
4.0 0.8 4.6 5.0
4.8 0.8 4.3 5.2
4.7 0.7 4.3 4.9
4.6 0.9 4.1 4.9
4.7 0.8 3.6 4.9
6.6 0.8 3.3 4.9
13.2
14.3
14.4
15.5
14.8
14.4
15.1
14.6
14.5
14.0
15.6
a Purchased Royster-Clark in 2006. b For companies reporting. SOURCE: Company data
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JULY 2, 2007
EUROPE EMPLOYMENT Total employment reversed trend and grew in 2006 THOUSANDS Air Liquide (France) Akzo Nobel (Netherlands) Arkema (France) (a) BASF (Germany) Bayer (Germany)
1996 27.8 6S.0 ne 105.6 142.2
1997 27.6 85.9 ne 105.0 144.6
1998 28.6 68.9 ne 105.9 145.1
1999 29.0 70.7 ne 104.6 120.4
2000 30.3 69.8 ne 103.3 122.1
2001 30.8 70.4 ne 92.5 116.9
2002 30.8 60.7 ne 89.4 122.6
2003 31.9 64.6 ne 87.2 94.9
2004 35.9 61.5 18.6 82.0 93.3
2005 35.9 61.3 17.7 80.9 93.7
2006 36.9 61.9 17.0 95.2 106
Ciba Specialty Chemicals (Switzerland) (b) Clariant (Switzerland) (c) Degussa (Germany) DSM (Netherlands) Givaudan (Switzerland) (d)
ne
21.4
24.5
20.1
20.3
19.7
19.0
18.7
19.3
19.1
14.1
32.5 26.0 18.4 ne
30.9 25.7 17.5 ne
29.3 na 23.0 ne
29.0 62.5 21.8 4.9
31.5 62.9 21.8 5.1
28.9 53.4 21.5 5.3
27.8 47.6 18.5 5.8
27.0 46.6 26.1 6.0
24.8 44.6 24.5 5.9
23.4 45.6 22.8 5.9
21.7 35.6 22.2 6.1
ICI (U.K.) Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) (f) Lonza (Switzerland) (g)
64.0 10.6 ne 30.7 ne
69.5 10.4 ne 32.1 ne
60.6 10.8 ne 33.4 5.7
53.6 10.7 ne 35.6 5.7
45.9 9.6 ne 47.1 4.6
39.8 10.2 ne 46.4 6.2
38.0 10.4 ne 46.0 6.2
36.2 10.5 20.5 46.2 5.7
33.8 9.7 19.7 41.4 5.7
32.5 7.7 18.3 42.2 6.0
31.1 9.3 . 16.5 55.5 6.1
Merck (Germany) Rhodia (France) (h) Solvay (Belgium) Syngenta (Switzerland) (i) Wacker (Germany) (j)
28.7 29.1 35.4 ne ne
28.9 25.1 34.4 ne ne
28.9 24.5 33.1 ne ne
32.7 24.8 32.8 23.5 ne
33.5 29.4 32.3 21.0 ne
34.3 26.9 29.4 20.5 ne
34.5 24.5 30.3 20.0 ne
34.2 23.0 30.1 19.1 ne
28Γ9 20.6 29.3 19.5 14.7
29.1 19.4 28.7 19.0 14.4
30.0 17.1 29.3 19.5 14.7
619.0
659.0
622.3
682.4
690.5
653.1
632.1
628.5
633.7
623.6
645.8
TOTAL EMPLOYEES (k)
a Spun off from Total in 2006; prior figures are pro forma, b Spun off from Novartis in 1997. c Spun off from Sandoz in 1995; merged with Hoechst Specialty Chemicals in 1997. d Spun off from Roche in 2000; prior figures are pro forma, e Spun off from Bayer in January 2005; prior figures are pro forma, f Acquired BOC in 2006. g Became an indepen dent, publicly traded company in 1999; prior figures are pro forma, h Spun off from Rhône-Poulenc in 1998; prior figures are pro forma, i Formed from agrochemicals businesses of Zeneca and Novartis; became an independent company in 2000; prior figures are pro forma, j Became a publicly traded company in 2005. k For companies reporting. ne = nonexistent.
