business I ly exited chemicals, Petrolite has disappeared completely into Baker Hughes, and Geon has reformed its polyvinyl chloride operations as a joint venture with Occidental Chemical. Already there are at least four more companies that were included in last year's ranking that almost certainly will be gone by this time next year—Mobil to be acquired by Exxon, Morton International to be acquired by Rohm and Haas, Albright & Wilson will probably be acquired by either Rhodia or Albemarle, and AstraZeneca—the new name 1 of Zeneca—has put its specialty chemi| cal operations on the auction block. U.S. chemical firms have 1 Thus, C&EN lost some 10 compamore than half of sales | nies from the list published last year and j stands to lose more. Nobody likes to reForeign-owned 1 trench, but the erosion of the chemical chemical producers companies was going to put the cutoff Chemical8, b | Diversified /58% 1 point for the bottom of the list at the low & other3 13% / | $200 million or high $100 million level. S This would cause two problems. The | first is that at that level, C&EN would be | missing a lot more privately held com| panies than it already is. As one chemi| cal executive noted, 'This is the enterPetroleum a 1 prise level." The second problem is that, &gas 1 the way things are going, sooner or later 13% | a cutback was inevitable, and it might as 1998 chemical sales = | well be sooner. $ 205.5 billion | So the Top 100 has become the Top Note: Based on chemical sales figures for Top 75 producers, a U.S. companies, b Companies with 50% I 75. But some things haven't changed. Duor more of their sales derived from chemicals. 1 Pont still leads the list—as it did last year and the year before. And it has widened been acquired by British Petroleum,, its margin over second-ranked Dow Arco Chemical by Lyondell Chemical,, Chemical, although it must be noted that, BetzDearborn by Hercules, Courtauldss in addition to some acquisitions, there seems to be a significant amount of by Akzo Nobel, and Fina by Total. In addition, Borden Inc. is now pri-- nonchemical sales in DuPont's numbers. There is no change in the first five vately owned and no data are available,, National Starch has been fully integrat-;- places on the list. In addition to Dued into ICI, Mallinckrodt has complete-- I Pont's staying at number one, with
TOP 100 SHRINKS TO 75
Mergers and acquisitions, corporate restructurings, and companies that don't provide data lead to a revamped ranking William J. Storck C&EN Northeast News Bureau
N
early 12 years ago, after having its business news bureau in New York City for many years, C&EN looked around and found no chemical producers left there. So the bureau was moved to New Jersey, an area where there were still chemical producers and that provides fairly easy access to Connecticut, Philadelphia, and Wilmington, Del.—where there are even more—as well as New York City, where major press conferences are held. This episode is recalled as C&EN compiles its ranking of the largest U.S. chemical producers, based on 1998 chemical sales. Just as the number of chemical companies in New York City dwindled in the 1980s, so has the number of "major" U.S. chemical producers now. So C&EN has taken the difficult step of retrenching to publish the Top 75 U.S. chemical producers. Mergers and acquisitions have taken their toll on large and medium-size chemical producers—the very ones that have always made up the C&EN list. Of companies on the list last year, Amoco has
Compiling the Top 75 C&EN ranks the Top 75 U.S. chemical producers by chemical sales, defined as sales of chemical and allied products, except pharmaceuticals. Ranking the companies by chemical sales is the only way that privately held companies, some diversified producers, and U.S. operations of many foreign-owned producers can be included. However, since chemical sales are derived from company annual reports, nonchemical products often creep in. For instance, DuPont, in its segment reporting this year, includes soy protein and grains, along with agrochemicals, in its agriculture and nutrition segment.
