Bayer MaterialScience upbeat on year ahead, eyes 20% sales rise

11 June 2010 15:52  [Source: ICIS news]

LEVERKUSEN, Germany (ICIS news)--German major Bayer MaterialScience is anticipating a continued recovery in its markets and is targeting a sales increase of some 20% on a currency and portfolio adjusted basis in 2010, a company executive said on Friday.

Speaking at the Pre-K plastics conference in Leverkusen, Bayer MaterialScience CEO Patrick Thomas said the company hoped to build on a succesful first quarter. The business hoped to more than double earnings before interest, tax depreciation and amortisation (EBITDA) before special items.

"Our high-tech materials business had a successful start to 2010 and we are confident of future development," said Thomas.

First quarter sales grew by 36% to €2.22bn (€2.66bn) from the same period a year earlier, and were also up 9.9% over the fourth quarter of 2009. EBITDA before special items had rallied to €287m from a €116m loss during the corresponding quarter the year before.

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By: Andy Brice
+44 20 8652 3214



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