Acetex Reports 2003 Losses
Canadian Plastics
VANCOUVER, B.C. -- 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...
VANCOUVER, B.C. — 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.
