Lemfoerde, Germany - Elastogran Group raised its sales volumes by about 5 percent in 2007 compared to the previous year, while consolidated net sales rose by about seven percent to Euro 2200 million, said the BASF subsidiary in a 21 Feb results statement.
Profits also rose slightly, while Elastogran's expenditures on research and development grew considerably compared to the previous year. Investments in tangible assets decreased after the completion of a number of major projects, said the Lemfoerde-based group.
The polyurethane systems subsidiary of chemicals giant BASF experienced a renewed increase in net sales, sales volume and income before tax, "despite heavy pressure from the competition and peak prices for raw materials," said the group.
All three business segments in which it operates - polyurethane systems, basic products or special elastomers - contributed to Elastogran's good figures.
Each segment registered record figures or high growth rates, "solidifying the company's market leadership in specific industry sectors," the company commented.
At the end of 2007, Elastogran employed 1741 staff in its 12 system houses in the European Economic Area (previous year 1719). The increase comes from Elastogran's addition of well-known Dutch polyurethane System House, Polymer Chemical Company BV, which has been operating as Elastogran BV since 1 Oct 2007.
Outside Germany, Elastogran companies grew from 507 to 537 employees. At its headquarters in Lemfoerde, Elastogran employs 1204, a figure which has remained stable, while trainees rose from 46 to 50.