German chemical sector still sees stagnant 2012 sales
FRANKFURT, Nov. 1
FRANKFURT, Nov. 1 (Reuters) - German chemicals trade group VCI said it still expected revenues at the nation's chemicals businesses to stagnate this year as sluggish neighbouring markets cancel out growth in Asia.
"We see little chance for an upswing in the European Union at the moment. With our strong value-added chains in Germany we, however, continue to be successful in markets outside Europe," VCI Chairman Karl-Ludwig Kley said in a statement on Thursday.
The group also maintained its previous outlook for industry output volume to decline 3 percent this year, and for member businesses to be able to charge 2.5 percent higher prices.
VCI, which represents Germany's third-largest industrial sector, said third-quarter industry revenues rose 2 percent year-on-year on 0.5 percent lower output volumes and 1.3 percent higher producer prices.
Germany's BASF last month said a downturn in its main industrial chemicals and plastics business was offset by a ramp-up of Libyan oil production and demand for pesticides, keeping its target of higher operating profit this year.
The plastics unit of Bayer said quarterly adjusted core earnings declined 4 percent on lower polycarbonate sales and more expensive raw materials and energy. (Reporting by Ludwig Burger)
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