Cognis sales slide on weak dollar, sustainability report published
Independent European specialty chemicals producer Cognis is blaming the weak dollar for the 15% slump seen in the company’s first quarter earnings, to Eur88.3 million. Sales came in at Eur748.2 million, 6.7% down on the year before or 1.7% up on a currency adjusted basis.
Sales by the group’s Process Chemicals division, which includes textiles and leather processing, fell 5.4% to Eur110.2 million with stagnating demand being cited as the main cause.
The results coincide with the release of the Cognis Sustainability Report for 2002. As a chemicals manufacturer that makes extensive use of plants as a raw material, Cognis has an especially strong reputation for the sustainability of its operations. This is shown to effect in the report, which also shows how the group's Brazilian manufacturing activities have been successfully aligned with global standards.
