Evonik struggles in performance materials segment

Essen, Germany – German speciality chemicals company Evonik has posted a 7-percent growth year-on-year to €3.4 billion in the first quarter of 2015 despite struggling in its performance material segment.

Despite having posted the “best quarterly results since 2009”, the performance materials segment failed to perform as expected mainly due to oil price decline, said  6 May company release.

“Sales were €851 million, 15 percent lower than in the prior-year period,” in the segment. The main reasons for this segment's development, said Evonik, were lower volumes and, in particular, a drop in selling prices due to the lower oil price.

Evonik reorganised its management and portfolio structure at the start of 2015. The three chemicals segments — Nutrition & Care, Resource Efficiency, and Performance Materials. The other two segments both posted profits and higher sales in first quarter.