14 July 2009 15:52 [Source: ICIS news]
TORONTO (ICIS news)--Sulzer saw orders drop by an adjusted 29.2% in the first half of 2009 from the year-earlier period, the Swiss diversified chemicals engineering firm said on Tuesday.
Orders for the first six months were Swiss francs (Swfr) 1.556bn ($1.441bn; €1.024bn).
The dynamics in Sulzer’s key markets had worsened and demand was clearly below the previous year’s level, the company said.
For the full year, Sulzer expected a substantially lower order intake compared to the high level of 2008, it said.
The global economic downturn hit virtually all of Sulzer’s key markets.
The upstream oil and gas and the downstream hydrocarbon processing industries were particularly affected, Sulzer said. However, the power generation industry remained relatively robust, it said.
Geographically, all regions were affected by the downturn, although ?xml:namespace>
Sulzer did not expect a quick recovery in its key markets, it said.
Last month, Sulzer announced a restructuring programme that will affect about 1,400 jobs, or about 11% of its global workforce.
($1 = Swfr1.08; €1 = Swfr1.52)
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