Lehigh Valley, Pennsylvania -- Air Products and Chemicals Inc. has reported sales of $433 million in its Electronics and Performance Materials division in the first quarter ended 31 Dec 2009 (Q1). This is an increase of 7 percent compared to the same quarter of the prior year, as "higher volumes and favourable currency more than offset price declines," a 22 Jan company statement said.
The company's Performance Materials unit includes its PU specialties business -- isocyanates for spray polyureas, and Dabco and Polycat surfactants and catalysts. The company sold its PU prepolymers business, marketed under the Airthane and Versathane tradenames, to COIM USA Inc. in October 2009.
"We are off to a good start in fiscal 2010," said Air Products ceo John McGlade. "Both our sequential and year-over-year results benefitted from an improving global economy and our efforts to move Air Products to a sustainable, lower-cost structure," McGlade added.
Overall, first quarter revenues declined 1 percent to $2174 million compared to the prior year, due to lower energy and raw material costs offsetting higher volumes and favourable currency, and operating income increased 20 percent to $345 million compared to the same period last year, due to improved volumes, broad productivity gains across the company and favourable currency impacts, the statement said.
"We believe we will see continued earnings growth throughout 2010 as the global economy, led by Asia, continues its gradual recovery, and as we drive further cost reductions," McGlade said, adding that the company has had a "significant number of new business signings" in the first quarter and looks forward to growth opportunities in 2010.
Air Products, which opened a new speciality amines plant in November in Nanjing, China, to support the growing Asia PU additives market, operates out of 40 countries and had fiscal revenues of around $10 400 million in 2008. (RD)