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6 May 2011

Rhodia returns record profits as take-over looms

SOLVAY'S bid for Rhodia is likely to be concluded towards the end of July, Rhodia chief executive Jean-Pierre Clamadieu has revealed at a press conference to announce record first quarter profits.
In the first quarter, net sales increased by 28% to €1,503 m from €1,176 m last year, leading to record quarter profitability with a Recurring EBITDA of €283 m compared to €221 m in 2010.

The friendly bid from the Belgian chemical company values Rhodia at €3.4 bn.

According to the Wall Street Journal, Clamadieu is set to become deputy CEO of the new entity and to take over as number one once Solvay CEO Christian Jourquin retires.
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