INFORMACION BASF - BOLETIN AGOSTO 2007
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https://www.chemical-newsflash.de/en/news/210807/
Lanxess sells low-margin polymers unit
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After further improving operations in the second quarter, the Leverkusen chemical group Lanxess is also optimistic for the second half of the year. With the submission of its most-recent interim report, however, Lanxess had to report a net loss in the second quarter. This resulted from special expenditures from the sale of low-margin polymer unit Lustran Polymers.
https://www.chemical-newsflash.de/en/news/210807/news1.htm
K+S again increases sales and earnings
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The fertilizer manufacturer K+S AG increased sales in the second quarter of 2007 by 11 per cent over the same time period last year to reach EUR 778.6 million. Sales also gained by 11 per cent for the entire first half of the year to reach EUR 1.72 billion. Chairman of the Board Norbert Steiner attributed the gains to strong worldwide demand for potash and nitrogen fertilizer.
https://www.chemical-newsflash.de/en/news/210807/news2.htm
BASF wins lawsuit
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The chemical group BASF won a court case in the United States against competitor Lyondell for overcharging for the chemical propylene oxide. A court in the state of New Jersey awarded BASF US$170 million (EUR 126 million) in damages in the lawsuit against Lyondell.
https://www.chemical-newsflash.de/en/news/210807/news3.htm
Price collapse after low earnings from Ciba
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With stagnating sales, the Swiss special-chemical group Ciba earned significantly less than expected in the second quarter of 2007. In the second quarter, earnings dropped to CHF 33 million (EUR 22.2 million) – half the value compared with the previous year. The price of Ciba stock plunged by around 10 per cent after release of the interim report.
https://www.chemical-newsflash.de/en/news/210807/news4.htm
The Kremlin steps up influence on the oil sector
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The Kremlin has taken a further decisive step forward in its effort to acquire another Russian oil company. The Moscow Arbitration Court ruled that shares of the finance vehicle Agidel Invest in six oil companies located in the Russian Republic of Bashkortostan should be handed over to authorities in the central government.
https://www.chemical-newsflash.de/en/news/210807/news5.htm
One Equity holds majority in Süd-Chemie
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Two years after entry, financial investor One Equity Partners (OEP) now holds the majority of Munich-based One Equity Partners (OEP). Purchasing the Messerschmitt Foundation share of 9.37 per cent set the stage for this. A private equity affiliate of investment bank JP Morgan, OEP also acquired nearly 2 per cent of Süd-Chemie shares on the market. The majority stockholder now owns a total of a good 50 per cent of shares.
OMV continues plan for merger with MOL
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In the first half of 2007, Austrian oil group OMV increased sales from last year’s EUR 8.9 billion to EUR 9.2 billion. Earnings before interest and taxes dropped to EUR 1.07 billion (EUR 1.16 billion last year), and net profit rose to EUR 743 million (EUR 719 million last year). OMV continues to be interested in a merger with the Hungarian oil group MOL, said CEO Wolfgang Ruttenstorfer.
New herbicide substance from Bayer approved in the United States
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Bayer AG’s pest-management division CropScience received the first approval worldwide for its grain herbicide substance Pyrasulfotole from the U.S. Environmental Protection Agency. The company is now preparing to introduce the herbicide in the United States under the brand name "Huskie".
Amgen announces layoffs
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Amgen, the most profitable biotechnology company worldwide, wants to layoff up to 2,600 employees – 14 per cent of the overall workforce. As a reason for the cutbacks, the company cites falling sales for one of its most important products, Aranesp, a medication to treat anaemia. The company also wants to sink its costs by US$1.9 billion and close a number of production sites.
Evotec extends losses
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Higher research costs as well as falling sales have led to greater operating losses for the Hamburg biotechnology company Evotec in the first half of the year. The operating shortfall grew by EUR 22.3 million (2006: EUR 16.6 million). As a result of the sale of the technology division for EUR 16.1 million, net losses could be cut to EUR 9.8 million.
Stada grows with discount contracts
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New discount contracts with German health-insurance funds and strong growth in other countries helped generics manufacturer Stada achieve significant sales and profit growth in the first half of 2007. As a result, sales rose by 27 per cent to EUR 737 million compared with the same period last year. Earnings before interest and taxes climbed by 36 per cent to EUR 102 million. Net profit increased by 38 per cent to EUR 58 million.
Roche cuts back Tamiflu production
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The Swiss company Hoffmann-La Roche AG is cutting back production of the influenza medication Tamiflu. Demand had dropped so significantly that production had considerably exceeded the amount ordered. Demand for the influenza medication had risen strongly after WHO had advised all countries that they should have a large amount of the medication on hand in case of an influenza pandemic from the avian-influenza virus H5N1.
Warm April impacts MVV
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A warm winter and high temperatures in April cost the energy supplier MVV EUR 33 million before interest and taxes in the first months of the current fiscal year. For the nine months of fiscal year 2006/07, earning gained by 3 per cent overall. At EUR 78 million, net earnings after minority interests were 16 per cent lower than the same amount last year.
E.ON continues with positive earnings development
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Thanks to partially greater sales volume in the energy sector and higher average energy prices, earnings for the Düsseldorf E.ON group increased by 4 per cent in the last six months to reach around EUR 35.6 billion. The company, however, suffered from the mild winter and earned less. Adjusted EBIT for the E.ON group increased by 7 per cent to EUR 5.4 billion in the first half of the year.
Central banks stop slide on markets
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In the past week, share prices were once again under the spell of the mortgage crisis. It took an unforeseen interest rate reduction in the United States to calm down the markets, at least for the time being.
https://www.chemical-newsflash.de/en/news/210807/news15.htm