Chemical leader Hexion Inc has announces net sales for the quarter ended 31 March 2016 of US$909 million, a decrease of 16% compared with US$1.08 billion in the same period of 2015. The decline in net sales was primarily driven by the strengthening of the US dollar against most other currencies, softer volumes in both segments and lower selling prices from the decline in oil-driven feedstocks, the company said. Total segment EBITDA decreased 4% compared to the prior year to US$122 million.
‘We continued to implement our strategic growth initiatives and structural cost savings in the first quarter of 2016,’ said Craig O.Morrison, chairman, president and CEO. ‘During the quarter, we posted gains in our specialty epoxy resins and Versatic Acids and Derivatives businesses, which were partially offset by weaker oilfield proppant results, as well as the negative impact of foreign currency translation. We also continued to post higher volumes in our North American forest products resins business, which were offset by the impact of an extended turnaround from a key formaldehyde customer and economic volatility in Latin America during the first quarter of 2016.’
This story is reprinted from material from Hexion, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.