OMNOVA Announces Increased Fourth Quarter Income
“Our fourth quarter marks the end of a very successful year for OMNOVA Solutions,” said Kevin McMullen, chairman and CEO. “The company’s Performance Chemicals segment closed the year with record segment operating profit. This was partially offset by weaker results in our Decorative Products segment, which was impacted by rapidly rising raw material costs and continued weak demand in certain product lines. Cash flow was strong for the quarter and the year, and improvements in our balance sheet were instrumental in providing the financial flexibility to complete the Eliokem acquisition early in our fiscal 2011 first quarter. While challenges remain, we have made significant progress on many fronts, including the introduction of numerous innovative products, penetration into new, adjacent markets, the accelerated globalization of our business, and aggressive productivity gains and cost reductions.”
For additional details, visit www.omnova.com.