Also, C&EN does not restate prioryear results. Thus, DuPont shows a 23% increase in chemical sales, instead of the 3.9% increase in sales that would show if figured on restated 1997 data from the 1998 annual report. Nor does C&EN restate prior-year rankings, and in the case of mergers or acquisitions, it is the prior-year ranking of the surviving company that is used. Thus, BP Amoco, ranked 11th for 1998, shows a 1997 ranking of 71st— BP's ranking for that year. C&EN tries to treat the chemical sales of U.S. operations of foreignowned companies the same as it treats those of U.S.-owned companies—that is, chemical sales that are
administered by the U.S. headquarters. Thus, if the U.S. headquarters has responsibility for the products, they can go anywhere in the world. A comparison of total global operations of chemical producers is scheduled to appear in the July 26 issue of C&EN. To compile the information included for the Top 75 U.S. chemical producers, C&EN uses, for the most part, official company documents such as annual reports and 10-Kfilingswith the Securities & Exchange Commission. In the case of privately held companies and some foreign-owned producers, company interviews are used. MAY 3,1999 C&EN
19
business More than half of the Top 75 chemical producers posted sales declines Chemical (Change sales 1998 from ($ millions) 1997
Rank 1998 1997
1 2 3 4 5
1 2 3 4 5
DuPontd Dow Chemical Exxon General Electric6 Union Carbide
6 7 Huntsman Chemical 7 13 ICI Americas 8 10 Praxair 9 9 BASF 10 12 Eastman Chemical
$26,202.0 17,710.0 10,504.0 6,633.0 5,659.0
Industry classification
23.0°/c 94.4% Diversified -7.1 96.0 Basic chemicals -13.9 9.1 Petroleum -0.9 6.6 Diversified -13.0 100.0 Basic chemicals
Chemical operating Change from profits 3 [$ millions) 1997
(Chemical Chemical Identifiable assets Operating operating as % of return of profits as Operating chemical total assets chemical profit % of total assets0 margin b ($ millions) assets profits
$3,027.0 -14.8%> 89.2%> 11.6% $18,998.0 90.0%> 15.9%o 18,835.0 79.0 13.5 80.4 14.4 2,552.0 -15.8 na na na na na na na na na na 7.3 17.0 23.9 1,584.0 11.0 7,291.0 100.0 100.0 14.2 803.0 -23.2
Basic chemicals Specialty chemicals Basic chemicals Basic chemicals Basic chemicals
na na na na 0.9 856.0 na na 434.0 -23.6
na na 100.0 na 100.0
na na 17.7 na 9.7
na na na na 8,096.0 100.0 na na 5,876.0 100.0
na na 10.6 na 7.4
13.5 90.4 20.4 27.6 62.5
Petroleum Basic chemicals Petroleum Diversified Petroleum
566.0 392.2 826.8 14.9 na na 634.0 17.0 158.0 -1.3
21.8 97.8 na 32.3 35.3
12.7 18.6 na 15.2 3.9
na 6,647.8 4,608.0 4,473.0 1,776.0
na 93.3 17.4 28.7 29.2
na 12.4 0.0 14.2 8.9
5,200.0 4.0 4,900.0 6.2 4,833.0 2.1 4,800.0 -1.2 4,481.0 -4.2
