ERJ staff report (DS)
Stockholm, Sweden -- Hexpol's annual report for 2009 has today been published on the company's website and isbeing distributed to the Group's shareholders.
Georg Brunstam, Hexpol's CEO and President, said in the annual report, "2009 was one of the most turbulent years we will ever experience." He added that the company's primary markets and customers reported volume declines of up to 35-45 percent.
The copany said its compounding business contributed net sales of SEK 2020 million (euro 207.8 million), down from SEK 2425 million in 2008. The unit contributed 77 percent of the Group's net sales; 89 percent of group's operating profit, but just 38 percent of the group's employees. Operating profit was SEK 155 million, compared with SEK 224 million the previous year, but the company said on a like-for-like basis, it was SEK 231 million.
In the report, Hexpol notes that The automotive industry currently accounts for about 54 percent (60) of Hexpol Compounding's sales. Hexpol added, "about 80 percent of the compounds used in Europe today are based on Hexpol's own recipes. In most cases, the recipes are Hexpol's property. Since the raw materials are largely oil-based and exposed to sharp price fluctuations, pricing is renegotiated several times every year."
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Press release from Hexpol
Annual Report from Hexpol