Sales boost puts Ciba back in the black
Basel-based Ciba Specialty Chemicals experienced a reversal of fortunes in 2007, posting a profit after two years of losses.
The company reported a net income of SFr237 million ($214 million), according to its annual financial statement, released on Friday. It also said that total sales had increased by three per cent to SFr6.52 billion for the year.
The turnaround comes after Ciba introduced a cost-cutting strategy in 2006 aimed at saving SFr400-500 million by 2009. The company said it had streamlined its operations in 2007 and would focus on improving margins.
It announced that it would withdraw from unprofitable operations in 2008.
Eighteen months ago, the firm said it would cut 2,500 jobs – including 350 in Switzerland.
Ciba operates 69 sites in 22 countries.
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