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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