Zhongzhi Weiye Information | Q3 Financial Results of the World’s Top 50 Chemical Companies Released!

Bayer Group’s Q3 group sales amounted to €10.342 billion, down 0.2% year-on-year; EBITDA before special items stood at €1.685 billion, down 31.3% year-on-year; net income was -€4.569 billion. Linde’s Q3 sales totaled $8.2 billion, down 7% year-on-year; operating profit reached $2.1 billion, up 15% year-on-year; net profit was $1.565 billion. Air Liquide’s Q3 revenue reached €6.811 billion, up 1.5% year-on-year. Revenue from gases and services amounted to €6.483 billion, up 1.7% year-on-year. Henkel Group’s Q3 sales were approximately €5.4 billion, achieving organic growth of 2.8%. Sales for the first three quarters of 2023 totaled €16.366 billion. Evonik’s Q3 sales were €3.77 billion, down 23% year-on-year; adjusted EBITDA rose 8% quarter-on-quarter to €485 million, but declined 21% year-on-year. Covestro’s Q3 sales were €3.6 billion, down 22.7% year-on-year; EBITDA was €277 million; net profit was -€31 million, compared to €12 million in the same period last year. Solvay’s Q3 net sales were €2.747 billion, down 20.3% organically; basic EBITDA was €702 million, down 18.5% organically year-on-year; net sales for the first three quarters of 2023 totaled €9.001 billion, down 9.6% organically; EBITDA was €2.331 billion, down 1% organically year-on-year. AkzoNobel’s Q3 sales were €2.741 billion, up 5% at constant exchange rates; operating profit rose to €354 million, versus €168 million in Q3 2022. LANXESS’s Q3 sales were €1.601 billion, down 26.7% year-on-year; EBITDA was €119 million, down 50.4% year-on-year; net income fell from €80 million in the prior year to -€131 million. Wacker Chemie AG’s Q3 group sales were €1.52 billion, down 29% year-on-year; EBITDA was €152 million, down 67% year-on-year; net profit for Q3 was €34 million. Clariant’s Q3 organic sales were CHF 1.031 billion, down 8% year-on-year; EBITDA margin declined to 15.4%, versus 16.8% in the prior-year period. Cumulative sales for the first three quarters of 2023 totaled CHF 3.315 billion, down 7% year-on-year. North America Dow’s Q3 net sales were $10.7 billion, down 24% year-on-year; GAAP net income was $327 million, versus $760 million in the prior-year period. LyondellBasell’s Q3 sales revenue was $10.625 billion, down 13.3% year-on-year versus $12.25 billion in the prior-year period; EBITDA was $1.356 billion, up 21.8% year-on-year versus $1.108 billion.

Profit of RMB 30 billion in Three Years—KKR Is Exiting Again

Originally published by 'China Private Equity Investment' (ID: PE-China) Author: Wei Yajun Photography: Bob KKR (including co-investors) achieved a paper return exceeding 17x over three years. A flawless exit. 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 (together with co-investors) acquired a majority stake in CoolIT Systems for approximately $270 million. The transaction is expected to close in Q3 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 purchase price represents approximately 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for fiscal year 2027. This valuation level significantly surpasses typical multiples seen in traditional industrial M&A. Clearly, this 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 paid over 8.6x sales multiple for a company generating ~$550 million in annual revenue. For comparison, Ecolab’s current market capitalization stands at approximately $77.7 billion, with projected 2025 revenue of ~$16.08 billion—implying a sales multiple 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, its global water business’ organic sales growth rate will increase by two percentage points, and the company’s overall organic sales growth rate will rise by one percentage point. Starting in 2028 (excluding non-cash amortization expenses), the transaction is expected to accrete to adjusted earnings per share. To finance this acquisition, Ecolab will raise new acquisition-related 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 impaired his gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table to solve this pain point affecting high-performance computing users.

Ecolab Inc. Announces Q3 2026 Earnings Call Date

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Ecolab Inc. will hold its third-quarter 2026 earnings webcast on October 27, 2026, at 1:00 p.m. ET. Preliminary results are expected before the live conference call begins.

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