Canadian chemistry industry's investment outlook bullish for 2013

OTTAWA, Dec. 13, 2012 /CNW/ - Canada's chemistry sector is projecting strong investment growth for 2013, according to the 2012 Year-End Survey of Business Conditions, released today by the Chemistry Industry Association of Canada (CIAC).

In the report, CIAC members estimate that their capital investments will rise some 60 per cent - to $2.7 billion - in 2013, as a result of Canada's reduced corporate tax rates, positive policy environment and access to competitively priced raw materials, such as shale gas.

"Our members clearly recognize that the time to invest in Canada is now," says Richard Paton, CIAC's President and CEO.

"With the right combination of policies - including an extension of the federal accelerated capital cost allowance - our industry could secure even more investment, jobs and prosperity for generations of Canadians to come."

In addition to its bullish investment projections, in 2012, Canada's chemistry industry saw:

• Operating profits of $2.7 billion, the second-best year on record;
• $24 billion in industrial chemical sales, a slight decrease from 2011;
• Sales to Canadian customers rise 13 percent, to $7 billion; and
• Export sales decrease 8 per cent to $17 billion.

To read CIAC's 2012 Year-End Survey of Business Conditions, visit www.canadianchemistry.ca.

SOURCE: Chemistry Industry Association of Canada

David Podruzny
Vice-President, Business & Economics
Chemistry Industry Association of Canada
613-237-6215 x 229