100.0 100.0 100.0 66.7 100.0
11 12 13 14 15
71 16 11 15 17
BP Amoco Air Products* Shell Oil AlliedSignal Ashland Oilf
4,470.0 430.9 4,446.7 7.9 4,191.0 -11.3 4,169.0 -2.0 4,087.0 1.0
16 17 18 19 20
24 8 18 20 14
Monsantod Celanese Rohm and Haas Chevron Occidental Petroleum
4,032.0 3,932.0 3,720.0 3,054.0 2,975.0
29.0 -20.6 -7.0 -15.9 -31.6
46.6 100.0 100.0 10.2 45.1
Life sciences Basic chemicals Basic chemicals Petroleum Petroleum
737.0 -3.3 na na 734.0 19.0 161.0 -55.5 262.0 -47.3
65.3 na 100.0 1.8 39.2
18.3 na 19.7 5.3 8.8
10,278.0 63.2 na na 3,648.0 100.0 3,873.0 10.6 4,799.0 31.5
7.2 na 20.1 4.2 5.5
21 22 23 24 25
29 27 26 28 21
Akzo Nobel Solutia IMC Global Dow Corning Phillips Petroleum
2,901.0 2,840.0 2,696.2 2,568.0 2,493.0
11.4 -4.3 -9.8 -2.9 -29.3
100.0 100.0 100.0 100.0 21.6
Basic chemicals Basic chemicals Agrochemicals Specialty chemicals Petroleum
na na 386.0 33.1 581.0 19.4 na na 152.0 -59.0
na 100.0 100.0 na 39.1
na 13.6 21.5 na 6.1
na na 2,765.0 100.0 6,674.2 100.0 na na 2,145.0 15.1
na 14.0 8.7 na 7.1
26 27 28 29 30
23 38 32 36 35
Mobil Potash Corp. of Sask. FMC Elf Atochem American Home Products
2,428.0 -25.3 2,307.8 26.4 2,220.4 -1.5 2,200.0 10.0 2,194.1 3.5
4.5 100.0 50.7 100.0 16.3
Petroleum Fertilizers Machinery Basic chemicals Specialty chemicals
na 446.1 271.7 na 592.0
na 73.6 9.6 na 37.7
na 100.0 75.9 na 16.4
na 19.3 12.2 na 27.0
na na 4,534.3 100.0 1,460.9 35.1 na na 5,026.4 23.8
na 9.8 18.6 na 11.8
31 32 33 34 35
37 34 40 46 41
Hercules Witco Morton International9 Engelhard Lubrizol
2,145.0 15.0 1,941.5 -11.2 1,737.4 3.4 1,680.2 11.0 1,614.6 -3.5
100.0 100.0 68.7 40.2 100.0
Specialty chemicals Specialty chemicals Specialty chemicals Diversified Specialty chemicals
421.0 169.6 242.8 239.8 153.8
84.6 -28.1 -9.6 -7.3 -33.8
100.0 100.0 62.7 77.5 100.0
19.6 8.7 14.0 14.3 9.5
5,833.0 100.0 2,119.7 100.0 na na 1,839.5 64.2 1,643.2 100.0
7.2 8.0 na 13.0 9.4
36 37 38 39 40
25 47 39 42 43
Millennium Nalco Chemical Henkel PPG Industries Ciba Specialty Chemicals
1,597.0 -47.6 1,573.5 9.8 1,526.0 13.3 1,524.0 -7.5 1,516.0 14.2
100.0 100.0 100.0 20.3 100.0
Basic chemicals Specialty chemicals Specialty chemicals Glass products Specialty chemicals
205.0 -54.3 241.4 -0.5 na na 354.0 -4.6 na na
100.0 100.0 na 25.4 na
12.8 15.3 na 23.2 na
4,100.0 100.0 1,650.7 100.0 na na 1,187.0 16.1 na na
5.0 14.6 na 29.8 na
chemical sales of $26.2 billion, and Dow at number two, with chemical sales at $17.7 billion, Exxon remains third ($10.5 billion), General Electric fourth ($6.63 billion), and Union Carbide fifth ($5.66 billion). Rounding out the first 10, Huntsman Chemical moves to sixth from seventh, with chemical sales of $5.20 billion; ICI Americas rises to seventh from 13th, with sales of $4.90 billion; Praxair is eighth, up from 10th, with chemical sales of $4.83 billion; BASF, with its 20
