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Divestments Boost Earnings at Borealis

8:37 AM MST | November 21, 2007 | Ian Young

Borealis says its third-quarter net profits more than doubled, to €225 million ($330 million), on sales up 9%, to €1.66 billion. Earnings were boosted by a one-off gain of €105 million from the divestment earlier this year of Borealis’s olefins and polyolefins assets in Norway to Ineos. Borealis’s third-quarter operating profits increased 29%, to €143 million. Taylor: ‘Resistance’ to price increases. Speaking at a press briefing in Vienna last week, Borealis chairman and CEO John Taylor described the company’s...

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