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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following table sets forth the actual compensation paid to our NEOs in relation to certain financial performance measures of the Company. For more information, refer to the “Compensation Discussion and Analysis” section of this proxy statement.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Value of $100 Initial
Fixed Investment
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation
Table Total for
PEO(1)
$
 
 
Compensation
Actually Paid to
PEO(2)
$
 
 
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs(3)
$
 
 
Average
Compensation
Actually Paid to
Non-PEO
NEOs(4)
$
 
 
Company Total
Shareholder
Return(5)
$
 
 
Total Average
Shareholder
Return of S&P
Small-Cap
600 & S&P
Small-Cap
Chemicals
Indices(6)
$
 
 
Net
Income
($ millions)(7)
$
 
 
Adjusted
EBITDA
($ millions)(8)
$
 
 
2024
 
 
4,558,851
 
 
(5,738,080)
 
 
961,869
 
 
(64,944)
 
 
56.94
 
 
100.78
 
 
44
 
 
302.2
 
 
2023
 
 
7,585,239
 
 
23,334,808
 
 
1,207,890
 
 
2,558,056
 
 
137.14
 
 
93.89
 
 
104
 
 
332.3
 
 
2022
 
 
4,690,597
 
 
7,141,073
 
 
840,821
 
 
940,221
 
 
124.63
 
 
82.20
 
 
106
 
 
312.3
 
 
2021
 
 
5,899,282
 
 
4,780,304
 
 
824,244
 
 
567,016
 
 
151.95
 
 
114.18
 
 
135
 
 
268.4
 
 
2020
 
 
2,882,368
 
 
2,731,917
 
 
622,172
 
 
584,761
 
 
132.45
 
 
123.36
 
 
18.0
 
 
200.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Painter, our principal executive officer (PEO), for each corresponding year in the “Total” column of the Summary Compensation Table in this proxy statement.
(2)
The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to Mr. Painter’s total compensation for each applicable year to determine the compensation actually paid. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
PEO Year End
Fair Value of
Equity Awards
$
 
 
PEO Year over Year
Change in
Fair Value of
Outstanding and
Unvested Equity
Awards
$
 
 
PEO Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested
in the Year
$
 
 
PEO Total Equity
Award Adjustments
$
 
 
2024
 
 
1,840,682
 
 
(5,181,193)
 
 
(4,186,684)
 
 
(7,527,196)
 
 
2023
 
 
8,113,199
 
 
4,249,492
 
 
3,386,878
 
 
15,749,569
 
 
2022
 
 
3,571,870
 
 
1,486,773
 
 
136,924
 
 
5,195,567
 
 
2021
 
 
2,988,714
 
 
(511,568)
 
 
6,925
 
 
2,484,070
 
 
2020
 
 
2,015,610
 
 
(260,568)
 
 
(85,125)
 
 
1,669,917
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3)
The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group excluding Mr. Painter in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs excluding Mr. Painter included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Glajch, Riveros and Quinones and Dr. Niewiem; for 2023, Messrs. Glajch, Riveros and Quinones; and for (ii) for 2022, Messrs. Hrivnak, Riveros, Quinones and Dr. Niewiem.
(4)
The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group excluding Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group excluding Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to the average total compensation for the NEOs as a group excluding Mr. Painter for each year to determine the compensation actually paid, using the same methodology described above in Note 2. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
non-PEO
Year End
Fair Value of
Equity Awards
($)
 
 
non-PEO Year
over Year Change
in Fair Value of
Outstanding and
Unvested Equity
Awards
($)
 
 
non-PEO Fair
Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
 
 
non-PEO Year over
Year Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested in
the Year
($)
 
 
non-PEO Fair Value
at the End of the
Prior Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
 
 
non-PEO Value
of Dividends
or other Earnings
Paid on Stock or
Option Awards not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
 
 
non-PEO
Total Equity
Award
Adjustments
($)
 
 
2024
 
 
890.073
 
 
(1,190,253)
 
 
—
 
 
(2,395,095)
 
 
—
 
 
—
 
 
(2,695,275)
 
 
2023
 
 
865,598
 
 
343,716
 
 
—
 
 
140,851
 
 
—
 
 
—
 
 
1,350,165
 
 
2022
 
 
336,751
 
 
49,259
 
 
—
 
 
(3,579)
 
 
—
 
 
—
 
 
382,430
 
 
2021
 
 
132,268
 
 
(18,720)
 
 
—
 
 
5,446
 
 
(61,384)
 
 
—
 
 
57,610
 
 
2020
 
 
162,505
 
 
(23,939)
 
 
—
 
 
(29,213)
 
