Evonik’s First-Quarter Chemical Sales and Profits Rise

Evonik’s chemicals business reported first-quarter operating income up 15%, to €300 million ($467 million), on sales up 11%, to €2.9 billion. Unfavorable currency exchange rates and a “sharp hike” in raw material costs were more than offset by higher demand, better capacity utilization, improved selling prices, and the successful restructuring achieved in recent years, the company says. The technology specialties segment’s operating income increased 3%, to €125 million, despite higher raw material costs and the strong euro. Sales rose 18%, to about...

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