Nouryon Reports Strong Revenue Growth for 2021
AMSTERDAM — Nouryon recently reported full-year 2021 results with revenue of $4.9 billion, an increase of 17% year over year, driven by volume growth and pricing actions. Excluding impacts from foreign exchange and acquisitions, revenue grew 13%. Adjusted EBITDA increased 10% year over year, despite significant cost headwinds from raw materials, energy and logistics. Volume was the primary driver of adjusted EBITDA growth, with additional contributions from pricing, cost improvement initiatives and foreign exchange, offset partially by cost pressures.
“Nouryon’s 2021 full-year financial performance reflects the strength of our priority end-markets, as well as our ability to supply a record volume of products to our customers in the face of numerous logistics challenges in global supply chains,” said Charlie Shaver, Nouryon Chairman and CEO. “We accelerated our pricing actions in the fourth quarter, with pricing up 11 percent versus the prior year period, to help support the strong adjusted EBITDA growth for the full year.”
In the Performance Formulations segment, revenue grew 21% to over $3.4 billion, and adjusted EBITDA increased 15% to $755 million. Revenue growth was particularly strong in several end-markets, including agriculture and food, cleaning goods, oil and gas, packaging, pharmaceuticals, and clothing and apparel. Segment adjusted EBITDA margins in Performance Formulations were 21.9%.
Revenue in the Technology Solutions segment increased 8% to nearly $1.5 billion, driven by strong growth in APAC and EMEA, along with a ramp up of production in two new plants in China. Segment adjusted EBITDA decreased by 3% to $326 million, due to higher costs for raw materials and energy. Technology Solutions segment adjusted EBITDA margins were 22.3%.
In July 2021, Nouryon completed the spin-out of its base chemicals business, Nobian, into a separate company remaining under the ownership of Nouryon’s equity owners, The Carlyle Group and GIC.
Additional information is available at www.nouryon.com.
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