Are you sure?

BorsodChem CEO expects revenue to decline 15%-20% this year

Hungarian chemical company BorsodChem could sustain a 15%-20% decline in revenue in 2009 compared to 2008, when the company generated turnover of €1 billion, CEO Wolfgang Buchele told the business daily Napi Gazdaság in an interview published on Tuesday.

Buchele told the newspaper that he expects BorsodChem's revenue to rebound to around €1 billion in 2010.

The BorsodChem CEO said that company would complete expansion of its MDI plant this year in spite of a freeze on lending that has delayed BorsodChem's other investments.

Buchele noted that BorsodChem is currently involved in negotiations with banks, including Hungary's state-owned National Development Bank (MFB), regarding a resolution of the company's debts, which have increased from €900 million at the end of 2008 to between €900 million and €1 billion. (MTI-Econews)