Surrey, UK - Air Products and Chemicals, Inc. has reported an 11 percent drop in sales for the third quarter of 2009 (Q3) compared to the same period last year. Operating income fell by 22 percent, driven primarily by lower volumes and unfavourable currency impacts, the company said.
In its Performance Materials division, which includes the company's polyurethane activities, volumes were down by 23 percent compared to Q3 last year but improved 26 percent compared to Q2 2009, Air Products said. Sales for the combined Performance Materials and Electronics units were down 29 percent to $409 million compared to Q3 2008. Operating income was also down, falling 45 percent to $39 million.
Looking forward, the company said it expects an increase in polyurethane intermediate volumes but predicts this will be offset by ongoing restructuring costs.
Air Products PU activities, all housed under the Performance Materials umbrella, include polyurethane additives, intermediates and prepolymers/curatives. (RD)