Zurich, Switzerland — Chemical Specialties sales at Conzzeta were down by 46.3% in the first half of 2019 at CHF 108.2m ($110 m). In the same period last year sales were CHF 201.4 m. Chemical Specialties is home to the company's FoamPartner business.
Automotive challenges weigh on FoamPartner in H1 2019
EBIT in the division was lower by 6.5% compared with the first half of 2018. EBIT was CHF 8.6 in the first half of 2019.
The company described market conditions in the automotive business as 'especially challenging'. Lower raw materials prices, and greater efficiencies enabled FoamPartner withstand the decline in revenue caused by the difficult market.
Conzzeta said it has streamlined the joint ventures it inherited with when it bought Otto Bock Kunststoff. The group is pursuing 'multi-layered measures to realise the medium-term margin potential.'
Looking across the outdoor goods to steel processing group, sales were CHF 770.10m the first half of 2019.This is lower by 9.8% than the same period in 2018.
EBIT across the business fell 9.7% and hit CHF 8.6m in the first half of 2019.
The company wants to further decentralise decision making closer to individual business units, said Michael Willome, CEO.
Currency conversion: XE.com
|Conzzeta numbers H1 2019 ( CHF m)|