Acetex Corp. reveals losing quarter

Acetex Corporation has announced a US $7.9-million loss for the final quarter of 2003, culminating in a net loss of US $19 million for the year. But the company’s chief executive officer forecasts the plastics business to grow in 2004.

“Although we are early in the process of integrating the AT Plastics acquisition, a number of significant opportunities have been identified in both businesses and are being jointly developed,” said Brooke N. Wade, chairman and chief executive officer. “The cyclical position of the two businesses at the end of 2003 was not strong but, with continual cost improvements and a positive outlook in both businesses, we expect our position to continue to improve throughout 2004.”

The merger with AT Plastics was completed in August 2003.

Acetex generated $103.8 million in net sales from the sale of acetyls products and specialty polymers and films in the quarter ending Dec. 31. Net sales for the year reached $332.9 million.

The company’s Acetyls business unit is Europe’s second largest producer of acetic acid and polyvinyl alcohol, and the third largest producer of vinyl acetate monomer.

Specialty polymers developed and manufactured by Acetex are used to create a variety of plastics products, including packaging and laminating products, auto parts, adhesives and medical products.

The films business unit focuses on products for the agricultural, horticultural and construction industries.