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People & Business :: Earnings/Finance
Tessenderlo Posts a Net Loss on PVC Divestment Charge
7:19 AM MDT | August 25, 2011 | Ian Young
Tessenderlo Group (Brussels) posted a €133-million net loss for the second quarter, compared with a €28-million net profit in the year-earlier period, on sales up 7%, to €718 million. Operating profits increased 49% year on year, to €42 million. The net loss includes a previously announced €158-million exceptional non-cash charge related to the divestment of Tessenderlo's chlor-alkali and polyvinyl chloride (PVC) business to Ineos. The deal closed on August 1. "This transaction signals the group's exit from cyclical, low-return...
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