Chemical sales as % of total sales
MAY 3,1999 C&EN
chemical sales of $4.80 billion, retains ninth place; and Eastman Chemical rises two places to 10th, with $4.48 billion in chemical sales. Then comes the biggest jump on the list. The acquisition of Amoco by British Petroleum created the llth-place company BP Amoco, up 60 places from BP's rank of 71st in last year's ranking. The next greatest jump is by Kerr-McGee, rising 17 places to 57th, with chemical sales of $933 million. Kerr-McGee's chemical sales improved 23% as a result
of titanium dioxide—better pricing, more U.S. capacity, and the acquisition of Bayer's European operations. The biggest decline in rank among the chemical producers is that of W.R. Grace, which falls 20 places to 42nd largely as a result of the sale of its packaging division. Grace had chemical sales of $1.46 billion. Grace is followed by a 13-place decline by Lyondell Chemical to 44th. However, this is essentially a new company. The old Lyondell Petrochemi-
Chemical Change sales 1998 from ($ millions) 1997
Rank 1998 1997
—
41 42 43 44 45
22 45 31 56
Rhodia W.R. Grace Crompton & Knowles Lyondell Chemical Cytec Industries
46 46 48 49 50
44 49 52 53 48
AstraZeneca Cabotf Great Lakes Chemical H. B. Fuller11 CF Industries
Chemical sales as % of total sales
$1,500.0 na 100.0% 1,463.4 -55.8% 100.0 1,451.6 -5.7 80.8 1,447.0 -38.3 100.0 1,444.3 11.9 100.0
Industry classification
Chemical operating Change from profits3 1997 $ millions)
na Specialty chemicals Specialty chemicals $115.9 Specialty chemicals 261.1 Petroleum products na 195.0 Basic chemicals
Chemical operating profits as % of total profits
na na -82.1 °X> 100.0% 9.5 85.1 na na 20.8 100.0
Identifiable Operating chemical assets profit margin15 ($ millions)
Chemical assets Operating as % of return of chemical total assets0 assets
na na na na 7.9% $2,577.8 100.0°/c> 4.5% 1,243.9 88.3 21.0 18.0 na na na na 1,415.3 100.0 13.8 13.5
1,437.0 6.6 1,437.0 0.5 1,394.3 6.3 1,347.2 3.1 1,200.3 -16.2
35.9 87.2 100.0 100.0 100.0
Specialty chemicals Basic chemicals Specialty chemicals Specialty chemicals Agrochemicals
na na 226.0 13.9 73.9 -61.4 0.7 87.9 0.0 -100.0
na 93.8 100.0 100.0 na
na 15.7 5.3 6.5 0.0
na na na na 2,004.6 100.0 1,046.2 100.0 1,426.0 100.0
na na 3.7 8.4 0
1,200.0 1,195.8 1,157.8 974.2 968.0
-7.7 32.2 -8.4 -8.4 -10.6
100.0 30.3 13.2 100.0 100.0
Specialty chemicals Basic chemicals Agricultural supplies Basic chemicals Basic chemicals
na 145.8 48.1 122.3 56.9
na 13.5 -69.7 -12.6 -17.9
na 30.6 28.6 100.0 100.0
na 12.2 4.2 12.6 5.9
na na 1,369.5 32.7 510.4 21.2 1,065.5 100.0 1,493.5 100.0
