Zurich, Switzerland – Swiss conglomerate Conzzeta, which owns FoamPartner, said sales in its Chemicals Specialties division were down 13.7% in the first quarter of 2020.
In an interim financial statement, the company put revenue in the division for the first three months of the year at CHF 73.8m ($76 m). This compares with CHF 93.5m for the same period last year.
For the first time Conzzeta has split out the contribution that the Schmid Rhyner business made to the division. In the first quarter of 2020 Schmid Rhyner contributed CHF 6.9m before it was sold to Altana at the end of February. In Q1 2019, Schmid Rhyner contributed sales of CHF 13.2m.
Taking the sale of this business into account, sales in the division fell by 13.7%.
Across the Conzzeta group, sales were down by 24.3% at CHF298.4m in the quarter.
The company said that 'disruptions in the production and sales channels cause by the coronavirus pandemic,' were responsible for the poor performance.
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