Zurich, Switzerland — Conzzeta, the Swiss conglomerate that owns FoamPartner, had total sales of CHF 394.4m ($387 m) in Q1 2019. That is down 8.3% on the equivalent period last financial year.
Net revenue in the group's chemicals specialties segment, which contains FoamPartner, fell by 8.6%, to CHF 93.5m, in the first quarter of 2019. This compares with CHF 102.3m in the equivalent 2018 quarter.
The company added that the results 'reflect the base effect of an exceptionally strong first quarter last year in all segments'.
The market environment was more demanding, with lower revenues in Asia and Europe contrasting with growth in America, the group said.
Conzzeta sold its glass processing division in the first quarter of 2019, and expects to generate a capital gain of between CHF 28 and CHF 31m.
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