Weak Demand, Costly Raw Materials Weigh on Results

Europe-based chemical companies' fourth-quarter 2011 financial results reflect the global economic slowdown in the second half of last year. Petrochemical producers such as Total and ENI (Rome) reported a particularly sharp decrease in demand. Rising raw material costs weighed on almost every firm's earnings, from plastics manufacturers to companies with specialty chemical businesses such as AkzoNobel, Clariant, and Solvay. Most producers announced selling price increases, with mixed success. Adjusted net operating income at Total's chemicals business slumped 70%...

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