08 February 2008 14:50 [Source: ICIS news]
BASEL (ICIS news)--Swiss firm Ciba is anticipating a tough 2008 for specialty chemicals but will continue to improve its performance, CEO Brendan Cummins said at the firm's annual results conference on Friday.
"It would be foolhardy for me to suggest that the implications of the slowdown in the ?xml:namespace>
"2008 will continue to be demanding. There is nothing that we see on the horizon that suggests that all the competitive pressures will ease in the chemical sector."
Nevertheless, Cummins said that sales growth would move in line with global GDP and that operating income would rise by 10% this year from 2007 levels.
Margin management has been, and will continue to be, a priority for Ciba. The interaction between the sales line and the total cost line will be a key issue, he said.
Cummins said the firm's 3% rise in sales was a "solid, gratifying result". Operating income was up 4%. Particularly noteworthy was Ciba's improvement in its water and paper treatment segment.
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