Ciba CEO sees no signs of sustainable market improvement
February 26, 2004
Dow Jones Business News reports that Ciba Specialty Chemicals AG sees no signs of a sustainable improvement in global business conditions, and will thus continue with tight cost controls and restricted hiring, Chairman and Chief Executive Armin Meyer said Thursday. Speaking to shareholders at the company''s annual general meeting, Meyer said the company "sees only the first signs of an upturn in its customers'' industries." Sales to the paper, printing ink, and packaging industries showed a certain improvement in the fourth quarter, he said. However, signs of a sustainable improvement in market conditions are still lacking, he said. Meyer reiterated that Ciba expects this year''s net profit, its margin on earnings before interest, taxes and depreciation, or EBITDA, as well as sales in local currencies before translation into Swiss francs, to exceed 2003 levels.