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 recorded third-quarter sales of 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 totaled $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 reported third-quarter net sales of approximately $6.05 billion, up 17.5%; net income reached $685 million, up 36.45%. For the first three quarters, it generated $16.918 billion in revenue, up 11.43% year on year; net income totaled $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 about 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-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 reached $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 versus $1.362 billion in the prior-year period; net income was $438 million, versus a net loss of $185 million in the same period last year.

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 led (together with partners) the acquisition of 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 equates to roughly 29 times CoolIT’s projected adjusted EBITDA for the next 12 months—and 24 times its projected adjusted EBITDA for 2027. This valuation level significantly exceeds typical multiples seen in traditional industrial M&A deals. Clearly, this elevated valuation directly reflects the extraordinary fervor surrounding the AI infrastructure sector: as global tech giants race to build data centers amid intensifying competition for 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 around 30%. This means Ecolab is paying more than 8.6 times CoolIT’s annual sales—a company generating roughly $550 million in revenue annually. For 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 about 4.8. Upon completion, Ecolab’s addressable market (TAM) will double—from $5 billion to $10 billion—with that 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 overall organic sales growth by one percentage point. Starting in 2028 (excluding non-cash amortization expenses), 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 leader Public records indicate CoolIT Systems was founded in 2001 and is headquartered in Calgary, Canada. Its three 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 was an avid gamer whose PC graphics card overheating severely hampered his gaming experience. He approached Brydon for help, and the two began early experiments on their kitchen table to solve this pain point affecting high-performance computing users. This 'basement R&D' phase lasted approximately three years. They experimented with various methods of pumping coolant and developed numerous prototypes of early computer liquid-cooling systems. In 2005, Geoff Lyon joined the company as CEO, bringing professional management expertise and strategic vision to the startup.

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