• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Pigments Market

    The Architectural Paint Market Enjoys a Strong 2022

    The Buyers’ Guide

    Auto Refinish Market

    The 2022 Protective Additives Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    Epoxytec Announces New Website Launch

    Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets

    Axalta Releases Fourth Quarter and Full Year 2022 Results

    AkzoNobel Using 100% Renewable Electricity in North America

    Program for BIG IDEAS for UV+EB Technology 2023 Announced
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Epoxytec Announces New Website Launch

    Advanced Polymer Coatings Lands Multiple Turkish Tanker Deals

    Rust-Oleum Names Gloss Grape as Spray Paint Color of the Year

    Cortec Launches EcoAir Biobased Outdoor Coating

    Chrome Alternative from AkzoNobel Saves Turkish Bike Manufacturer 40% on Energy Costs
    Additives
    Binders
    Pigments
    Solvents

    Univar Solutions Announces New Distribution Relationship

    OQ Chemicals Invests in Capacity Expansion to Support Carboxylic Acids Market

    Solvay to Relocate to New Headquarters

    Peninsula Polymers Awarded Bronze Sustainability Rating from EcoVadis

    Project Air to Receive €97 Million Under Agreement with Innovation Fund
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    W. R. Grace & Co.

    Active Minerals

    Arkema

    Siltech Corporation

    EPS
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Saudi Arabia Coatings Show

    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    W. R. Grace & Co.

    Active Minerals

    Arkema

    Siltech Corporation

    EPS
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    Hempel Annual Report 2016: 'Solid 2016 Performance in a Challenging Environment'

    ...

    Related CONTENT
    • Protective Coatings Leader Hempel Brings Expertise to the Wind Industry
    • Archroma Names Thomas Bucher as New CFO
    • Top Companies Report
    • BCF CEO Blog: Further Consolidation in the UK Coatings Industry
    • Hempel Launches Hempafire Pro Mexico, Central America and the Caribbean
    04.07.17
    Global coatings company Hempel continued to accelerate execution of its Journey to Excellence strategy in 2016.

    Hempel Group President & CEO Henrik Andersen joined Hempel in 2016. He comments: “Our strategy plan has been fully endorsed by the new Executive Management Board and Board of Directors. Our goal remains to grow faster than the market and maintain profitability in line with peers by improving customer focus. To achieve this, we are strengthening the foundation of Hempel to accelerate growth in the coming years.”

    The increasingly uncertain macro-economic conditions in many industries – such as marine and oil & gas – affected Hempel’s customers in 2016, and this in turn affected Hempel’s overall performance. Turnover reached EUR 1,424 million, which corresponds to negative organic growth of 4.5 per cent.

    Despite this, Hempel continued to deliver a solid profit margin, with an EBITDA margin of 13.2 per cent, equal to EUR 188 million, which was very much driven by the operational initiatives in Hempel’s Journey to Excellence strategy. At the same time, Hempel’s cash flow and working capital in 2016 was its best in more than 10 years.

    Henrik Andersen comments: “We remained loyal to our operational priorities as set out in the beginning of the year; to increase cash generation from our operations, to keep and increase profitability and to invest in the foundation of Hempel’s future growth.”
                                                  
    In August, compliance issues involving inappropriate practices were uncovered in Hempel’s office in Germany. Hempel deeply regrets that in some instances its internal rules were deliberately circumvented and non-compliant practices have taken place.

    The Board of Directors and the Executive Management Board immediately took control of the situation in Germany and the inappropriate practices were stopped effectively at once. An internal investigation was launched and concluded, and the appropriate disciplinary actions taken. Seven employees in Hempel Germany have been dismissed for gross negligence in performing their duties. Hempel now awaits the result of the investigation by the German authorities.

    As a consequence of the inappropriate practices uncovered in Germany, the Board of Directors and the Executive Management Board proactively launched thorough compliance investigations in other relevant jurisdictions worldwide in the Hempel Group with the assistance of external global advisors from the audit and legal industry.

