ＵＳＡ塩ビパイプ事業
三菱化学 ＰＷパイプ （撤退）
住友商事 Cantex
(日本経済新聞 1999/8/8)
塩ビ事業 海外撤退 三菱化学 米子会社売却へ
総合化学首位の三菱化学は７日、子会社で米国の塩化ビニール樹脂加工大手であるＰＷパイプ(オレゴン州）を、同業の米イーグル・パシフィック（ミネソタ州）に売却する方針を決めた。三菱化学は塩ビなど収益性の低い汎用樹脂の大規模な再編・集約を進めており、今回の米子会社売却により海外での塩ビ事業から全面撤退する。世界的な設備過剰問題を抱える素材産業で今後、海外からの徹退を含めた事業再構築の動きが加速する見通しだ。
ＰＷパイプの売却額は８千万ドルで、近く三菱化学とイーグルが正式調印する。ＰＷパイプは９５年に三菱化学が買収、三菱化学グループの全額出資子会社となった。米西海岸の６工場で塩ビパイプなどを生産、９８年の売上高は約２億ドル。生産能力は約２１万トンでパイプ分野のシェアは全米３位だ。
米国の長期景気拡大に支えられ、ＰＷパイプはここ数年、黒字経営を続けている。ただ三菱化学は全社的な事業再構築として、売り上げの柱となっている汎用樹脂のうち不採算品目の縮小と、収益性の高い医薬品や高機能樹脂の強化を打ち出している。黒字会社でも将来性が見込みにくいとして、ＰＷパイプの売却に踏み切る。
イーグル・パシフィックは塩ビやポリエチレンを使ったパイプが主力のメーカー。９８年の売上高は約７400万ドルとＰＷパイプより小さいが、最近はＭ＆Ａ（企業の合併・買収）で塩ビ加工事業を急速に拡大しており、今回のＰＷパイプの買収で業容拡大に弾みを付ける。
三菱化学は９８年、情報記録媒体の米子会社、バーベイタム（ノースカロライナ州）の２工場を台湾メーカーに売却。今後も不採算事業の整理を加速する。
2003/3/10 Financial Times
PW Eagle splitting PE, PVC pipe business.
On 20 Feb 2003 PW Eagle Inc announced plans to split its pipe manufacturing business in two. Its polyvinyl chloride pipe business will retain the name PW Pipe but its polyethylene pipe business will become PW Poly. The reorganization is designed to help the company concentrate on its key business (polyvinyl chloride pipes) but also to enable it to develop the polyethylene pipe business through internal and external growth. In 2002 PW Eagle's polyvinyl chloride pipe operations (based at 8 production units) made sales of $240 M. The polyethylene pipe business registered sales of $11 M, operating out of a single unit in Hastings, NE. PW Eagle's gross 2002 profits were $45 M (compared with $26 M in 2001) and its net working capital $13.6 M (compared with debts of $1.4 M at end 2001). The company expects its 2003 results to be better than those of 2002.
(1995/7/6 化学工業日報）
米の塩ビ管会社買収へ 三菱化学 グローバル化に布石
三菱化学は５日、米国の塩ビパイプおよび継手メーカーであるＰＷパイプ社（本社・オレゴン州ユジューン）を買収することで、同社の親会社、シンプソン社との間で基本合意書を締結したと発表した。三菱化学は国際化の一環として、米国での事業展開を強化しているが、米国内の塩ピパイプ事業の安定した伸びが見込まれることから、全米第４位、西部市場でトップのＰＷパイプ社の買収を行う。三菱化学の塩ビ関連での米国拠点は初めて。
三菱化学は国際企業を目指して、海外展開を積極的に進めているが、なかでも米国では三菱化学アメリカを中核に１１社の拠点を確保、電子関連、エンジニアリングプラスチックなどスペシャリティ分野を中心に展開してきている。今回、塩ビ関連事業では初めての塩ビパイプ事業に進出、米国内の需要増大をにらんだ川下展開を進めることになる。
国内では塩ビパイプおよび継手事業は関連会社の三菱樹脂が行っているが、今後、本格的な事業運営に当たっては三菱樹脂との連携、協力体制を図るものとみられ、三菱化学グループとしての塩ビ関連事業の基盤拡大とグローバル化への布石を打つ。
ＰＷパイプ社はパルプ木材大手のシンプソン社（ワシントン州シアトル）の子会社で、６７年に設立。売上高は９４年実績で１億６５００万ドル、生産能力は西海岸６工場で年間４７万トン、従業員数５００名、業界シェアは全米で第４位、西部地域ではトップの地位を確保している。なお、シンプソン社との間で基本合意を締結したことにより、今後、資産内容の詳細調査を開始、最終結論を出すことになる。
（化学工業日報 2000/3/23）
塩ビ 北米展開を強化 日商岩井
パイプ合弁 工場買収で１２万トン能力
日商岩井は、米国の塩ビ（ＰＶＣ）パイプ製造合弁ナショナル・パイプ＆プラスチック（本社・ニューヨーク）を拠点として塩ビ海外戦略の拡充を図る。ナショナル・パイプ社は９７年に日商岩井米国会社主導で買収した塩ビパイプメーカーで、米国経済の活況を受けた住宅需要の伸長などで今期は前期比５０％増の期間収益（税引後利益）が見込めるなど好調。また昨年末の４万トン級工場の買収で生産能力も約１２万トン規模までアップし、ブラジルの塩ビ一貫合弁トリケムのＰＶＣ受け皿機能も強めるかたちで戦略拡充を目指す。
ナショナル・パイプは９７年初め、日商岩井９０％（米国会社８０％、本社１０％）および鐘淵化学工業１０％の出資構成で買収。とくに日商岩井の場合、ブラジルの塩ビ一貫メーカーのトリケムに出資してＥＤＣ・ＰＶＣソースとして運用しており、その米国側受け皿として同社を運用するなど塩ビチェーンの強化が狙いともなっていた。
塩ビ海外戦略の強化はこの流れに乗るものだが、メーカーの合従連衡が加速する国内よりむしろ海外シフト型で戦略再構築を図りたいとの意識も強い。とくにナショナル・パイプの場合、昨年ベースで売上高９５００万ドル、期間収益３００万ドルを確保、今期は米国内の住宅需要の伸長と塩ビ市況の回復で収益ベースで前期比５０％増の４５０万ドルも見込まれるなど順調な業績の伸びが続いており、収益力のある連結子会社としての発展も期待できる。
また、これまでニューヨーク州ヴェスタルとノースカロライナ州コルファックスの２工場で８万トン弱の生産能力が確保されていたが、昨年末にはジョージア州、フロリダ州で計４万トンの２工場を買収。これにより生産規模も１２万トンに拡大、さらにニューヨーク州からフロリダ州に及ぶ米国東海外全域をカバーする体制も構築したこととなり、カナダを含む米国市場に対して本格的に浸透する基盤は整ったとの判断もあるようだ。
なお米国の塩ビパイブ市場では、住友商事が出資するカンテックスも順調な業績推移が続いており、今後はナショナル・パイプとカンテックスによる競合も強まりそう。
（同社 homepage)
