13 August 2010 16:59 [Source: ICIS news]
HOUSTON (ICIS)--Hexion Specialty Chemicals’ improved earnings during the second quarter were driven by strong performance in specialty epoxy and phenolic resins businesses, the company said on Friday.
“Specialty epoxies was driven very much by wind energy. We have a significant presence in wind energy, especially in China,” chief financial officer and executive vice president Bill Carter said during an earnings conference call.
The company said it would focus investment on market development for its specialties business, and actively pursue expansion in India.
Epoxy and phenolic resins second-quarter sales volumes rose by 29% year over year, and price/mix factors contributed to a 16% increase in sales.
Hexion’s phenolic resins business benefited from stronger demand from industrial end-markets in Germany and rebounding US demand, it said.
Carter said the company’s European footprint was concentrated in northern Europe, where overall economic conditions had improved more rapidly than in the south.
In the coatings and inks segment, Hexion officials said a global acrylic monomer shortage allowed the company to be more aggressive in pricing.
($1 = €0.78)
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