JAPAN EMPLOYMENT Headcount increased at most companies, most sharply at Taiyo Nippon Sanso and Toray THOUSANDS Asahi Kasei Dainippon Ink & Chemicals JSR Corp. (a) Kaneka Mitsubishi Chemical Mitsui Chemicals (b) Shin-Etsu Chemical Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (c) Teijin Toray
1996 26.7 25.9 na na na ne 18.9 8.9 16.3 1.8 17.3 33.8
1997 27.8 24.9 na na na 13.6 19.2 13.6 15.9 1.7 17.6 32.9
1998 29.3 25.7 na na na 12.6 18.4 13.5 15.8 na 17.2 34.3
1999 26.6 31.0 4.4 6.6 33.5 11.7 18.8 12.5 17.5 7.0 22.0 35.5
2000 26.7 30.3 4.4 7.0 33.0 12.8 19.4 13.2 17.4 6.3 22.3 35.7
2001 26.2 28.4 4.4 6.7 38.6 13.2 16.5 12.0 17.0 5.5 24.0 34.9
2002 25.7 27.0 4.3 6.7 37.6 12.7 16.6 10.9 17.9 4.8 23.3 33.8
2003 25.0 26.5 4.3 6.6 33.5 12.3 17.4 10.6 19.0 4.6 20.6 32.9
2004 23.8 26.8 4.4 6.6 33.3 12.2 18.2 11.2 20.2 7.1 19.0 33.7
2005 23.0 25.6 4.6 7.3 33.0 12.5 18.9 11.1 24.2 7.3 18.8 34.7
2006 23.7 25.4 4.7 7.4 33.4 12.5 19.2 11.2 24.7 8.3 19.1 36.6
TOTAL EMPLOYEES (d)
149.6
167.2
173.9
218.9
2272
225.7
219.7
211.7
216.4
220.9
226.1
NOTE: Fiscal year ends March 31 for all companies except Showa Denko, for which it ends Dec. 31. aJSR Corp. initiated a consolidated headcount in 1999. b Formed in 1997 from the merger of Mitsui Toatsu and Mitsui Petrochemical, c Nippon Sanso changed its name to Taiyo Ν ppon Sanso in 2004 when it acquired Taiyo Toyo Sanso. d For com Danies reporting, na = not available, ne = nonexistent.
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JULY 2, 2007
EMPLOYMENT
U.S. PRODUCTION WORKERS Decline in the number of chemical plant workers continued THOUSANDS
1996
Manufacturing 12,532 Chemicals 595 Basic chemicals 139 Resins, synthetic 98 rubber & fibers Agricultural chemicals 33 Pharmaceuticals 118 Paints, coatings &adhesives 40 Soaps & toiletries 80 Other chemicals 88
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
12,673 593 137 99
12,729 601 136 98
12,524 595 126 96
12,428 588 122 96
11,677 562 115 89
10,768 532 104 81
10,190 525 100 78
10,072 520 95 75
10,060 510 86 71
10,168 509 83 70
33 116 40 81 88
34 123 40 84 87
34 129 41 85 83
32 132 42 82 82
30 132 39 80 77
30 128 38 76 75
29 133 37 77 72
29 139 40 74 69
29 144 41 73 67
29 150 39 73 65
ANNUALCHANGE 2005-06 1996-06
1.1% -0.1 -3.0 -0.6
-2.1% -1.5 -5.0 -3.3
-1.7 3.8 -3.4 0.6 -2.4
-1.3 2.4 -0.1 -1.0 -2.9
NOTE: Average annual domestic: employment SOURCE Department of Labor
U.S. PAY Resins, rubber, and fiber workers gained the largest increases HOURLY EARNINGS 2004 2005
2003
Manufacturing Chemicals Basic chemicals Resins, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries Other chemicals
$15.74 18.50 22.12 17.87 18.41 19.77 16.01 14.16 17.02
$16.15 19.17 23.15 18.24 18.93 20.90 16.26 14.73 17.16
$16.56 19.67 23.80 19.03 20.87 21.31 16.31 15.37 17.15
2006
2003
$16.80 19.60 23.20 19.88 21.04 21.34 16.05 15.04 16.72
$635.99 783.95 988.97 747.84 837.14 850.39 656.44 564.19 694.18
WEEKLY EARNINGS 2004 2005
$658.59 819.73 1,036.01 800.73 865.68 891.99 684.66 588.27 708.42
2006
$690.83 833.59 1,033.10 • 869.34 978.58 891.26 676.40 605.40 695.48
$673.37 831.76 1,038.71 844.01 947.49 894.35 676.16 610.99 702.37
NOTE: For production workers in domestic employment. SOURCE: Department of Labor
U.S. PRODUCTIVITY All chemical sectors except pharmaceuticals saw an increase in productivity ... ANNUAL CHANGE
PRODUCTIVITY (a), 1997 = 100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Manufacturing Chemicals Basic chemicals Resins, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries
