19 February 2009 15:57 [Source: ICIS news]
TORONTO (ICIS news)--Germany’s chemicals producers have so far seen little benefit from the government’s stimulus packages, industry association VCI said on Thursday.
The exceptions were among producers close to the construction and automotive sectors, Verband der Chemischen Industrie (VCI) said, citing findings from a survey of its members.
Nevertheless, the industry was looking to the stimulus measures to stabilise the overall economy and revive consumption, said the Frankfurt-based industry group. The association also said that members were planning to extend short-time working schemes at their plants as they responded to lower market demand.
“In light of the difficult situation, producers cannot exclude having to reduce their core staff,” VCI added.
Conditions on financial markets had worsened in recent months, hitting in particular larger firms, VCI said.
However, some of the medium-sized producers were reporting an improvement in credit and loan conditions, it added.
Earlier on Thursday, VCI reported survey findings showing that the majority of German chemical producers remained pessimistic in their business outlook for 2009.
VCI, which has 1,600 members, did not provide specific numbers or projections. In December, the association had said it expected ?xml:namespace>
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