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 ?xml:namespace>
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
($1 = Swfr1.02)
To discuss issues facing the chemical industry go to ICIS connect
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