European sales suffer at Ciba
Switzerland-based Ciba has posted sales of CHF1.5 billion ($1.3 billion) for its third quarter, down 5% in Swiss francs and up 1% in local currencies.
European sales fell 5% in local currencies and sales in the Americas fell 1%. Despite this, Asian sales rose 11%, with a particularly strong performance in China. Net income for the third quarter was CHF46 million.
Sales of CHF4.6 billion for the first nine months of 2008 were 6% lower in Swiss francs and flat in local currencies than in the same period in 2007. Sales in local currencies were 5% lower in Europe, while sales in the Americas were 1% higher and Asian sales grew 8% in local currencies.
On September 15 it was announced that BASF would make a public tender offer for all outstanding shares of Ciba Holding AG at CHF50 per share. Ciba’s board of directors has recommended that shareholders accept the offer and tender their shares.
