Evonik sales soar 26% in 2010

18-Mar-2011

Core chemicals business enjoys strongest performance in its history

German industrial group Evonik has reported a continued upturn in business throughout 2010. Sales increased 26% compared to 2009, reaching €13.3bn, while net income tripled from €240m in 2009 to €734m. Growth was driven by higher demand from Asia and Europe and Evonik’s chemicals business area, which enjoyed a 29% increase in sales.

Sales for the fourth quarter of 2010 advanced 22% on the prior year period to total €3.39bn. But fourth quarter income was minus €56m. This was due to non-cash one-off expenses of €251m in connection with the divestment of the company’s energy business, which, to enable Evonik to concentrate on its speciality chemicals segment, was sold to a consortium of municipal utilities in Germany’s Rhine-Rhuhr region and which has been reclassified to discontinued operations.

Speaking at a financial press conference held on 16 March, chairman of the executive board Klaus Engel announced that Evonik planned to invest €500m in a new methionine facility in Singapore and to build a new Asian facility for isophorone chemicals, to begin production in 2013. Engel also said that from 1 April the executive board would be increased to six members.

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