LONDON -- Cookson's electronics solder and surface finishes business unit reported revenues of GBP814 million ($1.29 billion), up 13% year-over-year. Demand was steady, with much of the revenue (GBP111 million) increase attributed to higher raw metals prices. Excluding price inflation, base business revenues were up 1% from 2010.

Profit rose 40% to GBP99.6 million, and the return on sales margin was 12.2%, up 240 basis points from 2010. The margin would have been 14.2% if metal prices had remained at average 2010 levels.

Asia-Pacific accounted for just under half of revenue in 2011.

The Surface Chemistries business, known as Enthone, saw revenue rise 5% year-over-year to of GBP287 million ($454.5 million). Approximately 45% of sales were to the printed circuit board or semiconductor manufacturers and 55% to industrial and automotive applications. Net sales value (which excludes the value of gold and palladium from revenue) in 2011 was GBP219 million, up 2% from 2010. Sales of surface finishes to the PCB fabrication market were up 1%, with growth of immersion tin surface finishes up over 50%, on automotive market share gains.

Joining Technologies, which is known as Alpha Metals, had sales of GBP527 million ($834.8 million), up 17% from 2010. Net sales value (which excludes the value of tin and silver from revenue) in 2011 was GBP199 million, up 1% from 2010. Solder products accounted for 75% of Joining Technologies' revenue, with sales of solder pastes up 8% by weight compared to 2010, and bar solder down 14%, partially reflecting the continuing shift from wave soldering to surface mount technology. Sales of tape-and-reel packaged preforms, almost doubled, driven by smartphone applications.

Construction of the company's GBP14 million chemistry facility in Shanghai is expected to be completed in the third quarter.

Ed.: 1 GBP = 1.58415 USD

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