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Coronavirus is not yet impacting Avantium’s business, but firm is monitoring the situation closely

“In line with Dutch government advice, Avantium has taken the decision to ask its employees, where possible, to work from home until at least 6th April 2020.”

Dutch renewable chemicals company Avantium has not yet seen an impact on its business operations from the global coronavirus outbreak, but has stated that it is closely monitoring the situation.

It announced the statement in its 2019 financial results.

In its financial statement, Avantium said: “We are closely monitoring the impact of the Covid-19 virus and the consequences of the recent turmoil in the petroleum industry on our business. At present, we have not experienced material negative changes to our business prospects but it is still too early to predict how the next weeks and months will unfold.”

It also said that its main aim was to look after the welfare of its employees.

Avantium (@avantium) stated: “The rise and spread of COVID-19 has already resulted in widespread economic disruption. This is being reflected in substantial falls in equity markets worldwide. In line with Dutch government advice, Avantium has taken the decision to ask its employees, where possible, to work from home until at least 6th April 2020.

“For all laboratory and plant-based employees where home working is not practical we will ensure all appropriate safety measures are taken including social distancing. The health and welfare of our employees is of paramount importance to us. We will continuously monitor the situation and respond quickly to further advice from the Dutch government as well as communicating any material changes to our operational outlook which may occur as a result of this pandemic.”

In relation to its financial results, Avantium increased its turnover last year, while its loss was reduced.

Avantium’s turnover increased by 22% to €13.8 million in 2019, compared to €11.3 million the year before.

Its net loss came to €23.5 million. That was still less than €68.4 million euros a year earlier. Cash and cash equivalents amounted to €45.4 million at the end of December, compared to €83.3 million a year earlier. The cash outflow in 2019 is mainly the result of investments in technology programs and a one-off payment of €17.4 million to regain full ownership of Avantium Renewable Polymers (formerly Synvina), the company said.

2018 results were impacted by the recognition of one-off costs and impairments related to the acquisition of 100% of Synvina’s shares by Avantium for an amount of approximately €50 million.

Tom van Aken, CEO of Avantium said: “2019 was a pivotal year for Avantium, in which we continued to focus on our commitment to becoming a leader in renewable chemistry. By regaining full ownership of Avantium Renewable Polymers, we now have control over the scale-up and market-launch strategy for our YXY Technology to produce FDCA and PEF. We continue to make encouraging progress on the execution of our business strategies.”

If you were interested in this bioeconomy story, you may also be interested in the ones below.

Read: EXCLUSIVE: Avantium eyes easily recyclable, multi-layer packaging applications for PEF initiative.

Read: Avantium opens plant-based MEG demo plant.

Read: Avantium plans to open bio-MEG demo plant in November.

Read: Avantium targets 2023 opening for planned bioplastics plant and rebrands Synvina business.

Read: EXCLUSIVE: BASF announces official exit from bio-plastics JV with Avantium.

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