 
—
 
 
—
 
 
109,353
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(5)
Cumulative TSR, as reported in this column, is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(6)
Represents the total average shareholder return of the S&P Small-Cap 600 Index and S&P Small-Cap Chemicals Index. The peer group used for this purpose is consistent with the peer group indicated in the Performance Graph in our Annual Report and Form 10-K for the year ended December 31,2024, filed with the SEC on February 19, 2025.
(7)
The dollar amounts reported in this column represent the amount of net income reflected in our audited financial statements for the applicable year as reported in our respective Annual Reports on Form 10-K.
(8)
“Adjusted EBITDA” is defined as income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as, restructuring expenses, consulting fees related to Company strategy, legal settlement gain, etc.) plus earnings in affiliated companies, net of tax.
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)
The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Painter, our principal executive officer (PEO), for each corresponding year in the “Total” column of the Summary Compensation Table in this proxy statement.
(3)
The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group excluding Mr. Painter in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs excluding Mr. Painter included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Glajch, Riveros and Quinones and Dr. Niewiem; for 2023, Messrs. Glajch, Riveros and Quinones; and for (ii) for 2022, Messrs. Hrivnak, Riveros, Quinones and Dr. Niewiem.
       
Peer Group Issuers, Footnote
(6)
Represents the total average shareholder return of the S&P Small-Cap 600 Index and S&P Small-Cap Chemicals Index. The peer group used for this purpose is consistent with the peer group indicated in the Performance Graph in our Annual Report and Form 10-K for the year ended December 31,2024, filed with the SEC on February 19, 2025.
       
PEO Total Compensation Amount $ 4,558,851 $ 7,585,239 $ 4,690,597 $ 5,899,282 $ 2,882,368
PEO Actually Paid Compensation Amount $ (5,738,080) 23,334,808 7,141,073 4,780,304 2,731,917
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to Mr. Painter’s total compensation for each applicable year to determine the compensation actually paid. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
PEO Year End
Fair Value of
Equity Awards
$
 
 
PEO Year over Year
Change in
Fair Value of
Outstanding and
Unvested Equity
Awards
$
 
 
PEO Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested
in the Year
$
 
 
PEO Total Equity
Award Adjustments
$
 
 
2024
 
 
1,840,682
 
 
(5,181,193)
 
 
(4,186,684)
 
 
(7,527,196)
 
 
2023
 
 
8,113,199
 
 
4,249,492
 
 
3,386,878
 
 
15,749,569
 
 
2022
 
 
3,571,870
 
 
1,486,773
 
 
136,924
 
 
5,195,567
 
 
2021
 
 
2,988,714
 
 
(511,568)
 
 
6,925
 
 
2,484,070
 
 
2020
 
 
2,015,610
 
 
(260,568)
 
 
(85,125)
 
 
1,669,917
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
Non-PEO NEO Average Total Compensation Amount $ 961,869 1,207,890 840,821 824,244 622,172
Non-PEO NEO Average Compensation Actually Paid Amount $ (64,944) 2,558,056 940,221 567,016 584,761
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group excluding Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group excluding Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to the average total compensation for the NEOs as a group excluding Mr. Painter for each year to determine the compensation actually paid, using the same methodology described above in Note 2. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
non-PEO
Year End
Fair Value of
Equity Awards
($)
 
 
non-PEO Year
over Year Change
in Fair Value of
Outstanding and
Unvested Equity
Awards
($)
 
 
non-PEO Fair
Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
($)
 
 
non-PEO Year over
Year Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested in
the Year
($)
 
 
non-PEO Fair Value
at the End of the
Prior Year of Equity
Awards that Failed
to Meet Vesting
Conditions in the
Year
($)
 
 
non-PEO Value
of Dividends
or other Earnings
Paid on Stock or
Option Awards not
Otherwise Reflected
in Fair Value or Total
Compensation
($)
 
 
non-PEO
Total Equity
Award
Adjustments
($)
 
 
2024
 
 
890.073
 
 
(1,190,253)
 
 
—
 
 
(2,395,095)
 
 
—
 
 
—
 
 
(2,695,275)
 
 
2023
 
 
865,598
 
 
343,716
 
 
—
 
 
140,851
 
 
—
 
 
—
 
 
1,350,165
 
 
2022
 
 
336,751
 
 
49,259
 
 
—
 
 
(3,579)
 
 
—
 
 
—
 
 
382,430
 
 
2021
 
 
132,268
 
 
(18,720)
 
 
—
 
 
5,446
 
 
(61,384)
 
 
—
 
 
57,610
 
 
2020
 
 
162,505
 
 
(23,939)
 
