02 February 2012 17:49 [Source: ICIS news]
LONDON (ICIS)--US-based industrial gases major Air Products expects a strong second half of 2012, despite slow growth in previous quarters and a bleak economic outlook in Europe, the company’s senior vice president of global merchant gases said on Thursday.
“We are seeing a slower rate of growth in our business in Asia and North America – however, it’s not declining – but the rate of growth has definitely slowed down in the last quarter or two,” he added.
Marsland said he expects a return to strong growth in Asia for Air Products in the second half of 2012.
“I would say this year and even into 2013 the general trajectories will look comparable, meaning Asia will be leading in growth rates. We expect north America to be back at pre-recession levels of manufacturing output sometime in 2013, and we expect Europe will take some time beyond that before it recovers back to pre-recession levels,” said Marsland.
Last month, Air Products reported a 7.1% year-on-year drop in net income for the first quarter of its 2012 fiscal year, partly due to the eurozone debt crisis.
However, sales for the three months ended 31 December rose to $2.42bn (€1.84bn) from $2.39bn in the corresponding period of 2010 because of higher prices in merchant gases and performance material, it said.
($1 = €0.76)
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