Nalco Q1 profits jump five-fold on sale of businesses

26 April 2011 23:52  [Source: ICIS news]

HOUSTON (ICIS)--Nalco’s first-quarter net profit jumped nearly five-fold to $117m (€81m) from $25m in the same period last year, propelled by gains on the sale of two non-core businesses, the US-based water treatment chemicals producer said on Tuesday.

First-quarter net earnings included an $84m after-tax gain on the sale of the businesses, Nalco said.

In January, Nalco sold its performance products group to US lubricant additives firm Lubrizol for $166m. The company also sold its NALFLEET marine chemicals unit for $41m to Norway’s Wilhemmsen Ships Service.

First-quarter sales jumped 11% to $1.1bn from the same period in 2010.

"[Looking forward], our growth investments are paying off with strong volume increases and record first-quarter sales,” said chairman and CEO Erik Fyrwald. “As pricing and further penetration of our high-value technologies and services continue to ramp up, margins will improve and drive solid EBITDA [earnings before interest, taxes, depreciation and amortisation] growth.”

By: Brian Ford
+1 713 525 2653

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.

Printer Friendly