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Hexion’s Loss Widens; Job Cuts Planned
2:15 PM MST | March 3, 2009 | Nancy Seewald
Hexion Specialty Chemicals reported a fourth-quarter net loss of $921 million, compared to a net loss of $63 million in the year-ago period. The 2008 quarter included an $800-million charge related to the termination of its merger agreement with Huntsman, as well as unabsorbed fixed costs related to plant shutdowns totaling $23 million. Sales fell 20%, to $1.18 billion, on “dramatically lower” volumes. Its epoxy and phenolic resins, and coatings and inks segments each posted an operating loss in the quarter. Ebitda rose in performance products, and...
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