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Rockwood Holdingss CEO expects no upturn in the US housing market next year

October 20/2011

(ICIS) -- Rockwood Holdingss CEO expects no upturn in the US housing market next year or the year after, he said on Wednesday. We are not optimistic about that for 2012 or 2013, said Seth Ghasemi, chief executive at the US-based specialty chemicals firm, in an earnings conference call.
Rockwood makes titanium dioxide (TiO2), a major ingredient in architectural paints and coatings and considered a good chemical indicator of the health of the US housing market.


Housing, in turn, is a large end-market for such chemical products as plastic pipe, insulation, paints and coatings, adhesives, roofing materials and synthetic fibres.


The American Chemistry Council (ACC) estimates that each new home built represents $16,000 (?11,520) worth of chemicals and derivatives used in the structure or in the production of component materials.


While Rockwoods third-quarter sales of TiO2 rose 31%, Ghasemi said the jump stemmed from increased pricing because of higher raw material costs. Actual TiO2 volumes declined 17% from low demand.


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