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Solvay Posts Lower Net Profits Due to Restructuring Costs; Will 'Never Overpay' for Acquisitions

8:58 AM MST | February 18, 2011 | Ian Young

Solvay posted a 92% fall in fourth-quarter 2010 net profits compared with the same period of 2009, to €16 million. The decline reflects a €74-million one-off charge related to a restructuring program that was announced last September and will result in 800 job losses, the company says. Solvay's recurring operating profits from continuing operations increased 75% year on year in the fourth quarter, to €155 million on sales from continuing operations up 14%, to €1.65 billion. Higher operating profits beat analysts' estimates of €120...

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