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Article: Chemical firm predicts profits will be boosted by closure of plant
- Article from:
- The Northern Echo
- Article date:
- August 4, 2009
- Author:
CopyrightCopyright 2009 The Northern Echo. Provided by ProQuest LLC. (Hide copyright information)
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CHEMICALS company Elementis yesterday maintained it was confident
for the future and predicted it would be boosted by the closure of
its North-East site.
Unveiling its half-year results to the end of June, the business
remained profitable, but saw its pre-tax profits tumble to
[pounds]2.2m, from [pounds]26.8m in the same period last year, in
the face of the global economic downturn.
To help stem losses in its chromium division, which saw an
[pounds]8m loss during the halfyear and a 50 per cent drop in sales
volumes, Elementis closed its only UK chromium operation, in
Eaglescliffe, near Stockton, with the loss of 135 jobs, earlier this
year.
It is maintaining its two chromium operations in ...