08 July 2010 20:24 [Source: ICIS news]
TORONTO (ICIS news)--A Schulman expects a continued “slow and steady recovery” in its European business, despite the euro zone public debt and financial crisis, Joseph Gingo, chief executive of the US-based plastics compounder and resin supplier said on Thursday.
“We have seen no evidence that ?xml:namespace>
Gingo’s comments came as many in the industry, including
However, Gingo said that Schulman’s business was geared towards Europe's economically stronger northern and eastern regions.
The company had only little presence in troubled
However, even with recovery in its European business, Schulman would not yet top its pre-economic crisis performance for its current fiscal fourth-quarter ending 31 August.
“I think we are going to beat [European] 2009 volumes, but not 2008 [volumes] in the fourth quarter,” he said.
The main worry for Schulman in
Schulman earlier on Thursday reported that its fiscal third-quarter net income more than tripled to $25.8m (€20.4m), up from $7.4m in the year-earlier period as sales rose by 41.2% to $420.3m.
Results were affected by one-off tax benefits of almost $13m and Schulman’s acquisition of Houston-based specialty resins firm ICO.
($1 = €0.79)
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