Ems-Chemie suffers from strong Swiss franc
Published: Tuesday, Oct 31st 2023, 06:30
Updated At: Wednesday, Nov 1st 2023, 00:55
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Ems-Chemie looks back on a difficult year so far in 2023. It is characterized by cautious consumer sentiment and a strong Swiss franc. The targets for the current year are nevertheless confirmed.
The company, which is led by SVP National Councilor Magdalena Martullo-Blocher, announced on Tuesday that sales from January to September fell by 9.3 percent to 1.70 billion Swiss francs. Adjusted for currency effects, however, sales would have fallen by only 3.2 percent, the company stressed.
The economic environment had deteriorated as expected, the company concluded. And the global auto industry, after a chip-related recovery, is now also showing signs of weakening.
In China and the USA, Ems increased sales in local currencies thanks to new business, it added. However, the effects of consumer and corporate restraint and the strong Swiss franc could not be offset.
Outlook confirmed
Ems expects the global economy to remain weak in the coming months. However, the company is maintaining its outlook despite the adverse environment.
Accordingly, Ems-Chemie expects sales and an operating result below the previous year's figures. In 2022, Ems had achieved sales of 2.44 billion Swiss francs and an EBIT of 611 million.
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