Cognis Functional Products business unit on May 27 reported sales of 201 million (U.S. $283.8 million) for 2009s first quarter, down 16.1 percent from 240 million in the year-earlier period. The unit includes synthetic lubricants, mining technology, AgroSolutions and polymers, coatings and inks businesses.
Businesses related to the mechanical engineering, housing and automotive sectors such as Coatings and Inks, and Synlubes were particularly affected by the economic downtown, Cognis said. Within the Synlubes business, however, both sales of fuel efficient compounded lubricants and wind turbine lubricants remained robust.
As a whole, Dusseldorf, Germany-based Cognis reported first quarter sales of 659 million, down 13.8 percent from 765 million in the year-earlier period. The company reported a net loss of 29 million ($41 million) for the first quarter, compared to a 12 million profit in the year-earlier quarter.
Cognis late last year sold its 50-percent stake in the Cognis Oleochemicals joint venture, as well as its wholly owned subsidiary Pulcra Chemicals. All 2008 figures for Cognis’ continuing operations have been restated and changed accordingly.
The company recently announced the opening of an affiliate in Mumbai, India. Cognis India is a wholly-owned subsidiary, and will operate under the name of Cognis Specialty Chemicals Pvt. Ltd. Cognis India will employ technical and commercial managers to work on behalf of all three of the companys strategic business units – Care Chemicals, Nutrition and Health, and Functional Products.