KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPCEquity Research
Page 2 of 84
April 2009
Contents
COMPANY-SPECIFIC LEADING INDICATORS.................................................................................................9
Airgas, Inc. (ARG-NYSE).......................................................................................................................................................................9
Air Products and Chemicals Inc. (APD-NYSE)....................................................................................................................................11
Albemarle Corporation (ALB-NYSE)....................................................................................................................................................13
Arch Chemicals, Inc. (ARJ-NYSE).......................................................................................................................................................15
Ashland Inc. (ASH-NYSE)...................................................................................................................................................................17
Cambrex Corporation (CBM-NYSE)....................................................................................................................................................19
Cabot Corporation (CBT-NYSE)..........................................................................................................................................................21
Carlisle Companies Incorporated (CSL-NYSE)...................................................................................................................................23
Cytec Industries Inc. (CYT-NYSE).......................................................................................................................................................25
Ferro Corporation (FOE-NYSE)...........................................................................................................................................................27
H.B. Fuller Company (FUL-NYSE)......................................................................................................................................................29
Hawk Corporation (HWK-AMEX).........................................................................................................................................................31
Hexcel Corporation (HXL- NYSE)........................................................................................................................................................33
International Flavors & Fragrances Inc. (IFF-NYSE)...........................................................................................................................35
Koppers Holdings Inc. (KOP-NYSE)....................................................................................................................................................37
The Lubrizol Corporation (LZ-NYSE)...................................................................................................................................................39
NewMarket Corporation (NEU-NYSE).................................................................................................................................................41
OM Group, Inc. (OMG-NYSE).............................................................................................................................................................43
OMNOVA Solutions Inc. (OMN-NYSE)................................................................................................................................................45
PolyOne Corporation (POL-NYSE)......................................................................................................................................................47
PPG Industries, Inc. (PPG-NYSE).......................................................................................................................................................49
Praxair, Inc. (PX-NYSE)......................................................................................................................................................................51
RPM International Inc. (RPM-NYSE)...................................................................................................................................................53
A. Schulman, Inc. (SHLM-NASDAQ)...................................................................................................................................................55
Sensient Technologies Corporation (SXT-NYSE)...............................................................................................................................57
The Sherwin-Williams Company (SHW-NYSE)...................................................................................................................................59
Sigma-Aldrich Corporation (SIAL-NASDAQ).......................................................................................................................................61
Spartech Corporation (SEH-NYSE).....................................................................................................................................................63
The Valspar Corporation (VAL-NYSE).................................................................................................................................................65
Zep Inc. (ZEP-NYSE)..........................................................................................................................................................................67
INDEX.................................................................................................................................................................69
SUMMARY OF LEADING INDICATORS FOR SPECIALTY CHEMICALS COMPANIES................................71
***Pricing as of April 30, 2009, unless otherwise indicated***
Reg A/C Certification
The research analyst(s) responsible for the preparation of this research report certifies that:(1) all the views expressed in this research report accurately reflect theresearch analyst's personal views about any and all of the subject securities or issuers; and (2) no part of the research analyst's compensation was, is, or will bedirectly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this research report.
Investors should assume that we are seeking or will seek investment bankingor other business relationships with the company described in this report.
The information contained in this report is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. The opinions expressed reflect the judgment of theauthor as of the date of publication and are subject to change without notice. This report does not constitute an offer to sell or a solicitation of an offer to buy any securities. Our company policy prohibits researchanalysts and members of their families from owning securities of any company followed by that analyst, unless otherwise disclosed. Our officers, directors, shareholders and other employees, and members of their families may have positions in these securities and may, as principal or agent, buy and sell such securities before, after or concurrently with the publication of this report. In some instances, such investmentsmay be inconsistent with the opinions expressed herein. One or more of our employees, other than the research analyst responsible for the preparation of this report, may be a member of the Board of Directors of any company referred to in this report. The research analyst responsible for the preparation of this report is compensated, based in part, on investment banking revenue which may include revenue derived fromthe Firm's performance of investment banking services for companies referred to in this report, although such compensation is not based upon specific investment banking services transactions for these or anyother companies. In accordance with industry practices, our analysts are prohibited from soliciting investment banking business for our Firm.
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Securities, mutual funds and other investment products are:
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