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Elementis to record profit into plant expansion in U.S.

February 29/2012

(bloomberg) -- Elementis Plc (ELM), the worlds largest maker of hectorite-clay additives used in cosmetics, plans to increase investment and pump USD15 million into U.S. expansion over the next two years, Finance Director Brian Taylorson said.

Capital expenditure will rise to USD20 million to USD25 million in 2012, from USD14 million last year, Taylorson said. Elementis, which reported record profit today, is budgeting for a similar level of investment in 2013, he said.
The maker of paint and chromium, based in London, is in the early stages of a new expansion program in the U.S. to capture market share for additives used in water-based paints, Taylorson said in a phone interview today. Elementis is focusing on higher-margin chemicals used in lubricants and coatings in industries spanning oil-drilling and aerospace, while running its chromium business for cash.

"Our priority is to see if we can reinvest excess cash," Taylorson said. Pretax profit before one-time items gained 40 percent to USD134.5 million. Revenue climbed 9 percent to USD760.5 million.

Author:Anna Larionova
Category:General News
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