Ciba Specialty delivers net income of CHF 237 mn

12 Feb '08

3 min read

Ciba announces Financial Results for full year 2007. Armin Meyer, Chairman of the Board, comments: “We are seeing the results of the strategic repositioning of the Company and its focused portfolio, with a 4 percent improvement in operating income before restructuring and CHF 237 million of net income in 2007.

As of January 1, 2008, Brendan Cummins took over as the new Chief Executive Officer, leading Ciba into the future, together with a strong team, including the new CFO Jürg Fedier, and the recently appointed Head of the Coating Effects Segment, Thomas Engelhardt.”

Brendan Cummins, Chief Executive Officer, comments: “We made important progress in 2007, improving our financial performance and implementing the Operational Agenda. The new SAP system is now up and running in around 80 percent of the Company and we have further streamlined our operations and developed a new concept for innovation.

The key priorities for 2008 are margin management and ensuring we achieve optimal value for our products. We will maintain our cost reduction efforts and continue a differentiated approach on prices and volumes, with selective price increases, as well as volume growth strategies to gain market share where appropriate. In addition, we will withdraw unprofitable product ranges in order to improve margins. With a new approach to innovation, we will focus more effectively on technologies with the highest growth and profit potential.

We are anticipating that 2008 will be another demanding year for the specialty chemicals sector, as the outlook for the economy is uncertain and raw material costs are expected to remain high, but I am confident we will nevertheless continue to deliver improvements in our cost structure and profitable growth in our chosen markets.”

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