Fast recovery surprises Swiss EMS Chemie - CEO

09 July 2010 18:06  [Source: ICIS news]

TORONTO (ICIS news)--The speed of the economic recovery in the first half of 2010 has surprised Swiss specialty chemicals producer EMS Chemie, chief executive Magdalena Martullo-Blocher said on Friday.

In fact, the company was not able to meet all customer demand. EMS Chemie’s order books were full and it was expanding production capacity, Martullo-Blocher said but did not disclose details.

Importantly, first-half sales reflected real end demand, rather than just restocking of depleted warehouses after the crisis, she in a webcast media briefing 
after the company’s first-half 2010 results presentation.

She noted surging demand from the automotive and consumer electronics sectors, and added: “People are optimistic, especially in Asia, in China.

EMS earlier on Friday reported first-half 2010 earnings before interest, tax, depreciation and amortisation (EBITDA) of Swiss francs (Swfr) 180m ($171m, €134m) and sales of Swfr 836m, reflecting increases of 82.9% and 54.4%, respectively, from the 2009 first half.

Swiss industry commentators noted that EMS’first-half results were now back to the company’s pre-economic crisis performance in the first half of 2008. In that period, EMS recorded sales of Swfr 837m and EBITDA of Swfr163m, according to information on its website.

($1 = Swfr1.05, €1 = Swfr1.34)

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By: Stefan Baumgarten
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