Dispersions & Pigments

  • Sales down slightly, mostly because of currency effects
  • Sales volumes rise in all business areas
  • Earnings slightly below level of 2012
Dispersions & Pigments – Sales by region (Location of customer)
Performance Products – Dispersions & Pigments – Sales by region (pie chart)Enlarge image

In the Dispersions & Pigments division, sales to third parties declined by €111 million to €3,557 million. This was largely due to negative currency effects from the depreciation of the Japanese yen and the U.S. dollar relative to the euro (volumes 4%, prices –2%, portfolio –1%, currencies –4%).

Despite these negative currency effects and intense pressure on prices, we were able to increase sales volumes in all business areas. We observed strong demand for dispersions in Asia Pacific and North America, while our resins were increasingly sought after in Europe. In the additives business, we achieved significantly higher volumes in all regions. Sales fell in the pigments business, however, as a result of currency effects and the divestiture of the offset printing inks business (IMEX) in the third quarter of 2012.

Income from operations before special items was only slightly below the level of 2012 despite these negative currency effects and a challenging market environment. Through restructuring measures and thanks to our strict cost management, we reduced fixed costs compared with the previous year. Special charges were mostly related to restructuring measures in the pigments business.

In 2013, we invested in the construction of new plants in Asia. These will contribute to our future growth in the region.