South African specialty chemicals company Chemserve posted a 20% increase in earnings per share and a 53% jump in sales for the year to December 31, 2001, despite difficult international conditions. Chemserve is a subsidiary of AECI, a group which specialises in mining, fibres and specialty chemicals.

The large increase in sales was helped by the acquisition of several new businesses during 2001 worth a total of R322 million ($28.257 million). Those companies included Kynochem, Industrial Urethanes, Plaasken, 80.1% of AECI Coatings, and three smaller operations.

Chemserve appears to have escaped the effects of the global economic slowdown with the majority of its customers in South Africa and exports accounting for only 8% of turnover. Chief executive of Chemserve, Schalk Engelbrecht, said that South Africa's manufacturing sector appeared to have been largely unaffected by the aftermath of the September 11 attacks, and had seen some good growth, with strong export demand fuelled by the weak rand.