Specifically, Care Chemicals’ sales rose by 9.6% to €398 million, which can be attributed to higher demand and selling prices largely reflecting the increase in raw material prices. Care Chemicals’ organic sales rose by 12.3%. Nutrition & Health recorded a 5.8% rise (sales of €91 million) due to strong sales in its functional foods and dietary supplements markets, and its organic sales, specifically, increased by 7.8%. Cognis’ last core business segment, Functional Products, reported total sales of €229 million, an increase of 2.6%, which was affected by a slow-down in the housing and construction sector. However, Cognis reported good overall performance from the synthetic lubricants and agrochemical solutions segments, and Functional Foods’ organic sales increased by 9.9%.
“Considering the challenging situation we have been facing, we achieved our expectations,” says Antonio Trius, Cognis’ CEO. “We performed well in the first quarter of 2008, with increased sales across all our core business areas. As 2008 continues, we expect the market environment to stay challenging, but we are well prepared. We are confident that further price increases and stringent cost management will support us to remain on track and to achieve our targets.”