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Second quarter 2009 highlights included gross margin expansion by approximately 300 basis points both year-over-year and sequentially, primarily due to lower raw material costs; operating margin increases both year-over-year and sequentially; and a cash flow from operations increase of $54 million versus the first quarter, leading to a $55 million reduction in net debt.
“We achieved a significant improvement in financial performance sequentially and actually exceeded the operating margin of the same period last year, notwithstanding the extremely difficult demand environment we endured during the second quarter,” said Michele Volpi, president and CEO.
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