Cognis functional products business unit – including its synthetic lubricants business – reported sales of 948 million (U.S. $1.3 billion) for the full year 2008, a 4.4 percent increase from 908 million in 2007.
Key drivers of this growth were strong worldwide demand for environmentally friendly agricultural solutions and for synthetic lubricants used in industrial applications and automotive applications, the company noted in its annual financial information disclosure report for 2008. Functional products also includes Cognis mining technology, AgroSolutions and polymers, coatings and inks businesses.
In 2008s fourth quarter, Cognis functional products unit posted 219 million net sales, up 1 percent from 217 million in 2007s fourth quarter.
Dusseldorf, Germany-based Cognis as a whole reported full-year sales in 2008 of 3 billion, up 5.5 percent from the previous year. For the fourth quarter, total sales reached 697 million, identical to the companys net sales in the same quarter in 2007.
Cognis overall reported a net loss – including special items such as cost optimization programs and discontinued operations – for 2008 of 63 million, compared to its 120 million loss for 2007.