    Henrik Andersen comments: “I am sorry to announce that besides the seven employees in Germany, we have also had to re-organise in other jurisdictions and three senior executives have left Hempel due to gross negligence. Any such behaviour is in conflict with Hempel’s values and culture. This is reflected in our internal rules and policies. Hempel has zero-tolerance for inappropriate practices. The integrity of the business must always come first.”

    On behalf of both the Board of Directors and Executive Management Board, Hempel would like to apologise for the inappropriate behaviour and state unequivocally that it is not acceptable. It is a direct attack on the integrity of Hempel’s customers, culture, values and employees.

    As a result of the above investigations, Hempel has expensed EUR 40 million in the financial statements for 2016. Hempel has made and will make substantial investments internally and externally to prevent compliance issues or anything similar from happening in the future.

    These investments include:

    -       The internal processes in Hempel have been examined and improved
    -       Cooperation between the Audit Committee, Executive Management Board and Hempel’s compliance functions has been strengthened and improved
    -       A Group Internal Auditor has been appointed and Hempel will significantly upgrade the Group’s internal audit resources
    -       Hempel’s whistle-blower system has been upgraded to an externally operated system – known as the Hempel Ethics Hotline – that is open for reporting by employees, customers, suppliers and other stakeholders to Hempel

    “I would like to take this opportunity to give my heartfelt thanks to the employees for having maintained momentum. I am proud of the strong performances that have been put in and of the fact that we have succeeded in producing such good results in a very challenging year. I would also like to thank our customers and business partners for the sympathy and trust that they have shown towards Hempel,” Henrik Andersen concludes. 
    Related Searches
    • environment
    • coatings
    Suggested For You
    Protective Coatings Leader Hempel Brings Expertise to the Wind Industry Protective Coatings Leader Hempel Brings Expertise to the Wind Industry
    Archroma Names Thomas Bucher as New CFO Archroma Names Thomas Bucher as New CFO
    Top Companies Report Top Companies Report
    BCF CEO Blog: Further Consolidation in the UK Coatings Industry BCF CEO Blog: Further Consolidation in the UK Coatings Industry
    Hempel Launches Hempafire Pro Mexico, Central America and the Caribbean Hempel Launches Hempafire Pro Mexico, Central America and the Caribbean
    Hempel Acquires Insulation Coatings Technology Hempel Acquires Insulation Coatings Technology
    Hempel Launches Hempafire Pro 400 Hempel Launches Hempafire Pro 400
    Hempel CEO Lars Petersson Discusses Farrow & Ball Acquisition Hempel CEO Lars Petersson Discusses Farrow & Ball Acquisition
    Hempel Acquiring Farrow & Ball Hempel Acquiring Farrow & Ball
    Hempel Protects O2 Tidal Energy Turbine Hempel Protects O2 Tidal Energy Turbine
    Coatings World CEO Forum Part 2 Coatings World CEO Forum Part 2
    Wattyl Australia & New Zealand Officially Part of Hempel Group Wattyl Australia & New Zealand Officially Part of Hempel Group
    Hempel Opens New Campus Hempel Opens New Campus
    Karsten Munk Knudsen Nominated to Hempel A/S Board of Directors Karsten Munk Knudsen Nominated to Hempel A/S Board of Directors
    Hempel Hires David Hunter as Director of Marketing for North America Hempel Hires David Hunter as Director of Marketing for North America

    Related Online Exclusives

    • Industrial Coatings | Paint & Coatings Manufacturer News
      Protective Coatings Leader Hempel Brings Expertise to the Wind Industry

      Protective Coatings Leader Hempel Brings Expertise to the Wind Industry

      Protective coatings provide the durability needed to ensure that wind turbines play their part in a sustainable future.
      09.22.21

    • Breaking News | People in the News
      Archroma Names Thomas Bucher as New CFO

      Archroma Names Thomas Bucher as New CFO

      Roland Waibel will retire effective Oct. 1, 2021.
      08.20.21

    • Top Companies Report

      Top Companies Report

      Coatings World is proud to bring the industry our annual Top Companies Report
      Kerry Pianoforte, Editor 07.28.21


