27 January 2009 11:54 [Source: ICIS news]
LONDON (ICIS news)--DuPont slumped to a $629m net loss in the fourth quarter as volume demand dropped away in domestic and emerging markets, the second largest publicly quoted US chemical company said on Tuesday.
The quarterly loss compared with a net profit of $545m in the fourth quarter of 2007. DuPont said it had seen sales decline in all regions and a 16% fall in sales in emerging markets. Weaker demand across most market for the diversified chemicals maker led to the significantly lower sales volumes.
DuPont’s saw sales and profits fall significantly in its industrial businesses. The loss in Performance Materials pre-tax operating income was $129m on sales down 30%. A Coatings and Color Technologies segment loss of $65m was driven by a substantial decline in volumes in all businesses and regions, DuPont said.
DuPont said it expected the global recession to continue in 2009 with “very weak” demand in most of its key markets excluding agriculture in the first quarter.
CEO Ellen Kullman said the company would make about $730m in fixed cost reduction and about $1bn in reduced working capital.
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