Buying the Air Products specialty additives business has made the company "less vulnerable to economic cycles" and has "a more balanced portfolio," said Klaus Engel, chairman of the executive board.
In the company's nutrition & care business, where polyurethane chemicals are located, sales increased 7% to EUR1.12 billion. This was boosted by the inclusion of the Air Products business, as well as "considerable increase in sales volumes." However, sales prices were "significantly below the prior year,” the firm added.
This led to a 35% fall in adjusted EBITDA from EUR 293 m in the first quarter of 2016 to EUR 189 m in the first quarter of 2017. The number of people employed in nutrition & care rose by 1050 people to 8549 people in the first quarter of 2017 compared to 7594 at the end of 2016.