|REBIT across plastics increased 8% despite unfavourable exchange rates.|
Solvay has reported record operating results of €1.2bn for 2007 across all of its sectors – chemicals, plastics and pharmaceuticals – an improvement of 9% on 2006.
The plastics sector showed improvement due to “the excellent performance” of its activities specialities and vinyls, according to the company’s annual results report.
Speciality Polymers and Inergy Automotive Systems, a 50:50 joint venture with Plastic Omnium in fuel systems, was mentioned in the report. It was described as the sort of “high-value-added” activity that was “among the primary contributors” to the group’s result.
Sales in plastics increased by 4% in 2007 and reached €3,950m and REBIT increased by 8% to €441m despite the unfavourable effects of the dollar and yen exchange rates, which mainly affected speciality polymers.
Across Speciality Plastics volume growth of 8% was recorded in 2007, which across high-performance polymers was more than 10%.
Results from Inergy Automotive Systems also improved.
Solvay added that its Vinyls division improved “compared to the excellent levels achieved over these past three years”. This was due to “overall better spreads, growth in worldwide demand (+5%), in particular in China, India, Mercosur, Russia and the Middle East and a reinforced competitive position”.
In Europe demand remained good despite the seasonal slowdown at the end of 2007.
Results from its Pipelife – pipes and fittings – division were up in 2007 due to increased volumes everywhere in Europe and in particular Central Europe, Scandinavia and the Baltic countries.