94.2 94.4 92.2 94.1 95.8 93.3 100.0 96.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1073 100.9 99.5 105.6 98.6 101.4 100.0 95.1
115.2 105.1 116.9 109.0 88.9 98.7 97.7 90.4
122.1 109.3 118.5 109.2 93.4 99.5 97.3 99.5
127.8 113.1 113.8 109.3 94.0 104.7 104.9 102.8
138.2 126.9 134.5 123.2 101.1 111.8 105.4 123.1
148.3 130.1 145.4 125.3 106.3 110.6 110.2 117.7
153.1 135.5 167.1 130.1 110.3 107.8 102.6 135.6
159.8 142.9 188.3 141.2 116.6 107.4 104.4 151.0
164.2 145.6 195.2 144.7 118.1 103.5 109.1 161.8
2005-06
2.8% 1.9 3.7 2.5 1.3 -3.6 4.5 7.2
as unit labor costs fell for all sectors except polymers and pharmaceuticals UNIT LABOR COSTS (b), 1997 = 100
Manufacturing Chemicals Basic chemicals Resins, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, c o a t i n g s & a d h e s i v e s
Soaps & toiletries
ANNUAL CHANGE
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
105.2 103.1 104.6
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
95.7 101.2 106.3 98.5 101.0 95.5 102.5 106.3
93.3 100.2 99.8 100.0 116.2 93.4 104.7 117.3
91.9 102.8 107.1 105.4 129.6 93.8 1076 122.3
98.7 107.6 121.2 119.3 151.5 89.6 115.5 123.0
102.0 102.7 114.7 118.1 159.8
103.7 104.3 112.8 120.6 148.4 89.4 126.8 112.8
103.2 103.7 107.9 117.5 145.4 93.9 123.3 104.7
101.8 104.1 111.6 118.2 152.1 94.0 122.1 100.9
98.5 101.5 106.1 122.7 150.4 94.5 117.2 90.9
103.2
101.1 101.7 99.7 103.3
84.7
124.5 109.3
2005-06
-3.2% -2.5
-4.9 3.8
-1.1 0.5 -4.0
-9.9
a Productivity is ouput per workhour, calculated by dividing indexes for production by indexes for workhours of production employees, b Unit labor costs are calculated by dividing indexes for hourly wages by indexes for output per workhour. SOURCES: Federal Reserve Board, Department of Labor, C&EN estimates
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JULY 2, 2 0 0 7
FACTS & FIGURES
GAINS IN CHEMICAL OUTPUT CONTINUE PRODUCTION growth inEuropean countries was better than that in other major nations PRODUCTION GREW among the major chemical-producing countries in 2006, as worldwide economies maintained their increases of the past several years. The European Chemical Industry Council (CEFIC), which follows the European region as a whole rather than individual countries, notes that chemical production, excluding pharmaceuticals, grew by 1.9% in the region. This was better than growth that occurred in 2005 a n d above the long-term average, the trade association says. CEFIC notes that the performance of the chemical industry, excluding drugs, is particularly gratifying, because the inclusion of pharmaceuticals tends to skew the results. In 2006, pharmaceutical output grew 7.1%. If there was a surprise, it was that many
provided by Statistics Canada. Among the sectors, basic chemicals increased its output by 3.2%, which was greater than the 2.9% growth in production of pharmaceuticals and medicines. In Asia, Japan's chemical production index in 2006 fell 0.8% from the previous year, according to data from the Ministry of Trade, Economy & Industry. All of the indexes for that country's chemical output were lower than in the year before. Organic chemicals were down 3.3%; cyclic intermediates and dyes, 3.1%; sodium chemicals, 2.6%; fertilizers, 2.3%; petrochemicals, 2.1%; industrial inorganic chemicals and dyes, 1.3%; synthetic rubber,
