"The year 2002 will be another successful year for the Coatings Division. We will yet again make a major contribution towards the overall success of the BASF Group." Jean-Pierre Monteny, president of BASF Group's Coatings Division and CEO of BASF Coatings AG, made the state today at the division's annual press conference in Guadalajara, Spain.
The company's extensive measures to increase efficiency, cut costs and restructure processes have paid off, he explained.
"We were able to more than make up for the impact of the current economic situation, and this has also provided us with the basis for sustainable profitable growth," he said. "We will report a significant improvement in our operational result compared with last year and will thus achieve one of the best results ever."
The division did not remain altogether unaffected by the world economic problems. "The decline we have seen in our global sales, which at 2.1 billion euros (U.S. $2.101 billion) are below last year's level, is mainly due to currency losses," Mr. Monteny said.
The distribution of sales by regions illustrates that BASF Coatings still generates the majority of its sales outside Europe. However, Europe continues to have a significant 45 percent share of total sales. 35 percent of the division's sales come from North America, with South America accounting for 15 percent. The Asia Pacific region will contribute around 5 percent to total sales in 2002.
Industrial Coatings account for about 25 percent of the supplier's sales, with automotive finishes and decorative paints making up the rest of its sales.
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