Mexichem Reports Q4 Sales Increase

Mexichem's sales increased 16% to Mex$9.4bn ($760m) during the fourth quarter of 2010, compared to the corresponding quarter a year ago, driven by prices and volumes in its principal products and acquisitions.

According to a preliminary earnings report, the Mexican chemical company reported an 18% sales increase to Mex$36.35bn ($3bn) in 2010 and earnings before interest, taxes, depreciation and amortization increased 28% to Mex$8.1bn ($672m).

The improvement was partly a result of the acquisition of INEOS Flour in the second quarter, and Policyd and Plasticos Rex in November 2010, Mexichem said.

Mexichem's debt increased to $910m by the end of 2010, up from $430m at the close of 2009, a result of its acquisitions.