Click to view now! Latest financial reports of the world’s top 50 chemical industry giants released

Lanxess reported a 38.2% year-on-year increase in third-quarter sales, reaching €2.185 billion; EBITDA before non-recurring items amounted to €240 million, up 4.8% year-on-year. Wacker Chemie AG achieved group sales of €2.13 billion in the third quarter, a 29% increase year-on-year; EBITDA stood at €457 million, up 2% year-on-year. Clariant’s third-quarter sales totaled CHF 1.312 billion, up 27% year-on-year; EBITDA rose to CHF 220 million, with a corresponding margin of 16.8%. North America Dow’s third-quarter net sales amounted to $14.1 billion, down 5% year-on-year; GAAP net income was $760 million; operating EBIT was $1.2 billion, compared to $2.9 billion in the same period last year. Nutrien’s third-quarter revenue increased 35.9% year-on-year to $8.19 billion; adjusted net income reached $1.58 billion, up 118% year-on-year. Sherwin-Williams’ third-quarter net sales were approximately $6.05 billion, up 17.5%; net income reached $685 million, up 36.45%. For the first three quarters, revenue totaled $16.918 billion, up 11.43% year-on-year; net income amounted to $1.634 billion, up 4.49% year-on-year. Mosaic’s third-quarter revenue was $5.349 billion, up 56% year-on-year; net income was $842 million, versus $372 million in the same period last year. PPG Industries achieved third-quarter revenue of $4.468 billion, up approximately 2% year-on-year; net income was $329 million, down 4% year-on-year; adjusted net income was $393 million, down 3% year-on-year. For the first three quarters, net sales totaled $13.467 billion, up 6.35% year-on-year; net income was $788 million, down 46.32% year-on-year. Westlake Corporation achieved third-quarter net sales of $4.0 billion and net income of $401 million, with EBITDA of $804 million. Ecolab’s third-quarter sales were $3.7 billion, up 10% year-on-year; net income attributable to Ecolab was $347 million, up 7% year-on-year. DuPont’s third fiscal quarter revenue was $3.317 billion, down 22.34% year-on-year; EBITDA was $856 million, up 5% year-on-year. Corteva’s third-quarter 2022 revenue was $2.78 billion, up 17% year-on-year. Total revenue for the first three quarters amounted to $13.63 billion, up 12% year-on-year. Eastman Chemical’s third-quarter sales were $2.709 billion; excluding the divestiture of its rubber additives and adhesive resins businesses and foreign exchange impacts, sales rose 13% year-on-year; EBIT was $324 million; adjusted EBIT was $333 million. Celanese reported third-quarter net sales of $2.3 billion, down 7% sequentially; adjusted EBIT was $510 million. CF Industries’ third-quarter net sales were $2.321 billion, up 70.6% year-on-year from $1.362 billion in the same period last year; net income was $438 million, versus a net loss of $185 million in the prior-year period.

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 it will formally acquire CoolIT Systems—a developer of data center liquid cooling systems—for approximately $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—alongside co-investors—acquired a majority stake in CoolIT Systems for approximately $270 million. The transaction is expected to close in the third quarter of 2026. An expensive acquisition Valuation far exceeds traditional industrial sectors According to the transaction terms, this acquisition’s valuation is notably ‘expensive.’ Reportedly, the $4.75 billion price tag represents approximately 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for 2027. This valuation level significantly exceeds typical multiples seen 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 to secure computing power, thermal management technology has become a critical physical bottleneck constraining AI advancement. According to data disclosed by Ecolab, CoolIT is projected to generate approximately $550 million in sales over the next 12 months, with an adjusted EBITDA margin of roughly 30%. This implies Ecolab is paying more than 8.6x sales for a company generating roughly $550 million annually. By comparison, Ecolab’s current market capitalization stands at approximately $77.7 billion, with projected 2025 revenue of about $16.08 billion—implying a price-to-sales ratio of only ~4.8x. Upon completion, Ecolab’s addressable market (TAM) will double—from $5 billion to $10 billion—with this market growing at double-digit annual rates. Ecolab expects that, in the first year post-acquisition, organic sales growth for its global water business will accelerate by two percentage points, and overall organic sales growth will rise by one percentage point. Starting in 2028—excluding non-cash amortization costs—the transaction 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 leader 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 approximately three years. They tested various coolant-pumping methods and developed numerous early prototypes of computer liquid cooling systems. In 2005, Geoff Lyon joined as CEO, bringing professional management expertise and strategic vision to the startup.

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