Elementis acts to reduce costs as currency losses continue to bite

By Myles McCormick
Published: Friday, 30 October 2015

The UK-listed chemicals company said it would take action to reduce its cost base as sales in its speciality products division fell by 20% in Q3 on a reported basis and 7% on a constant currency basis as a number of factors, including currency exchange, China’s slowdown and the weak oilfield sector, adversely affected results.

UK-based speciality chemicals producer Elementis Plc is still feeling the effects of unfavourable currency exchange rates, the Chinese slowdown and the malaise of the oilfield sector.

In an interim management statement released today, the company said it was taking "measured action" to reduce its cost base to a level "more consistent with...

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