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Former Hexion Returns to Profit; Loss Widens at Performance Materials Segment
9:47 AM MST | February 25, 2011 | Nancy Seewald
Momentive Specialty Chemicals, formerly known as Hexion Specialty Chemicals, reported fourth-quarter net income of $53 million, compared with a net loss of $6 million in the same period of 2009. Operating income was $159 million, up substantially from $36 million in the year-ago quarter, due to higher sales and an improved cost structure. Sales rose 20%, to $1.2 billion, on volume gains and higher selling prices. Sales and segment Ebitda rose in all three businesses—epoxy and phenol resins; formaldehyde and forest product resins; and coatings. Last month...
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