27 April 2012 13:50 [Source: ICIS news]
HOUSTON (ICIS)--Solutia’s first-quarter net income fell by 18% year on year to $53m (€40m) as a result of lower sales volumes, higher raw material costs and increased spending on research and development, the US-based chemical firm said on Friday.
Solutia said while average sales prices increased and manufacturing costs fell, these influences were insufficient to offset the lower sales volumes, higher raw material costs and increased research and development expenditures.
Solutia’s sales for the three months ending 31 March were down by 2% year on year to $498m.
The $4.7bn deal is expected to be complete by mid-2012, subject to approval by Solutia shareholders and regulatory approvals, the company said.
($1 = €0.76)
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