Solvay reports that sales in its Composite Materials business were down 32.2% in Q2 2020, due to a significant drop in commercial aircraft production rates.
In total, the company’s net sales showed a decrease of 11% to €4,649 million in the first half of 2020, compared with the same period of 2019. Net sales in Q2 were down 18% to €2,175 million compared to Q22019, the company said.
In Solvay’s Material business, first half 2020 sales were down 10% as a result of volume declines that began in the second quarter, while Q2 net sales were down 18.2%. Specialty Polymers sales were reduced by 9.3% in Q2, while sales to auto were down around 26% compared to Q2 2019.
‘I am very proud of how Solvay employees are weathering the storm by staying safe and managing what is within our control exceptionally well,’ explained CEO Ilham Kadri. ‘We will continue to adapt to the challenges in the months ahead as we resume selective investments for the return to growth in 2021.’
In a press release the company said that it expects market dynamics to remain challenging in Q3 before improving in Q4.
This story uses material from Solvay, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.