European earnings rise

A slew of European chemical companies reported a hike in sales and profits for the second quarter of the year, with demand up for both specialty and commodity chemicals. French chemical group Arkema reported a 28% increase in profits to $204 million for the second quarter compared with the year-ago period, with corresponding sales up 12.6% to $2.6 billion. Arkema has “good momentum” in more cyclical activities and resilience in specialty chemicals, the firm says. Solvay’s profits rose 38% to $367 million on sales that were up 11% to $3.6 billion. Germany’s Wacker Chemie and Switzerland-based Clariant also recorded hikes in sales and profits for the period. Meanwhile, Bayer’s profits for the quarter fell 11.3% to $1.5 billion due to a decline at its agricultural chemicals division, although sales rose 3% to $14.5 billion.