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

Rick Helfenbein (left), president and CEO of AAFA, with Juan Estrada, chief of party, Hub; Courtesy: Hub

Apparel/Garments | On 23rd Feb 2017

AAFA inks agreement for best manufacturing in East Africa

The American Apparel & Footwear Association (AAFA) has entered into a ...

Mango vice-chairman and member of the board of directors Daniel Lopez (L) with Ananth Narayanan, CEO, Myntra & Jabong. Courtesy: Myntra

Apparel/Garments | On 23rd Feb 2017

Mango awards distribution & management rights to Myntra

Mango, the Spanish fast fashion brand, has awarded its master...

Courtesy: IUCN

Apparel/Garments | On 23rd Feb 2017

Synthetic clothes should shed fewer fibres: IUCN report

Synthetic clothes should be designed in a manner that it will shed...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Marten Alkhagen
Swerea IVF AB

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

February 2017

February 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search