na 10.6 9.4 11.5 3.8
55 63 DSM 57 74 Kerr-McGee 58 70 Degussaf 59 69 NL Industries 60 64 Georgia Gulf
968.0 933.0 926.0 894.7 875.0
-3.2 22.8 6.3 0.1 -9.4
100.0 66.8 43.0 100.0 100.0
Basic chemicals Petroleum Specialty chemicals Basic chemicals Basic chemicals
na 56.0 na 171.2 130.0
na -33.3 na 6.2 -11.4
na nm na 100.0 100.0
na 6.0 na 19.1 14.9
na na 1,098.0 35.8 na na na na 669.8 100.0
na 5.1 na na 19.4
61 62 63 64 65
73 68 76 65
Arch Chemicals Terra Industries Aristech Intl. Specialty Prod. Sterling Chemicals
862.8 848.1 830.8 823.9 822.6
-7.2 5.7 -7.4 10.0 -9.5
100.0 33.2 100.0 100.0 100.0
Basic chemicals Agrochemicals Basic chemicals Specialty chemicals Basic chemicals
57.0 31.4 na 69.8 38.8
-27.8 -85.3 na -51.3 -32.4
100.0 69.2 na 100.0 100.0
6.6 3.7 na 8.5 4.7
721.6 100.0 na na na na 1,765.6 100.0 na na
7.9 na na 4.0 na
66 67 68 69 70
72 75 80 78 79
Albemarle Union Camp GenCorpe Alcoa Vulcan Materials
820.9 750.0 689.0 670.0 617.8
-1.1 -1.1 12.0 0.0 -1.6
100.0 16.7 39.7 4.4 34.8
Specialty chemicals 125.7 Paper products 66.9 Rubber products 89.0 na Nonferrous metals Nonmetallic minerals 69.2
4.1 -9.8 30.9 na -8.7
100.0 32.1 53.9 na 18.4
15.3 8.9 12.9 na 11.2
937.8 100.0 na na 584.0 40.4 na na 452.7 27.3
13.4 na 15.2 na 15.3
610.5 4.9 577.3 11.2 550.0 0.0 544.0 -3.9 519.9 -0.1
100.0 81.8 100.0 39.9 100.0
Specialty chemicals Basic chemicals Specialty chemicals Specialty materials Agrochemicals
66.2 81.1 na 58.6 37.9
10.7 -26.8 na 33.5 -58.4
100.0 72.5 na 39.6 100.0
10.8 14.0 na 10.8 7.3
404.4 100.0 623.9 88.5 na na 246.3 29.0 912.3 100.0
16.4 13.0 na 23.8 4.2
51 — Clariant 52 66 BF Goodrich 53 57 Farmland Industries1 54 60 Ethyl 55 59 Wellman
71 81 Stepan 72 88 General Chemical 73 84 Creanova 74 82 Ferro 75 86 Mississippi Chemical9
a Operating profit is sales less administrative expenses and cost of sales, b Chemical profit as a percentage of sales, c Chemical operating profit as a percentage of identifiable chemical assets, d Results include seed business, e Chemical sales include significant amounts of nonchemical products, f Fiscal year ended Sept. 30. < 3 Fiscal year ended June 30. h Fiscal year ended Nov. 30. i Fiscal year ended Aug. 31. na = not available, nm = not meaningful.
cal—having placed its petrochemical operations into Equistar, the joint venture it holds with Millennium Chemical and Occidental—acquired Arco Chemical, which is now its only wholly owned chemical operation. Lyondell Petrochemical then changed its name to Lyondell Chemical, which had chemical sales of $1.45 billion. Millennium Chemical falls 11 places to 36th as a result of joint venturing its petrochemical operations into Equistar. It had 1998 chemical sales of $1.60 billion.
