By Kari Williamson
Despite a 26.6% rise in net sales to US$1.5 billion, the operating profit took a 70.2% fall to US$36.5m.
Joseph Scaminace, President and CEO, says: “During the fourth quarter we felt the impacts of the slowing European economy and disruptions to the electronics industry from the Thailand floods.”
Despite the set-backs, Scaminace believes 2011 was a good year for OM Group overall:
“In many ways, 2011 was a breakthrough year for OM Group. We continued to grow our business profitably, achieving adjusted EBITDA of US$224m, and delivered our 6th consecutive year of positive cash flow from operations.
“Through the creation of our Magnetic Technologies platform and our market-driven initiatives, we now have greater opportunity to expand in targeted higher-growth, higher-margin applications for mobile energy storage, electronic devices, renewable energy and transportation.
“Our acquisition of Rahu Catalytics secured the technology to support our product development pipeline for advanced additives used in coating and composites. And we are working more closely with our customers, using our application expertise to meet their performance requirements and create value.”
Sales by segment
- Magnetic Technologies: US$276.1m, –
- Advanced Materials: US$640.9m, +3.3%
- Specialty Chemicals: US$470.0m, +1.6%
- Battery Technologies: US$128.8m, +13.1%