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Solvay profit forecast tops most estimates as prices gain

May 10/2012

(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.
Author:Anna Larionova
Tags:PVC, Solvay.
Category:General News
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