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Regions :: Western Europe :: Belgium
Solvay's Earnings Fall on Weak European Soda Ash Market
6:16 AM MDT | October 28, 2010 | Kerri Walsh
Solvay’s third-quarter net income sank 90%, to €18 million from the year-ago period because of impairment charges of €197 million on industrial assets. These impairments mostly result from the weak European soda ash market, stemming from the sluggish construction sector, the company says. Solvay says it has taken “industrial measures” to offset loses, including a drastic cut in capital expenditures, which “will remain at a low level as long as end markets remain sluggish.” New industrial measures will be taken if the...
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