Clariant’s 2008 sales fall by 5%
17/02/2009
Specialty chemicals manufacturer Clariant has announced sales of CHF 8.1 billion for the Full Year 2008 compared to CHF 8.5 billion in 2007. This translates into a 1% growth in local currency and a 5% decline in Swiss francs.
The company said its textile, leather and paper chemicals division was significantly impacted by “the deterioration of the leather and textile markets”. It tracked the start of the downturn in the textile market to early 2008 and said it continued “with increasing momentum” after the Beijing Olympics, when demand decline also reached the markets in Asia.
The gross margin as well as the operating margin of the division declined significantly, Clariant said. The company has put in place restructuring efforts and cost-cutting measures, in particular in sales, general and administration positions.
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