Nouryon today reported full-year 2021 results with revenue of $4.9 billion, an increase of 17 percent year over year, driven by volume growth and pricing actions. Excluding impacts from foreign exchange and acquisitions, revenue grew 13 percent. Adjusted EBITDA increased 10 percent year over year, despite significant cost headwinds from raw materials, energy, and logistics. Volume was the primary driver of adjusted EBITDA growth, with additional contributions from pricing, cost improvement initiatives and foreign exchange, offset partially by cost pressures.
“Nouryon’s 2021 full-year financial performance reflects the strength of our priority end-markets, as well as our ability to supply a record volume of products to our customers in the face of numerous logistics challenges in global supply chains,” said Charlie Shaver, Nouryon Chairman and CEO. “We accelerated our pricing actions in the fourth quarter, with pricing up 11 percent versus the prior year period, to help support the strong adjusted EBITDA growth for the full year.”
In the Performance Formulations segment, revenue grew 21 percent to over $3.4 billion, and adjusted EBITDA increased 15 percent to $755 million. Revenue growth was particularly strong in several end-markets, including agriculture and food, cleaning goods, oil and gas, packaging, pharmaceuticals, and clothing and apparel. Segment adjusted EBITDA margins in Performance Formulations were 21.9 percent.
Revenue in the Technology Solutions segment increased 8 percent to nearly $1.5 billion, driven by strong growth in APAC and EMEA, along with a ramp up of production in two new plants in China. Segment adjusted EBITDA decreased by 3 percent to $326 million, due to higher costs for raw materials and energy. Technology Solutions segment adjusted EBITDA margins were 22.3 percent.
In 2021, Nouryon earned an EcoVadis Gold rating for its sustainability achievements, having achieved a score that placed it in the top 3 percent of companies rated by EcoVadis, the world’s largest provider of business sustainability ratings.
Nouryon also completed the spin-out of its base chemicals business, Nobian, into a separate company remaining under the ownership of Nouryon’s equity owners, The Carlyle Group and GIC, in July 2021.
Nouryon is a global, specialty chemicals leader. Markets and consumers worldwide rely on our essential solutions to manufacture everyday products, such as personal care, cleaning goods, paints and coatings, agriculture and food, pharmaceuticals, and building products. Furthermore, the dedication of approximately 8,300 employees with a shared commitment to our customers, business growth, safety, sustainability and innovation has resulted in a consistently strong financial performance. We operate in over 80 countries around the world with a portfolio of industry-leading brands.
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