Archroma Pakistan textile business down 17% in Q1
27/03/2023
Archroma Pakistan’s financial year runs from October 1 to September 30 of the following year.
Sales in the local market were slow, as were exports, the company said, leading to net sales of $19.9 million or 5.6 billion Pakistani rupees during the first three months, across the board. It attributed this to higher energy and commodity prices, inflation caused by war in Ukraine and the devastating impact of last year’s heavy flooding, estimated to have taken out approximately 40% of the country’s annual cotton crop.
After the wider group completed its acquisition of Huntsman Textile Effects from Huntsman Corporation on February 28, the company announced that the former would merge with its own brand and performance textile specialities unit to form a single, new division called Archroma Textile Effects, to be led by former Huntsman Textile Effects president Rohit Aggarwal (pictured). Mr Aggarwal now not only serves as president and chief executive of Archroma Textile Effects, but also president of the group’s Asian operations.
Subsequently, the process to combine Archroma Pakistan with Huntsman Textile Effects Pakistan as an in-country subsidiary of Switzerland-based entity Archroma Textiles GmbH is now under way.
Rohit Aggarwal. Credit: Archroma.
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