Overall, of the 75 companies on the list, 54 have raised their rankings, eight have stayed the same, and 10 have dropped. The reason for the skew toward moving up in the ranks is that for this year of transition from the Top 100 to the Top 75, C&EN is reporting the rankings for those companies that were listed below 75th place last year—for instance, 75th-place Mississippi Chemical ranked 86th in last year's ranking. Three companies are new or newly returned to the ranking this year. Rho-
dia is back on at 41st place with chemical sales of some $1.50 billion. Last year, Rhodia was caught in the Rhone-Poulenc restructuring and could not provide data for its U.S. operations. Clariant, the Switzerland-based specialty chemical company, is new to the list with $1.20 billion in chemical sales and a 51st-place rank. And Arch Chemicals, the newly formed and spun off specialty chemical operations of Olin Corp., ranks 61st with $863 million in sales. After the spin-off MAY 3,1999 C&EN
21
ft'W'
business
The Top 75 in terms of chemical sales, operating profits, and profitablility
Rank $ Millions
1997
$4,446.7 2,901.0 820.9 670.0 4,169.0
12 21 66 69 14
16 29 72 78 15
$826.8 na 125.7 na 634.0
American Home Products Arch Chemicals Aristech Ashland Oil AstraZeneca
2,194.1 862.8 830.8 4,087.0 1,437.0
30 61 63 15 46
35 68 17 44
592.0 57.0 na 158.0 na
BASF BP Amoco Cabot Celanese CF Industries
4,800.0 4,470.0 1,437.0 3,932.0 1,200.3
9 11 46 17 50
9 71 49 8 48
na 566.0 226.0 na na
Chevron Ciba Specialty Chemicals Clariant Creanova Crompton & Knowles
3,054.0
19
20
1,516.0 1,200.0 550.0 1,451.6
40 51 73 43
43
Cytec Industries Degussa Dow Chemical Dow Corning DSM
1,444.3 926.0 17,710.0 2,568.0 968.0
DuPont Eastman Chemical Elf Atochem Engelhard Ethyl Exxon Farmland Industries Ferro FMC H. B. Fuller
Air Products Akzo Nobel Albemarle Alcoa AlliedSignal
GenCorp General Chemical General Electric Georgia Gulf BF Goodrich
MAY 3,1999 C&EN
1998
1997
5
8
—
—
35
54
—
—
9
13
10 47
20
1998
18.6% na 15.3 na 15.2 27.0 6.6 na 3.9 na
1997
9
18
—
—
14
36
—
—
16
45
1 43
10
—
— —
52
79
— —
— — —
— 30
46
—
—
12 24
— 40
— —
— —
na 12.7 15.7 na na
161.0
29
25
5.3
84 45
na na na 261.1
— —
— —
20
34
na na na 18.0
45 58 2 24 55
56 70 2 28 63
195.0 na 2,552.0 na na
26
44
—
—
2
2
— —
— —
26,202.0 4,481.0 2,200.0 1,680.2 974.2
1 10 29 34 54
1 12 36 46 60
3,027.0 434.0 na 239.8 122.3
1 14
1 12
—
—
23 36
29 51
10,504.0 1,157.8 544.0 2,220.4 1,347.2
3 53 74 28 49
3 57 82 32 53
na 48.1 58.6 271.7 87.9
—
47 74 32 59
na 4.2 10.8 12.2 6.5
—
5 46 18 39
51 33 29 44
689.0 577.3 6,633.0 875.0 1,195.8
68 72 4 60 52
80 88 4 64 66
89.0 81.1 1,584.0 130.0 145.8
38 40 3 34 33
65 55 3 49 52
12.9 14.0 23.9 14.9 12.2
25 21 2 17 29
—
—
—
Rank
Rank
1998
— —
of Arch, Olin does not have sufficient chemical sales to attain a ranking on this year's reduced list. Besides the ranking by sales, C&EN ranks the companies that make up the Top 75 four other ways—by chemical operating profits, operating profit margin for chemicals, chemical assets, and return on chemical assets. For operating profits, the top 10 are 22
