OMNOVA Fourth Quarter 2016 Sales Fall 6%
OMNOVA Solutions Inc. recently announced financial results for the fourth quarter.
OMNOVA Solutions Inc. recently announced financial results for the fourth quarter, which ended November 30, 2016. Net sales for the fourth quarter decreased $13 million, or 6.5%, to $187 million. The largest contributor to the sales decline reportedly was a $5.8 million, or 2.9%, loss from the divestiture of the non-strategic, break-even operation in India in February 2016.
Net sales for the Performance Chemicals segment during the fourth quarter of 2016 decreased $7.8 million, or 5.5%, to $133.3 million. Specialty Chemicals sales increased $1.7 million, or 2.7%, to $64.7 million. The rise was reportedly driven by volume increases of $3 million, or 4.8%. Performance Materials sales decreased $9.5 million, or 12.2%, to $68.6 million. The primary driver of the decrease was the divestiture of the company’s India-based operation, which resulted in reduced sales of $5.3 million, or 6.8%, vs. the fourth quarter of last year.
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