ELF ATOCHEM
1993: "Restructuring and new ground" / Constant turnover, but operating losses
For the European group Elf Atochem (HQ: 4, cours Michelet La Défense 10, F-92091 Paris-La Défense) 1993 was marked by the recession in Europe, the impact of unsettled currencies, and above all a continuing crisis in sectors such as fertilisers and petrochemicals, as well as falling prices particularly in the case of sodium. The company (including Texas Gulf which is now operated by Elf Atochem) declares an operating result of FFr -180m, excluding an exceptional provision of FFr 600m for restructuring. The cash flow situation stands at FFr 2.5 (3.2)bn. The turnover of FFr 49,1bn remained at the 1992 level as a result of increased sales in North America (+9%) and Asia (+20%) which have compensated for the recession in Europe.
According to Elf Atochem President Jacques Puéchal at the international press conference on April 28 Elf Atochem did not wait for the economy to pick up, and has taken some vigorous steps, i.e. restructuring measures in France and in Europe generally to ensure its industrial resources remain competitive, and innovative developments to formulate products for the future.
In France the restructuring measures involve the petrochemicals activity (including plastics), with the strengthening of Carling-Saint-Avold in the Lorraine region through the recent acquisition of the site`s polyethylene activities in late 1993. In the rest of Europe industrial structures are also being brought up to date: In acrylic resins, the manufacture of granules using a new technology is to be based at Rho in Italy. In formol resins, the acquisition of the Leuna urea-formol activities in Germany will lead to a review of manufacturing operations in Europe.
Jacques Puéchal: "1994 should point to a gradual recovery of the economy, with ups and downs. More stable conditions will not emerge again in the chemical industry until 1995. We should therefore not expect better results from the state of the economy alone. By directing its efforts into industrial restructuring and by developing tomorrow's products today, Elf Atochem is preparing for the future."
READER SERVICE: Further details in the press conference speech of J. Puéchal (English, with several charts): PIE-No. 35920 – Press release "Elf Atochem in Spain": PIE-No. 35921 – Fact sheet "1993: A year with Elf Atochem": PIE-No. 35922.
According to Elf Atochem President Jacques Puéchal at the international press conference on April 28 Elf Atochem did not wait for the economy to pick up, and has taken some vigorous steps, i.e. restructuring measures in France and in Europe generally to ensure its industrial resources remain competitive, and innovative developments to formulate products for the future.
In France the restructuring measures involve the petrochemicals activity (including plastics), with the strengthening of Carling-Saint-Avold in the Lorraine region through the recent acquisition of the site`s polyethylene activities in late 1993. In the rest of Europe industrial structures are also being brought up to date: In acrylic resins, the manufacture of granules using a new technology is to be based at Rho in Italy. In formol resins, the acquisition of the Leuna urea-formol activities in Germany will lead to a review of manufacturing operations in Europe.
Jacques Puéchal: "1994 should point to a gradual recovery of the economy, with ups and downs. More stable conditions will not emerge again in the chemical industry until 1995. We should therefore not expect better results from the state of the economy alone. By directing its efforts into industrial restructuring and by developing tomorrow's products today, Elf Atochem is preparing for the future."
READER SERVICE: Further details in the press conference speech of J. Puéchal (English, with several charts): PIE-No. 35920 – Press release "Elf Atochem in Spain": PIE-No. 35921 – Fact sheet "1993: A year with Elf Atochem": PIE-No. 35922.
15.05.1994 Plasteurope.com [21423]
Published on 15.05.1994