From Rubber & Plastics News
Albany, New York -- Momentive Performance Materials Inc. posted net sales of $2080 mbillion for 2009, down 21.1 percent from 2008.
It posted a net loss of $41.8 million for the year, much less than the loss of $997.1 million for 2008.
Sales for its main silicones segment dropped 19.7 percent for the year to $1910 million, mainly because of the impact of the economic downturn.
President and ceo Jonathan Rich said despite the blows the company took from the global recession in 2009, Momentive was pleased with its fourth-quarter results, reporting $607 million in sales for the three-month period, compared with $545.3 million for the same period the year before.
He said the company continues to see improvement in daily order rates so far in the first quarter of 2010. Rich said Momentive, which supplies a wide range of additives into the polyurethanes sector, is focusing on expanding its speciality silicones business, tapping into emerging markets and keeping costs under control.
Operating income for 2009 was $40.3 million, versus operating loss of $836.6 million for 2008.