Rhodia invests in venture capital fund to ‘strengthen innovation capabilities’
Move comes as Rhodia posts positive 2010 figures
Chemical company Rhodia has announced the acquisition of an interest in Aster II, the venture capital fund targeting innovative technology start-ups. This fund, specifically focused on energy, advanced materials and environmental sectors, should eventually raise in the region of €120-€150m, according to the company.
By joining forces in this way, Rhodia will actively promote the development of young and innovative companies, while companies in the fund’s portfolio will also have access to Rhodia’s global network and contacts.
Rhodia executive vp, Pascal Juery, comments on the investment: “For Rhodia, growth is our priority and innovation is one of the key levers to deliver on this ambition. Through this open innovation approach we will be in the vanguard to monitor trends, identify breakthrough technologies and seize market opportunities.”
In other news, Rhodia has posted healthy results for Q4 2010 and the last year overall. For the full year, net sales increased by 21% to €5,226m, from €4,321m in 2009. This growth was driven by strong demand across regions and segments, resulting in volumes up by 14% in the same year. The last quarter of 2010 also experienced good growth with net sales boosted by 16% to €1,360m from €1,083m in the same quarter of 2009.
Rhodia also achieved a breakthrough step-up in profitability with full year recurring EBITDA of €905m seen in 2010 compared to the previous year’s figure of €511m. In Q4 the group reported a recurring EBITDA of €223m versus €213 for the same quarter the previous year.