From Rubber & Plastics News
Albany, New York --Momentive Performance Materials Inc. posted a net loss of $997.1 million on net sales of $2640 million for fiscal 2008, the company reported 16 March.
The sales figure represented a 4-percent increase from the previous year. Sales for the silicones segment also rose 5.3 percent to $2380 million, the company said. Momentive's net loss for the year compared to a loss of $243.3 million in 2007.
Adjusted earnings before interest, taxes, depreciation and amortisation also dropped 15.6 percent to $377.1 million, and the company posted an operating loss of $838.6 million.
President and ceo Jonathan Rich said Momentive experienced "dramatic and, in many ways, unprecedented declines in demand" for its products, negatively impacting its adjusted earnings (EBITDA).
However, despite the challenging market conditions, the company made important progress during the year increasing its specialties mix, achieving cost-saving targets and exceeding goals in working capital reductions, he said.