The company was able to increase its sales volumes, in particular within the EMLA and APAC regions, with the former benefiting from higher plant availability. Due to lower average selling prices associated with lower raw material prices being passed on to customers, sales fell slightly.
The court is expected to appoint an insolvency administrator to examine the possibility of continuing business operations and possible options for restructuring and/or selling the business in due course.
Despite political and economic uncertainty persisting globally, the company remains steadfast in its focus on controlling costs, cash conversion, and driving growth. The company expects to return to organic growth during 2024, although the timing of the recovery remains uncertain.
Although sales are still down since the previous year, the good start into the year gives the company confidence that it can achieve its targets for the fiscal year.
The company recorded third-quarter net sales that were up 0.4% from the prior year. The company expects the next quarter consolidated sales to be approximately flat compared to prior-year record results.
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.
