Hexion Inc. recently announced financial results for the fourth quarter and year ended December 31, 2014. Net sales for the quarter ended December 31, 2014, were $1.16 billion, a decrease of 3% compared with $1.20 billion in the prior year period. The decline in net revenues was reportedly driven by the strengthening of the U.S. dollar against most other currencies, which more than offset gains in the North American forest products and specialty epoxy businesses.
Net sales for the year ended December 31, 2014, were $5.14 billion, up 5% compared with $4.89 billion in the prior year. The increase in net sales was primarily driven by gains in the forest products, specialty epoxy and oilfield businesses, partially offset by cyclicality in the base epoxy and dispersions businesses.
“Our fourth quarter results demonstrate the strength of our specialty product portfolio, highlighted by double-digit growth in our forest products and specialty epoxy businesses,” said Craig O. Morrison, chairman, president and CEO. “While our global base epoxies business remains below historical levels of profitability, recent trends have stabilized and we expect improvement as we look ahead to 2015 together with continued growth in our specialty portfolio.”
For more information, visit www.hexion.com.