Degussa hopes for economic upturn

Published: 27-Aug-2001


German chemical manufacturing company Degussa remains optimistic about the rest of the year, despite weaker first quarter results compared with last year.

Degussa blames the North American economic slowdown, which has impacted into Europe, as well as an increase in raw materials and energy prices.

Despite a 15% increase in total sales excluding precious metals to €4.4 billion, compared to €3.8 billion in 2000, earnings before tax was 16% below the first quarter of 2000 at €265 million.

Degussa is confident of an economic recovery in the second half of the year and believes its restructuring programme will reap benefits by year end.

Since its takeover of UK specialty chemicals manufacturer Laporte in March, Degussa has become the second largest fine chemicals manufacturer in the world, according to the company. Restructuring is well underway, with the sale of two subsidiaries — dmc2 and Phenolchemie — now complete. Degussa aims to focus entirely on specialty chemicals.

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