Strategic growth plan keeps Oxea on course
By PRW Staff
Posted 19 November 2012
Oxea has announced stable third quarter results. Earnings were €46m (£37m), unchanged from its Q2 figures and just €1m (£800,000) up on Q1.
The global supplier of oxo-intermediates and oxo-derivatives said that despite the continued soft world economy the company was doing well – proof of the robustness of its business model.
“In the nine months of 2012, Oxea generated strong cash flows, mainly due to a significant improvement of trade working capital,” the company said in a statement. “Cash provided by operating activities was €82m (£66m) compared with €78m (£62.5m) in the corresponding period of the prior year.”
So far this year Oxea has invested €60m (£48m), largely driven by the implementation of its “strategic growth plan”. An additional production facility for the manufacturing of speciality esters was completed at the end of October in Oberhausen while a plant for carboxylic acids is expected to come on-line during Q1 2013.
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