1998
Return on chemical assets
Identifiable chemical assets
Rank
Rank
1998
1998
Chemical operating profit margin
Chemical operating profits
Chemical sales
1998
$6,647.8 na 937.8 na 4,473.0 5,026.4 721.6 na 1,776.0 na
1998
1997
7
6
—
—
39
51
—
—
15
15
11 41
10
1998
12.4% na 13.4 na 14.2 11.8 7.9 na 8.9 na
1998
1997
19
42
—
—
16
34
—
—
12
35
20 32
66
—
— —
28
54
33
na na na na na
— — — — — —
— — — — — —
—
— —
25
29
— — — — —
— — — — —
31
27 13
40
— —
— —
na na na na 1,426.0
49
62
3,873.0
17
17
4.2
41
58
_ — —
— —
— —
— —
— —
27
34
40
na na na 21.0
— —
11
na na na 1,243.9
3
14
13.5 na 14.4 na na
24
47
1,415.3 na 18,835.0 5,649.0 na
32
27
14
59
—
—
2 10
2
—
— —
13.8 na 13.5 na na
11.6 9.7 na 14.3 12.6
18,998.0 5,876.0 na 1,839.5 1,065.5
1 8
1 7
—
—
24 37
31 45
15.9 7.4 na 13.0 11.5
na 510.4 246.3 1,460.9 1,046.2
—
—
46 71 56 72
45 48 30 38
63 75 23 49
na 9.4 23.8 18.6 8.4
54 9 77 29 52
584.0 623.9 na 669.8 1,369.5
44 43
71 62 55 59 53
15.2 13.0 na 19.4 10.6
10 17
6 9 72 7 29
—
—
18
26
— —
— —
31 35
22 50
—
—
19 28
20 43
DuPont first, the same rank as last year, with $3.03 billion in chemical operating profits; Dow, second again, at $2.55 billion; General Electric, also third last year, at $1.58 billion; Praxair, up from fifth last year, at $856 million; Air Products, eighth , last year, at $827 million; Union Carbide fourth last year, at $803 million; Monsan-d to, sixth last year, $737 million; Rohm an Haas, 11th last year, $734 million; Allied-
— 42 33
Signal, 13th last year, $634 million; and American Home Products, 20th last year, $592 million. For operating profit margin, the top 10 are first American Home Products, 27.0%, up from 10th last year; General Electric, 23.9%, up from 77th; PPG Industries, 23.2%, up from seventh; IMC Global, 21.5%, up from 23rd; Rohm and Haas, 19.7%, up from 28th; Hercules,
—
—
15
17
— —
—• —
8 33
12 60
—
—
17 21
19 38
—
—
26 2 6 30
3 13 58 62
— 5 23
Rank $ Millions
1998
1998
1998
W.R. Grace Great Lakes Chemical Henkel Hercules Huntsman Chemical
$1,463.4 1,394.3 1,526.0 2,145.0 4,900.0
42 48 38 31 6
22 52 39 37 7
$115.9 73.9 na 421.0 na
ICI Americas IMC Global Intl. Specialty Products Kerr-McGee Lubrizol
4,900.0 2,696.2 823.9 933.0 1,614.6
7 23 64 57 35
13 26 76 74 41
na 581.0 69.8 56.0 153.8
Lyondell Chemical Millennium Mississippi Chemical Mobil Monsanto
1,447.0 1,597.0 519.9 2,428.0 4,032.0
44 36 75 26 16
31 25 86 23 24
na 205.0 37.9 na 737.0
Morton International Nalco Chemical NL Industries Occidental Petroleum Phillips Petroleum
1,737.4 1,573.5 894.7 2,975.0 2,493.0
33 37 59 20 25
40 47 69 14 21
Potash Corp. of Sask. PPG Industries Praxair Rhodia Rohm and Haas
2,307.8 1,524.0 4,833.0 1,500.0 3,720.0
27 39 8 41 18
38 42 10
Shell Oil Solutia Stepan Sterling Chemicals Terra Industries
4,191.0 2,840.0 610.5 822.6 848.1
Union Camp Union Carbide Vulcan Materials Wellman Witco
750.0 5,659.0 617.8 968.0 1,941.5
