Abstract
It was not a glamorous year. That's how Herbert Grunewald summed up the position of the West German chemical industry in 1981 when he gave his first presidential address to the Verband der Chemischen Industrie (Chemical Industry Association) in Frankfurt recently. Grunewald, who is also chairman of the giant chemical firm Bayer, took over the association's presidency from Karl Wamsler, who completed his twoyear term at the end of 1981. In his state-of-the-industry message, Grunewald notes that chemical sales in West Germany last year approached $53 billion (based on a conversion rate of $1.00 = 2.24 Deutsche marks on Dec. 31, 1981), up 9.5% from 1980. On the other hand, sales of chemicals in West Germany produced by local companies rose only 5.1% to $31.2 billion. Moreover, profitability last year slipped to 1.5% of net returns from high 2.4% in 1979. One reason for the worsening of profitability is the low level of the ...
Published Version
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