The loan from the European Investment Bank will be used to finance research and development activities at the company, which firmly integrated sustainability into all elements of its corporate strategy in 2022.
"We delivered significant year-over-year cash flow improvement in 2023, including a strong fourth quarter finish, which underscores our ongoing prioritization of working capital management," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer.
Highlights of the report include a 12% volume growth and 5.5% value growth in the company's Decorative Business segment in addition to showing a consistent double-digit volume growth trend on a four-year CGR basis.
The plan, presented at a Capital Markets Day in London, contains the further operational and legal disentanglement of Brenntag Essentials and Brenntag Specialties, leading towards two distinct, high-performing divisions with full business autonomy.
The results are broadly in line with expectations. The business of Brenntag Specialties was again affected by negative volume developments and price pressure.
The company’s sales amounted to €15.7 billion, down by €6.2 billion compared with the prior-year period. The decline was reportedly due to considerably lower prices, primarily in the materials, chemicals, and surface technologies segments.
