“As the global economic environment deteriorated throughout the year, Perstorp took bold moves to capture new growth and safeguard its leadership position in the market while ensuring stability across production, securing sustainable technical platforms and leveraging on our operational excellence”, says Perstorp President & CEO Martin Lundin.
Full year sales for the Perstorp Group’s continuing operations, amounted to SEK 10,528 m, slightly lower than in 2011. Operating earnings before depreciation and amortization (EBITDA) relating to continuing operations were SEK 1,401 m (1,484). Excluding items affecting comparability, the corresponding figure was SEK 1,311 m (1,519).
At the end of May 2012, Perstorp and Thailand’s largest chemical producer, PTT Global Chemical, finalized a joint venture, dedicated to the manufacturing and sales of aromatic and aliphatic isocyanates, serving the polyurethane industry. Perstorp owns 49% of the joint venture, which comprises the business activities previously conducted by the business group Coating Additives. The financial results for these activities from January to May 2012, are accounted for as discontinued operations.
In November, Perstorp successfully completed an issue of senior secured and second lien notes to refinance its existing senior debt in full and partly refinance its mezzanine debt facilities. The notes are listed on the Luxembourg Stock Exchange as of November 15, 2012.
Strategic investment projects are progressing according to plan, most notably the investment in a new production plant in Sweden for valeraldehyde and its derivatives 2-PH and DPHP, and an expansion of the Group’s Neo production with a new plant in China, with the latter expected to start up in Q2 2013.