2021 Annual Financial Reports Summary of the World’s Top 50 Chemical Companies! Among BASF, DuPont, China’s ‘Three Oil Giants’, Wanhua Chemical, and Hengli Group—who was the most profitable?

In 2021, temporary supply-demand imbalances in the global chemical products market drove widespread price increases. As a result, major chemical conglomerates significantly boosted both production and sales volumes, reaping pronounced economies of scale and markedly enhanced profitability. I. Europe BASF Group’s 2021 fiscal-year sales amounted to €78.6 billion, an increase of 33% year-on-year. EBIT before special items totaled €7.8 billion—more than double that of 2020 and up 67% compared to 2019. Evonik Group’s 2021 sales rose 23% year-on-year to €15 billion; adjusted EBITDA increased 25% to €2.38 billion. LyondellBasell’s 2021 revenue reached USD 46.173 billion, up 66.37% year-on-year; net income hit USD 5.617 billion, surging 295.07%. Solvay’s 2021 net sales grew 17% to €10.1 billion. Underlying EBITDA stood at €2.356 billion, up 27% year-on-year; underlying net profit reached €1 billion, up 68.3%. Wacker Chemie AG achieved sales of €6.21 billion in 2021 (€4.69 billion in 2020), a 32% increase. Total EBIT amounted to €1.13 billion (€263 million in 2020); full-year profit totaled €828 million. INEOS Group Holdings reported group revenue of €18.827 billion (approx. USD 19.8 billion) in 2021, up from €11.304 billion in 2020. Full-year operating profit reached €2.864 billion (€660 million in 2020); full-year profit totaled €2.092 billion (€576 million in 2020). Arkema Group’s 2021 sales totaled €9.5 billion, up 25.9% year-on-year. EBITDA reached €1.727 billion—a record high—up 46.1% year-on-year; EBITDA margin stood at 18.1%. Adjusted net income more than doubled to €896 million. Linde plc’s 2021 sales totaled USD 30.8 billion (USD 27.2 billion in 2020), up 13% year-on-year. Operating profit reached USD 7.2 billion, up 24% year-on-year. Bayer AG’s 2021 sales rose 8.9% to €44.081 billion; net income totaled €1 billion. Its Crop Science Division posted sales growth of 11.1% to €20.207 billion; underlying EBITDA rose 3.6% to €4.698 billion. Covestro’s 2021 sales totaled approximately €15.9 billion, up 48.5% year-on-year; EBITDA reached €3.1 billion—more than doubling year-on-year. DSM’s 2021 sales rose 14% to €9.2 billion; adjusted net profit increased 21% to €858 million. Air Liquide’s 2021 sales reached €23.335 billion, up 8.2% year-on-year; net profit totaled €2.5 billion (€2.435 billion in 2020), up 5.6% year-on-year—or up 8.9% after excluding currency effects.

Netted RMB 30 billion in three years—KKR is exiting again.

Recently, Ecolab Inc.—a global leader in water treatment and sustainable development solutions—announced its agreement to acquire CoolIT Systems, a developer of data center liquid-cooling systems, for approximately USD 4.75 billion in cash (roughly RMB 32.8 billion). CoolIT Systems is currently majority-owned by funds managed by KKR. In May 2023, KKR—along with co-investors—acquired a majority stake in CoolIT Systems for approximately USD 270 million. The transaction is expected to close in Q3 2026. An Expensive Acquisition Valuation Far Exceeding Traditional Industrial Sectors According to the deal terms, this acquisition carries an exceptionally high valuation. Reportedly, the USD 4.75 billion purchase price represents roughly 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for 2027. This valuation multiple far exceeds those typical in traditional industrial M&A. Clearly, the elevated valuation directly reflects the extraordinary fervor surrounding the AI infrastructure sector: as global tech giants race to build data centers in pursuit of computing power, thermal management technology has become a critical physical bottleneck constraining AI advancement. Per Ecolab’s disclosures, CoolIT is projected to generate approximately USD 550 million in sales over the next 12 months, with an adjusted EBITDA margin of around 30%. This implies Ecolab is paying over 8.6x sales for a company generating roughly USD 550 million annually. By comparison, Ecolab’s own market capitalization stands at approximately USD 77.7 billion, with projected 2025 revenue of USD 16.08 billion—yielding a price-to-sales ratio of only about 4.8x. Upon completion, Ecolab’s addressable market (TAM) will double—from USD 5 billion to USD 10 billion—with this market growing at double-digit annual rates. Ecolab expects the acquisition to lift organic sales growth for its global water business by two percentage points in the first year post-closing, and boost overall organic sales growth by one percentage point. Starting in 2028—excluding non-cash amortization costs—the deal is expected to accrete to adjusted earnings per share. To finance the acquisition, Ecolab will raise new transaction debt. From Gaming Enthusiast To Liquid-Cooling Dominator Public records indicate CoolIT Systems was founded in 2001 and is headquartered in Calgary, Canada. Founders Brydon Gierl, Sandy Scott, and Jason Myers conceived the idea of revolutionizing computer cooling amid Calgary’s vibrant startup ecosystem. According to company history, Sandy—a gaming enthusiast—was frustrated by overheating graphics cards severely degrading his PC gaming experience. He approached Brydon for help, and the two began early experiments on their kitchen table to solve this pain point for high-performance computing users. This ‘basement R&D’ phase lasted roughly three years. They tested various methods of pumping coolant and built numerous prototypes of early computer liquid-cooling systems. In 2005, Geoff Lyon joined as CEO, bringing professional management expertise and strategic vision to the fledgling company.

Ecolab adjusted earnings jump on price improvements

6 hours ago

Ecolab reported Q3 net sales up 13% to $4.69 billion, driven by 5% pricing increases, though net income fell 6%. Growth strengthened in food and beverage and light water segments.

Ecolab earnings jump on price improvements

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