FAIRLAWN, Ohio, Dec. 14, 2011 /PRNewswire/ -- (NYSE: OMN) – OMNOVA Solutions received a letter of commendation from the U.S. Department of Energy (DOE) for the Company's achievement of a 5.8% reduction in energy usage for 2010. As a partner in DOE's Better Buildings, Better Plants program, OMNOVA has voluntarily developed internal targets to reduce its energy consumption by 25% over a ten-year period for all of its U.S.-based manufacturing locations. "OMNOVA Solutions' most recent annual report showed a 5.8% reduction in energy intensity in 2010, placing the company well on its way to meeting the pledge target," wrote Dr. Leo Christodoulou, Program Manager for the U.S. Department of Energy. "We specifically acknowledge Mr. Doug Fox of OMNOVA's LEAN SixSigma organization, who has worked closely with the Department on this pubic/private partnership initiative." Under requirements of the program, OMNOVA has established energy baselines, developed an energy-management plan and designated an energy leader/manager. The Company must also report its progress to DOE on an annual basis. "We are proud to be a participant in the Better Buildings, Better Plants program in our Performance Chemicals and Decorative Products businesses," said Kevin McMullen, OMNOVA Solutions Chairman and CEO. "As a leader in our served markets and responsible neighbor in the communities in which we operate, it is great to see the progress we've made in pursuit of this energy reduction goal. This is an important element of our Vision 2014 sustainability effort to reduce our environmental footprint. The leadership efforts of Doug Fox and other associates across our Company have enabled us to identify potential areas for change and to enact sustainable practices." OMNOVA is participating in the Better Buildings, Better Plants program concurrently with its own Vision 2014 sustainability effort. The establishment of baseline metrics and integration of process improvements, which were already underway within the framework of the OMNOVA program, are included as part of the Company's involvement with the Department of Energy program. The U.S. Department of Energy's Better Buildings, Better Plants program, formerly the Save Energy Now LEADER initiative, has been renamed to better reflect DOE's emphasis on advancing and coordinating energy efficiency strategies across multiple fronts. Key program elements will remain unchanged, including the 10-year, 25% energy intensity improvement target. OMNOVA Solutions is a Responsible Care® company, with a strong, long-standing commitment to the American Chemistry Council's environmental, health, safety and security initiative that covers nearly every aspect of chemical development, manufacturing, transportation and disposal.
Jefferies analysts note that recent construction spending data indicates a cycle rotation away from construction-exposed names and toward industrial- and durable goods-levered firms could be playing out.