Synthetic fibres sales revenue up at RadiciGroup
RadiciGroup, an industrial multinational engaged in the chemicals, plastics and synthetic fibres businesses, closed the year 2010 with preliminary financial results, as follows:
• Consolidated sales revenue of EUR 1,162 million (+50% compared to 2009)
• Gross operating margin of EUR 140 million (+185% compared to 2009)
Sales revenue for all RadiciGroup business areas rose, compared to the prior year:
• Chemicals: +61%
• Plastics: +78%
• Synthetic fibres: +38%
RadiciGroup, an Italian multinational engaged in chemicals, plastics and synthetic fibres, with production and sales sites in Europe, North America, South America and Asia achieved consolidated sales of EUR 1,162 million in 2010, an increase of 50% compared to financial year 2009 (+26% over 2008 and +7% over 2007).
The RadiciGroup gross operating margin for 2010 was EUR 140 million (12% of sales) against EUR 49 million of the prior year, thus registering an increase of 185%. Sales revenues for each of the Group business areas rose:
Chemicals: EUR 467 million
PA6 and PA66 polymers, adipic acid, hexamethylenediamine, AGS dicarboxylic acid mixture, nitric acid, KA oil, esters;
KEY BRANDS: Radipol - Radichem - Starlight
Synthetic fibres: EUR 570 million
PA6 and PA66 yarn, PA6 staple fibre, PET yarn and fibre, BCF and high-tenacity BCF yarn, acrylic yarn and top, polyolefin and polyamide artificial grass yarn, and elastane yarn. Additionally, RadiciGroup makes spunbond nonwovens.
KEY BRANDS: Radilon - RadiciNylon - Radyarn - Starlight - Micrell - Micralon - Nanofeel - Radifloor - Raditeck - Crylor - Radigreen - Radelast - Dylar
“The Group's performance in 2010 was really outstanding,” stated RadiciGroup Chairman Angelo Radici. “Our sales grew over 60% in the chemicals sector and almost 80% in plastics. Even fibres sales rose by 38%. In spite of the unfavourable raw materials environment in which prices continued to climb during 2010, our margins improved. At the world level we experienced a recovery in demand, and in our key businesses we either maintained or increased our market share.
“In Europe, our most important sales region, we managed to grow by benefiting, on one hand, from a greater imbalance in supply and demand on account of a number of restructurings in the chemicals and fibres industries and, on the other, from an increase in demand. Sales also increased in Asia and in the Americas, particularly North America, where we strengthened our position thanks to the acquisition of American compounder Michael Day in January 2010.”
“In the course of the years we have maintained a constant level of commitment focusing on our strategic businesses,” continued Mr. Radici. “To contend with the difficult two-year period 2008 - 2009, we had to expend extra effort and make choices that were often not easy: from the closing of some businesses, considered to be lessstrategic and less integrated with respect to our core businesses, to the reorganization of production sites, in some cases resorting to the use of ordinary and extraordinary layoffs and mobility, according to the law.”