National Pipe & Plastics has been producing polyvinyl chloride (PVC) pipe for residential, agricultural, commercial, municipal and export markets since 1970. National is a subsidiary of Nissho Iwai American Corporation and is one of the largest PVC pipe producers in North America. National has three manufacturing facilities, Greensboro, North Carolina, Thomasville, Georgia and Binghamton, New York. The New York plant ships approximately 130 million pounds of PVC pipe per year, the North Carolina plant ships approximately 100 million pounds and the Georgia plant ships approximately 80 million pounds of PVC pipe per year. National is a full line pipe producer producing plumbing pipe, electrical conduit, and water and sewer products.
Through marketing and product diversification, National Pipe & Plastics has achieved significant market penetration and steady growth amid a sometimes volatile economy. National Pipe & Plastics seasoned management is dedicated to the strategy on which the company's success was built: the production of a variety of quality products for a diverse group of markets within the well-defined geographic area of New England and the Northeast, Mid-Atlantic and Southeastern states.
The addition of new products and increased capacity strengthens National Pipe & Plastics・leadership position in its regional markets. The plastics pipe market is expected to grow with the continuing acceptance of PVC especially as new applications are discovered. PVC's durability and ease of installation make it a natural replacement for deteriorating metal pipe.
In the comings years, management will remain committed to cost containment, hands-on leadership and high capacity utilization that have been the foundation of National Pipe & Plastics・success.
CANTEX PVC Products had its beginning over 40 years ago, as a division of a national corporation in the utility and building construction industry. The Plastics Division grew steadily in size and importance. Its product lines expanded into several major categories:
・Electrical distributors and contractors were provided with a broad line of
PVC conduit and fittings.
・Power and utility companies were supplied with underground PVC duct
and fittings.
・For the communications industry, PVC conduit and fittings were made
available to telephone and cable companies for underground cable
installations.
・Municipal public works needs were met with PVC pipe for distribution
and collection.
・The commercial market need was fulfilled with PVC plumbing pipe.
Because of its success in the PVC Products business, CANTEX caught the eye of an international organization which was planning for expansion into PVC Products in the Western Hemisphere.
In February 1992, CANTEX was acquired by the respected Sumitomo Corporation, a multifaceted global business leader. Out of this acquisition the NEW CANTEX emerged, equipped with an intense philosophy of service to its customers and a renewed emphasis on product quality that targets the challenges of a new century. CANTEX is a leading producer of PVC Products, with eight manufacturing facilities located strategically from east to west across the country. These facilities feature some of the most modern production equipment and advanced process technology found anywhere in the industry. Production facilities include extrusion, injection molding, and fabrication processes to produce the broad lines of PVC Products which serve the power, utility, building construction, and communications markets.
