OMNOVA Second Quarter 2017 Net Sales Jump 9%
Sales in specialty solutions increased 14.4% to $121.5 million, while sales in performance materials increased 4.2% to $99.8 million
OMNOVA Solutions Inc. recently announced net sales for the second quarter were $221.3 million, up 9.6% from last year's $202 million. Sales in specialty solutions increased 14.4% to $121.5 million, while sales in performance materials increased 4.2% to $99.8 million
"During the quarter, we made significant progress on our key strategic initiatives. I am particularly pleased with the growth we saw in our specialty businesses resulting from our investment in marketing, sales, and innovation excellence," said Anne Noonan, president and CEO. "In particular, we had strong growth in oil and gas, non-wovens, elastomeric modifiers, laminates and films. Additionally, we executed, as planned, on the restructuring of our 'One OMNOVA' support functions, driving SG&A reductions. At the end of the quarter, our vitality index (sales from new products introduced over the last five years as a percentage of total sales) was approximately 25%, driven by growth in value-creating innovative specialty products. From a sales perspective, May 2017 was a record month for our strengthened team, with the highest number of new product and customer wins yet.
For more information, visit www.omnova.com.