17 February 2012 18:15 [Source: ICIS news]
HOUSTON (ICIS)--The economic situation in Europe could decelerate PolyOne's growth , the chief executive of the US-based polymer materials firm said on Friday.
“We are still very concerned about ?xml:namespace>
In particular, a reduction in demand in
Some 70% of ColorMatrix's business is outside the US, with a relatively heavy concentration in western Europe, Newlin said.
At the same time, a weaker euro poses near-term headwinds for PolyOne, he added.
While currencies are hard to predict, “most likely, I believe, the US dollar will strengthen against the euro,” Newlin said.
However, despite the slowdown in
“We remain extremely optimistic about our medium to long-term growth prospects,” Newlin added.
ColorMatrix, in particular, would play a key role in PolyOne’s transformation towards a specialty company, Newlin said.
Specialties currently account for 50% of PolyOne's earnings, compared with only 2% in 2005, he said.
Earlier on Friday, PolyOne reported an 86% year-on-year decline in 2011 fourth-quarter net income because of a large pension charge, as well as lower favourable tax adjustments.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections