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Clariant CFO says worst of China's slump is over

Reuters - UK Focus

ZURICH, April 28 (Reuters) - The worst of a six-quarter Chinese contraction is over for Swiss chemical maker Clariant , Chief Financial Officer Patrick Jany said, seeing a nascent turnaround on the strength of demand for ingredients for personal care, detergents and home cleaners.

"The dynamics in China since Q4 are slightly changing," Jany said in an interview on Thursday. "In our view, the worst is past, and even during the quarter there's quite a good start, after the Chinese New Year" in February.

In the United States, high prices continued to hamper any aspirations to expand Clariant (LSE: 0QJS.L - news) 's chemical-making capacity for the oil industry through acquisitions. Consequently, he said, the company is concentrating on hiring workers laid off by rivals that are "retreating from oil fields".

Clariant shares rose more than 7 percent after the company beat analyst expectations for first-quarter sales and operating profit. (Reporting by John Miller; Editing by Michael Shields)