Tasnee’s profits hit by Lyondell unit acquisition

27 May 2008 13:07  [Source: ICIS news]

DUBAI (ICIS news)--Last July’s $1.3bn acquisition of Lyondell's titanium dioxide (TiO2) business by Saudi Arabia's National Titanium Dioxide Co (Cristal) has negatively impacted the profits of its parent company National Industrialisation Co (Tasnee), said the latter’s general manager Moayyed al-Qurtas.

 

The adverse impact of the transaction would last one or two years, he added late on Monday.

 

Soaring high feedstock costs had also hit the company’s profit margins, he said.

 

At its general assembly last night, the company also ratified the increase of capital expenditure from Saudi riyals (SR) 3.5bn ($933.2m) to SR4.6bn to finance current and future projects, said Al-Qurtas.

 

($1 = SR3.75)

 

To discuss the petrochemicals industry visit ICIS connect

By: Abdelghani Henni
65 6780 4359

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly