28 January 1998 17:30 [Source: ICIS news]
HOUSTON (CNI)--Profits from engineered materials at Allied Signal fell 4% in the fourth quarter to $99m but registered a gain of 7% to $462m for the full year in 1997, the company reported Wednesday.
The segment - which includes Allied's polymers and special chemicals units - contributed 29% of the company's net sales last year with $4.254bn of the total $14.5bn. For the year, the sector notched a 6% sales increase over 1996 compared with a 4% gain for all of Allied's operations last year.
The Morris Township, New Jersey company said polymers sales increased due to growth of engineering plastics and speciality films and the expansion of manufacturing, sales and marketing efforts in Europe. Allied said engineering plastics continued to gain from new applications and new customers in a number of industries.
Meanwhile, sales for speciality chemicals improved thanks to globalisation efforts and the October acquisition of Astor Holdings, a producer of application-specific waxes, adhesives and sealants with 4000 customers worldwide.
In addition, Allied said its German speciality chemicals operations benefited from a 10% jump in European sales led by gains in high-value chemical intermediates sold to pharmaceutical manufacturers, electronic chemicals and industrial specialities such as luminescent pigments.
Besides its engineered materials division, Allied also has operations in aerospace and automotive products.
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