Solvay unveils third-quarter results

Solvay has unveiled its third-quarter financial results for 2009, which indicate sales of 6,286 million euros (5,635 million pounds).

This figure is a 13 per cent reduction compared to that achieved during the first nine months of 2008.

Its net income stood at 354 million euros – down from the 426 million euros reported during the first nine months of 2008.

However, the company’s pharmaceutical sales were up ten per cent, reaching a total value of 410 million euros.

In August, Solvay shelved its hydrogen peroxide unit in Bitterfeld, Germany, as its small size meant that it could no longer be operated competitively.

Additionally, the organisation revealed in September that it intends to refocus its efforts on accelerating its sustainable and profitable growth strategy by selling its entire pharmaceuticals sector to Abbott.

The transaction will be completed for 4.5 billion euros, with an additional payment of up to 300 million euros set to be made if planned product milestones set for 2011 and 2013 are reached.