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)
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections