IHS Chemical Week

Markets :: Specialty Chemicals :: Paints and Coatings

Cost Cutting Efforts Lift Profits at RPM and Schulman

12:08 AM MST | January 7, 2010 | Kerri Walsh and Nancy Seewald

RPM International and A. Schulman each posted gains in their most recent fiscal quarters, despite revenue declines. RPM’s net income for its fiscal second quarter ended November 30, 2009 rose 34%, to $55.9 million, on sales down 4%, to $859 million. Earnings before interest and taxes rose 19%, to $93 million. Cost reduction programs begun last year helped drive up profits, says chairman and CEO Frank Sullivan. “In addition to our own cost reduction efforts, RPM benefited from more stable raw material costs compared to year-ago levels,” Sullivan...

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