• 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
    Additives Update

    Pigment Supplier Directory

    Interior Architectural Coatings

    Biocides Update

    Powder Coatings Market
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Video Bites
    Raw Materials & Equipment
    Suppliers News
    Live From Shows
    Top News
    PPG Reports Q4, Full-year 2020 Financial Results

    BASF Begins Implementing Ralignment of Global Business Services Unit

    Nouryon Appoints Curtis Espeland to Board of Directors

    AMETEK Brookfield Opens Media Room at US HQ

    PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    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

    AMETEK Brookfield Opens Media Room at US HQ

    AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

    IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

    Miller Paint Declares Simple Serenity its 2021 Color of the Year

    TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes
    Additives
    Binders
    Pigments
    Solvents

    Active Minerals Announces Shipping Container Surcharge

    Huntsman Finalizes Acquisition of Gabriel Performance Products

    LANXESS Acquires Biocides Specialist INTACE

    dar-tech, inc. Becomes U.S. Midwestern Distributor for ZS Interpolymer

    OQ Chemicals Announces Carboxylic Acids Price Increase
    Buyers Guide
    Company Capabilities
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    Pilot Chemical Company

    Eagle Specialty Products

    Shepherd Color Company, The

    Active Minerals
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    The Waterborne Symposium (2021)

    Cleveland Coatings Society Zoom Meeting

    Surface Finishing Mexico 2021

    Cleveland Coatings Society Zoom Meeting

    Cleveland Coatings Society Zoom Meeting
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Keim Additec Surface USA LLC

    ROSS Mixers

    Siltech Corporation

    Shepherd Color Company, The

    Eagle Specialty Products
    • 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
    • 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
    • AkzoNobel Proposes to Acquire Tikkurila for €31.25 Per Share
    • New Strategy Sets Hempel on Path to Leadership Positions
    • Hempel's Hempaguard X7 Reaches Milestone
    • Hempel Launches Re-formulated Antifouling Technology
    • Pernille Fritz Vilhelmsen Appointed Hempel CPCO
    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
    • coatings
    • environment
    Suggested For You
    AkzoNobel Proposes to Acquire Tikkurila for €31.25 Per Share AkzoNobel Proposes to Acquire Tikkurila for €31.25 Per Share
    New Strategy Sets Hempel on Path to Leadership Positions New Strategy Sets Hempel on Path to Leadership Positions
    Hempel Hempel's Hempaguard X7 Reaches Milestone
    Hempel Launches Re-formulated Antifouling Technology Hempel Launches Re-formulated Antifouling Technology
    Pernille Fritz Vilhelmsen Appointed Hempel CPCO Pernille Fritz Vilhelmsen Appointed Hempel CPCO
    Hempel Receives Vestas’ Sustainability Award 2020 Hempel Receives Vestas’ Sustainability Award 2020
    Dorthe Scherling Nielsen Joins Hempel as Head of Sustainability, Gov Dorthe Scherling Nielsen Joins Hempel as Head of Sustainability, Gov't Affairs
    Hempel Launches Underwater Hull Inspections Hempel Launches Underwater Hull Inspections
    Industrial Coatings Shift to Water Industrial Coatings Shift to Water
    Izzy Colon of Troy Named Senior Vice President, Science & Technology Izzy Colon of Troy Named Senior Vice President, Science & Technology
    Asian Paints Releases FY17 Results Asian Paints Releases FY17 Results
    Hempel Hempel's Advanced 'Splash Zone' Coatings Designed for Longer Service Life, Reduced Maintenance
    American Colors Announces Addition to its Board of Directors American Colors Announces Addition to its Board of Directors
    Ascend Performance Materials Names Phil McDivitt CEO Ascend Performance Materials Names Phil McDivitt CEO
     My Hempel: customer portal makes doing business with Hempel easier My Hempel: customer portal makes doing business with Hempel easier

    Related Breaking News

    • Breaking News | Financial News
      PPG Reports Q4, Full-year 2020 Financial Results

      PPG Reports Q4, Full-year 2020 Financial Results

      Fourth quarter net sales of approximately $3.8 billion, more than 2% higher than the prior year.
      01.22.21

    • Breaking News
      BASF Begins Implementing Ralignment of Global Business Services Unit

      BASF Begins Implementing Ralignment of Global Business Services Unit

      Transfer of responsibilities and tasks to service centers starts in March 2021.
      01.22.21

    • Breaking News | People in the News
      Nouryon Appoints Curtis Espeland to Board of Directors

      Nouryon Appoints Curtis Espeland to Board of Directors

      Former Eastman CFO Espeland will also chair the Company’s Audit Committee.
      01.22.21


    • Breaking News | Laboratory Equipment | Production Equipment
      AMETEK Brookfield Opens Media Room at US HQ

      AMETEK Brookfield Opens Media Room at US HQ

      Will be used for new video content and live productions, including online courses, how-to videos, webinars, and more.
      01.22.21

    • Breaking News | Financial News
      PPG Directors Announce Quarterly Dividend of 54 Cents Per Share

      PPG Directors Announce Quarterly Dividend of 54 Cents Per Share

      Payable March 12 to shareholders of record Feb. 19.
      01.21.21

    • Breaking News | Paint & Coatings Manufacturer News | Product news
      Axalta Launches 2 Imron Elite products

      Axalta Launches 2 Imron Elite products

      New direct-to-plastic basecoat reduces the number of steps in the coating process.
      Coatings World staff 01.21.21


    • Breaking News | Financial News
      Asian Paints Announces Q3 FY2020-21 Results

      Asian Paints Announces Q3 FY2020-21 Results

      Consolidated Revenue from operations for the quarter increases by 25.2%.
      01.21.21

