FAIRLAWN, Ohio (Feb. 7)—Omnova Solutions Inc. posted a net loss of $135.5 million in 2002 and net corporate sales dropped 7.6 percent from the previous year to $681.2 million, the company reported. The firm lost $6.7 million in 2001. In the fourth quarter ended Nov. 30, Omnova earned $500,000 on net sales of $172.3 million, down from income of $5 million on sales of $181.8 million in the like period of 2001. The company's fourth-quarter results reflected a slowdown in the overall economy, compounded by several weak Omnova end-use markets, said Kevin McMullen, the company's chairman and CEO. Oil prices also rose in the quarter, resulting in rapid inflation in raw material prices, he said.
Omnova Solutions sees sales decline, net loss in 2002
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