Momentive to embark on $25m cost reduction initiative as Q3 sales decline
Published: Monday, 16 November 2015
The US silicones and quartz producer’s Q3 2015 sales were impacted by a strong US dollar, destocking by a number of key customers and a sluggish Chinese economy. The news comes as the company announced that it was embarking on a global restructuring programme to address market headwinds.
Momentive Performance Materials Inc. said
its net sales decreased by 11% to $559m for the quarter ended
30 September 2015, compared to the same period last year, due
to volume declines, a strengthening of the US dollar against
other currencies and a weak Chinese market.
Momentive deals in the development and...