27 February 2014 11:42 [Source: ICIS news]
LONDON (ICIS)--BASF and INEOS’ joint venture styrenics producer Styrolution reported 2013 earnings before interest, taxes, depreciation and amortisation (EBITDA) at €442m, up 32.2% from the previous year, on the back of good polystyrene margins and strong performance in the styrene monomer segment, the company said on Thursday.
However, total sales in 2013 were slightly down compared to 2012, from €6bn to €5.8bn, a decrease of 2.5%.
Styrolution said it had benefited from lower fixed costs and higher utilisation rates in Europe as a consequence of the closing of a polystyrene plant in Marl, Germany, in October 2012.
The company expects the strong polystyrene margins seen in Europe, Middle East and Africa in 2013 will decline this year and forecasts a recovery in acrylonitrile-butadiene-styrene (ABS) margins in Asia which would at the same time lead to a “modest” increase in ABS margins in EMEA and the Americas.
On 25 February, Kurt Bock, CEO of BASF, the 50% owner of Styrolution, said despite a sale option due this year the Germany-based chemicals producer will continue to be a “happy shareholder” at the joint venture with INEOS.
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