01 July 2013 22:12 [Source: ICIS news]
HOUSTON (ICIS)--A Schulman’s fiscal Q3 net income fell more than 69% year over year due to decreased net sales primarily because of the sluggish European economy, the ?xml:namespace>
For the quarter that ended 31 May, A Schulman reported a net income of $5.2m (€4.0m), compared with $17.0m in Q3 2012, the company said in a news release.
Net sales in the Europe-Middle East-Africa (EMEA) region for the third quarter were $363m, down about 5.5% year over year from Q3 2012. Net sales for the
"We continue to face inconsistent order patterns in our European markets, but the strong performance of our Americas and Asia Pacific segments had helped to offset this challenge in prior periods; however, this did not occur during the fiscal 2013 third quarter,” said Joseph Gingo, CEO of the Akron, Ohio-based company.
A Schulman has begun restructuring and streamlining efforts in the EMEA region and
The company has said that its restructuring efforts in
Through its current challenges, the compounder will continue look for acquisitions, Gingo said.
In March, A Schulman made an unsolicited bid for Ohio-based specialty chemicals producer Ferro at $6.50/share. Ferro declined the offer.
In May, it reached an agreement with Network Polymers to purchase the specialty compounder for about $50m.
($1 = €0.77)
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