1998
37 41
1997
10 41
1998
—
—
15
37
—
—
7.9% 5.3 na 19.6 na
11 42 49 31
17 50 60 36
na 21.5 8.5 6.0 9.5
1997
1998
—
—
6
49
—
—
$2,577.8 2,004.6 na 5,833.0 na
4 40 46 36
23 13 54 40
na 6,674.2 1,765.6 1,098.0 1,643.2
41 48
11 35
—
—
26 42
32 18
—
__
10
3
na 4,100.0 912.3 na 10,278.0
14.0 15.3 19.1 8.8 6.1
21 14 8 38 45
21 16 53 60
na 1,650.7 na 4,799.0 2,145.0
7 3 12
39 7 17
11
19.3 23.2 17.7 na 19.7
16 45 51 53
27 68 69 39
44 6 43 48 28
63 4 62 64 35
—
—
25 52
19 58
—
—
7
6
na 12.8 7.3 na 18.3
242.8 241.4 171.2 262.0 152.0
21 22 27 19 32
28 33 45 15 23
13 17 4
30 23 5
—
—
18
446.1 354.0 856.0 na 734.0
8
13 22 71 65 62
11 27 81 65 73
na 386.0 66.2 38.8 31.4
67 5 70 55 32
75 5 79 59 34
66.9 803.0 69.2 56.9 169.6
—
1998
_
Rank
Rank
Rank
Rank
1997
Return on chemical assets
Identifiable chemical assets
Chemical operating profit margin
Chemical operating profits
Chemical sales
-—
20 23
1997
— 26
—
—
9
24
— —
— —
6 26 36 28
11 39 54 34
—
—
16 40
13 56
—
—
3
12
—
—
27 12 21
36 42 8 22
4,534.3 1,187.0 8,096.0 na 3,648.0
14 35 4
19 43 3
13 19 47
5
28
na 13.6 10.8 4.7 3.7
23 33 50 53
65 61 75 39
4,608.0 2,765.0 404.4 na na
8.9 14.2 11.2 5.9 8.7
37 20 32 47 39
65 24 50 73 58
na 7,291.0 452.7 1,493.5 2,119.7
—
1998
—
1998
4.5% 3.7 na 7.2 na na 8.7 4.0 5.1 9.4 na 5.0 4.2 na 7.2 na 14.6 na 5.5 7.1
—
—
18
16
9.8 29.8 10.6 na 20.1
20 67 52 32
na 14.0 16.4 na na
58 4 64 41 25
na 11.0 15.3 3.8 8.0
— — — 5 46 29 22
1998
1997
40 45
68
—
—
—
34
62
— —
— —
29 43 38 26
52 54 61 25
—
—
39 41
52 47
—
—
34
18
—
—
11 37 36
19 35 65 32
25 1 23
67 4 46
—
—
—
4
26
—
—
13 7
48 24 69 31
— — — 22 9 44 31
60 28 21 73 54
Note: There are 53 companies ranked for operating profits and operating profit margins, 48 ranked for chemical assets, and 45 ranked for return on chemical assets, na == not available.
19.6%, up from 49th; Potash Corp. of Saskatchewan, 19.3%, up from 39th; NL Industries, 19.1%, up from 16th; Air Products, 18.6%, up from 18th; and Monsanto, 18.3%, down from third. For chemical assets, the top 10 are DuPont, $19.0 billion, the same rank as last year; Dow, $18.8 billion, unchanged from last year; Monsanto, $10.3 billion, up from 12th; Praxair, $8.10 billion, down
from third; Union Carbide, $7.29 billion, down from fourth; IMC Global, $6.67 billion, up from 11th; Air Products, $6.65 billion, down from sixth; Eastman Chemical, $5.88 billion, down from seventh; Hercules, $5.83 billion, up from 24th; and Dow Corning, $5.65 billion, unranked last year. Finally, in terms of return on chemical assets (operating profits divided by
assets), the top 10 are PPG Industries, 29.8%, up from fourth; Ferro, 23.8%, up from 13th; Crompton & Knowles, 21.0%, up from 14th; Rohm and Haas, 20.1%, up from 26th; Georgia Gulf, 19.4%, up from seventh; FMC, 18.6%, up from 58th; Stepan, 16.4%, up from 24th; DuPont, 15.9%, up from 12th; Vulcan Materials, 15.3%, up from 21st; and GenCorp, 15.2%, down from sixth. A MAY 3,1999 C&EN
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