Solvay Confirms Growth Outlook for 2014
Solvay has reiterated its confidence that 2014 will show a good operating performance, in line with its mid-term growth objectives.
Prior to reporting results for the first three quarters of 2014 on Nov. 13, the Brussels-based chemical producer has confirmed its earlier guidance, saying it expects high single-digit year-on-year REBITDA growth in 2014 at prevailing foreign exchange rates.
Solvay's full year 2014 results and the comparison with 2013 will be restated to reflect the sale of its Eco Services' sulfuric acid production and regeneration business to affiliates of CCMP Capital Advisors.
The deal is expected to be completed in the fourth quarter of this year.
Based on these changes, Solvay's consolidated REBITDA for 2013 and for the first six months of 2014 will be restated at €1.6 billion and € 911 million respectively, compared to €1.7 billion and € 953 million reported before the discontinuation of Eco Services.
