Home | Business News | Browse by Publication | B | Business Wire

Economic Crisis Burdens Growth Course of ALTANA in 2008.

Article Excerpt
* Sales and earnings declined slightly

* Fourth quarter overshadows full year results

* Dividend proposal: 10 cent per share

WESEL, Germany -- The specialty chemicals Group ALTANA (FWB:ALT)(GER:ALT)(Pink Sheets:AAAGY) recorded a slight decline in sales and earnings for the business year 2008. "As of the fourth quarter of 2008, the far-reaching economic crisis has also had a significantly negative impact on our business," stated Dr. Matthias L. Wolfgruber, CEO of ALTANA AG, at the company's press conference in Wesel. Despite its robust business model, which covers many industries, customers, and regions, Wolfgruber continued, ALTANA, too, had been caught in the maelstrom of the worldwide economic crisis. "In the new business year, we focus on margins and cash flow, and at the same time continue to invest in future-related and innovation projects. Thus, during this crisis, we are preparing the prerequisites for profitable growth for when the economic climate improves."

Sales and earnings below prior year

In the business year 2008, ALTANA achieved sales of [euro]1,341.7 million, which is about 3% or [euro]38 million less than in 2007. Adjusted for negative exchange rate effects as well as minor positive acquisition and divestment effects, the operating sales decrease was 2%. Sales diminished in all regions. With sales at [euro]664.8 million, corresponding to nearly half of the company's total sales, Europe reported a decrease of 2%. In the Americas...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!