Business News

ALTANA affected by economic crisis

Tuesday 02. December 2008 - The specialty chemicals Group ALTANA AG has been increasingly affected by the recession in many parts of the world.

Particularly over the last few weeks, the volume of orders and sales in most of the company’s divisions have declined even more than expected. Against this background, the company no longer expects to achieve the previously aspired sales and earnings targets for 2008. Due to the uncertain economic conditions ALTANA will not give a further outlook for the business year 2008.

“In the upcoming months we expect the negative market development to continue and we are preparing ourselves throughout the Group for these difficult times with a set of measures to save costs and further increase our efficiency,” stated Dr. Matthias L. Wolfgruber, CEO of ALTANA AG. Over a short period of time, inventory effects and the negative economic environment were going to have a significant impact, said Dr. Wolfgruber. “In the long-term, however, I am confident that our concentration on the specialty chemicals business and our unchanged focus on innovation are the basis for further sustained and profitable growth in the future,” explained Dr. Wolfgruber.