PW Eagle shareholders approve merger with J-M Manufacturing
S PVC pipe producer PW
Eagle today announced that its shareholders have voted to approve
the company's proposed merger with a subsidiary of J-M
Manufacturing Company, Inc. (JMM). More than 97% of all voted
shares were cast in favor of the transaction at a special meeting
of shareholders held today, the company said.
Completion of the merger remained subject to various conditions,
including the receipt of regulatory approvals. The companies have
requested
that the FTC implement an accelerated review. However PW Eagle
and JMM now anticipate that completion of the merger was not
likely to occur until, at the earliest, the latter part of Q2 or
the early part Q3 2007.
J-M
Manufacturing and PW Eagle Announce Definitive Merger Agreement
PW
Eagle Shareholders to Receive $33.50 Per Share in Cash
Combination
of North American Plastic Pipe Manufacturers Expected to Offer
Complementary Product Offerings and Expanded Geographic Reach
J-M Manufacturing Company, Inc. and PW Eagle, Inc., manufacturers of plastic pipe, fittings and tubing products, today announced that they have signed a definitive merger agreement under which J-M Manufacturing will acquire all of the outstanding common shares of PW Eagle for $33.50 per share in cash. The transaction represents an implied total equity value of approximately $400 million.
J-M Manufacturing, headquartered in Livingston, New Jersey, operates a total of 14 plastic pipe manufacturing facilities and serves customers throughout North America. Based in Eugene, Oregon, PW Eagle operates 12 plastic pipe manufacturing facilities in eight states and serves customers throughout the United States.
“With manufacturing facilities throughout North America, the combined company will have broader geographic reach, offer an expanded product line, and deliver value to customers and end users in new and innovative ways,” said Walter W. Wang, President and Chief Executive Officer of J-M Manufacturing. “PW Eagle enjoys long-term relationships with its customers because it serves them effectively and efficiently. J-M Manufacturing and PW Eagle have many shared strengths, including a belief in the vital role our products play in safely delivering drinking water, electricity, gas, and other essentials. With this merger, we are even better positioned to bring value and passion to the pipe industry in serving the growing needs of our society.”
“With the announcement of this merger, we believe the strategic committee of PW Eagle’s board of directors has fulfilled its pledge to maximize shareholder value following a thorough process during which a wide range of strategic alternatives were considered,” commented Jerry Dukes, Chairman and Chief Executive Officer of PW Eagle. “In addition, by combining our companies, we believe we will be able to provide customers with a broader selection of innovative products, superior delivery and unmatched customer service, and make new opportunities for growth available to our employees.”
On May 30, 2006, PW Eagle’s board of directors announced the formation of a strategic committee, consisting entirely of independent directors, to explore strategic alternatives to maximize shareholder value. The strategic committee engaged Morgan Joseph & Co., Inc. as financial advisor to the committee in order to explore various strategic options. As a part of this exploration process, the strategic committee conducted an auction which generated interest from numerous parties. Upon thorough review of the various strategic alternatives, and upon unanimous approval and recommendation of the strategic committee, the board of directors of PW Eagle has unanimously approved the merger agreement with J-M Manufacturing and has resolved to recommend that its shareholders approve the merger. PW Eagle’s largest shareholder, Pirate Capital, LLC, has agreed to vote in favor of the transaction.
The transaction is expected to be completed during the second quarter of 2007, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by PW Eagle’s shareholders. There is no financing condition to the obligation of J-M Manufacturing to consummate the merger.
Morgan Joseph & Co. Inc. acted as the financial advisor to PW Eagle’s strategic committee and Rothschild Inc. rendered a fairness opinion to the strategic committee with respect to the transaction. Kramer Levin Naftalis & Frankel LLP and Fredrikson & Byron, P.A. served as legal counsel for the strategic committee and PW Eagle in connection with the transaction. Pali Capital, Inc. served as exclusive financial advisor to J-M Manufacturing and arranged necessary financing, and McDermott Will & Emery LLP acted as J-M Manufacturing’s legal counsel.
About J-M
Manufacturing Company, Inc.
J-M Manufacturing Company, Inc. (www.jmm.com) was formed in 1982
with the acquisition of eight pipe production facilities.
Today, the company
operates 14 manufacturing plants across the United States.
JMM produces water,
sewer, solvent weld, electrical conduit, ABS and polyethylene
pipe in diameters ranging from ½’’
to 48”
for PVC and ½’’
to 63”
in HDPE.
JMM is dedicated to
developing the plastic pipe market by offering superior products,
unparalleled quality, and ensuring that its business makes a
positive contribution to the environment, the communities it
serves, its customers, and employees.
About PW Eagle, Inc
PW Eagle, Inc. (www.pweagleinc.com) is a leading extruder of PVC
pipe products and its wholly-owned subsidiary, USPoly Company,
LLC, is a leading manufacturer of polyethylene pipe and fittings.
Together, PW Eagle
and USPoly operate 12 manufacturing facilities across the United
States. PW Eagle’s common stock is traded on the
Nasdaq Global Market under the symbol “PWEI”.