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Volumes in specialty chemicals up by 14% at OMNOVA

02 Apr '08
3 min read

"We are encouraged by the year-over-year improvements in what is typically our seasonally weakest quarter. We achieved the sales and volume growth in both Performance Chemicals and Decorative Products, despite what continues to be an extremely challenging environment with unprecedented raw material inflation and weak end-use markets. After experiencing a 68% increase in oil prices in 2007, oil has continued to climb to as high as $111 a barrel in 2008.

That was a major driver to new record high levels of OMNOVA's key raw material costs during the quarter," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "Clearly, our priority is to improve profitability as margins were negatively impacted by continued raw material inflation and higher transportation costs during the quarter. In response, we are focused on productivity and pricing actions to restore profit margins to acceptable levels.

Despite the difficult environment, we have increased market share across several product lines, lowered our cost structure and enhanced the Company's global capabilities. The acquisition of the minority interest in our China and Thailand Decorative Products joint ventures better positions us in the fast growing Asian markets, while enhancing our competitive position in North America and Europe."

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OMNOVA Solutions Inc

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