29 October 2007 14:12 [Source: ICIS news]
LONDON (ICIS news)--Ashland's third quarter operating income fell 7% to $26m (€18m) after being hit by the downturn in the US construction market, it said on Monday.
“Weak conditions in the North American building and construction markets and a difficult environment in the transportation markets have challenged Ashland Performance Materials and Ashland Distribution all year and especially in the fourth quarter,” said CEO James O’Brien.
The growth in international and branded lubricant volumes offset a decline in Valvoline’s lower-margin private-label business, the company said.
The performance materials segment reported a 60% drop in operating income to $7.2m due to higher selling, general and administrative expenses and lower volumes.
($1 = €0.69)
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