Mexico City, October 23, 2019 – Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) (“the Company” or “Orbia”) today released unaudited results for the third quarter of 2019.
“This quarter marked a major milestone in our corporate transformation journey to become a purpose-led, future-fit, customer centric organization,” said Daniel Martínez-Valle, Orbia CEO. “When appointed CEO of Mexichem last year, I recognized that this company with its rich history, huge aspirations and global reach was one of the few global companies able to effectively address the world’s most pressing challenges. Our name change from Mexichem to Orbia reflects a broader, more inclusive expression of our businesses and global impact. This is not a cosmetic makeover. Our commitment to our transformation will be reflected in everything we do, and through our actions our community of companies is poised to make a meaningful impact on profit, people and the planet.
Martínez-Valle added, “As we have mentioned, we remain focused on, and excited, about the company’s strategy. Our unique asset base, strong balance sheet, and talented global team makes me feel confident in the growth prospects of all our business groups. We believe that as we continue to evolve our company, we will create value for our investors, our customers, and the communities around us.”
Outlook
As mentioned, in the previous quarter earnings, we saw again some sequential improvement going into the third quarter. We have continued working on improving operational efficiencies and controlling costs in all our businesses, focusing on optimizing capital allocation and working capital management, while emphasizing safety and security.
In this context, and notwithstanding continued headwinds (such as illegal imports of refrigerant gases into the European Union (EU), sluggish market conditions associated with the business cycle, and overall macroeconomic uncertainty), the Company is maintaining its full-year guidance.