German chemical company Bayer has posted flat first-quarter 2004
sales, but said that the results were on track given the negative
effects of currency factors. Organic sales growth rose 8.6 per
cent, it claimed, and was driven mainly...
German chemicals giant BASF has beaten its own sales and earnings
forecasts for 2003, prompting chairman Jurgen Hambrecht to suggest
that the sector may be due for something of a recovery this year,
writes Phil Taylor.
A fall in demand from the pharmaceuticals industry has caused a
significant hole in 2003 profits for German chemicals group
Degussa, which implemented heavy restructuring to reduce production
capacity in its fine chemicals unit.
DSM will cut around 500 jobs at its Chemelot site in Geleen, the
Netherlands over the next two years, in an effort to cut costs by
over €50 million per annum. The jobs will largely go in support
services and manufacturing staff departments.
The lacklustre growth in the chemicals industry will continue to
lag behind world gross domestic product (GDP) growth over the next
few years, a reversal of the situation before 2000, according to
BASF chairman Juergen Hambrecht.
Germany's Bayer has received offers to buy NewCo, the newly-created
company including parts of its chemicals and polymers divisions,
but will still go ahead with plans to float it on the stock
exchange , according to the group's...