Home / Knowledge / News / Textiles / Ciba's sales & profitability impacted by collapse in demand in Q4
Ciba's sales & profitability impacted by collapse in demand in Q4
Mar '09
Ciba announced the financial results for full year 2008. Brendan Cummins, Chief Executive Officer comments: “We faced some significant challenges in 2008, with raw material costs reaching unprecedented levels in the first half and a dramatic drop in demand towards the end of the year, as the economic downturn took hold."

"We have acted quickly to mitigate the effect of these factors; reducing capacity and inventory levels, as well as limiting capital expenditure and keeping costs to a minimum. Despite these difficult business conditions, we are well ahead with our Operational Agenda program and have been able to reduce costs throughout the organization. We have also substantially increased sales prices, which have offset much of the impact of higher raw material costs experienced in the first half of the year.”

Click here to read more details:

Update on the offer from BASF to acquire Ciba: In September 2008, the Board of Directors recommended a CHF 50 per share public offer from BASF to shareholders to acquire Ciba Holding Inc. The offer was accepted by shareholders in November – more than 95 percent of the Company's shares are tendered to, or have been acquired by, BASF.

In addition, the shareholder voting restrictions were lifted at the Extraordinary General Meeting on December 2, 2008, on condition that the offer is settled. There are still outstanding regulatory approvals from the competition authorities required before BASF can take full control of Ciba, but these are expected to come through in time to close the transaction in the first quarter of 2009.

Brendan Cummins, Chief Executive Officer comments: “The outlook for the economy over the next few months is very unclear. Raw material costs have started to ease, but we are not expecting market demand to show any meaningful recovery until late in 2009 at the earliest. Our focus is to make sure our production capacity is well balanced with the reduced demand, and that the fundamental structures of our business are fully optimized. We will also continue to focus on maximizing our innovation potential and making sure our businesses are well positioned in their customer markets for an upturn in demand whenever it may come.”


Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Manuj Terapanthi

Transparent supply chain and fair trade will boost sustainable market

Anshul Sood

‘Indian footwear market is nascent and largely a trend follower’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search