20 February 2014 00:17 [Source: ICIS news]
HOUSTON (ICIS)--Axiall's Q4 net income rose more than 76% year over year due to increased sales, the US-based chlorovinyls producer said on Wednesday.
Net income for the fourth quarter was $57.0m, up from $32.3m in the year-prior period.
Net sales rose almost 44% in Q4 2013 to $1.13bn from $785m in Q4 2012.
For all of 2013, Axiall’s net income totalled $165m, up from $121m in 2012.
The company, which was formerly known as Georgia Gulf, also attributed the across-the-board increases to its integration of PPG’s commodity chemicals business, which started in January.
“2013 was a transformational year for Axiall,” said Paul Carrico, president and CEO. “We closed the merger with PPG’s chemicals business in January and immediately focused on integrating the two organisations and leveraging the combined assets.”
Added Carrico: “We exceeded our year-one synergy target, launched a number of innovative new products and operated our plants at higher-than-industry rates for much of the year. These are all indications of a smooth and successful integration.”
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