Ciba Reports First Half Results.* Ciba Specialty Chemicals “Ciba” redirects here. For the pre-1971 company, see Novartis. Ciba Specialty Chemicals is a chemical company based in and near Basel, Switzerland. It was formed as the non-pharmaceuticals elements of Novartis were spun out in 1997, following the merger in the , Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. , said net income increased 3% in local currency for the first half of 2001. Sales, however, declined 1%. The company attributed the gains in earnings to cost cutting measures. "We delivered a solid performance in a difficult environment in the first half of this year," said Armin Meyer Mey·er , Annie Florance Nathan 1867-1951. American writer and a founder of Barnard College at Columbia University (1889). Her plays include The Dominant Sex (1911) and Black Souls (1932). , chairman and chief executive officer, Ciba Specialty Chemicals. "With our simplified organization announced in February we took early actions to get closer to our customers and to increase our efficiency by streamlining and simplifying our processes." The company expects 2001 sales to be flat (in local currency). But net income and earnings should be above the previous year's result. For 2002, Ciba has set several goals including an average annual sales growth of 6% from 2002-2005; to improve profitability by 2005, as measured by EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become margin to 20% of sales and to generate an annual free cash flow in 2005 of greater than 1 billion Swiss francs Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and . |
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