Cibas plastic additives segment, supported by growth in lubricant additives sales, posted net sales of 1.03 billion Swiss francs (U.S. $944.66 million) for the first half of the year, down 5 percent from the same period last year. The company said it plans to reshape its portfolio of businesses to focus on its core strength in plastics, coatings and water.
Sales growth for Ciba was strong in Asia in the first half of 2008, with double-digit growth in lubricant additives, and also strong in the Americas. European sales for lubricant additives also grew.
The company said it plans to evaluate strategic options for its underperforming paper and publication inks businesses.
The Basel, Switzerland-based specialty chemical companys plastic additives segment posted an operating income of 83 million francs for the six months ended June 30, down 48 percent from 161 million francs in the first half of 2007.
As a whole, Ciba posted an operating loss of 569 million francs for the first half of 2008, down from a profit of 103 million francs in the year-earlier period.
Cibas lubricant additives are sold primarily under the Irganox, Irgalube, Irgacor, Irgamet and Irgafos trade names.