Solvay hit by impairment on weak construction mkts

Date: 5 November 2010
Source: www.reuters.com

Date: 5 November 2010

* Books 197 mln euro after tax soda ash impairment charge* Says glass markets remain sluggish  * Q3 REBIT 149 mln euros vs forecast 158 mln * Raises outlook for chemicals unit Belgian chemicals and plastics maker Solvay (SOLB.

BR) booked a 197 million euro ($272 million) impairment charge after tax on industrial assets due to weak construction markets, causing its third-quarter profit to miss estimates. Solvay, the world's leading maker of soda ash, said the impairments were almost entirely related to its soda ash operations in Europe where demand remains weak, particularly for flat glass used in the construction industry.



"Industrial measures have been taken: capital expenditures have been drastically reduced and will remain at a low level as long as end markets remain sluggish," Solvay said on Thursday.



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