* Uncertain on Europe but other parts of world doing well
* U.S. automotive industry "doing very well"
* Has earmarked some divisions for cost cuts
* Is looking at bolt-on buys
* Shares up 1.5 pct
(Adds further comments, background)
BRUSSELS, Jan 16 Brussels-based chemicals firm
Solvay is uncertain on the outlook in its European
markets, where cash-strapped construction companies are buying
fewer pipes and window frames made from its PVC.
Chief Executive Jean-Pierre Clamadieu told a news conference
in Brussels, held to commemorate Solvay's 150th anniversary, the
company was "still (seeing) significant uncertainty in Europe."
Solvay made over 40 percent of its sales from Europe in
However, Clamadieu added that markets were doing well in
other parts of the world, especially in the United States, where
it has been helped by the car industry.
The rest of the world is doing well," he told reporters on
Wednesday. "The U.S. automotive industry is doing very well."
Solvay has already said it may consider selling its PVC
business in a few years and Clamadieu said the company had also
earmarked areas where he will cut costs in the next few months
to keep it on track for its medium-term growth target.
"Here and there we see areas where we will need in the next
few months to work on optimising capacity to work on improving
competitiveness," he said.
Solvay is hoping to increase its core profit to 3 billion
euros ($4 billion) by 2016, from just over 2 billion in 2011.
In 2011, Solvay bought French chemicals group Rhodia for 3.5
billion euros and Clamadieu said he could not rule out another
major acquisition in the medium term.
Before that, however, the firm is looking at making bolt-on
buys to help it ramp up its high-growth divisions.
"We are ready today to look at add-on acquisitions if there
were opportunities to speed up growth," Clamadieu said.
Solvay has pinned its growth hopes on its high-tech
polymers, advanced materials and consumer chemicals.
Its shares were up 1.5 percent by 1609 GMT.
($1 = 0.7492 euros)
(Reporting by Ben Deighton; Writing by Philip Blenkinsop;
Editing by David Holmes)