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Corporate, financial news.

Arco Chemical, Newtown Square, PA, reported 1992 net income of $195 million, compared with 1991 net income of $188 million. Total revenues for 1992 were $3.1 billion. For the fourth quarter, net income was $48 million, compared with $68 million for the same period in 1991, and revenues were $780 million for the 1992 quarter, compared with $810 million in 1991.

The BTR Dunlop Belting Group was formed in The Netherlands to concentrate sales and marketing functions, research and development capacity and technical know-how of four operating companies of the BTR organization. Made up of Dunlop-Enerka B.V. in Drachten, The Netherlands; Dunlop-CCT S.A., in Tournai, Belgium; and BTR Belting Ltd. and Gandy Belting, both in Farington, United Kingdom, BTR Dunlop Belting Group will offer a range of conveyor belts worldwide to suit many applications.

Results of Degussa Group and Degussa AG's fiscal year show that sales declined 4% and 7% respectively for the period of October 1991 to September 1992. The Group's chemicals sector had improved income compared with the unsatisfactory previous year. Sales increased 1% to DM 4.6 billion. Degussa AG's sales were DM 6.6 billion and income before taxes totaled DM 93 million for the fiscal year.

Dexter is divesting its automotive headliner business, located in West Unity, OH, that is part of its Automotive Materials Division based in New Hampshire. The unit services industry-approved U.S. auto makers and their tier I suppliers who manufacture headliners. The West Unity facility receives customer-owned fabric, applies the Dexter adhesive and converts the fabric. The company said the business unit never reached expected sales levels.

Ethyl, based in Richmond, VA, saw its net income jump 23% from 1991's total of $206.7 million to $255 million for 1992. Fourth quarter net income was $83.4 million, an increase of 73% from 1991 net income of $48.3 million. Ethyl's 1992 revenues totaled $2.98 billion, up 16% over 1991. Fourth quarter revenues increased 28%, from $657.9 million in 1991 to $843 million for the quarter in 1992.

Rohm and Haas, based in Philadelphia, PA, reported a fourth quarter loss of $10.4 million. Without including a one-time charge related to downsizing the company's Philadelphia plant, fourth quarter earnings were $26.4 million, or 7% below the $28.3 million reported in 1991. Sales were $756 million, or 15% higher than those recorded for the fourth quarter of 1991. Net earnings for the year were $170 million, including a one-time charge of $37 million related to the Philadelphia plant. Without that item, earnings were $207 million, an increase of 27% over the $163 million reported for 1991. Sales of $3.1 billion were 11% higher than reported for 1991.

Rubbermaid announced earnings for 1992 of $184.2 million, a 13% increase over last year's earnings of $162.7 million. After a newly adopted accounting change, earnings were $164.1 million for 1992. Sales for the year were $1.81 billion, an 8% increase over 1991 sales of $1.67 billion. Fourth quarter earnings were $44.1 million in 1992, up 14% from the $38.6 million recorded in the 1991 period. Sales for the quarter were $434 million, compared with $410 million in 1991.

Cleveland, OH-based Standard Products reported continued improvement in sales and earnings for its fiscal 1993 second quarter. For the three months, sales increased 11% to $174 million. Net income rose to $7.8 million, compared to $5.15 million for the year-ago quarter. Sales for the first half of the fiscal year were $339.2 million, an increase of 9% over sales of $309.8 million in the first six months of last year. For the six months, the company had net income of $12.2 million compared with $5.8 million last year.

New York-based Witco reported sales for 1992 of $1.72 billion, a 6% increase from the $1.63 billion recorded in 1991. Net income was $67.1 million in 1992 before non-recurring items, and $39.1 million after the charges. Sales for the 1992 fourth quarter reached $456.4 million, compared with sales of $390.5 million in 1991. Net income before a non-recurring item was $11.3 million. After the item, the total amounted to a net loss of $1.9 million for the quarter.
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Title Annotation:rubber and related industry news
Publication:Rubber World
Date:Mar 1, 1993
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