Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events Abstract [Abstract]

Subsequent Events Disclosure [Text Block]

Note 27 – COVID-19 Global Pandemic

In early 2020, a global outbreak of COVID-19 occurred initially in China and then across all locations where the Company does

business, and which continued throughout the rest of the year. In March 2020, the World Health Organization formally identified the

COVID-19 outbreak as a pandemic. In an effort to halt the outbreak of COVID-19, the governments of impacted countries, including

but not limited to the U.S., the European Union, and China, have taken various actions to reduce its spread, including travel

restrictions, shutdowns of businesses deemed nonessential, and stay-at-home or similar orders.

This outbreak and associated

measures to reduce its spread have caused significant disruptions to the operations of the Company and its suppliers and customers. 

The disruptions and negative impact to the Company include significant volume declines and lower net sales initially at its China

subsidiaries in the first quarter of 2020 and beginning in late March continued throughout the rest of 2020 at almost all of its other

sites as the global economy slowed significantly in response to the pandemic. Management continues to monitor the impact that the

COVID-19 pandemic is having on the Company, the overall specialty chemical industry, and the economies and markets in which the

Company operates.

Further, management continues to evaluate how COVID-19-related circumstances, such as remote work arrangements, have

affected financial reporting processes, internal control over financial reporting, and disclosure controls and procedures. While the

circumstances have presented and are expected to continue to present challenges, at this time, management does not believe that

COVID-19 has had a material impact on financial reporting processes, internal control over financial reporting, and disclosure

controls and procedures. 

The full extent of the COVID-19 pandemic related business and travel restrictions and changes to business and consumer

behavior intended to reduce its spread are uncertain as of the date of this Report as COVID-19 and the responses of governmental

authorities continue to evolve globally. The Company cannot reasonably estimate the magnitude of the effects these conditions will

have on the Company’s operations in the future as they are subject to significant uncertainties relating to the ultimate geographic

spread of the virus, the incidence and severity of the symptoms, the duration or resurgence of the outbreak, the length of the travel

restrictions and business closures imposed by governments of impacted countries, and the economic response by governments of

impacted countries. 

To the extent that the Company’s customers and suppliers continue to be significantly and adversely impacted by COVID-19, this

could reduce the availability, or result in delays, of materials or supplies to or from the Company, which in turn could significantly

interrupt the Company’s business operations. Such impacts could grow and become more significant to the Company’s operations

and the Company’s liquidity or financial position. Therefore, given the speed and frequency of continuously evolving developments

with respect to this pandemic, the Company cannot reasonably estimate the magnitude or the full extent to which COVID-19 may

impact the Company’s results of operations, liquidity or financial position.