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(Reuters) -- Belgian chemicals group
Solvay SA expects profit to recover in 2012 thanks to cost-cutting initiatives
which helped offset weak markets for its plastics unit and beat consensus in the
first quarter.
Solvay has suffered as a struggling construction sector
buys less of its PVC for use in drainage pipes and window frames while raw
material prices have continued to rise.
However, it now expects an
efficiency drive and the benefits of its 3.4 billion-euro (USD4.44 billion)
purchase of French specialty chemicals group Rhodia to help it reduce costs and
give it an overall recurring core profit roughly in line with 2011. |
