Swiss chem engineer sees no quick recovery in 2010

14 January 2010 17:42  [Source: ICIS news]

TORONTO (ICIS news)--Sulzer does not expect to see a quick recovery in its key markets this year, the diversified Swiss chemicals engineering firm said on Thursday.

Order intake, down 24% to Swiss francs (Swfr) 3bn ($2.9bn) in 2009 after a very strong 2008, was expected to fall further this year, although some markets would stabilise, Sulzer said.

The decrease in orders is likely to be driven by lower project activity in the power generation and hydrocarbon processing industries, it said.

Regionally, market activity in Europe and North America was expected to remain low in 2010, whereas some of the emerging markets were likely to develop comparatively stronger, it said.

In 2009, Sulzer’s business was hit by the economic downturn and overcapacities in the petrochemicals industry, among other factors. Demand for new equipment was significantly lower due to a decline in the consumption of oil, chemicals and plastics, it said.

Sulzer said last year it would cut 11% of its global workforce, mainly in Europe and the Americas, as orders collapsed.

($1 = Swfr1.02)

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By: Stefan Baumgarten
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