08 October 2012 12:59 [Source: ICIS news]
BUDAPEST (ICIS)--Chemtura has not seen the recovery in demand that it had hoped for in the second half of this year, and conditions are likely to stay the same in 2013, an executive with the US-based specialty chemicals producer said on Monday.
“We planned to have a recovery this year in the third quarter - we’re just not seeing that. Demand didn’t come back," said Chet Cross, Chemtura executive vice president, group president, engineered & performance industrial products.
“I think for a volume perspective, what I am hearing is  will be pretty much like 2012,” he added on the sidelines of the 46th annual European Petrochemical Association (EPCA) meeting in Budapest.
“There maybe a pickup in the third, fourth quarter but certainly not the recovery that we thought we would see this year,” Cross said.
The company’s industrial engineered products business has also seen less demand from electronics applications, particularly in the Asia Pacific region.
Cross added that the drop in second-quarter sales for industrial engineered products compares with the second quarter of 2011, which "was the best quarter that I have had in my business since our emergence from bankruptcy”.
The annual EPCA meeting runs from 6-10 October.
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