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Net sales are up 7% to €1.5bn, and higher sales are evident across all three core business areas: Care Chemicals, Nutrition & Health, and Functional Products.

In July, Cognis announced the sale of its 50% stake in the Cognis Oleochemicals joint venture and its wholly owned subsidiary Pulcra Chemicals. These transactions, which are expected to be completed in the fourth quarter of 2008, reflect the company’s strategy of concentrating on its three core businesses.

The operating result of the core businesses (Adjusted EBITDA) was at €176m (down 5.1%) due to a massive rise in raw material, transportation, and energy costs as well as unfavourable exchange rates. On an organic basis, the operating result was down 2.4% (excluding foreign currency effects and the sale of Functional Products’ G-Cure business).

Cognis CEO Antonio Trius said: “In spite of the tough general market conditions, all our core business areas strengthened their position and recorded increased sales. Our successful efforts to optimise our processing and manufacturing costs, and more especially the sale of our Pulcra and Oleochemicals businesses, represent major steps forward for Cognis in terms of its strategic direction and prospects for further profitable growth.”