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Nonwovens segment sales drive PGI 2007 results
12 Mar '08
3 min read
Full Year Overview:
2007 net sales were $1,059.7 million, up $38.1 million over the prior year. Growth in the Nonwovens segment was the primary driver to the 2007 results with an underlying growth in new business volume bringing nonwoven sales to $885.7 million for the year.
The largest contributor to new volume growth was the ramp up of the Suzhou, China operation followed by year-over- year increases in the Latin American region from assets installed in 2006 and new product introductions in the U.S. region. Net volume growth increased 2% year-over-year due to the offsetting effect of businesses that were exited during the year and lower volumes in the European region.
Such sales amounts were aided by favorable currency rates and sales price increases to produce net sales growth in the Nonwovens segment of 4.4%.
Sales in the Oriented Polymers segment were essentially flat during the year at $174.0 million due primarily to positive foreign currency impacts in Canada offset by slightly lower selling prices and base volume declines affected by poor market conditions in the lumber and housing sectors in North America and the reduced availability of Nomex, a key raw material for the high value flame retardant markets.
Gross profit for the year of $168.9 million increased 8.1% over the prior year gross profit of $156.2 million, due primarily to volume increases and product mix improvements in the Nonwovens segment in addition to manufacturing cost improvement initiatives. These improvements were unfavorably impacted by higher raw material costs of $15.8 million and the effect of lower volumes and the negative impact of the Canadian dollar on profits in the Oriented Polymers segment.
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2007 net sales were $1,059.7 million, up $38.1 million over the prior year. Growth in the Nonwovens segment was the primary driver to the 2007 results with an underlying growth in new business volume bringing nonwoven sales to $885.7 million for the year.
The largest contributor to new volume growth was the ramp up of the Suzhou, China operation followed by year-over- year increases in the Latin American region from assets installed in 2006 and new product introductions in the U.S. region. Net volume growth increased 2% year-over-year due to the offsetting effect of businesses that were exited during the year and lower volumes in the European region.
Such sales amounts were aided by favorable currency rates and sales price increases to produce net sales growth in the Nonwovens segment of 4.4%.
Sales in the Oriented Polymers segment were essentially flat during the year at $174.0 million due primarily to positive foreign currency impacts in Canada offset by slightly lower selling prices and base volume declines affected by poor market conditions in the lumber and housing sectors in North America and the reduced availability of Nomex, a key raw material for the high value flame retardant markets.
Gross profit for the year of $168.9 million increased 8.1% over the prior year gross profit of $156.2 million, due primarily to volume increases and product mix improvements in the Nonwovens segment in addition to manufacturing cost improvement initiatives. These improvements were unfavorably impacted by higher raw material costs of $15.8 million and the effect of lower volumes and the negative impact of the Canadian dollar on profits in the Oriented Polymers segment.
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Polymer Group Inc
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