Hanna earnings down in 2nd quarter

CLEVELAND (July 10)—M.A. Hanna Co. expects to report second quarter earnings in the range of 18 to 20 cents per share, below forecasted expectations and down from the 23 cents per share the company earned in the second quarter of 1999. Hanna blamed an inability to raise prices to offset increases in raw material costs for the drop in earnings. It also said its new rubber compounding plant in Mexico failed to achieve a profit in its first quarter of operation and that its Cadillac Plastics distribution business has not performed to expectations. Cadillac Plastics is marked for divestiture as part of Hanna´s proposed combination with Geon Co. to become PolyOne Corp. Hanna will report full results on July 26.