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 ?xml:namespace>
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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