Hexion releases preliminary results for second quarter

The operating loss is expected to reflect costs related to the terminated Huntsman Corporation merger agreement and litigation, plus restructuring costs.

Hexion recorded revenues of $1.67 billion, an operating loss of $107 million, and Segment EBITDA (earnings before interest, taxes, depreciation and amortisation) of $131 million in the second quarter of 2008.

"Second quarter 2009 volumes improved slightly when compared to the first quarter of 2009, increasing 4% sequentially, with modest improvement in monthly volumes as the quarter progressed," says Craig O. Morrison, Hexion's President, Chairman and CEO. "As a result, we continue to agressively focus on items we can directly control, such as driving our ongoing productivity initiatives, reducing our investment in working capital, and taking other actions that strengthen the company's balance sheet and enhance liquidity."

Hexion Specialty Chemicals, headquartered in Columbus, Ohio, USA, produces resins for industrial applications, including products for the composites industry.