Du Pont noted two sources of pain in Asia. First, and more important, was the slowdown in Chinese construction and infrastructure spending. This hit the company’s performance chemicals business, which sells heavily to producers of paint and flooring. Second came excess capacity in the solar panel industry, which DuPont supplies with materials. It was 3M’s electronics business that suffered most in Asia.
杜邦在亚洲的痛源有两个:首先也更重要的是,中国建筑及基建支出的放缓。这打击了该公司的高性能化学品业务,这块业务严重依赖对油漆和地板制造商的销售。第二是太阳能电池板行业的产能过剩,杜邦向该行业供应原料。而3M的电子业务在亚洲受打击最大。
Yet, encouragingly, if there is going to be contagion across developing markets, it does not appear to have started yet: Latin America was by far the strongest region for both companies (alas, the strong dollar diluted away the strong local results).
但令人欣慰的是,如果说发展中市场会有传染,那么传染似乎尚未开始:拉美地区是这两家公司遥遥领先的最强劲市场(可惜强势美元稀释了强劲的当地业绩)。
These figures, unsettling as they are, illustrate the power, not the risks, of global diversification. Growth and profits in one region pick up when another slows. Investors should be thinking not just about returns but also about investment. The question is not so much which companies will be hurt by the Asian slowdown but which companies will seize the opportunity to invest in the region at the bottom of the cycle.
【Lex专栏:中国经济放缓影响美国企业业绩】相关文章:
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