Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

Research evidence excerpt

Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

:26 Earnings Performance 10 - 11

Exhibit 2: Notable Events for the Week Ending Jun 12, 2026 Relative Value 10 - 11

Bond Comps 12 - 21

Notable events in the Chemicals and Paper & Packaging sectors Equity Comps 22 - 28

June 12 Corteva will close its Asturias, Spain crop chemicals manufacturing facility, as part of its previously announced

$300 mm cost reduction by 2027. Corteva increased the cost to achieve the cost reduction by $100–$115 BofA GLOBAL RESEARCH

mm from previous expectations to $750–$815 mm, which is comprised of $100–$125 mm cash severance

costs, $300–$318 mm cash closure costs, and $350–$372 mm impairment charges.

June 12 HASA Inc. acquired Bio-Dex Laboratories, Inc., a Phoenix, AZ-based manufacturer of professional-grade

swimming pool and spa maintenance chemicals.

June 10 Ashland said that it hadn’t been approached by Ancora Alternatives LLC prior to Ancora’s investor

presentation issued on this date, but intends to engage with Ancora going forward.

June 10 Pixelle Specialty Solutions issuer credit rating and secured rating to CCC- from CCC+ by S&P, who cited

persistent cash flow deficits and insufficient liquidity to address its 2026 and 2027 maturities. Negative

outlook.

June 10 Nitrogen Fertilizer: KazAzot Proime LLP and the Kazakhstan govt. plan to build a 660,000 mt ammonia,

580,000 mt urea, and 500,000 mt ammonium nitrate plant in Akatau, Kazakhstan at a cost of $1.6 bn for

2030 commissioning. (IFX)

June 9 Ashland: Investment firm Ancora Alternatives reportedly said at a public investor conference that it acquired

a significant share in Ashland common stock, and is pushing the Board to start a strategic review process for

the company. (BZG)