Latest news with #IlhamKadri
Reuters
15-05-2025
- Business
- Reuters
Belgium's Syensqo to cut 200 jobs due to uncertain demand, after Q1 profit beat
May 15 (Reuters) - Belgian chemicals group Syensqo ( opens new tab beat first-quarter earnings expectations on Thursday, aided by a strong performance of its technology solutions business, but said it would need to cut around 200 jobs amid macroeconomic concerns. "The start of the year has also seen increased uncertainty from ongoing tariff and global trade tensions ... the broader consequences on end demand and the global economy remain unknown," CEO Ilham Kadri said in a statement. Due to uncertain demand, Syensqo is speeding up its restructuring and cost cutting measures, aimed at saving more than 200 million euros ($224 million) by the end of 2026. Half of the planned job cuts will come through retirements, while the other half is to be mitigated by creation of 25 new jobs resulting from the separation with Solvay ( opens new tab, Kadri told journalists. "Our company, post demerger with Solvay, is becoming a purer player, with simpler reporting, higher margins and a more focused speciality company," she said on a wire call. The company's shares fell 1.2% by 0721 GMT. Syensqo, which said in February it was exploring a possible U.S. listing, is analysing this option and expects to make a decision by the end of 2025 or early next year, Kadri said. Its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 15.1% organically to 311 million euros in the first quarter, but beat analysts' average forecast of 301 million provided by the company. European peers like Solvay and Covestro ( opens new tab have recently lowered their full-year forecasts due to declining demand, although many have said they can mitigate direct tariff effects through local production. Syensqo has also said it can manage tariff effects by redirecting volumes to unaffected customers and regions. It confirmed 2025 guidance, which excludes the direct impact of tariffs and foreign currency exchange movements. In a separate statement, Syensqo said it had signed multi-year battery materials contracts worth more than 150 million euros with unnamed automotive and battery making clients. ($1 = 0.8932 euros)
Yahoo
06-05-2025
- Business
- Yahoo
Outcome of Syensqo's 2025 Annual General Meeting
Syensqo SA Outcome of Syensqo's 2025 Annual General Meeting Brussels, Belgium – May 6, 2025 - 17:45 CEST Syensqo held its Annual General Shareholders' Meeting today. Shareholders voted in favor of all the resolutions proposed. Rosemary Thorne, Chair of the Board of Directors, reflected on the company's first full year post-demerger, highlighting strategic initiatives undertaken in 2024 to strengthen its foundation amid macroeconomic uncertainties. Key initiatives included cost controls, capacity investments, a share buyback, and increased employee shareholding. Ilham Kadri, CEO, celebrated Syensqo's teams who are at the heart of the company's growth, innovation and sustainability ambitions. Shareholders' support was evidenced by high level of approval for all resolutions, including: Approval of the 2024 financial statements Approval of a gross dividend of €1.62 per share payable on 19 May 2025 Approval of the 2024 remuneration report Visit the Shareholders' Meeting dedicated page for more details. Contacts Investors & Analysts Media Sherief Bakr Bisser Alexandrov Loïc Flament Robbin Moore-Randolph +44 7920 575 989 +33 607 635 280 +32 478 69 74 20 +1 470 493 2433 Perrine Marchal Laetitia Schreiber +32 478 32 62 72 +32 487 74 38 07 About Syensqo Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates. Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity. Investor Relations sources Attachment
Fibre2Fashion
24-04-2025
- Business
- Fibre2Fashion
Belgian MNC Syensqo & Sinopec partner on advanced materials
Syensqo, a leader in advanced materials and specialty chemicals, and China Petroleum & Chemical Corporation (Sinopec) have signed a Strategic Partnership Framework Agreement to foster collaboration in advanced materials and specialty chemicals. Syensqo and China Petroleum & Chemical Corporation have signed a Strategic Partnership Framework Agreement to boost collaboration in advanced materials and specialty chemicals. Key focus areas include carbon fibre, specialty polymers, sustainability, and supply chain management, with aims to drive innovation across aerospace, energy, and transportation sectors. The partnership is set to explore business development opportunities and application development in various sectors, including commercial aerospace, transportation, energy, electronics and industrial fields. By leveraging their combined expertise, Syensqo and Sinopec aim to empower innovation and deliver sustainable solutions that meet the evolving demands of these industries. Key areas of focus include carbon fiber and composites, specialty polymers, and material solutions for commercial aerospace, transportation, and energy sectors. The collaboration will also delve into supply chain management and sustainability initiatives, including the use of circular chemicals and reducing carbon footprint. The two companies will also explore business cooperation in emerging markets such as South America and Asia. Dr. Ilham Kadri, CEO of Syensqo, stated, "We have had many exchanges with Sinopec in Beijing, Shanghai and Brussels. This strategic partnership aligns with Syensqo's mission to pursue breakthroughs that advance humanity. Together, we will explore innovative solutions that address the evolving needs of our industries while lowering carbon footprint." Mr. Zhao Dong, General Manager of SINOPEC said, 'SINOPEC has always upheld the concept of openness and cooperation. This collaboration with Syensqo is an important practice to deepen the synergy of the global energy and chemical industry chain. We will take the lead in science and technology innovation, promote the research and development of green and low-carbon technologies and high-end materials, jointly explore the path of high-quality development of the petrochemical industry, and provide customers around the world with cleaner and more efficient energy, chemical products and advanced material solutions.' Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Reuters
27-02-2025
- Business
- Reuters
Syensqo to explore US listing after it forecasts at least flat 2025 earnings
Feb 27 (Reuters) - Belgian chemicals maker Syensqo ( opens new tab said on Thursday it was exploring a potential dual listing in the U.S. after it forecast 2025 core earnings at least on last year's level. "As we expect a major part of our future growth and investments to be in this strategically important region, it makes sense for us to explore a U.S. listing, which has the potential added benefits of expanding and enhancing our investor base," CEO Ilham Kadri said in a statement. Syensqo sees underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 1.4 billion euros ($1.47 billion) in 2025, which would put it in line with last year's number. The speciality chemicals company, which spun off from Solvay ( opens new tab last year, said it expected macroeconomic concerns and demand uncertainty to persist across most of its end markets this year, weighing on the outlook. Analysts polled by Syensqo had forecast 2024 EBITDA of 1.4 billion euros, which they expected to rise to 1.47 billion in 2025.
