02 April 2009 22:00 [Source: ICIS news]
TORONTO (ICIS news)--Bayer fears that the crisis in the chemical and plastics industry will be long and sees huge overcapacities, especially in its MaterialScience polymer and plastics business, the CEO of the ?xml:namespace>
Werner Wenning told
While Bayer would stand by its commitment to avoid job cuts until year-end, it would be a challenge to address the full extent of MaterialScience’s problems within the framework of
The MaterialsScience plastics and polymers business was being hit hard by the collapse in the auto industry and faced overcapacities, Wenning said.
“We know that we have huge industry overcapacities and huge inventories,” he said.
“It will take quite some time for the situation to normalise,” he added.
At a press event last month, Wenning already warned about the prospects in MaterialScience, but he also predicted growth in Bayer's pharmaceuticals and crop chemicals businesses this year.
Bayer, based in
Earlier on Thursday, German chemical employers group BAVC also warned that it did not expect any near-term improvement in the industry’s bleak outlook.
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