and the U.K, 1.3%. Production in France was unchanged from 2005. In the U.S., total chemical output rose 2.1%, according to Federal Reserve Board indexes. This number trailed the percentage increases for all manufacturing, which rose 5.0% U.S. PLANT USE in 2006, and for nondurable In 2 0 0 6 , chemical capacity use recovered from the manufacturing, which was effects of 2 0 0 5 hurricanes up 2.2%. Production, % of capacity Among the chemical sec85 1 tors, basic inorganic chemiAll manufacturing cals showed the best growth, rising 4.1%. This is well ahead of the sector's 10-year average annual growth of just 0.8%. Within this sector, 1996 97 output of synthetic dyes and NOTE: As of December. SOURCE: Federal Reserve Board pigments jumped 13.8%. Production of the other 1.2%; plastics, 0.5%; and aromatics, 0.1%. basic category, organic chemiMeanwhile, in South Korea, total chemicals, grew just 1.6%. This secU.S. PRODUCTION cal production was up 3.5%, while output of tor's major chemical industry Output rose for all but synthetic materials rubber and plastic products increased 5.4%, customer, synthetic materials, data from the Korea National Statistical 0.5% more in produced just Production index, 1997 = 100 Office show. Ethylene production, which 150 M All manufacturing 1 Organic chemicals 2006 than in the prior year, • Chemicals H Basic inorganic chemicals sports a 10-year average annual growth of with plastic materials and res• Basic chemicals • Synthetic materials 4.3%, stagnated. ins up 1.8%, and artificial and Taiwan's production measures, as synthetic fibers down 10.2%. 120 reported by the Ministry of Economic AfFor both basic inorganics fairs, were mixed. Output of all chemicals and organics in the U.S., comdeclined 2.0%, but production of basic parisons with 2005 results chemicals soared 17.0%. The next best are somewhat skewed by the 90 growth was for synthetic rubber, increaseffects of the 2005 Gulf Coast ing by 4.0%. Also improving were plastics hurricanes, which caused proand resins., up 1.1%, and fertilizers, up duction declines in that year 60 1.3%. Output of petrochemicals fell 0.1%, for both sectors. 2002 2003 2004 2005 2006 while production of man-made fibers, Perhaps the surprise in NOTE: Seasonally adjusted. SOURCE: Federal Reserve Board which has declined for the past two years, the U.S. chemical industry in dropped 4.3%. Since 2004, output of man2006 compared with the prior made fibers has fallen 14.9%. European countries saw production inyear was a 0.3% decline in the production creases rising more than those of most of As usual, China released few numbers index for pharmaceuticals and medicines. the other major producing nations. Among to the public on a timely basis, but the As modest as the decrease was, governseven major European chemical-producnumbers it supplied for organic chemicals ment data indicate this is the first time ing countries, the Netherlands and Spain were strong. Production of ethylene, the since 1 9 7 5 t n a t this sector has contracted. showed the strongest growth, with output, country's largest volume chemical, was up Canada is another country where including pharmaceuticals, rising 6.5%. 16.0%. Refined methanol jumped 42.3%, chemicals outperformed pharmaceutiThey were followed by Germany, with a caprolactam rose 36.0%, and benzene incals. In Canada, total chemical production 4.3% increase; Belgium, 3.5%; Italy, 2.2%; creased 12.4%. grew by 1.3% from 2005, according to data WWW.CEN-0NLINE.ORG
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JULY 2, 2007
PRODUCTION
U.S. PRODUCTION INDEX Twelve of 15 major chemical categories increased output ANNUALCHANGE 2005-06 1996-06
