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August 08, 2019 01:55 PM

Zeon elastomers business hit by market slowdown

European Rubber Journal
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    TOKYO—Zeon Corp.'s elastomers business has reported weaker first quarter results, on sluggish automotive demand and plant shutdowns.

    Net sales for the elastomers segment—comprised of the rubber, latex and chemicals units—fell 8 percent year-on-year to $433 million, according to financial results released July 31.

    Sales volumes fell 8 percent to 147,000 metric tons, as all business units reported a decline in the quarter that ended June 30, Zeon said. Segment operating income for the three months fell 32 percent to $33 million, due, in part, to fluctuations in raw material prices.

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    Sales of rubber products fell 10 percent to $309 million, as volumes dropped 6 percent to 85,000 tons, the materials supplier continued.

    The Japanese company attributed the lower volumes to a slowdown in business with the automotive and general industries.

    Demand for rubber also was sluggish, both in Japan and globally, due to economic slowdown and U.S.-China trade disputes.

    Revenue from latex materials rose 1 percent to $42.4 million, despite a 4 percent decline in volumes at 30,000 tons.

    Sales volumes of elastomer chemicals fell 14 percent to 32,000 tons, leading to a 6 percent decline in sales at $86.7 million.

    While volumes declined due to a plant shutdown, Zeon said the chemicals unit increased profitability through cost-reduction measures.

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