Solvay, the world's leading maker of soda ash, booked a EUR 197M (US$ 272M) impairment charge after tax on industrial assets due to weak construction markets, causing its Q3 profit to miss estimates. The Belgian chemicals and plastics maker said the impairments were almost entirely related to its soda ash operations in Europe where demand remains weak, particularly with regards to flat glass used in the construction industry. "Industrial measures have been taken: capital expenditures have been drastically reduced and will remain at a low level as long as end markets remain sluggish," Solvay said at the end of October. "Our commercial policy will be revisited and if insufficient, new industrial measure will be considered." Q3 net profit for the group was EUR 18M, well below the average estimate of EUR 69.3M, as the impairment offset a capital gain of EUR 130M from the sale of a stake in Inergy Automotive Systems.