PRODUCTION INDEX, 1997 - 1 0 0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Total index All manufacturing Nondurable manufacturing Chemicals Basic chemicals
93.3 92.2 96.4 94.4 93.0
100.0 100.0 100.0 100.0 100.0
106.1 106.9 101.5 101.7 96.6
111.1 112.9 102.2 103.7 101.4
116.1 118.5 102.8 105.3 97.9
112.1 113.7 99.4 103.4 88.1
112.1 114.0 100.4 110.8 94.8
113.3 115.4 100.6 112.4 97.6
116.1 118.9 102.5 117.1 106.8
119.9 123.7 104.9 119.7 106.1
124.7 129.9 107.2 122.2 108.5
98.0 109.3 95.5 96.6
100.0 100.0 100.0 100.0
104.1 98.8 98.7 104.1
105.8 129.0 95.3 109.8
98.3 119.2 98.2 99.8
94.2 100.3 91.1 95.5
103.3 159.7 103.8 101.5
103.2 150.3 103.1 98.8
103.0 173.9 98.0 100.2
102.0 181.4 102.4 98.3
106.2 181.0 116.6 100.5
4.1 -0.2 13.8 2.3
0.8 5.2 2.0 0.4
89.9
100.0
91.5
98.4
97.2
83.9
88.9
93.5
107.6
107.2
108.8
1.6
1.9
94.1 90.8 105.8
100.0 100.0 100.0
104.3 108.2 100.6
105.2 112.3 90.8
103.3 111.4 84.7
93.2 101.1 78.7
95.9 106.5 69.8
94.3 102.6 73.1
98.9 110.3 70.3
102.6 115.2 72.0
103.1 117.3 64.7
0.5 1.8 -10.2
0.9 2.6 -4.8
Chemical products Pharmaceuticals & medicines Soap, cleaning compounds & toiletries Paint & coatings
94.7 94.9
100.0 100.0
105.0 108.8
106.5 113.1
110.4 117.6
116.2 126.6
127.0 136.6
129.0 141.3
133.0 142.1
137.6 144.7
140.3 144.3
1.9 -0.3
4.0 4.3
94.5 99.3
100.0 100.0
98.5 100.2
94.6 98.3
97.6 98.0
99.3 95.8
113.0 96.0
108.8 94.8
121.8 100.5
131.9 101.0
143.5 104.0
8.8 3.1
4.3 0.5
Pesticides, fertilizers & other agricultural chemicals
96.4
100.0
102.1
92.0
86.9
79.9
82.7
86.4
90.7
95.6
96.4
0.8
0.0
Basic inorganic chemicals Alkalies & chlorine Synthetic dyes & pigments Other basic inorganic chemicals Organic chemicals Synthetic materials (a) Plastic materials & resins Artificial & synthetic fibers
4.0% 5.0 2.2 2.1 2.2
2.9% 3.5 1.1 2.6 1.6
a Includes synthetic rubber. SOURCE Federal Reserve Board
CANADA PRODUCTION INDEX Chemicals outperformed all Canadian manufacturing PRODUCTION INDEX, 1997 = 100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
All manufacturing Chemicals Basic chemicals Pharmaceuticals & medicines
93.9 99.8 93.0 96.6
100.0 100.0 100.0 100.0
105.0 100.9 98.2 95.3
113.5 105.1 97.8 111.2
126.2 116.8 112.5 133.8
120.0 119.5 112.4 174.4
121.0 124.7 111.1 199.5
120.5 129.5 113.1 207.6
123.0 135.4 121.9 202.0
124.1 136.6 123.2 197.4
123.0 138.4 127.1 203.1
ANNUALCHANGE 2005-06 1996-06
-0.9% 1.3 3.2 2.9
2.7% 3.3 3.2 7.7
SOURCE: Statistics Canada
EUROPE PRODUCTION INDEX The Netherlands and Spain showed strong growth CHEMICAL PRODUCTION INDEX, 1997 = 100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Belgium France Germany Italy Netherlands Spain U.K.
90.2 96.2 94.4 96.6 95.6 93.5 98.2
100.0 100.0 100.0 100.0 100.0 100.0 100.0
101.2 105.1 100.2 100.2 100.0 103.6 101.6
108.1 107.5 104.5 100.4 107.0 107.7 104.9
119.9 112.5 107.5 101.8 116.0 106.2 109.3
116.5 109.9 104.9 99.2 117.0 107.1 113.2
127.2 108.7 107.5 100.5 124.0 110.3 112.3
127.0 107.5 107.5 104.9 124.0 113.5 112.9
131.3 108.1 109.0 107.1 124.0 116.1 117.8
135.0 109.9 113.4 108.4 126.1 119.0 118.6
139.7 109.9 118.3 110.8 134.3 126.7 120.1
SOURCES: European Chemistry Industry Council, national associations
WWW.CEN-0NLINE.ORG
56
JULY 2, 2007
ANNUALCHANGE 2005-06 1996-06
3.5% 0.0 4.3 2.2 6.5 6.5 1.3
4.5% 1.3 2.3 1.4 3.5 3.1 2.0
ASIA PRODUCTION INDEX Chemicals trailed manufacturing in Japan and Taiwan ANNUALCHANGE 2005-06 1996-06
PRODUCTION INDEX, 1997 = 100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
