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Chinese dumping, carbon tax, anti-globalisation: Evonik’s CEO has plenty on his mind
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Mr Christian Kullmann, Evonik's 57-year-old chief executive officer.
ST PHOTO: NG SOR LUAN
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SINGAPORE - As with much of German manufacturing these days, the recent news from European chemicals giant Evonik Industries has a whiff of weary familiarity. Sales are slow, market conditions extremely challenging, the war in Europe
On Nov 4, the Essen-based Evonik reported a 22 per cent drop in its third-quarter core profit, citing weak demand, even as the numbers themselves came in a tad better than the market had anticipated. Earnings before interest, taxes, depreciation and amortisation were €448 million (S$678 million) in the quarter, whereas the median analysts’ forecast was €440 million. Fellow industry giant BASF also saw profits slip in the quarter, for broadly similar reasons.
