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“Although the global recession significantly affected our full year 2009 results, we are pleased to report another quarter of modest sequential improvement, with fourth quarter sales and adjusted EBITDA in line with our prior guidance,” said Jonathan Rich, president and CEO. “So far in the first quarter of 2010, we’ve continued to see modest improvement in average daily order rates. In 2010, we will continue to focus on growing our specialties silicones business, expanding in emerging markets and controlling costs.”
Net sales for the Silicones segment in 2009 were $1,912.9 million, compared to $2,383.3 million in 2008, a decrease of 19.7%. The decrease was primarily due to the impact of the global recession on sales volume, which declined by 20.2%, offset by an increase in selling prices and fluctuations in exchange rates of 0.6%.
Sales volume for the Silicones segment was negatively impacted on a year-over-year basis by weak consumer demand in the electronics, automotive, construction, textiles, industrial and furniture sectors. However, with the exception of the first quarter, net sales for the Silicones segment in each quarter of 2009 grew sequentially due to inventory restocking and modest consumer spending improvement throughout the year. Most product segments and regions saw improvements in volume in the second half of 2009 compared to the first half. The Pacific region was especially strong during the second half.
Net sales for the Quartz segment in 2009 were $170.6 million, compared to $255.9 million in 2008, a decrease of 33.3%. The decrease was primarily a result of weak overall demand on a year-over-year basis for semiconductor-related products, exacerbated by the global recession. However, with the exception of the first quarter, net sales for the Quartz segment on a sequential basis improved in each quarter of 2009 due to a recovery in semiconductor demand as production levels recovered slightly at chipmakers. Momentive expects further sequential improvement in semiconductor-related product sales in 2010.
Additional details are available at www.momentive.com.