Rhodia responds to economic downturn

Published: 8-Dec-2008
Finance

French speciality chemicals supplier Rhodia has cut its full-year earnings target for 2008, blaming an accelerated decline in demand from several of its markets.


French speciality chemicals supplier Rhodia has cut its full-year earnings target for 2008, blaming an accelerated decline in demand from several of its markets.

“Over the last few weeks we have witnessed short-notice cancellation of orders, coming even from geographical areas that had shown satisfactory dynamics until recently,” commented Rhodia chairman and ceo Jean-Pierre Clamadieu.

According to Rhodia, demand is so low it is negating the positive impact of the decline in raw material and energy costs on the company. Consequently, Rhodia now expects its recurring EBITDA to be 10% less than 2007, impacting its EPS objective for the year.

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