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ALTANA Affected by Economic Crisis

Published on 2008-12-04. Author : SpecialChem

The specialty chemicals Group ALTANA AG has been increasingly affected by the recession in many parts of the world. Particularly over the last few weeks, the volume of orders and sales in most of the company's divisions have declined even more than expected. Against this background, the company no longer expects to achieve the previously aspired sales and earnings targets for 2008. Due to the uncertain economic conditions ALTANA will not give a further outlook for the business year 2008.

"In the upcoming months we expect the negative market development to continue and we are preparing ourselves throughout the Group for these difficult times with a set of measures to save costs and further increase our efficiency," stated Dr. Matthias L. Wolfgruber, CEO of ALTANA AG. Over a short period of time, inventory effects and the negative economic environment were going to have a significant impact, said Dr. Wolfgruber. "In the long-term, however, I am confident that our concentration on the specialty chemicals business and our unchanged focus on innovation are the basis for further sustained and profitable growth in the future," explained Dr. Wolfgruber.

About ALTANA:

ALTANA develops and produces high-quality innovative products in the specialty chemicals business. The ALTANA Group, with headquarters in Wesel/Germany, is a genuine "global player" with 83% of its sales generated by international activities. The ALTANA Group has four divisions: BYK Additives & Instruments, ECKART Effect Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. All of these divisions occupy a leading position in their target markets with respect to quality, product solution expertise, innovation and service.

ALTANA offers innovative, environmentally compatible solutions with the matching specialty products for coating manufactures, paint and plastic processors, the printing and cosmetic industries, and the electrical and electronic industry. The product range includes additives, special coatings and adhesives, effect pigments, sealants and compounds, impregnating resins & varnishes, and testing and measuring instruments.

At present, the ALTANA Group has 32 production facilities and 46 service and research laboratories worldwide. Throughout the group about 4,800 people work to ensure the success of ALTANA worldwide. In 2007, ALTANA achieved sales of about 1.4 billion euros. Its impressive earning power and high growth rate make ALTANA one of the most successful and innovative chemical groups worldwide.

Forward-looking statements

This press release contains forward-looking statements, i.e. current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA as well as assumptions made by and information currently available to ALTANA. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.

Source: ALTANA


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