20 March 2012 15:51 [Source: ICIS news]
Zachem, Poland’s sole and Europe’s fifth biggest TDI producer, struggled with very low prices during the year while the main consumers of its output, the furniture and automotive industries, were hit by a downturn in demand across Europe, the company said.
Zachem saw its 2011 earnings before interest, tax, depreciation and amortisation (EBITDA) fall to a loss of zlotych (Zl) 59m ($19.0m, €14.4m) from a loss of Zl 7m a year ago, while sales revenues dropped to Zl 859m from Zl 999m in 2010, Ciech said.
However, Ciech CEO Ryszard Kunicki, while earlier on Tuesday announcing the Ciech group’s fourth-quarter 2011 and full-year 2011 results, predicted that Zachem’s 2012 performance should be “much better”.
The decline in TDI prices stopped during the fourth quarter while there was some slow price growth in the first months of this year, he said.
Zachem has a plan to expand its TDI capacity by 15,000 tonnes/year to 90,000 tonnes/year by 2013.
($1 = Zl 3.10, €1 = Zl 4.11)
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