Home / Knowledge / News / Textiles / OMNOVA Solutions to reduce costs & right-size its business
OMNOVA Solutions to reduce costs & right-size its business
09
Jan '09
In an ongoing effort to reduce costs and right-size its business, OMNOVA Solutions Inc announced that it had taken cost reduction actions which are expected to provide $19 million of year-over-year savings in 2009.

"With the highly volatile economic environment, we wanted to provide some perspective on where the Company stands as we enter 2009," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "Actions taken in 2008 helped OMNOVA post a profitable second half and fourth quarter despite a weakening global economy. In addition, during the fourth quarter the Company reduced its total debt by $12.1 million, to $188.1 million. These actions strengthen our competitive position and provide positive momentum going into 2009."

Actions include:
-- Aggressive cost reductions company-wide with headcount down 11% in 2008 and early fiscal 2009, as the Company further embraces a lean operating approach and leverages its investment in a recently implemented enterprise- wide business system.

-- Pricing actions to help offset the raw material inflation that remained at historically high levels through the fourth quarter.

-- Aggressive pursuit of reduced raw material costs, led by a reorganized global purchasing team.

-- New business wins driven by innovative new products and penetration of adjacent markets where OMNOVA can leverage its capabilities to deliver value to customers.

OMNOVA Solutions will release earnings on January 20, 2009, for the fourth quarter ending November 30, 2008.

OMNOVA Solutions Inc. is a technology-based company with proforma 2007 sales of $836 million and a current workforce of approximately 2,630 employees worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end-uses.

OMNOVA Solutions Inc


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search