 
—
 
 
(29,213)
 
 
—
 
 
—
 
 
109,353
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
Compensation Actually Paid vs. Total Shareholder Return
The following chart illustrates the relationship between the Compensation Actually Paid (CAP) for our PEO and the average CAP for our Non-PEO NEOs for each of the last five financial years against Company TSR and the Peer Group TSR over the last five financial years:
       
Compensation Actually Paid vs. Net Income
The following chart illustrates the CAP for our PEO and the average CAP for our Non-PEO NEOs for each of the last five financial years against our net income and Adjusted EBITDA for each of those years:
       
Compensation Actually Paid vs. Company Selected Measure
The following chart illustrates the CAP for our PEO and the average CAP for our Non-PEO NEOs for each of the last five financial years against our net income and Adjusted EBITDA for each of those years:
       
Total Shareholder Return Vs Peer Group
The following chart illustrates the relationship between the Compensation Actually Paid (CAP) for our PEO and the average CAP for our Non-PEO NEOs for each of the last five financial years against Company TSR and the Peer Group TSR over the last five financial years:
       
Tabular List, Table
Following is an unranked list of our 2024 financial performance measures our Compensation Committee considered most important in linking the short- term and long- term compensation actually paid to our NEOs with Company performance:
•
Adjusted EBITDA
•
Return on Capital Employed (ROCE)
•
Relative Total Shareholder Return (rTSR)
In addition to the financial performance measures listed above, for 2024, our Compensation Committee determined the following non-financial measures as key performance measures of our short- term and long- term incentive plans to further align the interests of our senior management team with the interests of our stockholders:
•
Safety performance
•
Sustainability ratings
•
Employee engagement scores
•
Key Strategic Projects execution
       
Total Shareholder Return Amount $ 56.94 137.14 124.63 151.95 132.45
Peer Group Total Shareholder Return Amount 100.78 93.89 82.2 114.18 123.36
Net Income (Loss) $ 44,000,000 $ 104,000,000 $ 106,000,000 $ 135,000,000 $ 18,000,000
Company Selected Measure Amount 302,200,000 332,300,000 312,300,000 268,400,000 200,000,000
PEO Name Mr. Painter Mr. Painter Mr. Painter Mr. Painter Mr. Painter
Additional 402(v) Disclosure
Valuation Methodology
The table below contains ranges of assumptions used in the valuation of outstanding equity awards for the relevant fiscal year. For more information, please see the notes to our financial statements in our Annual Report on Form 10-K and the footnotes to the Summary Compensation Table of this proxy statement.
 
 
 
 
 
 
 
 
 
 
Fiscal Year 2024
 
 
Restricted Stock Units
 
 
 
 
 
Stock Price
 
 
$14.97 - $26.70
 
 
Performance Share Units
 
 
 
 
 
Financial Metric Multiplier
 
 
0%-200%
 
 
Volatility
 
 
41.92% - 46.68%
 
 
Risk-Free Interest Rate
 
 
4.08% - 4.16%
 
 
 
 
 
 
 
        
Stock Price Minimum $ 14.97        
Stock Price Maximum $ 26.7        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Financial Metric Multiplier, Minimum 0.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Financial Metric Multiplier, Maximum 200.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum 41.92%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum 46.68%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum 4.08%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum 4.16%        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description
(8)
“Adjusted EBITDA” is defined as income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as, restructuring expenses, consulting fees related to Company strategy, legal settlement gain, etc.) plus earnings in affiliated companies, net of tax.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on Capital Employed (ROCE)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative Total Shareholder Return (rTSR)        
Measure:: 4          
Pay vs Performance Disclosure          
Name Safety performance        
Measure:: 5          
Pay vs Performance Disclosure          
Name Sustainability ratings        
Measure:: 6          
Pay vs Performance Disclosure          
Name Employee engagement scores        
Measure:: 7          
Pay vs Performance Disclosure          
Name Key Strategic Projects execution        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (2,769,835) $ (6,157,673) $ (2,745,091)    
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (7,527,196) 15,749,569 5,195,567 $ 2,484,070 $ 1,669,917
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,840,682 8,113,199 3,571,870 2,988,714 2,015,610
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,181,193) 4,249,492 1,486,773 (511,568) (260,568)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,186,684) 3,386,878 136,924 6,925 (85,125)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,695,275) 1,350,165 382,430 57,610 109,353
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 890.073 865,598 336,751 132,268 162,505
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,190,253) 343,716 49,259 (18,720) (23,939)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,395,095) 140,851 (3,579) 5,446 (29,213)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 (61,384) 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0