Italian plastics, synthetic fibres and chemicals producer RadiciGroup (Bergamo; www.radicigroup.com) has reported an operating profit of EUR 120m for 2011, down from EUR 140m in 2010, on sales up 6.5% at EUR 1.24 bn. Sales in the company’s plastics business division increased by 10% year-on-year to EUR 259m, while the synthetic fibres business saw revenues grow by 7% to EUR 612m. Sales of chemicals – including PA 6 and PA 6.6 polymers and PET preforms – rose 5% to EUR 491m. Geographically, 29% of RadiciGroup’s sales were in Italy, 34% in the remainder of the EU and 37% outside the EU.

“All things considered, we are satisfied with our group’s performance in 2011,” said group chairman Angelo Radici. “As in the preceding years, we focused on strengthening the vertical integration of our group production chain: on the one hand we made new acquisitions, invested in plant technology and focused on improving customer service and quality and, on the other hand, we shut down or sold companies that did not fit well with our core business strategy.”

During 2011, RadiciGroup concluded the acquisition of Germany’s dorix (Selbitz) – see Plasteurope.com of 07.03.2011 – a manufacturer of nylon 6 staple products. “Our total investments reached EUR 40m [during the year] and were mainly aimed at improving the efficiency and flexibility of our plants,” added Radici, “For 2012, the board of directors has approved investments totalling EUR 25m to date. This is not the final amount, in that it may be revised upward if economic growth accelerates.”

Over the past three years, through implementation of its financial plan, the company has reduced debt by EUR 200m and increased annual sales by 30%. Looking forward, RadiciGroup CFO Alessandro Manzoni said: “This solid position will enable us to tackle 2012, a year that does not portend to be an easy one. The macroeconomic situation certainly won’t give the manufacturing sector a hand.”