    • Additives | Breaking News | Price Increases
      Active Minerals Announces Shipping Container Surcharge

      Active Minerals Announces Shipping Container Surcharge

      Temporary $300 per container surcharge on all exported products effective Feb. 1, 2021.
      01.21.21

    • Breaking News | Paint & Coatings Manufacturer News | Powder Coatings
      AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

      AkzoNobel Supplying Powder Coatings for Landmark Water Pipeline in China

      Involves providing high-performance Resicoat R2 coatings for the Pearl River Delta water resource allocation project
      Coatings World staff 01.21.21


    • Breaking News | Product news | Special Purpose Coatings
      IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

      IGL Coatings Launches Graphene Reinforced Dual System Ceramic Coating

      Ecocoat Quartz+ is reinforced with graphene nanoplatelets for enhanced durability of up to 4 years.
      Coatings World staff 01.20.21

    • Architectural Coatings | Breaking News | Color Trends & Forecast
      TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes

      TAUBMANS Paint by PPG Releases ‘Chromatic Joy’ Palettes

      Paint brand releases 2021-22 color report, new home-grown palettes for Australia.
      Coatings World staff 01.20.21

    • Architectural Coatings | Breaking News | Color Trends & Forecast | Paint & Coatings Manufacturer News
      Miller Paint Declares Simple Serenity its 2021 Color of the Year

      Miller Paint Declares Simple Serenity its 2021 Color of the Year

      Simple Serenity highlights a value shift from heavy and dark blues to lighter and happier tones, per Miller Paint.
      Coatings World staff 01.20.21


    • Additives | Breaking News | Industry News
      Huntsman Finalizes Acquisition of Gabriel Performance Products

      Huntsman Finalizes Acquisition of Gabriel Performance Products

      Gabriel acquired for $250 million.
      Coatings World staff 01.19.21

    • Breaking News | Paint & Coatings Manufacturer News
      PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand

      PPG Completes COLORFUL COMMUNITIES Project at School in A. Bangsaothong Samutprakarn, Thailand

      PPG provided more than $6,400 (nearly 192,000 Thai baht) in products and services.
      Coatings World staff 01.19.21

    • Breaking News | Financial News
      Axalta Schedules Q4, Full Year 2020 Earnings Conference Call

      Axalta Schedules Q4, Full Year 2020 Earnings Conference Call

      After the close of trading on Wednesday, Feb. 3.
      Coatings World staff 01.19.21

    Trending
    • BASF Begins Implementing Ralignment Of Global Business Services Unit
    • PPG Reports Q4, Full-year 2020 Financial Results
    • AkzoNobel Supplying Powder Coatings For Landmark Water Pipeline In China
    • LANXESS Acquires Biocides Specialist INTACE
    • New Strategy Sets Hempel On Path To Leadership Positions
    Breaking News
    • PPG Reports Q4, Full-year 2020 Financial Results
    • BASF Begins Implementing Ralignment of Global Business Services Unit
    • Nouryon Appoints Curtis Espeland to Board of Directors
    • AMETEK Brookfield Opens Media Room at US HQ
    • PPG Directors Announce Quarterly Dividend of 54 Cents Per Share
    View Breaking News >
    CURRENT ISSUE

    January 2021

    • Additives Update
    • Pigment Supplier Directory
    • Interior Architectural Coatings
    • 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

    NIH Study Compares Low-Fat, Plant-based to Low-Carb, Animal-Based Diet
    Gadot Positions Mineral Line for Vegan Market
    Nutritfy India to Launch Global Broadcast Channel Covering Nutrition
    Coatings World

    Latest Breaking News From Coatings World

    LINE-X Launches Dealer Program with International Truck
    PPG Reports Q4, Full-year 2020 Financial Results
    BASF Begins Implementing Ralignment of Global Business Services Unit
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Cretex Companies CEO Steps Down
    Data Show Porex's Medical Device Filtration Materials Protect Against Virus, Bacteria Spread
    Endoscopic Hemostasis Devices Market Valued at $730 Million
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Pfizer, BioNTech Enter Vax Pact with COVAX
    FDA Approves Janssen’s CABENUVA
    AGC Biologics Appoints Boulder Site GM
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Coty Appoints Chief Procurement Officer
    Lageen Tubes Launches Mono-Material PE Tube Solutions
    Jason Jones Loses Battle with Covid-19
    Happi

    Latest Breaking News From Happi

    Carol’s Daughter Adds New Hair Products
    Moroccan Gold Series Launches NuDo Shampoo
    Youbody Debuts Waterless Body Wash
    Ink World

    Latest Breaking News From Ink World

    BOBST Demonstrates Future of Flexible Packaging Production at Virtual Open House
    Morancé Soudure France Adds Comexi F2 MC 10-color Flexo Press
    AR Packaging Acquiring Firstan Holdings Ltd
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Gallus planning virtual event for March
    Lemu Group engineers mask-making machine
    Niagara Label upgrades with Nilpeter flexo press
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Freudenberg to Establish Apparel Interlining Competence Centers
    Minet Adds Spunlace Line in Romania
    Lemu Group Engineers Mask-Making Machine
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Cretex Companies CEO Steps Down
    Conformis Enters Development & Supply Agreement with SITES Medical
    Sectra, RSA Biomedical Sign Distribution Agreement for Implant Stability Tool
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    UDC Subsidiary Adesis' Website Wins 2020 MarCom Platinum Award
    Ambiq Wins IoT Semiconductor Company of the Year Award
    Ynvisible Names Michael Robinson CEO, Jani-Mikael Kuusisto SVP Ventures

    Copyright © 2021 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