Solvay hit by impairment on weak construction mkts

Date: 5 November 2010
Source: www.reuters.com

Date: 5 November 2010

* Books 197 mln euro after tax soda ash impairment charge* Says glass markets remain sluggish  * Q3 REBIT 149 mln euros vs forecast 158 mln * Raises outlook for chemicals unit Belgian chemicals and plastics maker Solvay (SOLB.

BR) booked a 197 million euro ($272 million) impairment charge after tax on industrial assets due to weak construction markets, causing its third-quarter profit to miss estimates. Solvay, the world's leading maker of soda ash, said the impairments were almost entirely related to its soda ash operations in Europe where demand remains weak, particularly for flat glass used in the construction industry.



"Industrial measures have been taken: capital expenditures have been drastically reduced and will remain at a low level as long as end markets remain sluggish," Solvay said on Thursday.



Read the full story bellow.
600450 Solvay hit by impairment on weak construction mkts glassonweb.com

See more news about:

Others also read

MORE...

Safti First launches mySAFTI App for iPhone, iPod Touch and iPad
Safti First, San Francisco, leading manufacturer of fire rated glass and framing solutions, is proud to announce the release of the mySAFTI app, an interactive design tool that takes the guesswork out of choosing the correct fire rated glass product.
Happy Holidays & Best Wishes
We look forward to working with you in the New Year and assisting you in any way that we can to ensure the continual success of your business!Best wishes for a Happy Holiday Season and our sincere thanksfor your support and goodwill throughout the year!We will come back with fresh news on January 3, 2011.
NFRC Announces New Committee Chairs
The National Fenestration Rating Council (NFRC) announced that Steve Johnson, John McFee, and Joe Jonely will serve as committee chairs for the ratings, accreditation and certification policy committees respectively.
Diamon-Fusion International (DFI) Solidifies Its Automotive Market Positioning in Western Canada
Company signs an exclusive license with Kelowna Motors, a well-established and highly reputable British Columbia- based MAZDA Dealer Diamon-Fusion International, Inc. (DFI Nanotechnology), global developer and exclusive licensor of patented hydrophobic nanotechnologies, announced today it has signed an exclusive license with Kelowna Motors, a well-established and highly reputable British Columbia-based MAZDA dealer, according to Guillermo Seta, corporate vice president and executive director.
Mideast hungry for building materials
The Middle East market is becoming a new and promising destination for local construction material producers to explore in the coming years.
SmartGlass drives in Top Gear...
Top Gear Live is a live arena show of the award winning TV program Top Gear. The live show features breath-taking stunts, remarkable special effects and epic driving sequences.

Add new comment