CLARIANT
CEO Keijzer foresees no takeover plans by Sabic / Q1 core profit sinks by 24% / Negative impact from bioethanol plant in Romania
The European petrochemical industry has a tough time competing globally, according to Clariant (Pratteln, Switzerland; www.clariant.com) CEO Conrad Keijzer. Especially in the commodity sector, suppliers have a serious disadvantage compared to other regions such as the USA or Asia due to high energy costs, he said at an event of the International Club of Frankfurt Business Journalists (ICFW) in Frankfurt, Germany. For example, even after the introduction of the “energy price brake” (Energiepreisbremse), the price of gas in Germany is still four to five times higher than in the US.

While the US creates incentives for industrial companies to invest there (Inflation Reduction Act; IRA), European politics lays more focus on regulations, taxation, and sanctions.

At the same time, Keijzer warned against a blanket China-bashing: without involving China, global climate protection goals would not be achievable. Clariant wants to continue to invest massively there, among other things in the expansion of a plant for flame retardants.

At the ICFW meeting in Frankfurt, Keijzer distanced himself from market rumours that Clariant was a takeover candidate. The major shareholder Sabic (Riyadh; Saudi Arabia; www.sabic.com) is also not planning to increase its current 31.5% stake, the CEO said.
EBITDA fell by nearly a quarter
Sales at Clariant dropped 5% year-on-year to CHF 1.20 bn (EUR 1.23 bn) with positive impacts from higher pricing and the Pigments business line being acquired by colour pigment specialist Heubach Group (Vienna; www.heubach.com) at the end of 2021, offset by negative effects from the strong Swiss Franc currency and soft market demand.

Sales growth was strong in the Catalysts division, which partly compensated for the slight sales decreases in the two other divisions, Care Chemicals and Adsorbents/Additives.

Despite some cost savings, EBITDA fell by nearly a quarter to CHF 167 mn due to weaker volume, particularly in Additives, a CHF 13 mn negative impact from the Sunliquid bioethanol plant in Podari, Romania, and a non-cash CHF 11 mn impairment charge on its equity interest in the Heubach group.

Related: Heubach reportedly plans drastic job cuts at Frankfurt location

Catalysts division sales rose 11% to CHF 205 mn on growth in all business segments but EBITDA plummeted 7% to CHF 13 mn partly impacted by the negative Sunliquid effect in the first quarter. Clariant booked an impairment of CHF 225 mn on the Podari plant in December 2022 due to a delayed ramp-up and the failure to meet some operational parameters.

Sales at Care Chemicals and Adsorbents/Additives dipped, respectively, by 7% to CHF 703 mn and 8% to CHF 292 mn. Both divisions also saw EBITDA contracting, by 14% and 35%, respectively.

Clariant expects sales of around CHF 5 bn for 2023 versus CHF 5.2 bn last year, while EBITDA margin is expected to improve slightly on the back of continuing growth in Catalysts.
09.05.2023 Plasteurope.com [252737-0]
Published on 09.05.2023
Clariant: CEO Keijzer sieht keine Übernahmebestrebungen durch Großaktionär SabicGerman version of this article...

© 2001-2024 Plasteurope.com  |  Imprint  |  Privacy  |  Cookie settings

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2024 by Plasteurope.com, Bad Homburg
Date of print: 12.12.2024 21:40:38   (Ref: 377042117)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp