Essen, Germany — Polyurethane additive company Evonik, saw sales grow 15% in the first half of the year compared with the equivalent period in 2016, the firm said in a release.
The company said that sales grew to EUR 7.3 bn in the first six months ‘partly due to the first-time consolidation of the specialty additives business of Air Products.’ Other reasons for the increase in sales was significant rise in demand and slightly higher selling prices.
Overall adjusted earnings before interest tax depreciation and amortisation (EBITDA) were up 8% to EUR 1.25 bn in the first six months despite earnings in nutrition & care, where polyurethane additives are located, falling because of lower prices for feed additives.
The company added that integration of Air Products specialty additives business is ‘proceeding smoothly and successfully. Initial synergies were gained in the second quarter,’ Evonik added. The initial consolidation of the Air Products business led to a 5% increase in sales in nutrition and care to EUR 2.28 bn in the first half.
‘Our business development is on target,’ said Christian Kullmann, Chairman. He added, ‘we are reaping the benefits of the biggest acquisition in our history.’