PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Borealis AG

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Borealis Delivers Solid Third Quarter Results - Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 54 million for the third quarter of 2010
Borealis Delivers Solid Third Quarter Results


NewswireToday - /newswire/ - Vienna, Austria, 2010/11/04 - Borealis, a leading provider of chemical and innovative plastics solutions, announces a net profit of EUR 54 million for the third quarter of 2010. Borealis

Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


• Borealis recorded a net profit of EUR 54 million in the third quarter of 2010, resulting in a net profit of EUR 200 million year to date;
• Start-up of the new low density polyethylene (LDPE) plant in Stenungsund, Sweden as well as the new ethane cracker and PO plants (Borouge 2) in Abu Dhabi, United Arab Emirates, ongoing;
• Borouge 3 expansion project in Abu Dhabi on track;
• Joint presence together with Borouge and NOVA Chemicals at K2010 in Düsseldorf, Germany.

The result exceeds the performance in the third quarter of 2009 by 15%, although profitability reduced from the second quarter of 2010 largely due to the impact of start-up and turnaround activities.

The net debt position improved during the third quarter which provides continued flexibility for Borealis to pursue its long-term strategic projects. Gearing reached 39% at the end of September 2010 which is now slightly below Borealis’ target range of 40-60%.

Feedstock prices slightly decreased compared to the second quarter of 2010. Polyolefin market prices stabilised resulting in a further improvement of the polyolefins business group results, while the cracker margins were impacted by turnaround activities. The plant nutrient and melamine businesses delivered improved financial performance driven by a favourable market environment.

During the third quarter, Borealis announced changes in its Executive Board. Herbert Willerth took on the responsibility for the Middle East & Asia under the umbrella of his current role of Deputy CEO. Executive Board member, Gerd Löbbert, has taken on the position of Executive Vice President Polyolefins, while Markku Korvenranta joined the Executive Board as Executive Vice President Base Chemicals, effective October 1, 2010.

The Borouge 2 project in Abu Dhabi, UAE, is well on track and the expanded plant is starting-up as planned with all olefin and polyolefin units operational by the end of the third quarter. With this investment of approximately USD 5 billion, Borouge expands its product offering into polypropylene while tripling its overall polyolefins capacity to over 2 million tonnes per year. This enhances its ability to fully serve the growing Middle East and Asia markets. The Borouge 3 project is on schedule with land preparation activities adjacent to the Borouge 2 site almost completed. While still in start-up mode, the new LDPE plant in Sweden has initially demonstrated high quality output, which has been confirmed by tests with key customers. The organisation continues to work towards delivering consistent operability.

Borealis, together with Borouge and NOVA Chemicals, prepared during the third quarter for K2010, the largest plastics fair in the world, which was held in Düsseldorf in the last weeks of October. The theme of "Creating New Horizons - Capability, Commitment, Care" was emphasised with a focus on new innovations using Borealis’ value adding solutions. Examples presented during K-Fair included the electronic automobile, TEAMO (True Electric Auto Mobility) along with shopping carts and baskets using recycled polypropylene.

Investments continue in Europe, with the groundbreaking ceremony for the semi-commercial catalyst plant in Linz planned for early 2011. The Engineering, Procurement and Construction (EPC) contract was signed at the end of September. The investment programme for the plant nutrient and melamine plants in Linz is also ongoing according to plan.

“In 2010 the market recovered more quickly than anticipated, which has a direct positive effect on our results,” says Borealis Chief Executive Mark Garrett. “However we believe the world economy is still volatile and the positive trend in the polyolefins business will not be a steady upswing therefore we continue to follow the market developments closely. Our focus on Innovation, Operational and Commercial Excellence remains unchanged as does our constant commitment to safety in everything we do.”

Borealis is a leading provider of chemical and innovative plastics solutions that create value for society. With sales of EUR 4.7 billion in 2009, customers in over 120 countries, and 5,200 employees worldwide, Borealis is owned 64% by the International Petroleum Investment Company (IPIC) of Abu
Dhabi and 36% by OMV, the leading energy group in the European growth belt. Borealis is headquartered in Vienna, Austria, and has production locations, innovation centers and customer service centers across Europe and the Americas. Through Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company (ADNOC), one of the world’s major oil companies, the company’s footprint reaches out to the Middle East, Asia Pacific, the Indian sub-continent and Africa. Established in 1998, Borouge employs approximately 1,400 people, has customers in more than 50 countries and its headquarters are in Abu Dhabi in the UAE and Singapore.

Building on the unique Borstar® technology and their experience in polyolefins for more than 50 years, Borealis and Borouge provide innovative, value creating plastics solutions for the infrastructure (pipe systems and power and communication cables), automotive and advanced packaging markets. In addition, Borealis offers a wide range of base chemicals from melamine and plant nutrients to phenol and acetone.

Today Borealis and Borouge manufacture over 4 million tonnes of polyolefins (polyethylene and polypropylene) per year. Borouge is currently tripling its polyolefins manufacturing capacity to 2 million tonnes per year (t/y) by mid-2010 and an additional 2.5 million t/y is scheduled for 2013. The companies continue to invest to ensure that their customers throughout the value chain, across the globe, can always rely on product quality, consistency and security of supply.

Borouge ( and Borealis ( are committed to the principles of Responsible Care® and proactively contribute to addressing the world’s water and sanitation challenges through their Water for the World™ ( initiative.

Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Written by / Agency / Source: Borealis AG


Availability: All Regions (Including Int'l)


Traffic Booster: [/] Quick Newswire Today Visibility Checker


Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

# # #
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!

Borealis Delivers Solid Third Quarter Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

Publisher Contact: Kerstin Meckler - 
+43 122 400 389 kerstin.meckler[.]
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Borealis AG securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Read Latest Articles From Borealis AG / Company Profile

Read Manufacturing/Robotics Most Recent Related Newswires:

SCHOTT Glass Tubing Enables Advancements in Algae Production and Wastewater Cleaning
Tec-Ease, Inc. Announces Two New Products - Print Reading Computer Based Training
LANXESS Introduces Truck Air Filter Carriers Made of Highly Reinforced Polyamide 66
SCHOTT to Launch New Ultra-thin High Strength Glass for Use in Consumer Electronics
Voith SmartServices Optimize Vehicle Use and Maintenance of Buses
ITT Compact Automation and Turn-Act Brands Introduce New Air Spring Product Line for Demanding Industrial Applications
LANXESS Offers New Polyamides and Polyesters for Welded Components
Dunn-Edwards Paints Names 'Honey Glow' Color of the Year for 2017
IEWC Announces Addition of C2G to Broadcast & AV Catalog
ITT's Cannon Brand to Introduce Next-generation, Ultra-fast Electric Vehicle Charging Solutions At eCarTec 2016
Rockwell Automation Launches New Industrial Security Appliance
3D Simulation Brings the Acoustic Effects of Basotect® Sound Absorption to Life
New EDRMAX by Nexans™ Cable Ensures Faster and Easier Grid Connections for Renewables
Taylor & Francis Partners with ReadCube to Enhance Discoverability of Article and Book Collections
BASF Launches New Enzyme Product Line Lavergy™ Complementing its Offering to the Detergents and Cleaning Industry

Boost Your Social Network
& Crowdfunding Campaigns

NewswireToday Celebrates 10 Years in Business


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  MagLar, Inc.

  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (