Ciba’s personal care business resumes “normal growth”
Effects specialist Ciba has released its fourth quarter 2008 results, reporting a 3% drop in sales in local currencies and a 9% drop in Swiss francs. According to Ciba, very low demand for its plastics and coatings for the automotive and construction industries in the last part of its fourth quarter was the principle reason for the slide. In contrast, the company’s home and personal care segment was said to have “resumed normal growth levels” by the end of 2008.
Effects specialist Ciba has released its fourth quarter 2008 results, reporting a 3% drop in sales in local currencies and a 9% drop in Swiss francs. According to Ciba, very low demand for its plastics and coatings for the automotive and construction industries in the last part of its fourth quarter was the principle reason for the slide. In contrast, the company’s home and personal care segment was said to have “resumed normal growth levels” by the end of 2008.
“Our focus is to make sure our production capacity is well balanced with the reduced demand and that the fundamental structures of our business are fully optimised,” said Ciba ceo Brendan Cummins. “We will also continue to focus on maximising our innovation potential and making sure our businesses are well positioned in their customer markets for an upturn in demand whenever it may come.”
BASF is well on its way to taking full control of the company. More than 95% of Ciba’s shares are tendered to, or have been acquired by, BASF and following the completion of outstanding regulatory approvals form the competition authorities, BASF and Ciba are hoping to close the transaction within the first quarter of 2009.