14 January 2013 23:52 [Source: ICIS news]
HOUSTON (ICIS)--US vinyl producer Georgia Gulf said on Monday it expects to report net sales of approximately $3.3bn (€2.5bn) for 2012, about 3% higher than the sales the company generated in 2011.
Georgia Gulf said it expects to report adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $340m for 2012. The company had approximately $200m of cash and cash equivalents at the year’s end, and its debt position was approximately $448m.
Georgia Gulf CEO Paul Carrico said the preliminary results exceeded the company's expectations for the year.
“In the fourth quarter of 2012, we benefited from higher operating rates and stronger export demand and pricing for our chemical products than in the fourth quarter of 2011, as well as favourable feedstock costs,” Carrico said.
He said that North America’s low-cost natural gas, largely driven by the recent boom in shale gas exploration and production, would “remain globally advantaged as a source of energy.
“We expect this to place Gulf coast chlorovinyls producers in a strong position to supply domestic and export customers,” Carrico said. “We also believe our pending merger with PPG’s commodity chemicals business will create an integrated chemicals and building products leader that is well positioned to benefit from this cost advantage and expanding demand for our products.”
($1 = €0.75)
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