Rhodia Group impacted by 'short notice cancellations'; revises 2008 outlook

French chemical company, Rhodia Group has revised its 2008 outlook amidst the 'very challenging macroeconomic environment.' The Group has revised its objectives for the full year 2008 and now expects its recurring EBITDA to be about 10% below the level achieved in 2007, thus impacting its EPS objective for the year. Rhodia Chairman and CEO Jean-Pierre Clamadieu said, "Over the last few weeks we have witnessed short-notice cancellation of orders, coming even from geographical areas that had shown satisfactory dynamics until recently." The company stated in a release that it is being impacted by an accelerated demand decline in several of its end-markets. Customers' inventory de-stocking practices have extended to numerous sectors, affecting in particular the Polyamide, Silcea and Novecare enterprises. However, the company's Acetow, Energy Services and Eco Services enterprises remain resilient. The lower demand is preventing the Group from capturing the positive impacts from the declining raw material and energy cost trends that were anticipated. Clamadieu further stated that the company may provisionally temporary shut or decelerate production facilities, particularly in Polyamide, Silcea and Novecare businesses.
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