JAPAN Mining & manufacturing All chemicals (a) Petrochemicals Aromatics Industrial sodium chemicals Inorganic chemicals & dyes Organic chemicals Cyclic intermediates & dyes Plastics Synthetic rubber Fertilizers
96.5 95.7 94.5 85.5 95.7 96.8 93.2 96.8 89.8 95.5 101.8
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
92.9 94.9 94.5 93.9 95.7 97.7 96.6 95.1 92.2 95.5 90.9
93.6 98.3 99.3 100.9 97.2 103.3 101.9 98.2 94.8 99.1 88.1
99.1 98.9 99.1 100.1 98.2 106.8 100.6 97.7 96.4 99.9 87.1
94.1 95.8 94.5 97.7 91.0 101.8 94.3 93.9 91.0 92.0 80.6
90.1 95.8 95.5 100.8 92.6 103.9 94.6 95.6 91.0 96.1 75.0
93.0 97.3 98.4 106.5 93.8 106.3 100.0 96.6 91.4 99.6 69.5
98.1 98.7 101.0 109.9 93.8 108.8 100.7 98.9 94.3 102.1 69.8
99.2 99.3 102.0 115.0 94.6 110.1 102.1 96.0 94.3 102.7 68.5
104.0 98.5 99.9 114.9 92.1 108.7 98.7 93.1 93.8 101.5 67.0
4.8% -0.8 -2.1 -0.1 -2.6 -1.3 -3.3 -3.1 -0.5 -1.2 -2.3
0.8% 0.3 0.5 3.0 -0.4 1.2 0.6 -0.4 0.4 0.6 -4.1
95.9 89.0
100.0 100.0
93.4 96.6
116.8 106.6
136.8 113.0
137.1 116.0
148.3 123.4
156.0 128.1
172.4 134.5
183.3 138.6
202.6 143.5
10.5% 3.5
7.8% 4.9
98.1
100.0
79.2
93.1
99.4
101.9
108.5
111.3
115.0
117.3
123.7
5.4
93.3 93.8 95.9 95.5 96.5 91.1 95.1 80.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
103.2 102.9 98.9 101.2 92.3 105.5 103.3 103.3
111.2 112.6 107.5 118.5 85.0 107.6 113.2 109.0
120.2 120.5 120.9 133.4 83.0 111.8 117.8 102.4
110.1 129.4 123.5 163.8 77.5 107.7 118.0 105.5
120.4 121.9 125.4 175.4 74.2 115.1 125.3 115.8
129.4 133.4 133.5 197.8 73.8 115.0 129.4 120.9
143.2 146.8 150.1 213.6 71.4 116.8 137.0 129.1
148.7 147.9 151.1 228.0 76.6 103.9 134.3 127.7
157.1 144.9 176.8 227.6 77.6 99.4 135.7 132.8
5.6% -2.0 17.0 -0.1 1.3 -4.3 1.1 4.0
SOUTH KOREA All manufacturing Chemicals & chemical products Rubber & plastic products TAIWAN All manufacturing Chemicals Basic chemicals Petrochemicals Fertilizers Man-made fibers Plastics & resins Synthetic rubber
2.3
5.4% 4.4 6.3 9.1 -2.2 0.9 3.6 5.2
a Excludes pharmaceuticals. SOURCES: Japan Ministry of Economy, Trade & Industry; Korea National Statistical Office, South Korea; Taiwan Mnistry of Economic Affa rs, Department of Statistics
U.S. ORGANICS Ethylene oxide i ncreased nearly 9%, as others grew only modestly or declined THOUSANDS OF METRIC TONS UNLESS OTHERWISE NOTED
ANNUALCHANGE 2005-06 1996-06
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
1,530 489 8,009
1,493 607 8,865
1,415 701 8,467
1,415 719 9,088
1,551 846 9,156
1,343 865 7,271
1,239 921 8,130
1,501 969 7,926
1,598 1,034 8,781
1,323 964 7,574
1,358 930 7,642
1,744 2,667
1,863 2,776
1,844 3,045
1,942 3,162
2,009 3,741
1,721 3,187
1,869 3,503
1,902 3,397
2,204 3,736
2,046 3,509
1,836 3,559
-10.3 1.4
0.5 2.9
Ethylbenzene Ethylene Ethylene dichloride Ethylene oxide
4,699 22,270 5,142 3,284
5,432 23,169 11,927 3,738
5,743 23,615 11,140 3,692
5,945 25,300 10,358 4,030
5,968 25,113 9,911 3,867
4,642 22,513 9,336 3,343
5,412 23,644 9,328 3,447
5,578 22,976 9,994 3,660
5,779 25,682 12,163 3,772
5,251 5,286 23,974 25,020 9,732 11,308 3,445 3,166
0.7 4.4 -13.9 8.8
1.2 1.2 6.6 0.5
Propylene (d) Styrene Urea Vinyl acetate
11,390 5,386 7,755 1,322
12,489 5,156 7,533 1,331
13,014 5,166 8,042 1,333
13,202 5,397 8,080 1,378
14,457 5,405 6,969 1,497
13,176 4,214 6,080 1,188
14,425 4,899 7,038 1,349
13,939 5,167 5,783 1,306
15,345 5,394 5,756 1,431
15,490 5,042 5,267 1,327
15,650 4,827 5,431 1,315
1.0 -4.3 3.1 -0.9
3.2 -1.1 -3.5 -Q.i
Acrylonitrile Aniline Benzene (thousands of liters) (a.b) 1,3-Butadiene (c) Cumene
