According to the company, there was strong growth in South American and Asia, in particular China and India, where sales volumes in China and India reached an all time high. However, underlying demand in Europe remains weak.
“Our research and development initiatives paid off in the quarter with results including a successful collaboration in laser surface coating for ship repairs,” said CEO Alrik Danielsson. “This opens new markets for our surface coating powders, and demonstrates the know-how Höganäs has accumulated in the laser surface coating segment.”
In the first quarter of 2010, net sales were MSEK 1,548 in the quarter, up 69% year on year, and sales volumes were 93% higher. In the company’s components division, net sales for the quarter were MSEK 1,164, up 93% year on year. No reduction in demand was noted in any country, and the sales reduction in the German automotive industry has been smaller than expected so far. In the consumables division, net sales for the quarter were MSEK 384 (312), up 23% on 2009.