    • Breaking News | Paint & Coatings Manufacturer News
      BCF CEO Blog: Further Consolidation in the UK Coatings Industry

      BCF CEO Blog: Further Consolidation in the UK Coatings Industry

      U-POL was the latest, and by far largest remaining UK owned paint company.
      Tom Bowtell, British Coatings Federation CEO 07.26.21

    • Breaking News | Industrial Coatings | Paint & Coatings Manufacturer News | Product news
      Hempel Launches Hempafire Pro Mexico, Central America and the Caribbean

      Hempel Launches Hempafire Pro Mexico, Central America and the Caribbean

      Maintains the stability of steel structures in the event of a fire for up to 120 minutes to enhance building safety.
      07.12.21

    Loading, Please Wait..
    Trending
    • PPG Reports Fourth Quarter, Full-Year 2022 Financial Results
    • Sherwin-Williams Announces And Celebrates 2022 Vendor Of The Year Award Winners
    • Axalta Releases Fourth Quarter And Full Year 2022 Results
    • PPG Names New Packaging Coatings Global Technical Director
    • AkzoNobel Using 100% Renewable Electricity In North America
    Breaking News
    • Epoxytec Announces New Website Launch
    • Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets
    • Axalta Releases Fourth Quarter and Full Year 2022 Results
    • AkzoNobel Using 100% Renewable Electricity in North America
    • Program for BIG IDEAS for UV+EB Technology 2023 Announced
    View Breaking News >
    CURRENT ISSUE

    January 2023

    • Pigments Market
    • The Architectural Paint Market Enjoys a Strong 2022
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    Probiotics Supplementation Reduces Complications in Colorectal Cancer Patients
    Vitamin D Supplementation Reduces Risk of Dynapenia
    Sustained-Release Caffeine Ingredient Offers Mood, Performance Benefits
    Coatings World

    Latest Breaking News From Coatings World

    Epoxytec Announces New Website Launch
    Paints and Coatings Market Worth $212B by 2026: MarketsandMarkets
    Axalta Releases Fourth Quarter and Full Year 2022 Results
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    BMP Medical Expands Sterling, Massachusetts Facility
    Abbott's Proclaim XR SCS OK'ed for Diabetic Neuropathy
    Environmental Sustainability Becoming Increasingly Important to Medtech Industry
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Pasithea Signs CMC Development and Manufacturing Agreement
    Experic Expands Analytical Capabilities and Facilities
    List Labs Expands Manufacturing Capacity
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Haircare Brand Uncle Funky’s Daughter Announces Retail Expansion
    TRESemmé Introduces New Pro Infusion Collection
    Walgreens Boots Alliance Shares 2022 ESG Report
    Happi

    Latest Breaking News From Happi

    KimChi Beauty Launches Spinning Hearts Love Line Ahead of Valentine’s Day
    Dark & Lovely Names Actress Meagan Good Brand Ambassador
    Natural Household Care Company Tru Earth Adds Dishwasher Detergent Tablets
    Ink World

    Latest Breaking News From Ink World

    Crown Wins Multiple Awards for Innovative Designs Across Global Competitions
    Xerox Releases 4Q, Full-Year 2022 Results
    Electronics For Imaging Names Frank Pennisi as CEO
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    EFI appoints Frank Pennisi CEO, Fiery now an independent business
    Bobst boosts senior sales team with Keith Nagle
    Penmar Industries adds Screen Truepress Jet L350UV SAI digital press
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Essity’s Sales Grow
    Thinx to Pay up to $5 million to Settle Class Action Suit
    Typar Highlighting New Building Innovations
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Orthofix Launches the Mariner Deformity System
    Tyber Medical Hires 2 New Execs
    Miach Ortho Raises $40M in Series B Funding
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Stuart Achieves 70% Warehouse Productivity Gains with Zebra
    STMicroelectronics Reports Q4, FY 2022 Financial Results
    Flex Reports 3Q Fiscal 2023 Results

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login