BASF subsidiary Elastogran, which supplies polyurethane intermediates and systems, raised turnover last year by 18% to E1.8bn, as raw material costs soared.
The company lifted its volumes sold by 3% over the previous year, it said, while pre-tax profits were up by 9% at E115m.
The company is predicting that its performance this year will be broadly similar to that for 2005 despite improved macro economic forecasts for the PU market, partly due to limited polyetherol capacities at BASF’s production site in Antwerp and Schwarzheide.
Last year saw the company cut its personnel by 5% to 1,668 through a one off European restructuring programme across its eleven European sites while Research and Development expenditure was maintained at a high level with a figure of E27m.
