Kemira plans to grow revenues by 5% a year - CEO

09 September 2008 15:08  [Source: ICIS news]

LONDON (ICIS news)--The new Kemira will aim for a 5% annual revenue growth after its coatings spin-off and restructuring efforts, said the company’s president and CEO on Tuesday.

The company was on track to list its coatings division, Tikkurila, as a public company on the Helsinki stock exchange during the first half of next year, said Harri Kerminen.

The company would focus on water and fibre management chemistry, he added.

Operating margins were expected at above 10%, Kerminen said.

During the period of 2009-2010, over €50m ($70m) fixed cost savings were targeted, including 1,000 job cuts.

The Finnish chemicals company posted a 43% drop in its second-quarter net profits to €18.9m on 30 July on surging raw material and energy costs.

The company’s operating profits for the period fell 34% to €37.2m, while revenue fell marginally to €741.5m.

Kemira will reorganise its business into three customer-based segments, effective from the start of October.

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By: Hilde Ovrebekk
+44 20 8652 3214

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