MOSCOW (MRC) -- Chemical company Arkema SA cut its full-year earnings guidance, after one of its businesses faced difficulties amid delayed return on investments and supplier issues, said Marketwatch.
Arkema said that it now forecasts an Ebitda--earnings before interest, taxes, depreciation and amortization--of around EUR900 million (USD1.22 billion) for the full year 2013, lowering anticipations from the EUR920 million previously expected.
The company said that profit warning resulted from issues in its Thiochemicals division including "a longer than expected commissioning period for new investments" made in France and "the failure of its power supplier at its Beaumont site" in the U.S.
"These exceptional events, together with lower than anticipated Fluorogas volumes, will impact the fourth quarter 2013 EBITDA of the Industrial Specialties segment," said the company in a statement.
Arkema said that its other two business segments are set to report performances in line with expectations. The company added that its targets for 2016 and 2020 remain unchanged.
Arkema will publish its annual results for 2013 on March 4th.
As MRC informed before, Arkema officially started its new 60,000 MTY emulsion polymers facility on its Changshu platform. The plant, part of Arkema’s Coating Resins business unit, will serve customers in the Asia Pacific region with a full line of waterborne emulsion polymers for coatings and adhesives applications.
Arkema is a leading Specialty Chemicals and Advanced materials Company headquartered in Colombes, near Paris, France. Created in 2004 when French oil major Total restructured its Chemicals business, Arkema was introduced at the Paris stock exchange in May 2006. Arkema has 85 production plants in Europe, North America and Asia.
Arkema is organized into three business segments: Coating solutions, Industrial Chemicals and Performance Products.
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