Solvay sees profits drop in 2013

Last year was not a profitable one for the Belgian chemical company Solvay after it revealed its 2013 net profits took a significant dip. The international giant is now looking to restructure in order to bring its margins back to meet expectations for 2014.

The company’s profits fell by nearly half last year, with Solvay announcing a net profit of 378 million euros, and a 12 percent fall in its operating profit to 1.66 billion euros. The figures are a major drop from 2012 when the company raked in 690 million euros in net gains. The figures coincide the company’s turnover for 2013, which fell by 5 percent to 9.93 billion euros. 

CEO Jean-Pierre Clamadieu (pictured) says Solvay is looking to cut operating costs to see profits increase, but the chemical giant did not release what its 2014 targets are, or how much restructuring will be implemented to meet them.