July 25, 2017
By Rachel Roberts
Arconic (click here) made profits of $212m in the second quarter of the year as it moves to absolve itself of responsibility for fire.
The firm that supplied the cladding used on Grenfell Tower has reported higher than expected profits as it moves to absolve itself of blame for the devastating fire.
Arconic made profits of $212m (£162m) in the three months to the end of June - the period including the 14 June inferno that killed at least 80 people - an increase of 57 per cent from the same quarter of the previous year.
It has announced it will no longer sell its Reynobond PE panels for high-rise blocks because it has no control over their installation.
It also raised its forecast for annual revenue to $12.7bn (£9.7) from $12.3bn (£9.4), thanks to better than expected sales....
The products used in these deaths has to be outlawed based on chemical structure, otherwise, another company or a new name of the same company can circumvent the law.
5 July 2017
By Nicole Morley
...Police investigating the Grenfell Tower disaster (click here) stressed that ‘the catastrophic damage’ inside means the grim discoveries are not thought to be ’87 people’.
Commander Stuart Cundy, who is overseeing the Metropolitan Police response to the fire said: ‘On Monday, we forensically recovered the last of the visible human remains from Grenfell Tower and transferred them to Westminster Mortuary.
‘In total we have made 87 recoveries, but I must stress that the catastrophic damage inside Grenfell Tower means that is not 87 people....
In the UK, the product is outlawed BY INSPECTION of the siding, but, after the fact. There needs to be standards that reflect the inspection of materials before they are used as siding. That really should not be an issue. The builders know the products they will use, otherwise, they could not decide on a sales price without doing that. It is about regulating the acquisition of materials for buildings either with human employees or residents.
...Since the fire (click here) – the deadliest in the UK for more than a century – tests have shown that at least 149 high-rise buildings in 45 different local authorities in the UK have failed cladding safety tests....
Looks as though Interim CEO David Hess is looking forward to a bonus.
Arconic Second Quarter Report 2017 (click here)
Net income attributable to Arconic in the second quarter of 2017 was $212 million, or $0.43 per share. The results include $47 million in special items, including a gain on the debt-for-equity exchange of Alcoa Corporation shares, which is intended to qualify as generally tax-free to Arconic for U.S. federal income tax purposes. This was partially offset by costs associated with the early redemption of debt; proxy, advisory and governance-related costs; and restructuring-related charges.
Excluding special items, second quarter 2017 adjusted income was $165 million, or $0.32 per share. All segments delivered higher volumes while maintaining focus on cost reduction savings. Annualized return on net assets (RONA) was 8.7% based on the results of the first half of 2017.
Second quarter Consolidated adjusted EBITDA was $444 million, up 3% year over year. Consolidated adjusted EBITDA excluding special items was $486 million, up 2% year over year. Adjusted EBITDA margin excluding special items was 14.9%, up 20 basis points year over year.
“Arconic delivered another solid quarter. The business increased revenue and profitability, continued to expand margins and take out cost. We ended the first half of 2017 with significantly less debt, a strong cash position and good liquidity. We are pleased to update our guidance for the year, reflecting our increased confidence in 2017 performance,” said Arconic Interim Chief Executive Officer David Hess....
It seems unclear to me from the information on line if the problem with the sheeting panels is the materials and/or the manufacturing.
Environmentally sound products is the selling point, but, it goes on to say a number of materials can be incorporated into the sheeting to create any architectural design.
Reynobond® Design Line, (click here) an innovative paint breakthrough using Duragloss™ DL, an advanced polymer finish, featuring nature-inspired patterns and textures that are ideal for outdoor project applications. Design Line™ finishes resist sun, extreme temperatures, humidity – even salt water. The Duragloss™ DL paint finish is made to last, with a 20-year warranty.
These environmentally sound products are virtually indistinguishable from nature’s own creations. Looking to add to a natural, but unique touch to your aesthetic design – incorporate wood, mineral, stone or patina finishes into your next project, and without sacrificing the environment. And, enjoy the same benefits from Reynobond Aluminum Composite Material, from its remarkable strength and flatness to its formability and light weight. Even the most challenging architectural concepts are easy to accomplish. See our nature-inspired Design Line™ finishes in our new Architecture Color Chart.
In order to get to the bottom of these disasters, Reynolds Aluminum should be in any and all lawsuits.
The idea wood, of all things, can be incorporated into sheeting containing two panels of aluminum is hideous. They heat and burn at different temperatures. That holds true for the other materials of mineral, stone and patina finishes. All these elements are different in chemical composition and have different freezing, heating and burning temperatures.
Reynodual (click here) is the only coil-coated double sheet aluminium panel in todays' market. Reynodual has been tested and approved by the CSIRO for use when a 100% non-combustable material is required.
They advertise it as a non-combustible product. It sure doesn't seem like it.
It seems to me the fire ignites almost simultaneously because of the molecular composition. If there are conflicting temperatures throughout the exterior sheeting then the building will be reaching a tipping point at the same time. Once one section is hot enough to erupt into flames, the entire building covered in the sheeting will be reacting the same way. I don't think the sheeting causes a fire in one location that spreads, I think the sheeting explodes at the same time.
Reynobond® Architecture aluminium composite panels with FR or A2 core, Reynolux® aluminium sheets and Reynodual® double sheet aluminium panels are certified fire solutions, reaching the high-level standards of the European fire classification EN-13501-1.
There is another brand if Reynolds sheeting carried by Arconic as well. It comes down to the specific molecular composition of the sheeting or siding or whatever one wants to call it depending on the culture of the product. Molecular analysis will nail down the exact product. With so many to choose from it requires that level of analysis to decide EXACTLY the product composition. There is nothing to say the wrong sheeting was used either.
The UK should not give up understanding this fire as many people around the world could be at stake. No matter the final analysis there are the same two companies involved Arconic and Reynolds. It is in the best interests of these companies to be an open book to the UK investigators to solve this mystery. I WOULD NOT LET THE COMPANIES SOLVE THE MYSTERY. But, they should provide details, without exposing patents, of the materials and manufacturing of the sheeting that exploded.
