Omnova Reports Fourth Quarter
and Year-End Earnings
l Omnova Solutions reported that sales decreased 5.2% to $172.3 million for the fourth quarter of 2002, compared to $181.8 million during the same period a year ago. The decline was due to the slowing North American economy and its effect on key end-use markets such as building refurbishment, new commercial construction, furniture and manufactured housing, according to the company.
Sales in the fourth quarter were flat in the company’s performance chemicals segment, while sales declined 9% in the decorative and building products segment.
For the year ended November 30, 2002, sales decreased 7.6% to $681.2 million down from $737 million during 2001. The decorative and building products segment reported net sales during the fourth quarter dropped 9% to $95.3 million compared with 2001.
Sales increased in coated fabrics due to new product introductions and market share gains. Commercial roofing experienced sales declines due to weak commercial new construction and refur