“While pleased with the year-on-year operating earnings improvement in Coating Resins, we are not satisfied with the current level of profitability in this segment. As a result of the commoditization of a significant portion of the Coating Resins portfolio and the slow recovery of several key markets for these products, additional changes are required to meet our earnings expectations. We will begin implementation of the necessary changes in the second quarter.”In closing, Mr. Fleming commented, “We remain confident in our ability to execute and deliver our goals for this year. We will continue to be vigilant in monitoring raw material escalations and take the appropriate actions to optimize the performance of each of the businesses in this highly volatile environment. We remain steadfast in our commitment to enhance shareholder value and we are confident in the long-term trends for our core growth platforms.”
Cytec Announces First Quarter 2011 Results
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