Zurich, Switzerland – Sales in Conzzeta's chemical specialties segment, which includes FoamPartner, grew by 27.1% in 2017, following the purchase of Otto Bock.
Conzzeta's chemical specialties segment had sales of CHF 279.2m ($293m) in 2017 compared with CHF 219.7 m in 2016. The Swiss holding company said that the Otto Bock purchase increased revenue at FoamPartner by CHF 53.8 m in 2017.
But, on a comparable basis, sales were up 4.9%. The operating result amounted to CHF 24.8m, but the increasing prices of raw materials meant that it was impossible for FoamPartner to maintain the level of profitability from 2016 to 2017.
The company said that 'due to a considerable increase in the cost of raw materials, only some of the increased cost could be passed on to the market by way of price increases.'
It added that these were 'subject to a time lag.'
Conzzeta said that net revenue was higher in chemical specialties in all product segments and in Europe and Asia. Revenue was lower in the Americas, partly because of the sale of a joint venture stake to Woodbridge.
Sales at Conzzeta, which includes the Mammut sports group, glass and sheet metal businesses as well as FoamPartner were up CHF 273 m in 2017.
Conzzeta had sales of CHF 1.5 bn in 2017 compared with CHF 1.2 bn in 2016.