Ciba experiences European sales slump

Published: 19-Aug-2008

Ciba has announced disappointing half year results for 2008. Sales were flat in local currencies and 7% lower in Swiss francs, down to CHF 3,088m from CHF 3,308m in the same period 2007. While growth was strong in Asia with China up 10% in local currencies, sales in Europe were 5% lower in local currencies and 10% lower in Swiss francs. And although there was growth in lubricant additives, water treatment and some area of the plastics business in Europe, there were declines in paper as a result of weakened demand.


Ciba has announced disappointing half year results for 2008. Sales were flat in local currencies and 7% lower in Swiss francs, down to CHF 3,088m from CHF 3,308m in the same period 2007. While growth was strong in Asia with China up 10% in local currencies, sales in Europe were 5% lower in local currencies and 10% lower in Swiss francs. And although there was growth in lubricant additives, water treatment and some area of the plastics business in Europe, there were declines in paper as a result of weakened demand.

In addition, sales in the Americas were only 1% higher over the same period 2007 and 10% lower in Swiss francs, as a result of the weakened US dollar.

Ciba ceo Brendan Cummins called the results “unquestionably disappointing”. Explaining the reasons for the company’s poor sales performance, he said: “We experienced intense margin pressure from the escalation of raw material and energy costs, which went up 10% in the second quarter alone, with the heaviest impact in April and May. However by mid June we were able to offset these higher costs with sales price increases and we are seeing further significant sales price increases coming through in July.”

Ciba has also announced strategic moves to reshape its portfolio, focusing on areas of technological core strengths in plastics, coatings and water. Options are also being evaluated for the paper and publication inks business.

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