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Clariant Reports Q2 2010
Posted: August 2, 2010
Clariant, a world leader in specialty chemicals, today announced sales of CHF 1.894 billion in the second quarter 2010, compared to CHF 1.609 billion in the previous year. Sales increased 18% in Swiss Francs and 20% in local currency.
Volumes were up 20% over an extremely weak second quarter 2009, but remained significantly below pre-crisis levels. On the back of a broad economic recovery, Clariant reported sales growth across all businesses and regions. The business units Pigments, Additives, Leather and Masterbatches benefited the most from the improved economic environment and grew above group average.
CEO Hariolf Kottmann commented, “In the first half of 2010 the economic tailwind leveraged the results of our restructuring program. Consequently we recorded a good operating income before exceptionals and a strong cash flow. We maintained our good cost position and further reduced our debt. For the second half of the year we predict a softening in demand compared to the first half as a result of a weaker economy and the traditional seasonal effects of our businesses. Until the end of the year we will continue with our focus on restructuring with the expected impact of restructuring costs on our net income. All in all we expect a satisfactory year 2010 for our company.”
Although demand will remain solid in the remainder of the year, Clariant expects a weaker second half-year as the global economy is expected to soften and the normal seasonality of its businesses returns in 2010. In addition, raw material costs are expected to rise further.