14 January 2009 16:55 [Source: ICIS news]
TORONTO (ICIS news)--US plastics packaging producer AEP Industries expects a tough 2009 but sees itself well-prepared, CEO Brendan Barba said on Wednesday.
"We expect 2009 to be every bit as challenging as 2008, but we believe we are better positioned than many of our competitors to sustain ourselves in this current environment,” he said.
“Continuing economic dislocations are affecting the ability of some of our competitors to operate their business and service their customers, and we are well-positioned in the marketplace to be the beneficiary of these opportunities," he said.
For the 2008 fiscal year ended 31 October AEP reported net income of $12.2m (€9.3m), down 59% from $30.1m a year earlier, on net sales of $762.2m, up 14.4% from $666.3m.
The year was marked by soaring oil, natural gas and resin prices that AEP could not fully pass through to customers, “making it by far, the most challenging of my 40 plus years in the plastics business," Barba said.
AEP recently acquired the plastic films division of Atlantis Plastics.
($1 = €0.76)
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