27 November 2013 07:34 [Source: ICIS news]
SINGAPORE (ICIS)--Solvay expects its recurring earnings before income, tax, depreciation and amortisation to reach €2.3bn-2.5bn ($3.1bn-3.4bn) by 2016, supported by changes in its business portfolio, the Belgium-based producer said on Wednesday.
“Solvay expects to deliver annual double-digit REBITDA growth on average in the next three years and to outperform the market while significantly increasing capital return,” Solvay CEO Jean-Pierre Clamadieu said in a statement.
Solvay also plans to “selectively invest” €700m-800m annually through to 2016, with more than two thirds of these investments focused on consumer chemicals and advanced materials, the company said.
The company’s transformation includes a reduction in its exposure to chlorovinyls business and the divestment of its vinyls activity in Latin America, that should help ease the cyclicality in its portfolio, Solvay said.
“In addition, Solvay is rebalancing its geographical presence in Europe, Asia and the Americas and enhancing its exposure to various end-markets with superior growth potential,” it added.
($1 = €0.74)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections