Zurich, Switzerland – Conzzeta the Swiss conglomerate that formerly announced the sale of Foampartner to Recticel in November 2020 had Sales of CHF1.3bn ($1.4bn) in 2020.
This is down 19.3% on the previous financial year and is reflected in EBIT which fell by 52.3%. This was CHF79.7m in 2020 and compares with CHF167.2m in 2019.
Conzzeta accounts for FoamPartner in its Chemical Specialties business, which was also home a separate business Schmidt Rhyner. The Schmidt Rhyner business was sold at the end of February and Conzzeta recognised CHF47.4m gain from the deal. The sale of Foampartner to Recticel was announced in November. That deal gives FoamPartner a value of CHF270m and it should complete in the first quarter of 2021.
Over the course of 2020, Conzzeta's Chemical Specialties business sales
fell 22.6% to CHF264 m. If the proceeds of the Schmid Rhyder sales are included in the numbers EBIT in the division rose 331.9% and reached CHF62.2m in 2020. Excluding the profit on the sale, operating EBIT was CHF14.2m for the year.
First half performance in Chemical Specialties was hit by coronavirus closures at car makers . But these reopened over the summer. The second half was marked by 'production disruptions experience by supplies of isocyanates and polyols,' said the company. Despite this revenue increased across all regions.
Looking across his busines, CEO Michael Willome, said ' Although we were unable to fully escape the adverse consequences of another lockdown in the second half of the year, we made significant progress in a generally more active business environment.
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