LSB to focus on integration after acquisitions

26 June 2008 16:31  [Source: ICIS news]

LONDON (ICIS news)--Polymers producer La Seda de Barcelona will focus on integration after a spate of recent acquisitions, chairman Rafael Espanol said at the company’s annual shareholders meeting on Thursday.

 

“We have concluded our recent period of growth through large scale acquisitions and shall now focus on strengthening and intensifying integration among all companies and units,” he said.

 

“The benefits of such acquisitions and our vertical integration strategy will become more visible throughout the year 2008, as we fully consolidate all new companies and achieve the expected synergies.”

 

He said the financial impact could already be felt within the group, with 2008 first quarter results rising by 54% in revenues and 60% in EBITDA (earnings before interest, tax, depreciation and amortisation) against the first quarter of 2007.

 

Consolidated net income for 2007 reached a record high, growing to €14.9m ($23.4)m from €2.6m.

 

Espanol said the PET industry was expected to grow annually at 7% despite the current economic turmoil.

 

($1 = €0.64)

By: Hilde Ovrebekk
+44 20 8652 3214

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