a Tar distillers and coke-oven operators not included, b Specification grades, c Rubber gracJe. d All grades. SOURCES: National Petroleum Refiners Association, Bureau of the Census
WWW.CEN-0NLINE.ORG
57
JULY 2, 2007
2.6% -3.6 0.9
-1.2% 6.6 -0.5
:,;
S
·-xif-i»a^
CANADA ORGANICS Results were mixed for those products with available data THOUSANDS OF METRIC TONS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Benzene Butadiene Ethylene Formaldehyde Propylene Toluene Urea Xylenes
758 212 3,202 195 822 303 3,281 384
715 219 3,244 210 859 321 3,470 362
718 236 3,557 228 1,038 222 3,714 308
805 230 3,881 211 1,000 260 3,783 253
859 252 4,069 194 934 218 3,887 312
751 245 4,261 179 882 222 3,363 271
849 276 4,734 212 956 256 3,436 294
843 276 4,729 245 938 289 3,311 336
915 289 5,095 269 939 na 3,654 351
798 246 na na 737 na 3,549 na
743 262 na 236 833 253 na na
ANNUALCHANGE 2005-06 1996-06
-6.9% 6.5 na na 13.0 na na na
-0.2% 2.1 na 1.9 0.1 -1.8 na na
na = not available. SOURCE: Statistics Canada
EUROPE ORGANICS Production of most organic chemicals declined ANNUAL CHANGE 2005-06
THOUSANDS OF METRIC TONS
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Acetic acid Acetone Benzene Butadiene 1-Butanol
589 992 3,617 1,906 140
781 1,173 3,561 1,939 164
584 1,254 3,345 1,971 188
593 1,307 3,705 2,027 44
754 1,325 4,565 2,097 67
495 404 6,670 1,992 531
716 1,011 6,817 2,024 575
676 1,235 6,535 2,131 542
1,451 1,567 7,931 2,222 788
1,500 1,336 7,089 2,233 816
1,050 1,696 6,050 2,182 650
-30.0% 26.9 -14.7 -2.3 -20.3
Ethylbenzene Ethylene Ethylene dichloride Ethylene glycol Ethylene oxide
na 17,748 413 365 190
679 18,537 902 506 634
684 18,980 860 1,171 644
937 19,362 1,056 1,177 592
149 19,444 1,122 1,195 637
1,180 19,674 2,759 268 934
769 20,159 3,358 239 717
911 20,686 3,374 857 792
4,262 21,408 6,044 1,404 2,311
4,276 21,600 6,646 1,637 2,397
3,730 21,192 5,538 1,495 2,160
-12.8 -1.9 -16.7 -8.7 -9.9
Formaldehyde Methanol Phenol Phthalic anhydride Propylene
735 1,046 951 182 12,037
808 2,365 na 414 12,624
824 2,242 1,391 446 12,885
947 869 na 446 13,153
954 1,148 na 488 13,330
2,463 2,030 689 371 13,352
3,299 1,844 797 442 14,107
3,295 2,009 724 430 14,708
4,017 2,878 2,059 848 15,123
4,057 3,248 2,005 852 15,406
4,174 3,165 2,216 691 15,291
2.9 -2.6 10.5 -18.9 -0.7
328 398 na 1,161 na 129
361 819 3,025 209 391 1,368
351 727 3,152 1,130 469 2,514
429 845 2,989 1,172 718 2,497
443 908 3,215 1,155 644 2,602
316 735 958 886 457 579
305 777 3,078 919 667 1,122
329 861 3,215 848 502 626
1,987 666 6,220 1,913 881 4,382
2,179 950 4,963 2,014 800 4,282
748 1,200 4,660 1,570 850 4,127
-65.7 26.3 -6.1 -22.0 6.3 -3.6
Propylene glycol Propylene oxide Styrene Toluene Vinyl acetate Xylenes
2006(a)
NOTE: Data from 2002 forward are for 25 countries in the European Union and prior to 2002, for 15 countries. Thus,10-year comparisons are not meaningful, a C&EN estimates based on partial reporting, na = not available. SOURCES: European Union and national government statistics offices , Association of Petrochemicals Producers in Europe
CHINA ORGANICS Ethylene production increased by more than 1 million metric tons THOUSANDS OF METRIC TONS
Benzene(pure) Caprolactam Ethylene Methanol (refined)
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
1,358 100 3,585 1,743
1,341 120 3,772 1,581
1,535 109 4,348 1,794
1,850 164 4,743 1,967
1,988 152 4,807 2,065
2,131 170 5,414 2,110
2,408 201 6,118 2,989
2,556 228 6,266 4,406
3,061 214 7,555 5,356
3,441 291 8,765 7,623
SOURCE: China National Chemical Information Center
WWW.CEN-0NLINE.ORG
CX
JULY 2, 2007
ANNUALCHANGE 2005-06 1997-06 10.9% 12.4% 12.6 36.0 10.4 16.0 17.8 42.3
ASIA ORGANICS Production fell sharply for Japanese acrylonitrile, phthalate plasticizers, and phthal ic anhycJride ANNUAL CHANGE 1996-06 2005-06
THOUSANDS OF METRIC TONS JAPAN Acetic acid Acetone Acrylonitrile Benzene(a) Butadiene
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
599 417 675 4,177 1,025
620 458 730 4,502 1,052
654 459 667 4,203 977
644 507 738 4,459 1,035
675 508 732 4,425 1,044
594 476 738 4,261 976
569 472 708 4,313 993
592 492 780 4,551 1,062
589 539 711 4,758 1,041
599 546 742 4,980 1,040
597 531 667 4,874 1,002
Butanol Caprolactam Cyclohexane Ethylene Ethylene dichloride
415 555 639 7,138 3,116
447 556 721 7,416 3,491
424 519 652 7,076 3,491
495 581 688 7,687 3,503
461 599 673 7,614 3,431
472 531 598 7,361 3,275
476 508 607 7,152 3,352
519 530 685 7,367 3,463
506 503 676 7,570 3,594
513 458 722 7,618 3,687
537 467 731 7,522 3,514
4.7 2.0 1.2 -1.3 -4.7
2.6 -1.7 1.4 0.5 1.2
751 840 331 768 484
886 952 321 833 481
920 953 285 851 398
922 976 315 888 417
930 990 278 916 396
787 891 262 884 369
733 868 302 891 377
814 939 306 926 382
786 941 307 966 357
841 1,005 279 938 315
763 974 280 860 279
-9.3 -3.1 0.4 -8.3 -11.4
0.2 1.5 -1.7 1.1 -5.4
Phthalic anhydride Polypropylene glycol Propylene Purified terephthalic acid Sty re ne
342 296 5,143 1,561 3,085
330 295 5,409 1,663 3,035
301 274 5,101 1,616 2,770
301 302 5,520 1,547 3,055
290 304 5,453 1,527 2,968
259 294 5,342 1,496 3,004
262 299 5,309 1,624 3,016
262 314 5,610 1,443 3,201
257 346 5,767 1,531 3,345
239 339 6,030 1,472 3,392
175 344 6,090 1,432 3,295
-26.8 1.5 1.0 -2.7 -2.9
-6.5 1.5 1.7 -0.9 0.7
Toluene (a) Toluene diisocyanate Xylene (a) p-Xylene
1,370 166 3,931 2,329
1,419 192 4,634 2,921
1,349 192 4,340 2,754
1,488 192 4,641 2,969
1,489 214 4,681 2,920
1,423 214 4,798 2,814
1,548 223 4,900 2,920
1,584 230 5,213 3,097
1,634 245 5,395 3,164
1,676 216 5,570 3,358
1,633 232 5,727 3,357
-2.6 7.4 2.8 -0.0
1.8 3.4 3.8 3.7
SOUTH KOREA Benzene Butadiene Ethylene Propylene Vinyl chloride
1,407 601 3,968 2,244 709
1,819 658 4,450 2,760 911
2,412 731 5,110 3,247 984
2,572 764 5,216 3,282 1,017
2,834 808 5,439 3,409 1,133
2,650 777 5,398 3,273 1,392
2,852 816 5,636 3,557 1,416
3,246 860 5,872 3,753 1,441
3,462 917 5,945 3,892 1,498
3,594 939 6,058 3,945 1,501
3,719 948 6,055 4,171 1,521
3.5% 1.0 -0.1 5.7 1.3
10.3% 4.7 4.3 6.4 7.9
180 511 129 104 193 906
180 506 130 114 274 959
167 415 122 123 270 935
175 605 190 119 269 1,296
186 690 220 171 198 1,592
292 1,070 349 184 280 2,584
339 931 346 186 257 2,393
352 998 390 216 243 2,679
379 1,088 412 216 239 2,864
386 1,204 387 247 204 2,890
418 1,180 394 257 211 2,888
8.3% -2.0 1.8 4.1 3.4 -0.1
8.8% 8.7 11.8 9.5 0.9 12.3
194 514 2,210 411 13 1,013
193 553 2,345 464 43 927
206 545 2,433 386 23 1,018
301 765 2,769 806 18 1,288
612 930 3,140 956 26 1,410
1,036 1,410 3,217 1,146 54 1,452
939 1,462 3,705 1,249 42 1,557
1,169 1,752 4,079 1,274 64 1,718
1,459 1,995 4,620 1,247 140 1,763
1,413 2,012 4,597 1,248 86 1,783
1,343 2,105 4,400 1,222 30 1,609
Ethylene glycol Ethylene oxide Octanol Phenol Phthalate plasticizers
TAIWAN Acrylonitrile Benzene Butadiene Caprolactam Dioctyl phthalate Ethylene Ethylene glycol Propylene Purified terephthalic acid Styrene Toluene Vinyl chloride
•
-0.3% -2.7 -10.1 -2.1 -3.7
-5.0 4.6 -4.3 -2.1 -65.1 -9.8
0.0% 2.4 -0.1 1.6 -0.2
21.3 15.1 7.1 11.5 8.7 4.7
a Petroleum and nonpetroleum sources. SOURCES: Japan Ministry of Economy, Trade & Industry;
