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Solvay cuts 2016 earnings targets at investor day

2:47 PM MST | November 27, 2013 | Francinia Protti-Alvarez

Solvay cut 2016 earnings targets at an investor presentation in London today, citing changes in its portfolio and macroeconomic challenges, particularly in Europe. Solvay now expects its recurring Ebitda to reach between €2.3-2.5 billion ($3.1-3.4 billion) by 2016. Solvay had forecast in April 2012 that recurring Ebitda would reach €3 billion by 2016. Solvay currently forecasts 2013 recurring Ebitda of €1.65 billion. Solvay says it plans capital spending of €700-800 million/year through 2016 with more than two thirds of these investments...

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