Evonik sales soar by 26 per cent

Evonik sales soar by 26 per cent

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The German industrial group Evonik has reported a continued upturn in business throughout 2010. Sales increased by 26 per cent as compared to 2009, reaching €13.3 billion, while the net income tripled from €240 million in 2009 to €734 million. Growth was driven by higher demand from Asia and Europe and Evonik’s chemicals business area, which enjoyed a 29 per cent increase in sales. The sales for the fourth quarter of 2010 advanced 22 per cent on the prior year period to total €3.39 billion. But the fourth quarter income was minus €56 million. This was due to non-cash one-off expenses of €251 million in connection with the divestment of the company’s energy business, which, to enable Evonik to concentrate on its speciality chemicals segment, was sold to a consortium of municipal utilities in Germany’s Rhine-Rhuhr region and which has been reclassified to discontinued operations.

Speaking at a financial press conference held on 16 March, chairman of the executive board Klaus Engel announced that Evonik planned to invest €500 million in a new methionine facility in Singapore and to build a new Asian facility for isophorone chemicals, to begin production in 2013. Engel also said that from 1 April the executive board would be increased to six members.

Source: http://www.cosmeticsbusiness.com