May 08--Fogelsville-based chemical company Taminco Corp. posted Thursday a 25 percent increase in first-quarter profit.
Net income for the period ended March 31 was $10 million, compared to $8 million a year earlier. Though, on a per-share basis, net income was actually down by a penny, to 15 cents.
Sales were up 3 percent, to $319 million.
"Taminco had a very active start to 2014. During the first quarter we completed our acquisition of Kemira's formic acid business and entered into a joint venture with Balchem to build and operate a world-class choline chloride facility in the U.S.," Taminco Chief Executive Officer Laurent Lenoir said in a news release.
"We also made significant strides to complete our methylamine expansion project at our Pace, Fla. facility and we anticipate that it will come online ahead of schedule at the end of the second quarter."
With annual revenue of $1.1 billion, Taminco, whose shares trade on the New York Stock Exchange, is behind only PPL and Air Products on the list of largest local, publicly traded companies. It has offices, plants and more than 800 employees across five continents.
Financial documents on file with the U.S. Securities and Exchange Commission list its headquarters as Two Windsor Plaza, Suite 411, 7540 Windsor Drive in Upper Macungie -- a rented space on the fourth floor of a nondescript office building in a suburban industrial park.
Most of Taminco's top leadership, however, resides in Europe. Ever since its creation, the company has managed its worldwide business from Ghent, Belgium.
In a relatively short time, Taminco has grown significantly, primarily through acquisitions -- including that of Air Products' European and American amines businesses, in 2004 and 2006.
Today, Taminco bills itself as the world's No. 1 producer of alkylamines, which are produced through the reaction of alcohol with ammonia. Alkylamines and alkylamine derivatives are used in a wide variety of applications and products from agriculture to water treatment to household soap.
Taminco's name is a portmanteau for "the amines company."
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