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Sioen's Coating division achieves higher gross profit

19
Nov '07
During the nine months to the end of September 2007 the Coating division achieved solid 25.6% growth compared with the same period last year (up from € 134.8 million to € 169.3 million). The Coating division is the largest division at Sioen Industries and is fully vertically integrated.

We extrude yarns, weave the basic fabric, manufacture pastes and varnishes and coat the fabric into technical textile. Our customers then process this textile into tarpaulins, tents, swimming pool covers, sliding doors etc.

Broken down by activity we see the following developments:
- Coating achieved organic growth of 7.3% (up from € 118.5 million to € 127.2 million). Together with the success of open structure fabrics (online coating), where we are investing in additional capacity, the growth driver remains our traditional product line (tarpaulins and curtains for trucks, trains, containers, etc.).

- Chemicals grew by 159 % over the same period (up from € 16.3 million to € 42.1 million). A major factor here has been the takeovers of Richard Colorants, Fillink and Siegwerk. In 2008 Sioen Chemicals will become a fourth division with separate reporting. Sioen Chemicals produces colour pastes (PU, PVC or water-based pastes), inks (decorative inks, varnishes and printing inks) and colours (concentrates for colour mixes).

A focus on customer portfolio quality has meant reduced sales over the nine-month period (down from € 55.9 million to € 49.1 million), compensated, however, by the growing profitability of this division.


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